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Elizabeth Thomson Property Developments Limited

Registration number : 13189576



















Annual Report and Unaudited Financial Statements

for the year ended 28 February 2023

 

Elizabeth Thomson Property Developments Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

Detailed Profit and Loss Account

13 to 14

 

Elizabeth Thomson Property Developments Limited

Company Information

Director

Mrs Elizabeth Mary Thomson

Registered office

6 Greenwood Close
Aughton
Merseyside
L39 5BL

Accountants

McParland Williams Limited
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Elizabeth Thomson Property Developments Limited

Director's Report for the year ended 28 February 2023

The director presents her report and the financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Mrs Elizabeth Mary Thomson

Principal activity

The principal activity of the company is Development of Building Projects.

Small companies provision statement

This report has 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.

Approved by the director on 1 November 2023 and signed on its behalf by:

.........................................
Mrs Elizabeth Mary Thomson
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of Elizabeth Thomson Property Developments Limited
for the year ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Elizabeth Thomson Property Developments Limited for the year ended 28 February 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Elizabeth Thomson Property Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Elizabeth Thomson Property Developments Limited and state those matters that we have agreed to state to the Board of Directors of Elizabeth Thomson Property Developments Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elizabeth Thomson Property Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Elizabeth Thomson Property Developments Limited 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 Elizabeth Thomson Property Developments Limited. You consider that Elizabeth Thomson Property Developments Limited 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 Elizabeth Thomson Property Developments Limited. 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.

image-name

McParland Williams Limited
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

1 November 2023

 

Elizabeth Thomson Property Developments Limited

Profit and Loss Account for the year ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

300,601

-

Cost of sales

 

(255,708)

-

Gross profit

 

44,893

-

Administrative expenses

 

(12,129)

(3,637)

Operating profit/(loss)

 

32,764

(3,637)

Profit/(loss) before tax

4

32,764

(3,637)

Taxation

(5,558)

-

Profit/(loss) for the financial year

 

27,206

(3,637)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Elizabeth Thomson Property Developments Limited

Statement of Comprehensive Income for the Year Ended 28 February 2023

2023
£

2022
£

Profit/(loss) for the year

27,206

(3,637)

Total comprehensive income for the year

27,206

(3,637)

 

Elizabeth Thomson Property Developments Limited

(Registration number: 13189576)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

117

234

Current assets

 

Stocks and work-in-progress

6

-

251,439

Debtors

1,550

-

Cash at bank and in hand

 

31,158

-

 

32,708

251,439

Creditors: Amounts falling due within one year

7

(11,255)

(255,309)

Net current assets/(liabilities)

 

21,453

(3,870)

Net assets/(liabilities)

 

21,570

(3,636)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

21,569

(3,637)

Total equity

 

21,570

(3,636)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

Approved and authorised by the director on 1 November 2023
 

.........................................
Mrs Elizabeth Mary Thomson
Director

   
     
 

Elizabeth Thomson Property Developments Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

1

(3,637)

(3,636)

Profit for the year

-

27,206

27,206

Dividends

-

(2,000)

(2,000)

At 28 February 2023

1

21,569

21,570

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(3,637)

(3,637)

New share capital subscribed

1

-

1

At 28 February 2022

1

(3,637)

(3,636)

 

Elizabeth Thomson Property Developments Limited

Notes to the Unaudited Financial Statements for the year ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Greenwood Close
Aughton
Merseyside
L39 5BL

These financial statements were authorised for issue by the director on 1 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared on a going concern basis.

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.

 

Elizabeth Thomson Property Developments Limited

Notes to the Unaudited Financial Statements for the year ended 28 February 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% reducing balance

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Elizabeth Thomson Property Developments Limited

Notes to the Unaudited Financial Statements for the year ended 28 February 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

117

116

 

Elizabeth Thomson Property Developments Limited

Notes to the Unaudited Financial Statements for the year ended 28 February 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

350

350

At 28 February 2023

350

350

Depreciation

At 1 March 2022

116

116

Charge for the year

117

117

At 28 February 2023

233

233

Carrying amount

At 28 February 2023

117

117

At 28 February 2022

234

234

6

Stocks and work-in-progress

2023
£

2022
£

Work in progress

-

251,439

 

Elizabeth Thomson Property Developments Limited

Notes to the Unaudited Financial Statements for the year ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

5,558

-

Other creditors

5,697

255,309

11,255

255,309

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Elizabeth Thomson Property Developments Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

Year ended 28 February 2023
 £

9 February 2021 to 28 February 2022
 £

Turnover (analysed below)

300,601

-

Cost of sales (analysed below)

(255,708)

-

Gross profit

44,893

-

Gross profit (%)

14.93%

0%

Administrative expenses

Establishment costs (analysed below)

(6,645)

(1,488)

General administrative expenses (analysed below)

(5,320)

(2,033)

Finance charges (analysed below)

(47)

-

Depreciation costs (analysed below)

(117)

(116)

(12,129)

(3,637)

Operating profit/(loss)

32,764

(3,637)

Profit/(loss) before tax

32,764

(3,637)

 

Elizabeth Thomson Property Developments Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

285,050

-

Rendering of services, UK

15,551

-

300,601

-

   

Cost of sales

Opening work in progress

251,439

-

Purchases

-

251,439

Direct costs

4,269

-

Closing work in progress

-

(251,439)

255,708

-

   

Establishment costs

Light, heat and power

-

209

Insurance

-

289

Use of home as office

520

520

Repairs and maintenance

6,125

470

6,645

1,488

   

General administrative expenses

Telephone and fax

360

-

Printing, postage and stationery

100

95

Sundry expenses

60

60

Cleaning

120

120

Motor expenses

3,600

328

Customer entertaining

-

350

Accountancy fees

1,080

1,080

5,320

2,033

   

Finance charges

Bank charges

47

-

   

Depreciation costs

Depreciation of office equipment

117

116