1TCF Ltd - Period Ending 2019-03-31

1TCF Ltd

Annual Report and Unaudited Financial Statements
Period from 12 February 2018 to 31 March 2019

Registration number: 11199320

1TCF Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

1TCF Ltd

Balance Sheet

31 March 2019

	Note	2019 £
Fixed assets
Investment property	3	2,000,000
Investments	4	1
		2,000,001
Current assets
Debtors	5	730,551
Creditors: Amounts falling due within one year	6	(113,119)
Net current assets		617,432
Total assets less current liabilities		2,617,433
Creditors: Amounts falling due after more than one year	6	(1,195,766)
Provisions for liabilities		(241,666)
Net assets		1,180,001
Capital and reserves
Called up share capital		100
Fair value reserve		1,179,901
Total equity		1,180,001

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

1TCF Ltd

Balance Sheet

31 March 2019

For the financial period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 November 2019 and signed on its behalf by:
 

......................................... Mr K P C Body Director

Company Registration Number: 11199320

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

1TCF Ltd

Notes to the Financial Statements

Period from 12 February 2018 to 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Beechwood House
Beech Avenue
Cattedown
Plymouth
PL4 0QQ

These financial statements were authorised for issue by the Board on 7 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 3

1TCF Ltd

Notes to the Financial Statements

Period from 12 February 2018 to 31 March 2019

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Investment properties

	2019 £
Additions	578,433
Fair value adjustments	1,421,567
At 31 March	2,000,000

There has been no valuation of investment property by an independent valuer. The property has been valued by the directors.

Page 4

1TCF Ltd

Notes to the Financial Statements

Period from 12 February 2018 to 31 March 2019

4	Investments

	2019 £
Investments in subsidiaries	1

Subsidiaries	£
Cost or valuation
Additions	1
Provision
Carrying amount
At 31 March 2019	1

5

Debtors

	Note	2019 £
Amounts due from group undertakings		74
Other debtors		730,477
		730,551

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £
Due within one year
Loans and borrowings	7	113,119

Creditors: amounts falling due after more than one year

	Note	2019 £
Due after one year
Loans and borrowings	7	1,195,766

Page 5

1TCF Ltd

Notes to the Financial Statements

Period from 12 February 2018 to 31 March 2019

7	Loans and borrowings

	2019 £
Loans and borrowings due after one year
Bank borrowings	1,195,766

	2019 £
Current loans and borrowings
Bank borrowings	17,108
Bank overdrafts	96,011
	113,119

8	Share capital

Allotted, called up and fully paid shares

	2019
	No.	£
Ordinary A shares of £1 each	75	75
Ordinary B shares of £1 each	13	13
Ordinary C shares of £1 each	12	12
	100	100

9	Parent and ultimate parent undertaking

The company's immediate parent is BOFAM Ltd, incorporated in England and Wales.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

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