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Registration number: 13754041

Twenty Two Property Holdings Ltd

Annual Report and Unaudited Financial Statements Year Ended 31 March 2023

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Chartered Accountants

 

Twenty Two Property Holdings Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Twenty Two Property Holdings Ltd

Company Information

Directors

Mr C G Lickiss

Miss F J Lickiss

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Twenty Two Property Holdings Ltdfor the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Twenty Two Property Holdings Ltd for the year ended 31 March 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Twenty Two Property Holdings Ltd, as a body, in accordance with the terms of our engagement letter dated 1 December 2021. Our work has been undertaken solely to prepare for your approval the accounts of Twenty Two Property Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Twenty Two Property Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Twenty Two Property Holdings Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Twenty Two Property Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Twenty Two Property Holdings Ltd. You consider that Twenty Two Property Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Twenty Two Property Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

21 November 2023

 

Twenty Two Property Holdings Ltd

(Registration number: 13754041)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

345,695

-

Current assets

 

Debtors

5

50

1,000

Cash at bank and in hand

 

4,738

87,040

 

4,788

88,040

Creditors: Amounts falling due within one year

6

(110,822)

(88,914)

Net current liabilities

 

(106,034)

(874)

Total assets less current liabilities

 

239,661

(874)

Creditors: Amounts falling due after more than one year

6

(235,087)

-

Net assets/(liabilities)

 

4,574

(874)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

4,374

(1,074)

Shareholders' funds/(deficit)

 

4,574

(874)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 



Mr C G Lickiss
Director



Miss F J Lickiss
Director

 

Twenty Two Property Holdings Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

These financial statements were authorised for issue by the Board on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has net current liabilities. Despite this the directors considers the company to be a going concern as they will not seek repayment of their loans until such time as funds allow.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Twenty Two Property Holdings Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Twenty Two Property Holdings Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

4

Investment properties

2023
£

Additions

345,695

At 31 March

345,695

The investment properties class of fixed assets were adjusted on 31 March 2023 to fair value by the directors who are internal to the company. The basis of this valuation was open market value, though deemed to be unchanged from acquisition.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Trade debtors

50

-

Prepayments

-

1,000

 

50

1,000

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

76,023

57,505

Taxation and social security

 

1,138

-

Accruals and deferred income

 

1,020

480

Other creditors

 

32,641

30,929

 

110,822

88,914

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

235,087

-

2023
£

2022
£

Due after more than five years

After more than five years by instalments

202,504

-

-

-

 

Twenty Two Property Holdings Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

235,087

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,517

-

Other borrowings

69,506

57,505

76,023

57,505

8

Related party transactions

Other transactions with directors

The directors each maintain an interest free loan, which is repayable on demand. At the balance sheet date, the amount due to the directors was £32,641 (2022 - £30,929).

Summary of transactions with other related parties

Mr A G R Lickiss, father of the directors, maintains an interest free loan, which is repayable on demand. At the balance sheet date, the amount owing was £69,506 (2022 - £57,505) and is included within other borrowings.