Tanfern Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01672359 (England and Wales)

Tanfern Limited

Financial Statements for the Year Ended 30th June 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B L Griffiths

J A Griffiths

REGISTERED OFFICE:

The Engine House

77 Station Road

Petersfield

Hampshire

GU32 3FQ

REGISTERED NUMBER:

01672359 (England and Wales)

ACCOUNTANTS:

Sheen Stickland

Chartered Accountants

The Engine House

77 Station Road

Petersfield

Hampshire

GU32 3FQ

FIXED ASSETS

Investments

4

-

100,000

Investment property

5

275,000

275,000

275,000

375,000

CURRENT ASSETS

Debtors

6

14,505

-

Cash at bank

61,681

83,340

76,186

83,340

CREDITORS

Amounts falling due within one year

7

185,699

194,636

NET CURRENT LIABILITIES

(109,513

)

(111,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

165,487

263,704

CREDITORS

Amounts falling due after more than one year

8

(459,530

)

(860,920

)

PROVISIONS FOR LIABILITIES

-

(2,117

)

NET LIABILITIES

(294,043

)

(599,333

)

CAPITAL AND RESERVES

Called up share capital

1,400,000

1,000,000

Fair value reserve

10

101,137

99,020

Retained earnings

10

(1,795,180

)

(1,698,353

)

SHAREHOLDERS' FUNDS

(294,043

)

(599,333

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th February 2024 and were signed on its behalf by:

J A Griffiths - Director

1.	STATUTORY INFORMATION

Tanfern 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.

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.

The financial statements are prepared on the going concern basis which the director considers appropriate in view of the continuing support of the company's bankers, director and shareholders.

Turnover

Turnover comprises revenue recognised by the company in respect of rent received and services supplied during the year, exclusive of Value Added Tax. Turnover is recognised on an accruals basis. Appropriate adjustments are made for revenue received in advance.

Investment property

Investment property is shown at most recent fair value. No depreciation is provided. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st July 2022

and 30th June 2023

100,000

PROVISIONS

Impairments

100,000

At 30th June 2023

100,000

NET BOOK VALUE

At 30th June 2023

-

At 30th June 2022

100,000

The company holds shares in T.M. Clothing Limited which entered liquidation on 18 September 2023. Given that a distribution from the winding up is unlikely, the directors consider that the shares have no value and have been impaired as such.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2022

and 30th June 2023

275,000

NET BOOK VALUE

At 30th June 2023

275,000

At 30th June 2022

275,000

The latest valuation dated 30th June 2018 was carried out by the Directors, on an open market value for existing use basis. The directors consider this valuation to represent the best estimate of the fair value of the property as at 30th June 2023.

Fair value at 30th June 2023 is represented by:

£

Valuation in 2018

101,137

Cost

173,863

275,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

8,529

-

Amounts owed by associates

3,069

-

Other debtors

2,907

-

14,505

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to associates

54,196

86,927

Taxation and social security

2,431

1,822

Other creditors

129,072

105,887

185,699

194,636

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

113,669

113,505

Other creditors

345,861

747,415

459,530

860,920

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

113,669

113,505

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

113,669

113,505

The bank loan is secured by a fixed charge over the investment property.

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st July 2022

(1,698,353

)

99,020

(1,599,333

)

Deficit for the year

(94,710

)

(94,710

)

Transfers

(2,117

)

2,117

-

At 30th June 2023

(1,795,180

)

101,137

(1,694,043

)

The fair value reserve holds an amount equal to the cumulative revaluation of the investment property. An amount for deferred tax is provided against this revaluation gain. The entity chooses to keep this reserve separate to the retained earnings as the amount is undistributable.

11.	RELATED PARTY DISCLOSURES

12.	POST BALANCE SHEET EVENTS

The company purchased a further 163,000 £1 ordinary shares in T.M. Clothing Limited at par on 27 July 2023. T.M. Clothing Limited subsequently went into liquidation on 18 September 2023.