Company Registration No. 04985738 (England and Wales)
TRICON PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
TRICON PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr M J Firth
Mr S Raikes
Company number
04985738
Registered office
Silkwood Court
Ossett
Wakefield
WF5 9TP
Accountants
Hentons
118 North Street
Leeds
West Yorkshire
LS2 7PN
Business address
Silkwood Court
Ossett
Wakefield
WF5 9TP
TRICON PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TRICON PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,836
25,041
Investment properties
4
1,835,134
1,835,134
1,858,970
1,860,175
Current assets
Debtors
5
42,945
6,737
Cash at bank and in hand
849
7,700
43,794
14,437
Creditors: amounts falling due within one year
6
(992,569)
(855,537)
Net current liabilities
(948,775)
(841,100)
Total assets less current liabilities
910,195
1,019,075
Creditors: amounts falling due after more than one year
7
(330,909)
(377,870)
Net assets
579,286
641,205
Capital and reserves
Called up share capital
8
100
100
Fair value reserve
9
487,656
487,656
Profit and loss reserves
91,530
153,449
Total equity
579,286
641,205

The directors 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 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

TRICON PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2018 and are signed on its behalf by:
Mr M J Firth
Director
Company Registration No. 04985738
TRICON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information

Tricon Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Silkwood Court, Ossett, Wakefield, WF5 9TP.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of Tricon Properties Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for rent and services net of VAT.

 

1.4
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, fittings & equipment
0% - 25% 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.

1.5
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 at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

TRICON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.7
Cash at bank and in hand

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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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 recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

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.

TRICON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016
94,032
Additions
2,798
At 30 June 2017
96,830
Depreciation and impairment
At 1 July 2016
68,991
Depreciation charged in the year
4,003
At 30 June 2017
72,994
Carrying amount
At 30 June 2017
23,836
At 30 June 2016
25,041
4
Investment property
2017
£
Fair value
At 1 July 2016 and 30 June 2017
1,835,134
TRICON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
4
Investment property
(Continued)
- 6 -

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 June 2017 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
42,685
5,741
Other debtors
260
996
42,945
6,737
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
45,071
45,071
Trade creditors
4,073
2,423
Amounts due to group undertakings
901,291
760,952
Corporation tax
-
28,953
Other taxation and social security
15,862
7,308
Other creditors
26,272
10,830
992,569
855,537
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
330,909
377,870

The bank loans of £375,980 (2016: £422,941) are secured by a fixed and floating charge over the assets of the company.

8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
9
Fair value reserve
TRICON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
9
Fair value reserve
(Continued)
- 7 -
2017
2016
£
£
At beginning and end of year
487,656
487,656
10
Parent company

The ultimate parent company is MJF Holdings Limited, a company incorporated in England and wales, whose registered office is 1 Penrose Place, Wakefield, WF2 7QG.

2017-06-302016-07-01falseCCH SoftwareCCH Accounts Production 2017.400No description of principal activity27 March 2018049857382016-07-012017-06-3004985738bus:Director12016-07-012017-06-3004985738bus:Director22016-07-012017-06-3004985738bus:RegisteredOffice2016-07-012017-06-30049857382017-06-30049857382016-06-3004985738core:OtherPropertyPlantEquipment2017-06-3004985738core:OtherPropertyPlantEquipment2016-06-3004985738core:CurrentFinancialInstruments2017-06-3004985738core:CurrentFinancialInstruments2016-06-3004985738core:Non-currentFinancialInstruments2017-06-3004985738core:Non-currentFinancialInstruments2016-06-3004985738core:ShareCapital2017-06-3004985738core:ShareCapital2016-06-3004985738core:RevaluationReserve2017-06-3004985738core:RevaluationReserve2016-06-3004985738core:RetainedEarningsAccumulatedLosses2017-06-3004985738core:RetainedEarningsAccumulatedLosses2016-06-3004985738core:ShareCapitalOrdinaryShares2017-06-3004985738core:ShareCapitalOrdinaryShares2016-06-3004985738core:FurnitureFittings2016-07-012017-06-3004985738core:OtherPropertyPlantEquipment2016-06-3004985738core:OtherPropertyPlantEquipment2016-07-012017-06-3004985738bus:OrdinaryShareClass12016-07-012017-06-3004985738bus:OrdinaryShareClass12017-06-3004985738bus:PrivateLimitedCompanyLtd2016-07-012017-06-3004985738bus:FRS1022016-07-012017-06-3004985738bus:AuditExemptWithAccountantsReport2016-07-012017-06-3004985738bus:SmallCompaniesRegimeForAccounts2016-07-012017-06-3004985738bus:FullAccounts2016-07-012017-06-30xbrli:purexbrli:sharesiso4217:GBP

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