TENITE INVESTMENTS LIMITED Filleted accounts for Companies House (small and micro)

TENITE INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00819949

TENITE INVESTMENTS LIMITED

Filleted Unaudited Financial Statements

31 March 2019

TENITE INVESTMENTS LIMITED

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		850,000	850,000

Current assets

Debtors	6	100,134	52,822
Cash at bank and in hand		133,370	138,652
		---------	---------
		233,504	191,474

Creditors: amounts falling due within one year	7	56,751		47,104
		---------		---------
Net current assets			176,753	144,370
			------------	---------
Total assets less current liabilities			1,026,753	994,370

Provisions

Taxation including deferred tax	94,430	94,430
	------------	---------
Net assets	932,323	899,940
	------------	---------

Capital and reserves

Called up share capital		400	100
Fair value reserve	9	598,932	598,932
Profit and loss account	9	332,991	300,908
		---------	---------
Shareholders funds		932,323	899,940
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the 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:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

TENITE INVESTMENTS LIMITED

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 4 December 2019 , and are signed on behalf of the board by:

Mr D Fluss

Director

Company registration number: 00819949

TENITE INVESTMENTS LIMITED

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without any undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Land and buildings
	£
Cost
At 1 April 2018 and 31 March 2019	850,000
	---------
Depreciation
At 1 April 2018 and 31 March 2019	–
	---------
Carrying amount
At 31 March 2019	850,000
	---------
At 31 March 2018	850,000
	---------

The investment property has been revalued by the directors on an open market value for existing use basis as at 31 March 2017.

6. Debtors

	2019	2018
	£	£
Other debtors	100,134	52,822
	---------	--------

Other debtors include amounts owed by related undertakings of £100,134 (2018: £52,822).

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	7,665	7,180
Social security and other taxes	169	3,364
Other creditors	48,917	36,560
	--------	--------
	56,751	47,104
	--------	--------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions	94,430	94,430
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Fair value adjustment of investment property	94,430	94,430
	--------	--------

9. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.