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Registered number: 10200977










THORNELOE DEVELOPMENTS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
THORNELOE DEVELOPMENTS LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
THORNELOE DEVELOPMENTS LTD
REGISTERED NUMBER: 10200977

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
859
1,128

Investments
 5 
850,051
51

  
850,910
1,179

Current assets
  

Debtors: amounts falling due within one year
 6 
184,998
408,305

Cash at bank and in hand
  
266,496
563,870

  
451,494
972,175

Creditors: amounts falling due within one year
 7 
(680,388)
(819,361)

Net current (liabilities)/assets
  
 
 
(228,894)
 
 
152,814

Creditors: amounts falling due after more than one year
 8 
(400,000)
-

  

Net assets
  
222,016
153,993


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
222,015
153,992

  
222,016
153,993


Page 1

 
THORNELOE DEVELOPMENTS LTD
REGISTERED NUMBER: 10200977
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 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 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 3 to 7 form part of these financial statements.

Page 2

 
THORNELOE DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Thorneloe Developments Ltd (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, 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 presenational currency of the company is Sterling (£).

 
2.2

Investments

Unlisted investments are held at cost less provision for impairment.

 
2.3

Revenue

Revenue from the sale of property is recognised on completion.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

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 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
THORNELOE DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost 


At 1 April 2022
-
1,343
1,343


Additions
50,400
-
50,400


Disposals
(50,400)
-
(50,400)



At 31 March 2023

-
1,343
1,343



Depreciation


At 1 April 2022
-
215
215


Charge for the year on owned assets
-
269
269



At 31 March 2023

-
484
484



Net book value



At 31 March 2023
-
859
859



At 31 March 2022
-
1,128
1,128


5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2022
51


Additions
850,000



At 31 March 2023
850,051




Page 5

 
THORNELOE DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Amounts owed by related parties
-
200,251

Amounts owed by associated undertakings
176,192
206,812

Other debtors
3,434
-

Prepayments and accrued income
5,372
1,242

184,998
408,305



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
510
11,051

Amounts owed to related undertakings
12,329
-

Amounts owed to associated undertakings
-
50

Corporation tax
16,072
19,065

Other taxation and social security
-
24,966

Other creditors
650,277
762,199

Accruals and deferred income
1,200
2,030

680,388
819,361



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to related undertaking
400,000
-



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 6

 
THORNELOE DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
8,380
-

Later than 1 year and not later than 5 years
5,587
-

13,967
-


11.


Related party transactions

At the year end there was an amount of £648,499 (2022: £760,999) due to the director. This loan is interest free and unsecured.

 
Page 7