THEMPC Property Limited
Registered number: 10882600
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 287,500 287,500
Current assets
Debtors 4 778 -
Cash at bank and in hand 7,817 8,151
8,595 8,151
Creditors: amounts falling due within one year 5 (129,958) (151,710)
Net current liabilities (121,363) (143,559)
Total assets less current liabilities 166,137 143,941
Provisions for liabilities (15,683) (15,683)
Net assets 150,454 128,258
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 66,859 66,859
Profit and loss account 83,495 61,299
Shareholder's funds 150,454 128,258
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 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.
P R Marsh
Director
Approved by the board on 3 April 2024
THEMPC Property Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 rendering of services. 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:
Freehold buildings No depreciation
Investments
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction 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. 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 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 and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 287,500
At 31 December 2023 287,500
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 287,500
At 31 December 2022 287,500
4 Debtors 2023 2022
£ £
Trade debtors 778 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 1,230 1,195
Corporation tax 5,392 5,245
Other creditors 123,336 145,270
129,958 151,710
6 Revaluation reserve 2023 2022
£ £
At 1 January 2023 66,859 66,859
At 31 December 2023 66,859 66,859
7 Other information
THEMPC Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Chatsworth Green
Hatch Warren
Basingstoke
Hants
RG22 4QA
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