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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: P T Buckley





REGISTERED OFFICE: Unit 1
Gate Farm
High Street
Sutton Benger
Wiltshire
SN15 4RE





REGISTERED NUMBER: 05161515 (England and Wales)





ACCOUNTANTS: Bowen Accountants Ltd
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 52 61
Investment property 5 1,053,000 1,263,000
1,053,052 1,263,061

CURRENT ASSETS
Debtors 6 - 306
Prepayments and accrued income 3,232 1,845
Cash at bank 168,520 560
171,752 2,711
CREDITORS
Amounts falling due within one year 7 720,942 789,209
NET CURRENT LIABILITIES (549,190 ) (786,498 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

503,862

476,563

ACCRUALS AND DEFERRED INCOME 4,349 1,514
NET ASSETS 499,513 475,049

CAPITAL AND RESERVES
Called up share capital 2 2
Non distributable reserve 8 160,960 229,207
Retained earnings 8 338,551 245,840
SHAREHOLDERS' FUNDS 499,513 475,049

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 31 October 2023 and were signed by:





P T Buckley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the net rental income from properties held within the limited company and are recognised when the payment is due.

Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 25% on cost
Office equipment - 15% on reducing balance

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 2 (2022 - 2 ) .

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 32,936 180 33,116
DEPRECIATION
At 1 July 2022 32,936 119 33,055
Charge for year - 9 9
At 30 June 2023 32,936 128 33,064
NET BOOK VALUE
At 30 June 2023 - 52 52
At 30 June 2022 - 61 61

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 1,263,000
Disposals (210,000 )
At 30 June 2023 1,053,000
NET BOOK VALUE
At 30 June 2023 1,053,000
At 30 June 2022 1,263,000

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 - 306

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 10,490 4,477
Other creditors 308 -
Directors Loan account 710,144 784,732
720,942 789,209

8. RESERVES
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 July 2022 245,840 229,207 475,047
Profit for the year 92,711 92,711
Revaluation - (68,247 ) (68,247 )
At 30 June 2023 338,551 160,960 499,511

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.