Registered number
00733152
Tithebarn Property Company Ltd
Filleted Accounts
30 September 2023
Tithebarn Property Company Ltd
Registered number: 00733152
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 94,896 91,896
Current assets
Debtors 4 9,598 2,385
Cash at bank and in hand 150,593 211,894
160,191 214,279
Creditors: amounts falling due within one year 5 (16,201) (43,204)
Net current assets 143,990 171,075
Total assets less current liabilities 238,886 262,971
Creditors: amounts falling due after more than one year 6 (12,458) (20,668)
Net assets 226,428 242,303
Capital and reserves
Called up share capital 100 100
Profit and loss account 226,328 242,203
Shareholders' funds 226,428 242,303
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Emma Polhill
Director
Approved by the board on 6 November 2023
Tithebarn Property Company Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Office equipment 20% per annum reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Freehold properties Property improvements and fixtures Office equipment Total
£ £ £ £
Cost
At 1 October 2022 24,769 71,984 1,309 98,062
Additions - 6,082 - 6,082
At 30 September 2023 24,769 78,066 1,309 104,144
Depreciation
At 1 October 2022 - 5,643 523 6,166
Charge for the year - 2,897 184 3,081
On disposals 1 - - 1
At 30 September 2023 1 8,540 707 9,248
Net book value
At 30 September 2023 24,768 69,526 602 94,896
At 30 September 2022 24,769 66,341 786 91,896
4 Debtors 2023 2022
£ £
Other debtors 9,598 2,385
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs (10,524) 2,033
Other creditors 26,725 41,171
16,201 43,204
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,458 20,668
7 Other information
Tithebarn Property Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Cobbs
21 Denbigh Avenue
Rainham
Gillingham, Kent
ME8 7ET
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