Tryway Properties Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 April 2019
Company Registration No. 03344299 (England and Wales)
Tryway Properties Limited
Company Information
Director
D Constantinou
Secretary
K Constantinou
Company number
03344299
Registered office
Chapter House
33 London Road
Reigate
Surrey
RH2 9HZ
Accountants
Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Tryway Properties Limited
Balance Sheet
As at 30 April 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
3
-
2,500,000
Investments
4
1
1
1
2,500,001
Current assets
Debtors
5
110,242
165,884
Cash at bank and in hand
1,700,404
110,656
1,810,646
276,540
Creditors: amounts falling due within one year
6
(66,828)
(118,951)
Net current assets
1,743,818
157,589
Total assets less current liabilities
1,743,819
2,657,590
Creditors: amounts falling due after more than one year
7
-
(876,636)
Provisions for liabilities
9
-
(56,814)
Net assets
1,743,819
1,724,140
Capital and reserves
Called up share capital
10
120,000
120,000
Revaluation reserve
-
1,118,892
Profit and loss reserves
1,623,819
485,248
Total equity
1,743,819
1,724,140
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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Tryway Properties Limited
Balance Sheet (Continued)
As at 30 April 2019
Page 2
The financial statements were approved and signed by the director and authorised for issue on 2 July 2019
D Constantinou
Director
Company Registration No. 03344299
Tryway Properties Limited
Statement of Changes in Equity
For the year ended 30 April 2019
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2017
120,000
991,767
450,098
1,561,865
Year ended 30 April 2018:
Profit and total comprehensive income for the year
-
-
162,275
162,275
Transfer of unrealised fair value gains
-
142,965
(142,965)
-
Transfer of movement on deferred tax provision
-
(15,840)
15,840
-
Balance at 30 April 2018
120,000
1,118,892
485,248
1,724,140
Year ended 30 April 2019:
Profit and total comprehensive income for the year
-
-
54,679
54,679
Dividends
-
-
(35,000)
(35,000)
Transfer of unrealised fair value gains
-
(1,175,706)
1,175,706
-
Transfer of movement on deferred tax provision
-
56,814
(56,814)
-
Balance at 30 April 2019
120,000
-
1,623,819
1,743,819
Tryway Properties Limited
Notes to the Financial Statements
For the year ended 30 April 2019
Page 4
1
Accounting policies
Company information
Tryway Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Chapter House, 33 London Road, Reigate, Surrey, RH2 9HZ.
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.
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
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.
1.6
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 2019
1
Accounting policies
(Continued)
Page 5
1.7
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.
1.8
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 were revalued as at 30 April 2018 by the director on a fair value basis.
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2019
Page 6
3
Investment property
£
Fair value
At 1 May 2018
2,500,000
Disposals
(2,500,000)
At 30 April 2019
-
4
Fixed asset investments
2019
2018
£
£
Investments
1
1
Movements in fixed asset investments
Investment in jointly controlled entity
£
Cost
At 1 May 2018 & 30 April 2019
1
Carrying amount
At 30 April 2019
1
At 30 April 2018
1
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
2,450
53,313
Amounts due from jointly controlled entity
102,927
107,600
Other debtors
4,865
4,971
110,242
165,884
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2019
Page 7
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
-
41,381
Trade creditors
3,900
-
Corporation tax
60,628
23,750
Other taxation and social security
-
14,671
Other creditors
2,300
39,149
66,828
118,951
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
-
876,636
The bank loan is secured by a fixed and floating charge over the company's investment property and assets.
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
9
-
56,814
9
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
2019
2018
Balances:
£
£
Investment property
-
56,814
Tryway Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2019
9
Deferred taxation
(Continued)
Page 8
2019
Movements in the year:
£
Liability at 1 May 2018
56,814
Transfer on disposal
(56,814)
Liability at 30 April 2019
-
10
Called up share capital
2019
2018
£
£
Issued and fully paid
120,000 Ordinary shares of £1 each
120,000
120,000
11
Related party transactions
At the year end, an amount of £102,927 (2018: £107,600) was due from Chapter Investments Limited, a company under joint control. During the year interest of £1,650 (2018: £1,322) was charged on this loan.
12
Directors' transactions
Dividends totalling £35,000 (2018 - £0) were paid in the year in respect of shares held by the company's directors.
2019-04-30
2018-05-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
02 July 2019
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K Constantinou
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