TYNEHEAD (PROPERTY) LIMITED

TYNEHEAD (PROPERTY) LIMITED - Company Information

2022-11-012023-10-312023-10-31false00095402TYNEHEAD (PROPERTY) LIMITED2024-06-1968209iso4217:GBPxbrli:pure000954022022-11-01000954022023-10-31000954022022-11-012023-10-31000954022021-11-01000954022022-10-31000954022021-11-012022-10-3100095402bus:SmallEntities2022-11-012023-10-3100095402bus:AuditExempt-NoAccountantsReport2022-11-012023-10-3100095402bus:FullAccounts2022-11-012023-10-3100095402bus:PrivateLimitedCompanyLtd2022-11-012023-10-3100095402core:WithinOneYear2023-10-3100095402core:AfterOneYear2023-10-3100095402core:WithinOneYear2022-10-3100095402core:AfterOneYear2022-10-3100095402core:ShareCapital2023-10-3100095402core:SharePremium2023-10-3100095402core:RevaluationReserve2023-10-3100095402core:OtherReservesSubtotal2023-10-3100095402core:RetainedEarningsAccumulatedLosses2023-10-3100095402core:ShareCapital2022-10-3100095402core:SharePremium2022-10-3100095402core:RevaluationReserve2022-10-3100095402core:OtherReservesSubtotal2022-10-3100095402core:RetainedEarningsAccumulatedLosses2022-10-3100095402core:LandBuildings2023-10-3100095402core:PlantMachinery2023-10-3100095402core:Vehicles2023-10-3100095402core:FurnitureFittings2023-10-3100095402core:OfficeEquipment2023-10-3100095402core:NetGoodwill2023-10-3100095402core:IntangibleAssetsOtherThanGoodwill2023-10-3100095402core:ListedExchangeTraded2023-10-3100095402core:UnlistedNon-exchangeTraded2023-10-3100095402core:LandBuildings2022-10-3100095402core:PlantMachinery2022-10-3100095402core:Vehicles2022-10-3100095402core:FurnitureFittings2022-10-3100095402core:OfficeEquipment2022-10-3100095402core:NetGoodwill2022-10-3100095402core:IntangibleAssetsOtherThanGoodwill2022-10-3100095402core:ListedExchangeTraded2022-10-3100095402core:UnlistedNon-exchangeTraded2022-10-3100095402core:LandBuildings2022-11-012023-10-3100095402core:PlantMachinery2022-11-012023-10-3100095402core:Vehicles2022-11-012023-10-3100095402core:FurnitureFittings2022-11-012023-10-3100095402core:OfficeEquipment2022-11-012023-10-3100095402core:NetGoodwill2022-11-012023-10-3100095402core:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3100095402core:ListedExchangeTraded2022-11-012023-10-3100095402core:UnlistedNon-exchangeTraded2022-11-012023-10-3100095402core:MoreThanFiveYears2022-11-012023-10-3100095402core:Non-currentFinancialInstruments2023-10-3100095402core:Non-currentFinancialInstruments2022-10-3100095402dpl:CostSales2022-11-012023-10-3100095402dpl:DistributionCosts2022-11-012023-10-3100095402core:LandBuildings2022-11-012023-10-3100095402core:PlantMachinery2022-11-012023-10-3100095402core:Vehicles2022-11-012023-10-3100095402core:FurnitureFittings2022-11-012023-10-3100095402core:OfficeEquipment2022-11-012023-10-3100095402dpl:AdministrativeExpenses2022-11-012023-10-3100095402core:NetGoodwill2022-11-012023-10-3100095402core:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3100095402dpl:GroupUndertakings2022-11-012023-10-3100095402dpl:ParticipatingInterests2022-11-012023-10-3100095402dpl:GroupUndertakingscore:ListedExchangeTraded2022-11-012023-10-3100095402core:ListedExchangeTraded2022-11-012023-10-3100095402dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-11-012023-10-3100095402core:UnlistedNon-exchangeTraded2022-11-012023-10-3100095402dpl:CostSales2021-11-012022-10-3100095402dpl:DistributionCosts2021-11-012022-10-3100095402core:LandBuildings2021-11-012022-10-3100095402core:PlantMachinery2021-11-012022-10-3100095402core:Vehicles2021-11-012022-10-3100095402core:FurnitureFittings2021-11-012022-10-3100095402core:OfficeEquipment2021-11-012022-10-3100095402dpl:AdministrativeExpenses2021-11-012022-10-3100095402core:NetGoodwill2021-11-012022-10-3100095402core:IntangibleAssetsOtherThanGoodwill2021-11-012022-10-3100095402dpl:GroupUndertakings2021-11-012022-10-3100095402dpl:ParticipatingInterests2021-11-012022-10-3100095402dpl:GroupUndertakingscore:ListedExchangeTraded2021-11-012022-10-3100095402core:ListedExchangeTraded2021-11-012022-10-3100095402dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-11-012022-10-3100095402core:UnlistedNon-exchangeTraded2021-11-012022-10-3100095402core:NetGoodwill2023-10-3100095402core:IntangibleAssetsOtherThanGoodwill2023-10-3100095402core:LandBuildings2023-10-3100095402core:PlantMachinery2023-10-3100095402core:Vehicles2023-10-3100095402core:FurnitureFittings2023-10-3100095402core:OfficeEquipment2023-10-3100095402core:AfterOneYear2023-10-3100095402core:WithinOneYear2023-10-3100095402core:ListedExchangeTraded2023-10-3100095402core:UnlistedNon-exchangeTraded2023-10-3100095402core:ShareCapital2023-10-3100095402core:SharePremium2023-10-3100095402core:RevaluationReserve2023-10-3100095402core:OtherReservesSubtotal2023-10-3100095402core:RetainedEarningsAccumulatedLosses2023-10-3100095402core:NetGoodwill2022-10-3100095402core:IntangibleAssetsOtherThanGoodwill2022-10-3100095402core:LandBuildings2022-10-3100095402core:PlantMachinery2022-10-3100095402core:Vehicles2022-10-3100095402core:FurnitureFittings2022-10-3100095402core:OfficeEquipment2022-10-3100095402core:AfterOneYear2022-10-3100095402core:WithinOneYear2022-10-3100095402core:Liste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Registered Number
00095402
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

