Tealby Estates Limited - Accounts to registrar (filleted) - small 23.2.5
Tealby Estates Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
Tealby Estates Limited |
Unaudited Financial Statements |
For The Period |
1 April 2022 to 30 September 2023 |
Tealby Estates Limited (Registered number: 05126302) |
Contents of the Financial Statements |
For The Period 1 April 2022 to 30 September 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Tealby Estates Limited |
Company Information |
For The Period 1 April 2022 to 30 September 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
15 Prospect Street |
Bridlington |
East Yorkshire |
YO15 2AE |
BANKERS: |
Merit House |
Saxon Way |
Priory Park West |
Hessle |
HU13 9PB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Tealby Estates Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tealby Estates Limited for the period ended 30 September 2023 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 Tealby Estates Limited in accordance with the terms of our engagement letter dated 18 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Tealby Estates Limited and state those matters that we have agreed to state to the director of Tealby Estates 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 Tealby Estates Limited and its director for our work or for this report. |
It is your duty to ensure that Tealby Estates 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 loss of Tealby Estates Limited. You consider that Tealby Estates Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Tealby Estates 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. |
Chartered Accountants |
15 Prospect Street |
Bridlington |
East Yorkshire |
YO15 2AE |
Tealby Estates Limited (Registered number: 05126302) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 | 462,470 |
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. |
Tealby Estates Limited (Registered number: 05126302) |
Balance Sheet - continued |
30 September 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 |
Tealby Estates Limited (Registered number: 05126302) |
Notes to the Financial Statements |
For The Period 1 April 2022 to 30 September 2023 |
1. | STATUTORY INFORMATION |
Tealby Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income receivable in respect of investment properties. |
Tangible fixed assets |
Computer equipment | - |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
Tealby Estates Limited (Registered number: 05126302) |
Notes to the Financial Statements - continued |
For The Period 1 April 2022 to 30 September 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | (329,485 | ) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 March 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2007 | 256,758 |
Valuation in 2021 | (39,541 | ) |
Valuation in 2023 | (329,485 | ) |
Cost | 852,268 |
740,000 |
Investment property was valued on an open market basis on 8 August 2023 by Scotts . |
Tealby Estates Limited (Registered number: 05126302) |
Notes to the Financial Statements - continued |
For The Period 1 April 2022 to 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by related companies | 11,900 | 142,114 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to related companies | 577,765 | 577,765 |
Taxation and social security |
Other creditors |
8. | RESERVES |
Retained earnings | Fair value reserves | Totals |
£ | £ | £ |
Previously stated at 31 March 2022 | 459,845 | 250,771 | 710,616 |
Loss on disposal of Investment Property | (30,000 | ) | - | (30,000 | ) |
Transfer of Fair Value reserve on disposed Investment Property | 33,553 | (33,553 | ) | - |
Corporation tax on chargeable gain arising on disposal of Investment Property | (356 | ) | - | (356 | ) |
Introduction of Accelerated Capital Allowances | (572 | ) | - | (572 | ) |
Introduction of Deferred tax on investment property | - | (30,580 | ) | (30,580 | ) |
Restated at 1 April 2023 | 462,470 | 186,638 | 649,108 |
Deficit for the period | (443,637 | ) | - | (443,637 | ) |
Revaluation in the period | 329,485 | (329,485 | ) | - |
Transfer deferred tax (charge)/ credit | 1,123 | (1,123 | ) | - |
Transfer of Fair value reserve | (143,970 | ) | 143,970 | - |
At 30 September 2023 | (205,471 | ) | - | (205,471 | ) |
Tealby Estates Limited (Registered number: 05126302) |
Notes to the Financial Statements - continued |
For The Period 1 April 2022 to 30 September 2023 |
9. | RELATED PARTY DISCLOSURES |
The following amounts were due from related parties: |
2023 | 2022 |
£ | £ |
HSN 06 Limited, a company in which M S Nagra was a shareholder | - | 82,214 |
SKN Developments Limited, a company in which M S Nagra was a shareholder |
11,900 |
49,900 |
HSN 09 Limited, a company in which M S Nagra was a shareholder | - | 10,000 |
The Company has written off £50,000 due from SKN Developments Limited, £15,500 due from HSN 09 Limited and £2,500 due from Venue (Old Town) Limited, a company controlled by M S Nagra, as these amounts are not recoverable. |
The following amounts were due to related parties: |
2023 | 2022 |
£ | £ |
M S Nagra, the Company Director | 16,574 | 28,349 |
Nagra Properties Ltd, a company in which M S Nagra was a shareholder | 528,493 | 388,493 |
Nagra Nagra Brown Partnership, a partnership in which M S Nagra was a partner |
49,272 |
49,272 |
All the related party loans were interest free and payable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is M S Nagra. |