General Information
Tomo Property Company Limited is a private company, limited by shares, registered in England and Wales, registration number 11624701, registration address Unit 1 Tomo Industrial Estate, Packet Boat Lane, Uxbridge, UB8 2JP.
The financial statements are presented in GBP sterling (£).
| 1. |
Accounting policies
Significant accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
The company has taken advantage of the following disclosure exemptions with FRS 102 Section 1A:
- The requirement to present a statement of cash flows and related notes
- Financial instrument disclosures, including;
Categories of financial instruments, items of income, expenses, gains or losses relating to financial instruments, and exposure to and management of financial risks.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the leasing of property, the policies adopted are as follows:
Turnover from the leasing of property is recognised by reference to lease agreement, rentals are accrued for the period of use. Other revenue is recognised when it is received or when the right to receive payment is established.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable or refundable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has legal right to set off against current tax liabilities and if they both relate to income tax levied by the same taxation authority on the same entity.
Investment properties
Investment properties are included in the balance sheet at their fair value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to the profit and loss account via Fair Value Adjustment.
Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Significant Judgements and Estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.
- Valuation of investment property
As with any valuation there is an element of subjectivity, the Directors have valued the investment properties based on their skill and judgement, having had extensive experience in the property sector. The directors believe the carrying value reflects the true fair market value at the date of the report taking into account all current market conditions.
The Directors have reviewed the companys budgets and forecasts for beyond 12 months from the date of this report, its liquid resources, medium term plans and potential impact of the outbreak of Coronavirus disease. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing these financial statements.
|
| 2. |
Average number of employees
Average number of employees during the year was 0 (2021 : 0).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Investment properties |
|
Total |
| |
£ |
|
£ |
| At 01 April 2021 |
1,900,000 |
|
1,900,000 |
| Additions |
177,187 |
|
177,187 |
| Disposals |
- |
|
- |
| At 31 March 2022 |
2,077,187 |
|
2,077,187 |
| Depreciation |
| At 01 April 2021 |
- |
|
- |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 March 2022 |
- |
|
- |
| Net book values |
| Closing balance as at 31 March 2022 |
2,077,187 |
|
2,077,187 |
| Opening balance as at 01 April 2021 |
1,900,001 |
|
1,900,001 |
The revaluation was undertaken by the directors of the company using their experience and knowledge of the market.
The fair value adjustment has been included in the profit and loss for the period, the amount is non-distributable. |
| 4. |
Share Capital
Allotted, called up and fully paid
|
2022
£ |
|
2021
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 5. |
Ultimate controlling party
The company is under the ultimate control of its parent company, Tomo Motor Group Ltd, a company registered in England (09519940), which shares the registered address of the company. Tomo Motor Group Ltd has qualified and utlised exemption from preparing consolidated accounts under small group relief.
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3
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