The House Of Toomer Limited - Period Ending 2019-03-31
The House Of Toomer Limited - Period Ending 2019-03-31
Registration number:
for the Year Ended
The House Of Toomer Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
The House Of Toomer Limited
(Registration number: 03180205)
Balance Sheet as at 31 March 2019
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2019 |
(As restated) |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year 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:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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The House Of Toomer Limited
(Registration number: 03180205)
Balance Sheet as at 31 March 2019
Approved and authorised by the
.........................................
Director
Page 2 |
The House Of Toomer Limited
Statement of Changes in Equity for the Year Ended 31 March 2019
Share capital |
Other reserves |
Profit and loss account |
Total |
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At 1 April 2017 |
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Profit for the year |
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Other comprehensive income |
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At 31 March 2018 |
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Share capital |
Other reserves |
Profit and loss account |
Total |
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At 1 April 2018 |
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Profit for the year |
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At 31 March 2019 |
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Page 3 |
The House Of Toomer Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable from rents and services charges due in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts where applicable.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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The House Of Toomer Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Debtors
Trade debtors are amounts due from tennants for services performed in the ordinary course of business and amounts due from joint ventures in which the company has a participating interest.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2019 |
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At 1 April 2018 |
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An independant valuation was carried out to determine current market value, as at 1st April 2018. The valuation was arrived at by taking account of the current condition and rental yield of the properties and comparing these to similar properties in the same location to determine current value.
The directors have again considered the value but believe there is no material change since the last valuation.
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The House Of Toomer Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Debtors |
Note |
2019 |
2018 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Other transactions with directors |
During the year the directors made loans to the company. At the balance sheet date the amount owed to the directors was £4,930,676 (2018: £5,087,991). The loans are repayable on demand and are non interest bearing.
Summary of transactions with joint ventures
The Company has entered into a joint venture which requires the Company to lend sums to fund development costs in return for a share of the final development profit, which is calculated on the sale of the final property.
As the development is speculative, no profit is recognised until completion
The joint venture partner is required to repay the loan by utilising the sale proceeds of each property as sold, the sales proceeds are paid direct to a soliciitor's client account for this purpose.
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