Tortcrest Limited 30/09/2018 iXBRL

Tortcrest Limited 30/09/2018 iXBRL

TORTCREST LIMITED - Company Information

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Company registration number: 01359329
Tortcrest Limited
Unaudited filleted financial statements
for the year ended 30 September 2018
Tortcrest Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Tortcrest Limited
Directors and other information
Directors Mr Mark Smith
Company number 01359329
Registered office 224 Iverson Road
London
N26 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Tortcrest Limited
Statement of financial position
30 September 2018
30/09/18 30/09/17
Note £ £ £ £
Fixed assets
Tangible assets 5 - 1,118,895
_______ _______
- 1,118,895
Current assets
Debtors 6 2,542,326 1,949,330
Cash at bank and in hand 38 11,546
_______ _______
2,542,364 1,960,876
Creditors: amounts falling due
within one year 7 ( 190,098) ( 194,091)
_______ _______
Net current assets 2,352,266 1,766,785
_______ _______
Total assets less current liabilities 2,352,266 2,885,680
Creditors: amounts falling due
after more than one year 8 - ( 313,278)
Provisions for liabilities - ( 183,175)
_______ _______
Net assets 2,352,266 2,389,227
_______ _______
Capital and reserves
Called up share capital 1,002 1,002
Profit and loss account 2,351,264 2,388,225
_______ _______
Shareholders funds 2,352,266 2,389,227
_______ _______
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 May 2019 , and are signed on behalf of the board by:
Mr Mark Smith
Director
Company registration number: 01359329
Tortcrest Limited
Notes to the financial statements
Year ended 30 September 2018
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is No 3 Hampstead West, 224 Iverson Road, London, N26 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for properties sold and rental income received, net of discounts and Value Added Tax.Revenue from the sale of properties and rental income is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 October 2017 1,118,895 14,067 1,132,962
Disposals ( 1,118,895) - ( 1,118,895)
_______ _______ _______
At 30 September 2018 - 14,067 14,067
_______ _______ _______
Depreciation
At 1 October 2017 and 30 September 2018 - 14,067 14,067
_______ _______ _______
Carrying amount
At 30 September 2018 - - -
_______ _______ _______
At 30 September 2017 1,118,895 - 1,118,895
_______ _______ _______
6. Debtors
30/09/18 30/09/17
£ £
Amounts owed by related parties 2,542,326 1,949,330
_______ _______
7. Creditors: amounts falling due within one year
30/09/18 30/09/17
£ £
Trade creditors 100 645
Corporation tax 182,985 169,696
Other creditors 7,013 23,750
_______ _______
190,098 194,091
_______ _______
8. Creditors: amounts falling due after more than one year
30/09/18 30/09/17
£ £
Other creditors - 313,278
_______ _______
Loans advanced to the company are secured against properties owned by the company.