ACCOUNTS - Final Accounts preparation

WILLIAM TICE SETTLEMENT LIMITED - Company Information

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Company registration number: 05930282

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2021

	WILLIAM TICE SETTLEMENT LIMITED


WILLIAM TICE SETTLEMENT LIMITED

COMPANY INFORMATION

Directors	John W S Tice
	Sarah J Tice


Company secretary	Sunley Securities Limited


Registered number	05930282


Registered office	The Old Rectory Church Street
	Upham
	Southampton
	SO32 1JH


Accountants	Menzies LLP
	Chartered Accountants
	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9LT


WILLIAM TICE SETTLEMENT LIMITED REGISTERED NUMBER:05930282

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Investments	4		1,846,566		1,695,734
			1,846,566		1,695,734
Current assets
Cash at bank and in hand		99,261		186,839
		99,261		186,839
Creditors: amounts falling due within one year	5	(514,033)		(602,853)
Net current liabilities			(414,772)		(416,014)
Total assets less current liabilities			1,431,794		1,279,720
Provisions for liabilities
Deferred tax		(124,216)		(74,782)
			(124,216)		(74,782)
Net assets			1,307,578		1,204,938

Capital and reserves
Called up share capital	375	375
Share premium account	554,806	554,806
Profit and loss account	752,397	649,757
	1,307,578	1,204,938

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

John W S Tice

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WILLIAM TICE SETTLEMENT LIMITED REGISTERED NUMBER:05930282

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2021

Director

Date: 29 September 2022

The notes on pages 3 to 5 form part of these financial statements.

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WILLIAM TICE SETTLEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

William Tice Settlement Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

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WILLIAM TICE SETTLEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL).

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WILLIAM TICE SETTLEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4.	Fixed asset investments

	Investments in subsidiary companies	Listed investments	Total
	£	£	£
Cost or valuation
At 1 January 2021	569	1,695,165	1,695,734
Additions	-	277,132	277,132
Disposals	-	(254,833)	(254,833)
Revaluations	-	128,533	128,533
At 31 December 2021	569	1,845,997	1,846,566

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	4,500	4,500
Amounts owed to group undertakings	487,271	576,351
Corporation tax	412	412
Other creditors	17,200	17,200
Accruals and deferred income	4,650	4,390
	514,033	602,853

Included within other creditors are directors loans totalling £17,200 (2020: £17,200) which are interest free and repayable on demand.

6.	Controlling party

The immediate parent company is Sunley Family Limited and the ultimate parent company is Sunley Family Holding Limited, both companies are registered in England and Wales.
The company is exempt from preparing consolidated accounts on the grounds that it is part of a small group.
The directors do not consider there to be an ultimate controlling party.

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