Second Thames Land Limited
Unaudited Financial Statements
For the year ended 31 January 2023
For Filing with Registrar
Company Registration No. 00382150 (England and Wales)
Second Thames Land Limited
Company Information
Directors
Mr C. Toye
Mr K. J. Weatherill
Company number
00382150
Registered office
Alexandra House
Waterfront
Lakeside
Thurrock
Essex
RM20 1WL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Second Thames Land Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
Second Thames Land Limited
Balance Sheet
As at 31 January 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,840,262
6,840,262
Current assets
Debtors
5
181,977
114,085
Cash at bank and in hand
1,654,552
1,417,771
1,836,529
1,531,856
Creditors: amounts falling due within one year
6
(824,204)
(466,473)
Net current assets
1,012,325
1,065,383
Total assets less current liabilities
7,852,587
7,905,645
Provisions for liabilities
7
(854,706)
(649,579)
Net assets
6,997,881
7,256,066
Capital and reserves
Called up share capital
8
10,000
10,000
Revaluation reserve
9
3,768,683
3,973,810
Profit and loss reserves
3,219,198
3,272,256
Total equity
6,997,881
7,256,066
Second Thames Land Limited
Balance Sheet (Continued)
As at 31 January 2023
Page 2
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 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr K. J. Weatherill
Director
Company Registration No. 00382150
Second Thames Land Limited
Statement of Changes in Equity
For the year ended 31 January 2023
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2021
10,000
3,973,810
3,495,163
7,478,973
Year ended 31 January 2022:
Loss and total comprehensive income for the year
-
-
(222,907)
(222,907)
Balance at 31 January 2022
10,000
3,973,810
3,272,256
7,256,066
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
241,815
241,815
Dividends
-
-
(500,000)
(500,000)
Other movements
-
(205,127)
205,127
-
Balance at 31 January 2023
10,000
3,768,683
3,219,198
6,997,881
Second Thames Land Limited
Notes to the Financial Statements
For the year ended 31 January 2023
Page 4
1
Accounting policies
Company information
Second Thames Land Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alexandra House, Waterfront, Lakeside, Thurrock, Essex, RM20 1WL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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, modified to include certain freehold properties at deemed cost on transition to FRS 102, such properties having been revalued under previous accounting standards. The principle accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the fair value of the consideration received for rental and other services applicable to the year under review from the company's properties in the United Kingdom.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses.
Freehold land and buildings are measured at fair value at the reporting end date. Any surplus or deficit on revaluation is credited or charged to profit and loss.
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
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
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.
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
Page 5
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022: 0).
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
106,067
59,295
Deferred tax
Origination and reversal of timing differences
205,127
(10,307)
Total tax charge
311,194
48,988
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 6
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022 and 31 January 2023
6,840,262
Depreciation and impairment
At 1 February 2022 and 31 January 2023
Carrying amount
At 31 January 2023
6,840,262
At 31 January 2022
6,840,262
The historical cost of the above assets is £2,861,841 (2022: £2,861,841).
Land and buildings held on 14 April 2009 were valued in accordance with RICS valuation standards by Altus Edwin Hill, an independent chartered surveyor, in the amount of £4,165,000. On transition to FRS102, this valuation was considered to be the deemed cost of these properties.
At each reporting date the directors consider the valuation of the company's land and buildings in order to determine if any significant impairment has occurred.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,976
91,013
Other debtors
178,001
23,072
181,977
114,085
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
585,172
282,890
Corporation tax
106,067
59,295
Other taxation and social security
3,309
712
Other creditors
129,656
123,576
824,204
466,473
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 7
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Land and buildings
854,706
649,579
2023
Movements in the year:
£
Liability at 1 February 2022
649,579
Charge to profit or loss
205,127
Liability at 31 January 2023
854,706
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
10,000 ordinary shares of £1 each
10,000
10,000
9
Revaluation reserve
2023
2022
£
£
At beginning of year
3,973,810
3,973,810
Other movements
(205,127)
-
At 1 February 2022
3,768,683
3,973,810
10
Related party transactions
A management charge of £120,000 (2022: £120,000) was paid to the parent company, Lakeside Property Development Co. Ltd, during the year, together with a rent charge of £25,000 (2022: £25,000). At the balance sheet date an amount of £585,172 (2022: £282,890) was owed to the parent company and is included in creditors.
During the year debts of £5,238 (2022: £1,575) have been fully provided for in respect of amounts due from Softbond Limited a company connected through common control, as there is sufficient doubt as to the recoverability of these debts.
Second Thames Land Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 8
11
Control
The immediate and ultimate parent company is Lakeside Property Development Co. Ltd, a company incorporated in England & Wales. No group accounts are prepared by the parent company as the group qualifies as a small group.
The Executors of the Estate of Mr. R. Pledger are considered to be the ultimate controlling party by virtue of their 100% shareholding in the parent company.
2023-01-312022-02-01false19 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr C. ToyeMr K. J. Weatherill003821502022-02-012023-01-3100382150bus:Director12022-02-012023-01-3100382150bus:Director22022-02-012023-01-3100382150bus:RegisteredOffice2022-02-012023-01-31003821502023-01-31003821502022-01-3100382150core:LandBuildings2023-01-3100382150core:LandBuildings2022-01-3100382150core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3100382150core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3100382150core:CurrentFinancialInstruments2023-01-3100382150core:CurrentFinancialInstruments2022-01-3100382150core:ShareCapital2023-01-3100382150core:ShareCapital2022-01-3100382150core:RevaluationReserve2023-01-3100382150core:RevaluationReserve2022-01-3100382150core:RetainedEarningsAccumulatedLosses2023-01-3100382150core:RetainedEarningsAccumulatedLosses2022-01-3100382150core:ShareCapital2021-01-3100382150core:RevaluationReserve2021-01-3100382150core:RetainedEarningsAccumulatedLosses2021-01-31003821502021-01-3100382150core:RevaluationReserve2022-01-3100382150core:RetainedEarningsAccumulatedLosses2021-02-012022-01-31003821502021-02-012022-01-3100382150core:RetainedEarningsAccumulatedLosses2022-02-012023-01-3100382150core:UKTax2022-02-012023-01-3100382150core:UKTax2021-02-012022-01-3100382150core:LandBuildings2022-01-3100382150core:WithinOneYear2023-01-3100382150core:WithinOneYear2022-01-3100382150bus:PrivateLimitedCompanyLtd2022-02-012023-01-3100382150bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3100382150bus:FRS1022022-02-012023-01-3100382150bus:AuditExemptWithAccountantsReport2022-02-012023-01-3100382150bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP