Tableswitch Limited - Limited company accounts 20.1

REGISTERED NUMBER: 05383438 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Tableswitch Limited

Page

Report of the Director

1

Chartered Accountants' Report

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

The director presents his report with the financial statements of the company for the year ended 31 March 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of running investment properties and management of properties.

DIRECTOR

Mr J A Samuels held office during the whole of the period from 1 April 2020 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr J A Samuels - Director

23 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tableswitch Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Tableswitch Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tableswitch Limited and state those matters that we have agreed to state to the director of Tableswitch Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tableswitch Limited and its director for our work or for this report.

It is your duty to ensure that Tableswitch Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tableswitch Limited. You consider that Tableswitch Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tableswitch Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther Professional Services LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

23 December 2021

TURNOVER

224,801

193,584

Cost of sales

39,009

31,893

GROSS PROFIT

185,792

161,691

Administrative expenses

13,710

10,344

OPERATING PROFIT

172,082

151,347

Interest payable and similar expenses

36,933

48,664

PROFIT BEFORE TAXATION

135,149

102,683

Tax on profit

25,678

20,041

PROFIT FOR THE FINANCIAL YEAR

109,471

82,642

FIXED ASSETS

Investment property

4

3,085,000

CURRENT ASSETS

Debtors

5

1,385,101

1,392,933

Cash at bank

11,829

16,266

1,396,930

1,409,199

CREDITORS

Amounts falling due within one year

6

492,062

499,065

NET CURRENT ASSETS

904,868

910,134

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,989,868

3,995,134

CREDITORS

Amounts falling due after more than one
year

7

(1,303,816

)

(1,418,553

)

PROVISIONS FOR LIABILITIES

9

(366,175

)

(366,175

)

NET ASSETS

2,319,877

2,210,406

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

10

2,319,777

2,210,306

2,319,877

2,210,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the director and authorised for issue on 23 December 2021 and were signed by:

Mr J A Samuels - Director

1.	STATUTORY INFORMATION

Tableswitch Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05383438 and its registered address is 60 Pembroke Road, London, England, W8 6NX.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable to the Micro-entities Regime.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration, including from the rental of property, and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured fair values at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort or effort, investment property is accounted for as tangible fixed assets.

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 using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

3,085,000

NET BOOK VALUE

At 31 March 2021

3,085,000

At 31 March 2020

3,085,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

Trade debtors

-

1,933

Other debtors

1,385,101

1,391,000

1,385,101

1,392,933

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

Bank loans and overdrafts (see note 8)

66,668

18,598

Trade creditors

6,164

15,961

Taxation and social security

25,985

20,040

Other creditors

393,245

444,466

492,062

499,065

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.21

31.3.20

£

Bank loans (see note 8)

1,303,816

1,418,553

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.21

31.3.20

£

Amounts falling due within one year or on demand:

Bank loans

66,668

18,598

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,303,816

1,418,553

The bank loan is secured by a legal charge over the company's properties. Interest is payable at the annual rate of 2.5% over the base rate.

9.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

Other provisions

Deferred tax

366,175

10.

RESERVES

Retained

earnings

£

At 1 April 2020

2,210,306

Profit for the year

109,471

At 31 March 2021

2,319,777

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in the year end Other Creditors balance is an amount owed to Mr J Samuels of £100,500 (2020: £267,537). The amount is unsecured, not subject to interest and payable on demand.

12.	RELATED PARTY DISCLOSURES

As at the year end date, a sum of £23,795 (2020:£4,541) was owed to Samson Properties Limited, a company in which director Mr J Samuel has a controlling interest.

As at the year end date, a sum of £220,745 (2020:£134,360) was owed to Samson Properties (Lexham Mews) Limited, a company in which director Mr J Samuel has a controlling interest.

As at the year end date, a sum of £1,376,000 (2020:£1,376,000) was owed by Danlea Limited, a company in which director Mr J Samuel has a controlling interest.