Tryway Properties Limited
Annual Report and Unaudited Financial Statements
For the year ended 30 April 2017
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 03344299 (England and Wales)
Tryway Properties Limited
Company Information
Director
D Constantinou
Secretary
K Constantinou
Company number
03344299
Registered office
Priory House
45-51 High Street
Reigate
Surrey
RH2 9AE
Accountants
Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Tryway Properties Limited
Balance Sheet
As at 30 April 2017
Page 1
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,357,035
2,357,035
Current assets
Debtors
4
9,500
15,355
Cash at bank and in hand
262,036
208,714
271,536
224,069
Creditors: amounts falling due within one year
5
(105,634)
(112,019)
Net current assets
165,902
112,050
Total assets less current liabilities
2,522,937
2,469,085
Creditors: amounts falling due after more than one year
6
(920,098)
(961,984)
Provisions for liabilities
7
(40,974)
(57,698)
Net assets
1,561,865
1,449,403
Capital and reserves
Called up share capital
9
120,000
120,000
Revaluation reserve
991,767
975,043
Profit and loss reserves
450,098
354,360
Total equity
1,561,865
1,449,403
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 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 his 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.
The financial statements were approved and signed by the director and authorised for issue on 18 December 2017
D Constantinou
Director
Company Registration No. 03344299
Tryway Properties Limited
Statement of Changes in Equity
For the year ended 30 April 2017
Page 2
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2015
120,000
969,746
243,584
1,333,330
Year ended 30 April 2016:
Profit and total comprehensive income for the year
-
-
116,073
116,073
Transfer of movement on deferred tax provision
-
5,297
(5,297)
-
Balance at 30 April 2016
120,000
975,043
354,360
1,449,403
Year ended 30 April 2017:
Profit and total comprehensive income for the year
-
-
112,462
112,462
Transfer of movement on deferred tax provision
-
16,724
(16,724)
-
Balance at 30 April 2017
120,000
991,767
450,098
1,561,865
Tryway Properties Limited
Notes to the Financial Statements
For the year ended 30 April 2017
Page 3
1
Accounting policies
Company information
Tryway Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Priory House, 45-51 High Street, Reigate, Surrey, RH2 9AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Tryway Properties Limited prepared in accordance with
Section 1A of
FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Turnover
Turnover represents rent receivable net of VAT.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2017
1
Accounting policies
(Continued)
Page 4
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements
:
Valuation of investment properties
The investment properties owned by the company have been revalued as at 30 April 2017 by the director on a fair value basis.
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2017
Page 5
3
Investment property
£
Fair value
At 1 May 2016 and 30 April 2017
2,357,035
The valuations of investment properties were made as at 30 April 201
7
by the
director
on
a fair value
basis. No depreciation is provided in respect of these properties.
On an historical cost basis these would have been included at an original cost of £1,324,294 (2016
:
£1,324,294).
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
9,199
15,345
Other debtors
301
10
9,500
15,355
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
39,960
38,590
Corporation tax
23,812
27,694
Other taxation and social security
6,796
11,901
Other creditors
35,066
33,834
105,634
112,019
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
920,098
961,984
The bank loan is secured by a fixed and floating charge over the company's investment property and assets.
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2017
Page 6
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
8
40,974
57,698
40,974
57,698
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Investment property
40,974
57,698
2017
Movements in the year:
£
Liability at 1 May 2016
57,698
Credit to profit and loss
(16,724)
Liability at 30 April 2017
40,974
9
Called up share capital
2017
2016
£
£
Issued and fully paid
120,000 Ordinary shares of £1 each
120,000
120,000
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2017
Page 7
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May 2015
30 April 2016
Notes
£
£
Equity as reported under previous UK GAAP
1,396,325
1,507,101
Adjustments arising from transition to FRS 102:
Deferred tax provision
1
(62,995)
(57,698)
Equity reported under FRS 102
1,333,330
1,449,403
Reconciliation of profit or loss
2016
Notes
£
Profit as reported under previous UK GAAP
110,776
Adjustments arising from transition to FRS 102:
Deferred tax movement
1
5,297
Profit reported under FRS 102
116,073
Notes to reconciliations on adoption of FRS 102
Deferred tax
In accordance with FRS 102, deferred tax on the revaluation surplus on investment properties has been recognised in the financial statements.
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