ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-04-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 00766133 2017-04-01 2018-03-31 00766133 2016-04-01 2017-03-31 00766133 2018-03-31 00766133 2017-03-31 00766133 c:Director1 2017-04-01 2018-03-31 00766133 d:OfficeEquipment 2017-04-01 2018-03-31 00766133 d:OfficeEquipment 2018-03-31 00766133 d:OfficeEquipment 2017-03-31 00766133 d:FreeholdInvestmentProperty 2018-03-31 00766133 d:FreeholdInvestmentProperty 2017-03-31 00766133 d:CurrentFinancialInstruments 2018-03-31 00766133 d:CurrentFinancialInstruments 2017-03-31 00766133 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 00766133 c:FRS102 2017-04-01 2018-03-31 00766133 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 00766133 c:FullAccounts 2017-04-01 2018-03-31 00766133 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 00766133









TAN PROPERTY CO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

 
TAN PROPERTY CO LIMITED
REGISTERED NUMBER:00766133

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

  

Fixed assets
  

Investment property
 5 
5,474,000
5,474,000

  
5,474,000
5,474,000

Current assets
  

Debtors
  
22,641
66,113

Cash at bank and in hand
 6 
520,904
283,570

  
543,545
349,683

Creditors: amounts falling due within one year
 7 
(208,983)
(225,031)

Net current assets
  
 
 
334,562
 
 
124,652

Total assets less current liabilities
  
5,808,562
5,598,652

  

Provisions for liabilities
  

Deferred taxation
  
(242,321)
(256,189)

  
 
 
(242,321)
 
 
(256,189)

  

Net assets excluding pension asset
  
5,566,241
5,342,463

Net assets
  
5,566,241
5,342,463


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
2,144,141
2,144,141

Other reserves
  
141,124
141,124

Profit and loss account
  
3,280,876
3,057,098

  
5,566,241
5,342,463


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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TAN PROPERTY CO LIMITED
REGISTERED NUMBER:00766133
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 December 2018.




G Gluck
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Tan Property Co Limited is a company incorporated in England and Wales. Its registered office is 154 Brent Street, London NW4 2DR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pound sterling which is the functional currency of the company and have been rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover represents rent receivable net of value added tax.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 3

 
TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% per cent on cost

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.8

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, 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 Statement of comprehensive income.

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TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company only 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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)


2.13
Financial instruments (continued)


For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

Page 6

 
TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2017
4,088



At 31 March 2018

4,088



Depreciation


At 1 April 2017
4,088



At 31 March 2018

4,088



Net book value



At 31 March 2018
-



At 31 March 2017
-

Page 7

 
TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2017
5,474,000



At 31 March 2018
5,474,000

The 2018 valuations were made by the director, on an open market value for existing use basis.

2018
2017
£
£

Revaluation reserves


At 1 April 2017
2,144,141
2,144,141

At 31 March 2018
2,144,141
2,144,141




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2018
2017
£
£


Historic cost
3,329,859
3,329,859

3,329,859
3,329,859


6.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
520,904
283,570

520,904
283,570


Page 8

 
TAN PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loan
-
72

Trade creditors
20
-

Corporation tax
55,024
40,842

Other taxation and social security
2,075
2,128

Other creditors
67,517
101,567

Accruals and deferred income
84,347
80,422

208,983
225,031



8.


Loans


Analysis of the maturity of loans is given below:


2018
2017
£
£

Amounts falling due within one year

Bank loans
-
72


-
72




-
72


The bank loan is secured by way of fixed charges over the investment properties held by the company.


9.


Related party transactions

The company owes £43,665 (2017- £43,665) to Editpark Limited, which was under the control of Mr G H Gluck. The amount is shown under other creditors.  No other transactions with related parties were undertaken such as are required to be disclosed.


10.


Controlling party

 The company was under the control of Mr G H Gluck throughout the year.

 
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