Tov Investments Limited 31/10/2017 iXBRL

TOV INVESTMENTS LIMITED - Company Information

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Company registration number: 03449588

Tov Investments Limited

Unaudited filleted financial statements

31 October 2017

Tov Investments Limited

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Tov Investments Limited

Directors and other information


	Director	A Frankel


	Company number	03449588


	Registered office	42 Darenth Road
		London
		N16 6EJ




	Bankers	Lloyds TSB Bank Plc
		180-182 High Street
		Walthamstow
		London
		E17 7JH

Tov Investments Limited

Statement of financial position

31 October 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	5	977,399		977,824
		_______		_______
			977,399		977,824

Current assets
Debtors	6	-		1,133
Cash at bank and in hand		23,127		8,489
		_______		_______
		23,127		9,622
Creditors: amounts falling due
within one year	7	( 149,316)		( 132,144)
		_______		_______
Net current liabilities			( 126,189)		( 122,522)
			_______		_______
Total assets less current liabilities			851,210		855,302

Creditors: amounts falling due
after more than one year	8		( 234,796)		( 255,890)

Provisions for liabilities			( 75,260)		( 75,260)

			_______		_______
Net assets			541,154		524,152
			_______		_______

Capital and reserves
Called up share capital			2		2
Fair value reserve			418,103		418,103
Profit and loss account			123,049		106,047
			_______		_______
Shareholder funds			541,154		524,152
			_______		_______

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 04 July 2018 , and are signed on behalf of the board by:

A Frankel

Director

Company registration number: 03449588

Tov Investments Limited

Statement of changes in equity

Year ended 31 October 2017

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 November 2015 (as previously reported)	2	-	166,463	166,465
Effects of changes in accounting policies	(-)	418,103	(-)	418,103
	_______	_______	_______	_______
At 1 November 2015 (restated)	2	418,103	166,463	584,568

Loss for the year			( 60,416)	( 60,416)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 60,416)	( 60,416)

At 31 October 2016 (as previously reported)	2	-	181,307	181,309
Effects of changes in accounting policies	(-)	418,103	-	418,103
	_______	_______	_______	_______
At 31 October 2016 (restated) and 1 November 2016	2	418,103	181,307	599,412

Loss for the year			( 58,258)	( 58,258)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 58,258)	( 58,258)

	_______	_______	_______	_______
At 31 October 2017	2	418,103	123,049	541,154
	_______	_______	_______	_______

Tov Investments Limited

Notes to the financial statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 42 Darenth Road, London, N16 6EJ.

2. Statement of compliance

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or 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:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 November 2016 and 31 October 2017	975,000	16,978	991,978
	_______	_______	_______
Depreciation
At 1 November 2016 and 31 October 2017	-	14,579	14,579
	_______	_______	_______
Carrying amount
At 31 October 2017	975,000	2,399	977,399
	_______	_______	_______
At 31 October 2016	975,000	2,399	977,399
	_______	_______	_______

6. Debtors

	2017	2016
	£	£
Trade debtors	-	1,133
	_______	_______

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	20,200	20,200
Trade creditors	15,499	13,146
Corporation tax	4,198	2,477
Other creditors	109,419	96,321
	_______	_______
	149,316	132,144
	_______	_______

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

	2017	2016
	£	£
Bank loans and overdrafts	234,796	255,890
	_______	_______

9. Directors advances, credits and guarantees

	Balance brought forward and o/standing	Balance brought forward and o/standing
	2017	2016
	£	£
A Frankel	59,547	59,547
	_______	_______

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

Reconciliation of equity

	At 1 November 2015			At 31 October 2016
	Previously stated	Effect of transition	FRS 102 (restated)	Previously stated	Effect of transition	FRS 102 (restated)
	£	£	£	£	£	£
Fixed assets	978,251	-	978,251	977,824	-	977,824
Current assets	13,045	-	13,045	9,622	-	9,622
Creditors amounts falling due within 1 year	( 129,252)	-	( 129,252)	( 132,144)	-	( 132,144)
	_______	_______	_______	_______	_______	_______
Net current liabilities	( 116,207)	-	( 116,207)	( 122,522)	-	( 122,522)
	_______	_______	_______	_______	_______	_______
Total assets less current liabilities	862,044	-	862,044	855,302	-	855,302
Creditors amounts falling due after more than 1 year	( 277,476)	-	( 277,476)	( 255,890)	-	( 255,890)
Provisions for liabilities	-	-	-	-	( 75,260)	( 75,260)
	_______	_______	_______	_______	_______	_______
Net assets	584,568	-	584,568	599,412	( 75,260)	524,152
	_______	_______	_______	_______	_______	_______

Equity	584,568	-	584,568	599,412	( 75,260)	524,152
	_______	_______	_______	_______	_______	_______

Reconciliation of profit or loss for the year

	At 31 October 2016
	Previously stated	Effect of transition	FRS 102 (restated)
	£	£	£
Turnover	98,745	-	98,745
Cost of sales	( 16,831)	-	( 16,831)
	_______	_______	_______
Gross profit	81,914	-	81,914
Administrative expenses	( 62,428)	-	( 62,428)
	_______	_______	_______
Operating profit	19,486	-	19,486
Interest payable and similar expenses	( 3,411)	-	( 3,411)
Tax on Loss	( 1,231)	( 75,260)	( 76,491)
	_______	_______	_______
Loss after taxation	14,844	( 75,260)	( 60,416)
	_______	_______	_______
Loss for the financial year	14,844	( 75,260)	( 60,416)
	_______	_______	_______

These financial statements for the year ended 31 October 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The transition to FRS102 Section 1A small entities has resulted in a small number of changes in accounting policies to those used previously.