TRC Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10480745 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

TRC PROPERTY LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investment property

4

1,078,457

715,000

CURRENT ASSETS

Debtors

5

13,953

1,258

Cash at bank

8,208

16,151

22,161

17,409

CREDITORS

Amounts falling due within one year

6

490,735

275,076

NET CURRENT LIABILITIES

(468,574

)

(257,667

)

TOTAL ASSETS LESS CURRENT LIABILITIES

609,883

457,333

CREDITORS

Amounts falling due after more than one year

7

(491,472

)

(279,765

)

PROVISIONS FOR LIABILITIES

9

(20,033

)

(33,518

)

NET ASSETS

98,378

144,050

CAPITAL AND RESERVES

Called up share capital

10

2

2

Fair value reserve

11

93,450

150,940

Retained earnings

4,926

(6,892

)

SHAREHOLDERS' FUNDS

98,378

144,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 November 2019 and were signed on its behalf by:

Mr T E Cropper - Director

1.	STATUTORY INFORMATION

TRC Property Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address are as below:

Registered number:

10480745

Registered office:

1 Smithy Court

Smithy Brook Road

Wigan

Greater Manchester

WN3 6PS

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention, modified to include certain

items at fair value.

Turnover

Turnover is measured at the fair value of rental income and service charges received or receivable, excluding

value added tax.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting

date with changes in fair value recognised in the income statement. The directors valued the properties at the

balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

715,000

Additions

434,432

Revaluations

(70,975

)

At 31 March 2019

1,078,457

NET BOOK VALUE

At 31 March 2019

1,078,457

At 31 March 2018

715,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2018

184,458

Valuation in 2019

(70,975

)

Cost

964,974

1,078,457

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

10,577

926

Other debtors

3,376

332

13,953

1,258

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

38,178

9,696

Trade creditors

406

-

Tax

1,156

-

Other creditors

67,450

5,690

Directors' current accounts

383,545

259,690

490,735

275,076

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

491,472

279,765

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

529,650

289,461

9.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred tax

20,033

33,518

Deferred

tax

£

Balance at 1 April 2018

33,518

Provision in respect of

fair value gains on

investment properties

(13,485

)

Balance at 31 March 2019

20,033

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

2

Ordinary

1

2

2

11.

RESERVES

The fair value reserve includes the fair value gains on investment properties, less the related deferred tax

provision.