The House Of Toomer Limited - Period Ending 2021-03-31

The House Of Toomer Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

The House Of Toomer Limited

(Registration number: 03180205)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	4	8,480,000	9,553,001
Current assets
Debtors	5	1,559,989	1,557,829
Cash at bank and in hand		140,411	158,499
		1,700,400	1,716,328
Creditors: Amounts falling due within one year	6	(4,668,410)	(4,831,566)
Net current liabilities		(2,968,010)	(3,115,238)
Total assets less current liabilities		5,511,990	6,437,763
Provisions for liabilities		(539,148)	(524,210)
Net assets		4,972,842	5,913,553
Capital and reserves
Called up share capital		100	100
Other reserves		2,867,666	3,955,605
Profit and loss account		2,105,076	1,957,848
Shareholders' funds		4,972,842	5,913,553

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

The House Of Toomer Limited

(Registration number: 03180205)
Balance Sheet as at 31 March 2021

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2021 and signed on its behalf by:
 

......................................... RL Shafer Director

The House Of Toomer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 High Street
Thatcham
Berkshire
RG19 3JG
England

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from rents and services charges due in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts where applicable.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

The House Of Toomer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Debtors

Trade debtors are amounts due from tennants for services performed in the ordinary course of business and amounts due from joint ventures in which the company has a participating interest.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4	Investment properties

	2021 £
At 1 April 2018	9,553,001
Fair value adjustments	(1,073,001)
At 31 March 2019	8,480,000

An independant valuation was carried out to determine current market value, as at 1st April 2021. The valuation was arrived at by taking account of the current condition and rental yield of the properties and comparing these to similar properties in the same location to determine current value.

The directors have again considered the value but believe there is no material change since the last valuation.

5

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	1,538,074	1,538,074
Other debtors		21,915	19,755
		1,559,989	1,557,829

The House Of Toomer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Taxation and social security	34,535	36,128
Other creditors	4,633,875	4,795,438
	4,668,410	4,831,566

7	Related party transactions

Summary of transactions with all joint ventures

Donnington Land & Property Ltd
 
The company has entered into a joint venture which requires the company to lend sums to fund development costs in return for a share of the final development profit, which is calculated on the sale of the final property.

As the development is speculative, no profit is recognised until completion.
 
The joint venture partner is required to repay the loan by utilising the sale proceeds of each property as sold, the sales proceeds are paid direct to a soliciitor's client account for this purpose.