Company Registration No. 11683110 (England and Wales)
TAVISTOCK INVESTMENT 1 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
TAVISTOCK INVESTMENT 1 LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
TAVISTOCK INVESTMENT 1 LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,304
52,953
Investment properties
4
8,310,000
8,310,000
8,345,304
8,362,953
Current assets
Debtors
5
258,034
6,628
Cash at bank and in hand
294,861
213,884
552,895
220,512
Creditors: amounts falling due within one year
6
(2,591,626)
(2,405,984)
Net current liabilities
(2,038,731)
(2,185,472)
Total assets less current liabilities
6,306,573
6,177,481
Provisions for liabilities
(1,174,005)
(1,174,005)
Net assets
5,132,568
5,003,476
Capital and reserves
Called up share capital
100
100
Other reserves
5,003,918
5,003,918
Profit and loss reserves
128,550
(542)
Total equity
5,132,568
5,003,476
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 12 November 2021 and are signed on its behalf by:
Mr P O Van Reyk
Director
Company Registration No. 11683110
TAVISTOCK INVESTMENT 1 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2019
100
4,987,718
(14,688)
4,973,130
Period ended 30 April 2020:
Profit and total comprehensive income for the period
-
-
30,346
30,346
Fair value gains on revaluation of investment properties
-
16,200
(16,200)
-
Balance at 30 April 2020
100
5,003,918
(542)
5,003,476
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
-
129,092
129,092
Balance at 30 April 2021
100
5,003,918
128,550
5,132,568
TAVISTOCK INVESTMENT 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
1
Accounting policies
Company information
Tavistock Investment 1 Limited (registered number 11683110) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office and principal place of business is
85 Gracechurch Street, London, EC3V 0AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss
and transferred, net of tax, to Other reserves.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets
.
A provision is made for any impairment loss and taken to the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents
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.
TAVISTOCK INVESTMENT 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
The financial liabilities are subsequently measured at amortised cost using the effective interest rate method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax arising in respect of revaluation gains and losses of investment properties is transferred to or from Other reserves respectively.
TAVISTOCK INVESTMENT 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 5 -
2
Employees
The average monthly number of persons (
ex
cluding directors) employed by the company during the year was:
2021
2020
Number
Number
Total
The company is operated by the directors, who are remunerated through other group entities.
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2020 and 30 April 2021
95,191
Depreciation and impairment
At 1 May 2020
42,238
Depreciation charged in the year
17,649
At 30 April 2021
59,887
Carrying amount
At 30 April 2021
35,304
At 30 April 2020
52,953
4
Investment property
2021
£
Fair value
At 1 May 2020 and 30 April 2021
8,310,000
The investment property has been valued on an open market basis on the 9th December 2019 by Lambert Smith Hampton which makes reference to market evidence of transaction prices for similar properties. The valuation was made on behalf of the companies funders. The
d
irectors have reviewed the value and consider this (taking into account the current known impacts of C
OVID
-19) to have remained the same at the 30th April 202
1
.
TAVISTOCK INVESTMENT 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 6 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,575
4,793
Amounts owed by group undertakings
250,000
Other debtors
6,459
1,835
258,034
6,628
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,980
Amounts owed to group undertakings
728,239
603,005
Corporation tax
34,421
Other creditors
1,826,986
1,802,979
2,591,626
2,405,984
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Investment property revaluations
1,174,005
1,174,005
There were no deferred tax movements in the year.
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25% and this became substantively enacted as part of the Finance Bill 2021 on 24 May 2021.
As the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effect is not included in these financial statements. It is likely that the overall effect of the change, had it have been enacted by the balance sheet date, would have increased the deferred tax balance by £370
,
738.
TAVISTOCK INVESTMENT 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mark H Rogers FCCA.
The auditor was Fortus South Limited.
9
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Bank l
oans held within Kitewood Investment Holdings Limited are secured via a fixed and floating charge upon the investment property of
the company
.
10
Parent company
Parent Company
The parent company is Kitewood Investment Holdings Limited and its registered office is 85 Gracechurch Street, London, EC3V 0AA.
Ultimate Parent Company
The ultimate parent company is Kitewood Holdings Limited, a company registered in England & Wales.
The
smallest and largest group for which the
results of the company are included i
s
the consolidated accounts of Kitewood Holdings Limited
. These
consolidated accounts are available from their registered office at 85 Gracechurch Street, London, EC3V 0AA.