TYNEHEAD (PROPERTY) LIMITED

Company Information
for the year from 1 November 2022 to 31 October 2023


Directors	DE GIORGI, Aldo Pasquale
	DE GIORGI, Anne
	DE GIORGI, Cristina Virginia
	DE GIORGI, Joseph Mario
	DE GIORGI, Maria Rosanna
	DE GORGI, Mario Pasquale


Company Secretary	DE GIORGI, Cristina Virginia


Registered Address	3rd Floor 86 Pilgrim Street Pilgrim Street
	Newcastle Upon Tyne
	NE1 6SG


Registered Number	00095402 (England and Wales)

TYNEHEAD (PROPERTY) LIMITED

Statement of Financial Position
31 October 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		2,685		3,387
Investment property	4		2,900,000		2,520,000
			2,902,685		2,523,387
Current assets
Debtors	5	479,349		443,873
Cash at bank and on hand		11,639		2,941
		490,988		446,814
Creditors amounts falling due within one year	6	(323,706)		(239,011)
Net current assets (liabilities)			167,282		207,803
Total assets less current liabilities			3,069,967		2,731,190
Creditors amounts falling due after one year	7		(1,258,721)		(1,345,562)
Provisions for liabilities	8		(405,000)		(310,089)
Net assets			1,406,246		1,075,539
Capital and reserves
Called up share capital			12,000		12,000
Profit and loss account			1,394,246		1,063,539
Shareholders' funds			1,406,246		1,075,539

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 19 June 2024, and are signed on its behalf by:

DE GIORGI, Cristina Virginia
Director
Registered Company No. 00095402

TYNEHEAD (PROPERTY) LIMITED

Notes to the Financial Statements
for the year ended 31 October 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Fixtures and fittings	10
	Office Equipment	5

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2023		2022
	Average number of employees during the year	3		3

3.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 November 22	4,896	1,346	6,242
At 31 October 23	4,896	1,346	6,242
Depreciation and impairment
At 01 November 22	1,905	950	2,855
Charge for year	481	221	702
At 31 October 23	2,386	1,171	3,557
Net book value
At 31 October 23	2,510	175	2,685
At 31 October 22	2,991	396	3,387

4.	Investment property
	The investment property was independently valued via desktop valuation as at 26 January 2023 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 investment 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 (2022: £939,106).

Investment property

The investment property was independently valued via desktop valuation as at 26 January 2023 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 investment 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 (2022: £939,106).


		£
	Fair value at 01 November 22	2,520,000
	Fair value adjustments	380,000
	At 31 October 23	2,900,000

5.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	158,069	225,184
Other debtors	274,925	215,168
Prepayments and accrued income	46,355	3,521
Total	479,349	443,873

6.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	59,291	29,855
Bank borrowings and overdrafts	65,004	69,003
Taxation and social security	88,748	65,212
Other creditors	30,000	30,000
Accrued liabilities and deferred income	80,663	44,941
Total	323,706	239,011

7.	Creditors: amounts due after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	1,258,721	1,345,562
Total	1,258,721	1,345,562


	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. Included within creditors: amounts due after one year is an amount of £955,721 (2022: £1,031,644) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

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.

Included within creditors: amounts due after one year is an amount of £955,721 (2022: £1,031,644) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

8.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	405,000	310,089
Total	405,000	310,089

9.	Related party transactions
	During the year the directors had a loan account with the company. At the balance sheet date the directors owed the company £207,319 (2022: £200,091). This loan is unsecured, interest free and repayable upon demand.