T&P Real Estate Ltd - Period Ending 2021-04-30
T&P Real Estate Ltd - Period Ending 2021-04-30
Registration number:
T&P Real Estate Ltd
Filleted
for the Year Ended 30 April 2021
T&P Real Estate Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
T&P Real Estate Ltd
Company Information
Director |
Mr J J Collins |
Registered office |
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Bankers |
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Accountants |
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T&P Real Estate Ltd
(Registration number: 11298296)
Statement of Financial Position as at 30 April 2021
Note |
2021 |
2020 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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T&P Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is
The principal place of business is 12 Hay Hill, London, W1J 8NR.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through cash generated from operations and shareholder/external borrowings. The directors have assessed the potential impact of COVID-19 on the company and have implemented a business continuity plan to mitigate against this.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
At the balance sheet date, the company reported an excess of liabilities over assets totalling £776,393 (2020: £2,716,266). However, the shareholders and directors of the company have indicated their willingness to finance any shortages in the company's day to day finances and for such an arrangement to continue for a period of not less than one year from the date the financial statements were approved by the Board. Under the circumstances, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide further liabilities that may arise.
T&P Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
T&P Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
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Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Stocks |
2021 |
2020 |
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Work in progress |
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Work in progress includes £979,309 in respect of capital borrowing costs incurred during the period.
T&P Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
Debtors |
2021 |
2020 |
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Trade debtors |
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Directors loan accounts |
14,896 |
5,458 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans which are secured of £8,721,400 (2020 - £nil).
Creditors: amounts falling due after more than one year
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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3,513,986 |
9,615,368 |
Creditors include bank loans which are secured of £3,513,986 (2020 - £9,504,257).
Related party transactions |
Transactions with the director |
2021 |
At 1 May 2020 |
Advances to director |
At 30 April 2021 |
Mr J J Collins |
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Loan |
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T&P Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
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Related party transactions (continued) |
2020 |
At 1 May 2019 |
Advances to director |
At 30 April 2020 |
Mr J J Collins |
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Loan |
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