TAID Property Ltd Filleted accounts for Companies House (small and micro)

TAID PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01682468

TAID Property Ltd

Filleted Unaudited Financial Statements

31 May 2020

TAID Property Ltd

Financial Statements

Year ended 31 May 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

TAID Property Ltd

Statement of Financial Position

31 May 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	280,000	280,000

Current assets

Debtors	6	11,107	201,600
Cash at bank and in hand		17,283	440
		--------	---------
		28,390	202,040

Creditors: amounts falling due within one year	7	801,438	980,961
		---------	---------
Net current liabilities		773,048	778,921
		---------	---------
Total assets less current liabilities		( 493,048)	( 498,921)
		---------	---------

Capital and reserves

Called up share capital	8	300,000	300,000
Capital redemption reserve		19,167	19,167
Profit and loss account		( 812,215)	( 818,088)
		---------	---------
Shareholders deficit		( 493,048)	( 498,921)
		---------	---------

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 Section 1A of 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 income statement has not been delivered.

For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 November 2020 , and are signed on behalf of the board by:

Mr JC Mathias
Director

Company registration number: 01682468

TAID Property Ltd

Notes to the Financial Statements

Year ended 31 May 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parcau Isaf Farm, Laleston, Bridgend, CF32 0NB.

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 goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Freehold property
	£
Cost
At 1 June 2019 and 31 May 2020	280,000
	---------
Depreciation
At 1 June 2019 and 31 May 2020	–
	---------
Carrying amount
At 31 May 2020	280,000
	---------
At 31 May 2019	280,000
	---------

Included within the above is investment property as follows:

	£
	---------
At 1 June 2019 and 31 May 2020	280,000
	---------

The investment property was valued on an open market basis on 30 July 2020 by the director.

6. Debtors

	2020	2019
	£	£
Trade debtors	8,286	201,600
Other debtors	2,821	–
	--------	---------
	11,107	201,600
	--------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	20,584	19,856
Social security and other taxes	2,258	37,436
Other creditors	778,596	923,669
	---------	---------
	801,438	980,961
	---------	---------

Included within other creditors is a debt secured by a fixed and floating charge on all assets.

8. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	300,000	300,000	300,000	300,000
	---------	---------	---------	---------