TWM Properties Limited - Accounts to registrar (filleted) - small 23.2.5
TWM Properties Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
TWM Properties Limited |
TWM Properties Limited (Registered number: 10627378) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TWM Properties Limited |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Black Barn |
Gay Dawn Farm |
Valley Road |
Fawkham |
Kent |
DA3 8LY |
TWM Properties Limited (Registered number: 10627378) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
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. |
TWM Properties Limited (Registered number: 10627378) |
Balance Sheet - continued |
28 February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TWM Properties Limited (Registered number: 10627378) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
TWM Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The fair value at 28 February 2023 of the property has been determined by the director of the company. The director has adopted a valuation model based upon a multiple of the gross rental income adjusted where appropriate for any individual property market considerations. The director will over-ride the valuation model where independent valuation specialists have been engaged. |
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 |
TWM Properties Limited (Registered number: 10627378) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
4. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Investments held as fixed assets are stated at cost less impairment. |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Cost or valuation at 28 February 2023 is represented by: |
£ |
Valuation in 2021 | 35,000 |
Cost | 468,682 |
503,682 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 468,682 | 468,682 |
Investment property was valued on a fair value basis on 28 February 2023 by the director . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
TWM Properties Limited (Registered number: 10627378) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans repayable |
after 5 years | 316,050 | 314,741 |
316,050 | 314,741 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
Value: | £ | £ |
1 | Ordinary A | £1 | 1 | 1 |
1 | Ordinary B | £1 | 1 | 1 |
1 | Ordinary C | £1 | 1 | 1 |
1 | Ordinary D | £1 | 1 | 1 |
4 | 4 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2022 | ( |
) | 7,916 |
Profit for the year |
At 28 February 2023 | ( |
) | 12,142 |
10. | RELATED PARTY DISCLOSURES |
FC Stark Limited |
Company in which AJ Billings is a director and shareholder. |
2023 | 2022 |
£ | £ |
Net advances by party | (545 | ) | (44,541 | ) |
Amounts owed to party at year end | (2,088,547 | ) | (2,088,002 | ) |