Taupo Group Commercial Limited - Limited company accounts 22.3

REGISTERED NUMBER: 10779540 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 June 2022

for

Taupo Group Commercial Limited

Page

Company Information

1

Report of the Directors

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

S Pasco

Mrs S J Pasco

REGISTERED OFFICE:

2nd Floor Grove House

55 Lowlands Road

Harrow

Middlesex

HA1 3AW

REGISTERED NUMBER:

10779540 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 30 June 2022.

The company changed its name from Purple Puffin Estates Limited to Taupo Group Commercial Ltd by way of special resolution on 23rd July 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

S Pasco

Mrs S J Pasco

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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:

S Pasco - Director

22 March 2023

TURNOVER

33,750

Administrative expenses

4,686

6,016

OPERATING PROFIT

29,064

27,734

Gain/loss on revaluation of assets

(20,833

)

106,117

8,231

133,851

Interest payable and similar
expenses

7,625

7,606

PROFIT BEFORE TAXATION

606

126,245

Tax on profit

4

115

23,218

PROFIT FOR THE FINANCIAL YEAR

491

103,027

Retained earnings at beginning of
year

4,650

(12,423

)

RETAINED EARNINGS AT END OF
YEAR

5,141

90,604

FIXED ASSETS

Investment property

5

541,667

562,500

CURRENT ASSETS

Debtors

6

316,041

311,020

Cash at bank and in hand

7,856

24,131

323,897

335,151

CREDITORS

Amounts falling due within one year

7

605,548

622,923

NET CURRENT LIABILITIES

(281,651

)

(287,772

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

260,016

274,728

CREDITORS

Amounts falling due after more than
one year

8

(152,616

)

(163,862

)

PROVISIONS FOR LIABILITIES

(16,204

)

(20,162

)

NET ASSETS

91,196

90,704

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserve

9

69,080

85,954

Retained earnings

22,016

4,650

SHAREHOLDERS' FUNDS

91,196

90,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 22 March 2023 and were signed on its behalf by:

S Pasco - Director

1.	STATUTORY INFORMATION

Taupo Group Commercial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The Company carries its investment properties at fair value, with changes in fair values being recognised in the income statement. In addition, it measures land and buildings at revalued amounts with changes in fair value being recognised in other comprehensive income.

Investment property shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. If a property interest held under a lease is classified as investment property, the item accounted for at fair value is that interest and not the underlying property.

Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of investment property, is recognised in the income statement in the period of derecognition. Transfers are made to or from investment property only when there is a change in use.

Financial instruments

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 (2021 - 1 ) .

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.6.22

30.6.21

£

Current tax:

UK corporation tax

4,073

3,056

Deferred tax

(3,958

)

20,162

Tax on profit

115

23,218

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

562,500

Impairments

(20,833

)

At 30 June 2022

541,667

NET BOOK VALUE

At 30 June 2022

541,667

At 30 June 2021

562,500

Fair value at 30 June 2022 is represented by:

£

Valuation in 2022

(20,833

)

Cost

562,500

541,667

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

Trade debtors

6,750

-

Amounts owed by group undertakings

308,641

309,541

Other debtors

650

1,479

316,041

311,020

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

Bank loans and overdrafts

18,542

18,215

Trade creditors

1,164

42

Amounts owed to group undertakings

576,588

600,735

Taxation and social security

8,460

3,056

Other creditors

794

875

605,548

622,923

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

30.6.22

30.6.21

£

Bank loans

152,616

163,862

9.

RESERVES

Fair

value

reserve

£

At 1 July 2021

85,954

Fair value reserve

(16,874

)

At 30 June 2022

69,080

10.	RELATED PARTY DISCLOSURES

The amount owed to the group is a balance of £576,588 (2021: £600,735) due to Taupo Group Holdings Ltd and £308,641 (2021:£309,541) due by Taupo Group Residential Ltd a member of the group company,

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by Taupo Group Holdings Limited , a company in which the Directors Mr S P Pasco and Ms S J Pasco are also directors. Taupo Group Holdings Limited is a company registered in England and Wales.