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Registered number: 12140723










THORNELOE DEVELOPMENTS (ONE) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
THORNELOE DEVELOPMENTS (ONE) LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 4


 
THORNELOE DEVELOPMENTS (ONE) LIMITED
REGISTERED NUMBER: 12140723

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
-
508,808

Debtors: amounts falling due within one year
 4 
12,329
26,469

Cash at bank and in hand
  
3,599
74,689

  
15,928
609,966

Creditors: amounts falling due within one year
 5 
(31,495)
(630,682)

Net current liabilities
  
 
 
(15,567)
 
 
(20,716)

Total assets less current liabilities
  
(15,567)
(20,716)

  

Net liabilities
  
(15,567)
(20,716)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(15,568)
(20,717)

  
(15,567)
(20,716)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2023.

A Grove
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
THORNELOE DEVELOPMENTS (ONE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Thorneloe Developments (One) Limited (the company) is a private company limited by shares, incorporated and domiciled in England. The address of the registered office is 17 Hockley Court, 2401 Stratford Road, Hockley Heath, Solihull, West Midlands, B94 6NW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional and presentational currency of the company is Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

In the opinion of the director continued financial support will be available from related parties to enable the company to meet its financial commitments as they fall due. Accordingly the financial statements have been prepared on a going concern basis.

Page 2

 
THORNELOE DEVELOPMENTS (ONE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Stocks

Properties held for resale and options to acquire land are carried as stock, and are stated at the lower of cost and net realisable value. Costs include directly attributable expenditure in relation to the acquisition and development of properties. Net realisable value is calculated as the estimated market value of the property less costs to be incurred making a sale.

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3

 
THORNELOE DEVELOPMENTS (ONE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Debtors

2023
2022
£
£


Amounts owed by related undertakings
12,329
-

Other debtors
-
26,469

12,329
26,469



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
4,381

Other taxation and social security
30,545
-

Other creditors
-
625,251

Accruals and deferred income
950
1,050

31,495
630,682



6.


Related party transactions

At the year end there was an amount of £Nil (2022: £425,000) due to a director. This loan was interest free and unsecured.

 
Page 4