Tighnua Limited 30/06/2021 iXBRL

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Company registration number: 09085527

Tighnua Limited

Unaudited filleted financial statements

30 June 2021

Tighnua Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Tighnua Limited

Directors and other information


	Directors	Mr P M Mulcahy
		Mrs C Salisbury


	Company number	09085527


	Registered office	5 Underwood Street
		London
		N1 7LY

Tighnua Limited

Statement of financial position

30 June 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	4	767,908		767,908
		_______		_______
			767,908		767,908

Current assets
Debtors	5	12,300		838
Cash at bank and in hand		13,213		5,254
		_______		_______
		25,513		6,092
Creditors: amounts falling due
within one year	6	( 697,575)		( 681,287)
		_______		_______
Net current liabilities			( 672,062)		( 675,195)
			_______		_______
Total assets less current liabilities			95,846		92,713

			_______		_______
Net assets			95,846		92,713
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			95,746		92,613
			_______		_______
Shareholders funds			95,846		92,713
			_______		_______

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their 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 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 statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 March 2022 , and are signed on behalf of the board by:

Mr P M Mulcahy

Director

Company registration number: 09085527

Tighnua Limited

Notes to the financial statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Long leasehold property	-	No depreciation
Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially 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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Long leasehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 July 2020 and 30 June 2021	767,908	6,491	774,399
	_______	_______	_______
Depreciation
At 1 July 2020 and 30 June 2021	-	6,491	6,491
	_______	_______	_______
Carrying amount
At 30 June 2021	767,908	-	767,908
	_______	_______	_______
At 30 June 2020	767,908	-	767,908
	_______	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 July 2020 and 30 June 2021	767,908
		_______

5. Debtors

	2021	2020
	£	£
Other debtors	12,300	838
	_______	_______

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	735	3,000
Other creditors	696,840	678,287
	_______	_______
	697,575	681,287
	_______	_______

7. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2021
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr P M Mulcahy	( 11,427)	11,427	-
		_______	_______	_______

2020
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Mr P M Mulcahy	( 11,427)	-	( 11,427)
		_______	_______	_______

8. Related party transactions

At the balance sheet date, £554,103 (2020: £522,800) was owed by the reporting entity to Aspire Strategies Limited, a company registered in England and Wales, which the director, Mr P M Mulcahy is also a shareholder and is included within creditors falling due within one year.

At the balance sheet date, £142,077 (2020: £143,400) was owed by the reporting entity to The Halcyon Centre Limited, a company registered in England and Wales, which the director, Mrs C Salisbury is also a shareholder and is included within creditors falling due within one year.