Tynehead (Property) Limited Filleted accounts for Companies House (small and micro)

TYNEHEAD (PROPERTY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 95402

TYNEHEAD (PROPERTY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2022

TYNEHEAD (PROPERTY) LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		2,523,388		2,524,146

Current assets

Debtors	6	443,873	733,706
Cash at bank and in hand		2,941	15
		------------	------------
		446,814	733,721

Creditors: amounts falling due within one year	7	( 239,013)		( 237,986)
		------------		------------
Net current assets			207,801		495,735
			------------		------------
Total assets less current liabilities			2,731,189		3,019,881

Creditors: amounts falling due after more than one year	8		( 1,345,561)		( 1,415,391)

Provisions

Taxation including deferred tax	( 310,089)	( 310,279)
	------------	------------
Net assets	1,075,539	1,294,211
	------------	------------

Capital and reserves

Called up share capital		12,000	12,000
Profit and loss account	10	1,063,539	1,282,211
		------------	------------
Shareholders funds		1,075,539	1,294,211
		------------	------------

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.

For the year ending 31 October 2022 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 .

TYNEHEAD (PROPERTY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2022

These financial statements were approved by the board of directors and authorised for issue on 21 August 2023 , and are signed on behalf of the board by:

Mr J M De Giorgi

Director

Company registration number: 95402

TYNEHEAD (PROPERTY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 86 Pilgrim Street, Newcastle upon Tyne, Tyne and Wear, NE1 6SG.

2. Statement of compliance

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

Revenue recognition

Turnover shown in the profit and loss account represents rent and other amounts recoverable receivable during the year, net of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and 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. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and 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:

Fixtures and fittings	-	10% straight line
Equipment	-	20% straight line

Government grants

Government grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.

Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which they become receivable.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tangible assets

	Freehold investment property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost or Valuation
At 1 November 2021 and 31 October 2022	2,520,000	4,896	1,346	2,526,242
	------------	------------	------------	------------
Depreciation
At 1 November 2021	–	1,416	680	2,096
Charge for the year	–	489	269	758
	------------	------------	------------	------------
At 31 October 2022	–	1,905	949	2,854
	------------	------------	------------	------------
Carrying amount
At 31 October 2022	2,520,000	2,991	397	2,523,388
	------------	------------	------------	------------
At 31 October 2021	2,520,000	3,480	666	2,524,146
	------------	------------	------------	------------

Tangible assets held at valuation

The investment property is included in the balance sheet at its fair value in accordance with FRS 102 Section 1A, The Financial reporting Standard applicable in the UK and Ireland and is not depreciated. The investment property owned by the company was independently valued as at 4 October 2021 on the basis of open market value for current use by Lambert Smith Hampton, Chartered Surveyors, in accordance with the Royal Institution of Chartered Surveyors Valuation Standards Red Book Global Standards. The directors consider that the valuation provided is a reliable basis for the freehold property valuation at the balance sheet date. On a historical cost basis the investment property would have been included at an original cost of £939,106 (2021: £939,106).

6. Debtors

	2022	2021
	£	£
Trade debtors	161,851	209,552
Other debtors	282,022	524,154
	------------	------------
	443,873	733,706
	------------	------------

Other debtors include amounts due from Gusto UK Limited of £nil (2021: £232,784).

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	69,003	68,177
Trade creditors	29,855	62,464
Corporation tax	43,481	47,034
Social security and other taxes	21,731	–
Other creditors	74,943	60,311
	------------	------------
	239,013	237,986
	------------	------------

The loans from Santander are secured by a debenture dated 7 September 2010 with a first legal charge over the property at 82-88 Pilgrim Street, and 1-3 Market Lane, Newcastle upon Tyne.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	1,345,561	1,415,391
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £1,031,644 (2021: £1,115,115) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loan of £1,750,000 taken out in September 2010 for 15 years is repayable by instalments at a rate of interest of 6.44% per annum with 26 year repayment profile.

Bank loan of £60,000 taken out in April 2018 for 5 years is repayable by instalments at a rate of interest of 3.35% per annum with 7 year repayment profile.

Bank loan of £50,000 taken out in May 2020 for 10 years is repayable by instalments at a rate of interest of 2.5% per annum.

The loans are secured on the freehold investment property.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	310,089	310,279
	------------	------------

10. Reserves

Included within the profit and loss account is a non-distributable revaluation reserve. This reserve records the cumulative fair value movements on investment properties valued above original cost and amounts to £1,276,883 (2021: £1,276,883).

11. Directors' advances, credits and guarantees

The directors operated an interest free unsecured loan account during the year, which is repayable on demand. The maximum amount overdrawn during the year was £218,091. The amount due from the directors at the year end was £200,091 (2021: £213,091).

12. Related party transactions

Tynehead (Property) Limited and Gusto UK Limited have directors who are common to both companies. Accordingly, Gusto UK Limited was considered to be a related party of Tynehead (Property) Limited for the purposes of Financial Reporting Standard 102 Section 1A during the year ended 31 October 2022. As at 31 October 2022 £nil (2021: £232,784) was due from Gusto UK Limited. During the year the company received rent of £nil (2021: £7,500) from Gusto UK Limited and paid £nil management charges (2021: £21,661) to that company. The above mentioned loan was written off during the year as irrecoverable. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1A.