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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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TIME PROPERTIES LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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FOR |
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TIME PROPERTIES LIMITED |
TIME PROPERTIES LIMITED (REGISTERED NUMBER: 07300206) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TIME PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITOR: |
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Statutory Auditors |
Regency Court |
62-66 Deansgate |
MANCHESTER |
M3 2EN |
TIME PROPERTIES LIMITED (REGISTERED NUMBER: 07300206) |
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BALANCE SHEET |
30 JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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TIME PROPERTIES LIMITED (REGISTERED NUMBER: 07300206) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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1. | STATUTORY INFORMATION |
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Time Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In preparing these accounts the directors have had to make the following judgements that may have a material |
effect on the accounts: |
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- There is an inevitable degree of judgement involved in the valuation of Investment property at any given point |
in time. The investment property is carried at fair value, determined and assessed annually by the directors, |
having made judgements in regard to average replacement cost per square meter, depreciation factors, potential |
disposal and statutory costs, and average price per acre of land |
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Turnover |
Turnover represents rental income from group companies at invoiced amounts net of local sales taxes. |
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Investment property |
Investment property is shown at fair value determined annually. Any aggregate surplus or deficit arising from |
changes in fair value is recognized in the Income statement |
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Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets |
and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other |
third parties, and loans to related parties. |
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Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and |
are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. |
Basic financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities (other than those classified as payable within one year) are initially recognised at |
present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic |
financial liabilities classified as payable within one year are not amortised. |
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Financial assets and liabilities are offset, with the net amounts reported in the financial statements, when there is |
a legally 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. |
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TIME PROPERTIES LIMITED (REGISTERED NUMBER: 07300206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Finance costs |
Finance costs are charged to the statement of comprehensive income over the terms of the loan using the |
effective interest method so that the amount charged is at a constant rate on the carrying amount. Transaction |
costs are initially recognised as a reduction in the proceeds of the associated loan. |
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3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2017 |
and 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Investment property was valued by an independent firm of professional valuers in November 2016 and the |
valuation adopted in the accounts, and is updated annually by the directors having regard to significant |
judgements and uncertainties as disclosed at note 2. |
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If the Investment property had not been revalued it would have been included in the accounts at the following |
historic cost: £843,302 (2017: £843,302). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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TIME PROPERTIES LIMITED (REGISTERED NUMBER: 07300206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Owed to group undertakings | 873,269 | - |
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Amounts owed to group undertakings bear interest at LIBOR+3%. |
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Amounts owed to group undertakings are secured by fixed and floating charges over the assets and undertakings |
of the company. |
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8. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred taxation | 427,395 | 427,395 |
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Deferred |
tax |
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Balance at 1 July 2017 |
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Balance at 30 June 2018 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 1,975 | 1,975 |
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10. | RESERVES |
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Included within Profit and Loss reserves are non-distributable amounts of £2,229,303 (2017: £2,229,303) in |
relation to unrealized revaluation gains, net of taxation, on the company's investment property. |
TIME PROPERTIES LIMITED (REGISTERED NUMBER: 07300206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditor was unqualified. |
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for and on behalf of
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12. | ULTIMATE PARENT COMPANY |
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The immediate parent undertaking is LMC Baketime Holdings Limited, a company registered in England and |
Wales. The ultimate parent undertaking is Fasic Investment Corporation Limited, a company registered in South |
Africa. |
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The largest group in which the results of the company are consolidated is that headed by Fasic Investment |
Corporation Limited. The smallest group in which they are consolidated is that headed by LMC Baketime |
Holdings Limited. These consolidated accounts are available to the public and may be obtained from Companies |
House, Crown Way, Cardiff, CF14 3UZ. |