TURF HOUSE PROPERTIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
TURF HOUSE PROPERTIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
TURF HOUSE PROPERTIES LTD (REGISTERED NUMBER: 05161515) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TURF HOUSE PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 1 Gate Farm |
High Street |
Sutton Benger |
Chippenham |
Wiltshire |
SN15 4RE |
TURF HOUSE PROPERTIES LTD (REGISTERED NUMBER: 05161515) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TURF HOUSE PROPERTIES LTD (REGISTERED NUMBER: 05161515) |
BALANCE SHEET - continued |
30 JUNE 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TURF HOUSE PROPERTIES LTD (REGISTERED NUMBER: 05161515) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Turf House Properties Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the net rental income from properties held within the limited company and are recognised when the payment is due. |
Tangible assets |
Fixtures & fittings | - |
Office equipment | - |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to ascertain the fair value of £1,053,000 are as follows: |
Properties are valued annually by the director by comparison with similar properties advertised for sale. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TURF HOUSE PROPERTIES LTD (REGISTERED NUMBER: 05161515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures | Office |
& fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Disposals | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2011 | 132,381 |
Valuation in 2014 | 333,736 |
Valuation in 2015 | (229,737 | ) |
Valuation in 2016 | (6,115 | ) |
Valuation in 2017 | 366,157 |
Valuation in 2018 | (410,000 | ) |
Valuation in 2020 | 12,500 |
Valuation in 2021 | 286 |
Valuation in 2022 | 30,000 |
Valuation in 2023 | (67,289 | ) |
Cost | 891,081 |
1,053,000 |
TURF HOUSE PROPERTIES LTD (REGISTERED NUMBER: 05161515) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 891,081 | 1,033,792 |
Investment properties were valued on fair value basis on 30 June 2023 by the company's director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Other creditors |
Directors Loan account | 710,144 | 784,732 |
8. | RESERVES |
Non |
Retained | distributable |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 475,047 |
Profit for the year |
Revaluation | - | (68,247 | ) | (68,247 | ) |
At 30 June 2023 | 499,511 |
9. | RELATED PARTY DISCLOSURES |
Included within creditors is an amount of £710,144 (2022 - £784,732) which is owed to the company's director. There is no interest due on this amount and the loan is repayable on demand. |