T & M Property (Midlands) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11896509 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 21ST MARCH 2019 TO 31ST AUGUST 2020

FOR

T & M PROPERTY (MIDLANDS) LTD

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

4

Notes to the Financial Statements

5

DIRECTORS:

N J Holloway

Mrs L M Holloway

REGISTERED OFFICE:

Fields

2nd floor Landchard House

Victoria Street

West Bromwich

West Midlands

B70 8ER

REGISTERED NUMBER:

11896509 (England and Wales)

ACCOUNTANTS:

Fields

2nd Floor

Landchard House

Victoria Street

West Bromwich

West Midlands

B70 8ER

BANKERS:

Lloyds Bank Plc

116 High Street

Smethwick

West Midlands

B66 1AE

FIXED ASSETS

Investment property

5

143,172

CURRENT ASSETS

Debtors

6

269

Cash at bank

2,787

3,056

CREDITORS

Amounts falling due within one year

7

47,328

NET CURRENT LIABILITIES

(44,272

)

TOTAL ASSETS LESS CURRENT LIABILITIES

98,900

CREDITORS

Amounts falling due after more than one year

8

100,525

NET LIABILITIES

(1,625

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(1,725

)

(1,625

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st August 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st August 2020 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 and authorised for issue on 18th March 2021 and were signed on its behalf by:

N J Holloway - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(1,725

)

(1,725

)

Balance at 31st August 2020

100

(1,725

)

(1,625

)

1.	STATUTORY INFORMATION

T & M Property (Midlands) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company's income is from residential lettings. The company made a small loss for the year, which was because the rental income did not commence until the end of the accounting period. Although the company's balance sheet shows an excess of liabilities over assets at the reporting date the Board expects this position to reverse in the year ended 31st August 2021. The Board is of the opinion that the Covid-19 pandemic will have no material effect on the company. Accordingly, the Board is of the opinion that the going concern basis remains appropriate for the preparation of the company's financial statements.

The financial statements are prepared in in sterling which is the functional currency of the company and are rounded to the nearest pound.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.

The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as detailed below.

Revenue recognition

Turnover in the period represents rents receivable, by the company in the normal course of business, excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Rental income from operating leases are recognised in the income statement on a straight line basis over the term of the lease.

Investment property

Investment properties are included at fair value. Any changes in fair value are recognised in the Income Statement and, because the gains are not distributable, they are included within a fair value reserve.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.

Basic financial instruments such as those above are recognised in the financial statements at amortised cost.

Taxation

Taxation for the period 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 period 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

143,172

At 31st August 2020

143,172

NET BOOK VALUE

At 31st August 2020

143,172

The company's freehold investment property was valued by the directors at 31st August 2020. They are of the opinion that the carrying value of the property was not materially different at the reporting date to it's original cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

269

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

47,328

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans

100,525

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loan

100,525

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

100,525

The bank loan is secured by a mortgage deed on the company's freehold property.

The directors have provided a personal guarantee for this loan.

10.	RELATED PARTY DISCLOSURES