Company Registration No. 06458333 (England and Wales)
Targetfollow (Pantiles) Limited
Unaudited accounts
for the year ended 31 March 2020
Targetfollow (Pantiles) Limited
Unaudited accounts
Contents
Targetfollow (Pantiles) Limited
Company Information
for the year ended 31 March 2020
Directors
A Naghshineh
S Naghshineh
C Thoday
Company Number
06458333 (England and Wales)
Registered Office
Riverside House
11-13 Riverside Road
Norwich
Norfolk
NR1 1SQ
Targetfollow (Pantiles) Limited
Statement of financial position
as at 31 March 2020
Investment property
18,500,000
18,395,800
Cash at bank and in hand
57,546
269,553
Creditors: amounts falling due within one year
(9,625,760)
(9,659,808)
Net current liabilities
(9,294,590)
(9,129,548)
Total assets less current liabilities
9,205,410
9,266,252
Creditors: amounts falling due after more than one year
(8,148,967)
(8,148,967)
Provisions for liabilities
Deferred tax
(50,951)
(62,579)
Net assets
1,005,492
1,054,706
Called up share capital
1
1
Profit and loss account
1,005,491
1,054,705
Shareholders' funds
1,005,492
1,054,706
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2021 and were signed on its behalf by
C Thoday
Director
Company Registration No. 06458333
Targetfollow (Pantiles) Limited
Notes to the Accounts
for the year ended 31 March 2020
Targetfollow (Pantiles) Limited is a private company, limited by shares, registered in England and Wales, registration number 06458333. The registered office is Riverside House, 11-13 Riverside Road, Norwich, Norfolk, NR1 1SQ.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with the Companies Act 2006 and with Section 1A of FRS 102. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax liabilities arising from gains on the revaluation of investment property are recognised in full.
Deferred tax assets arising from unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future profits or the future reversal of deferred tax liabilities.
FRS102 required the individual components of tax expense or tax benefit to be allocated to the profit and loss, where appropriate these are disclosed in the notes to the accounts.
Deferred tax assets and liabilities are not discounted.
Investment property is included at fair value. Gains or losses on revaluation are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Targetfollow (Pantiles) Limited
Notes to the Accounts
for the year ended 31 March 2020
The financial statements have been prepared on a going concern basis. However attention is drawn to the following:
During the financial year ending 31 March 2017, Targetfollow (Development) Ltd the company's parent company took out a bank loan. The company is jointly liable for a loan of £20,550,000 which is secured against the companies investment property along with the investment property of another subsidiary of Targetfollow (Development) Ltd.
At the end of the year the company owed a total of £8,148,967 (2019: £8,148,967) to its parent undertaking.
In addition at the end of the year the company owed a total of £9,188,012 (2019: £9,173,252) to other connected parties. These amounts being fully subordinate to the senior lender.
Based on the above, the directors have prepared cash flow projections and business plans which demonstrate that the company has the resources available for the foreseeable future and, in particular, has resources available for the period of 12 months from the date of approval of these financial statements.
Turnover comprises rental income from the fixed asset investment property. The income is recognised on an accruals basis.
Fair value at 1 April 2019
18,395,800
Net gain from fair value adjustments
102,850
At 31 March 2020
18,500,000
The investment property was valued on an open market value by the Directors of the company on 31 March 2020.
Trade debtors
148,029
110,425
Amounts due from group undertakings etc.
56,644
644
Accrued income and prepayments
47,583
118,560
Other debtors
21,368
31,078
Total debtors less than one year
273,624
260,707
Total debtors
273,624
260,707
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
86,772
128,219
Amounts owed to group undertakings and other participating interests
9,200,012
9,173,253
Taxes and social security
9,186
8,760
Other creditors
16,761
50,337
Deferred income
125,404
163,541
Targetfollow (Pantiles) Limited
Notes to the Accounts
for the year ended 31 March 2020
7
Creditors: amounts falling due after more than one year
2020
2019
Amounts owed to group undertakings and other participating interests
8,148,967
8,148,967
8
Deferred taxation
2020
2019
Revaluation of land and buildings
1,314,888
1,295,347
Tax losses carried forward
(1,263,937)
(1,232,768)
Provision at start of year
62,579
68,723
Credited to the profit and loss account
(11,628)
(6,144)
Provision at end of year
50,951
62,579
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Transactions with related parties
Under section 33.1A of FRS 102 the Company is not obliged to disclose transactions between members of other group companies where group accounts are prepared.
During the year management fees of £85,517 (2019: £201,083), recharged administrative costs of £47,722 (2019: £36,037), and additional fees of £9,206 (2019: £43,730) were charged by Targetfollow Estates Limited, a company controlled by A Naghshineh. Included in trade creditors at the end of the year, the company owed a total of £50,210 (2019: £97,865) to Targetfollow Estates Limited.
The company is also in a loan arrangement with Targetfollow Estates Limited. At the end of the year, the company owed a total of £462,864 (2019: £Nil).
During the year the company was party to a loan arrangement with Highcourt (Developments) Limited, a company controlled by A Naghshineh. At the end of the year, the company was owed a total of £9,000 (2019: Credit Balance of £448,105).
At the year end £735 (2019: £735) was owed to Jon Moore Project Management Limited, a company in which the ultimate controlling party is A Naghshineh.
The company is controlled by Targetfollow Group Limited and, in the opinion of the directors, this is the company's ultimate parent company. The ultimate controlling party is the director and shareholder of Targetfollow Group Limited, A Naghshineh.
The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Targetfollow Group Ltd, whose registered address is 11-12 Riverside Road Norwich NR1 1SQ. Consolidated accounts are available from Companies House.
Targetfollow (Pantiles) Limited
Notes to the Accounts
for the year ended 31 March 2020
12
Average number of employees
During the year the average number of employees was 0 (2019: 0).
