Theori Property Management Limited |
Registered number: |
05318942 |
Balance Sheet |
as at 28 February 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
5,250,000 |
|
|
4,250,000 |
Investments |
4 |
|
|
100 |
|
|
100 |
|
|
|
|
5,250,100 |
|
|
4,250,100 |
|
Current assets |
Debtors |
5 |
|
306,032 |
|
|
307,231 |
Cash at bank and in hand |
|
|
24,723 |
|
|
24,988 |
|
|
|
330,755 |
|
|
332,219 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,166,514) |
|
|
(1,160,044) |
|
Net current liabilities |
|
|
|
(835,759) |
|
|
(827,825) |
|
Total assets less current liabilities |
|
|
|
4,414,341 |
|
|
3,422,275 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,242,324) |
|
|
(1,326,208) |
|
Provisions for liabilities |
9 |
|
|
(600,833) |
|
|
(350,833) |
|
|
Net assets |
|
|
|
2,571,184 |
|
|
1,745,234 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
120 |
|
|
120 |
Non-distributable reserves |
|
|
|
1,802,501 |
|
|
1,052,501 |
Profit and loss account |
|
|
|
768,563 |
|
|
692,613 |
|
Shareholders' funds |
|
|
|
2,571,184 |
|
|
1,745,234 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. |
Theori Property Management Ltd has not prepared the group accounts as it is small group and exempt to prepare group accounts. |
|
The financial statements were approved and authorised for issue by the board on: |
|
|
Mandeep Binning |
Director |
Signed on behalf of the board on 12 May 2022 |
|
Theori Property Management Limited |
Notes to the Accounts |
for the year ended 28 February 2022 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
Theori Property Management Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered office and principle place of business is given in the company information on page 1 of these financial statements. The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded. The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The significant accounting policies applied in the preparation of these financial statements are set out below. |
|
|
Turnover |
|
Turnover represents the net value of rent received as per rental agreement. |
|
|
Investments Properties |
|
Investment properties are stated at fair market valuations. Surplus or deficits arising on the revaluation are transferred to the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A 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 is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Investment in subsidiaries |
|
Investment in subsidiary undertaking is recognised at cost. |
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 March 2021 |
4,250,000 |
|
Surplus on revaluation |
1,000,000 |
|
At 28 February 2022 |
5,250,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 28 February 2022 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2022 |
5,250,000 |
|
At 28 February 2021 |
4,250,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2022 |
|
2021 |
£ |
£ |
|
Historical cost |
2,846,666 |
|
2,846,666 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
2,846,666 |
|
2,846,666 |
|
The valuation of properties has been carried out by the directors of the company and reflects the fair market value at the balance sheet date. |
|
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 March 2021 |
100 |
|
|
At 28 February 2022 |
100 |
|
|
5 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
18,894 |
|
- |
|
Other debtors |
287,138 |
|
307,231 |
|
|
|
|
|
|
306,032 |
|
307,231 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans and overdrafts |
81,480 |
|
78,051 |
|
Accruals |
3,420 |
|
3,420 |
|
Directors' accounts |
41,860 |
|
41,861 |
|
Trade creditors |
5,605 |
|
- |
|
Amounts owed to group undertaking |
|
88,487 |
|
76,379 |
|
Taxation and social security costs |
72,641 |
|
72,951 |
|
Other creditors |
873,021 |
|
887,382 |
|
|
|
|
|
|
1,166,514 |
|
1,160,044 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
1,242,324 |
|
1,326,208 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2022 |
|
2021 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
916,595 |
|
1,013,967 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,323,320 |
|
1,404,222 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured against the properties and personal quaranties are given by the directors. |
|
|
9 |
Deferred Tax |
2022 |
|
2021 |
£ |
£ |
|
At 1 March |
350,833 |
|
238,567 |
|
Changes in tax rates |
250,000 |
|
112,266 |
|
|
|
|
|
|
|
600,833 |
|
350,833 |
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
2022 |
|
2021 |
£ |
£ |
|
|
Amounts owed to group undertaking |
88,487 |
|
76,379 |
|
|
Loans from directors |
41,861 |
|
41,861 |
|
|
Other related parties |
|
|
Amount due to related parties |
881,882 |
|
887,382 |
|
|
Amount due by related parties |
|
|
|
|
267,298 |
|
270,798 |