Company Registration No. 00780909 (England and Wales)
THERA INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THERA INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
THERA INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
5 APRIL 2023
05 April 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
383
741
Investment properties
5
1,233,691
1,233,691
1,234,074
1,234,432
Current assets
Trade and other receivables
6
18,842
26,801
Cash and cash equivalents
23,828
17,695
42,670
44,496
Current liabilities
7
(251,941)
(261,208)
Net current liabilities
(209,271)
(216,712)
Total assets less current liabilities
1,024,803
1,017,720
Non-current liabilities
8
(223,068)
(246,172)
Provisions for liabilities
(103,136)
(78,451)
Net assets
698,599
693,097
Equity
Called up share capital
3
3
Retained earnings
698,596
693,094
Total equity
698,599
693,097
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THERA INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
5 APRIL 2023
05 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr T Denley
Director
Company Registration No. 00780909
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
1
Accounting policies
Company information
Thera Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31/33 Commercial Road, Poole, Dorset, BH14 0HU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities. The principal income stream relates to the rental of commercial property and income is recognised at fair value. All turnover arises form commercial property located within the United Kingdom and is attributable to rental activities.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliability. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 3).
2023
2022
Number
Number
Total
3
4
Property, plant and equipment
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 6 April 2022 and 5 April 2023
6,592
692
7,284
Depreciation and impairment
At 6 April 2022
6,081
462
6,543
Depreciation charged in the year
128
230
358
At 5 April 2023
6,209
692
6,901
Carrying amount
At 5 April 2023
383
383
At 5 April 2022
511
230
741
5
Investment property
2023
£
Fair value
At 6 April 2022 and 5 April 2023
1,233,691
Investment property comprises commercial property. The fair value of the investment property has been arrived at by the directors, taking into account market conditions at the end of the financial year.
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
1,474
Other receivables
18,842
25,327
18,842
26,801
7
Current liabilities
2023
2022
£
£
Bank loans
22,012
27,012
Trade payables
3,181
Corporation tax
7,181
7,158
Other taxation and social security
5,476
4,611
Other payables
203,753
213,515
Accruals and deferred income
13,519
5,731
251,941
261,208
The bank loan is secured by way of a fixed charge over the assets of the company.
8
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
223,068
246,172
The bank loan is secured by way of a fixed charge over the assets of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
135,019
138,123
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 8 -
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
96
141
Revaluations
103,040
78,310
103,136
78,451
2023
Movements in the year:
£
Liability at 6 April 2022
78,451
Charge to profit or loss
24,685
Liability at 5 April 2023
103,136
Of the deferred tax liability set out above, an amount of £24 is expected to reverse within 12 months and relates to accelerated capital allowances.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
190,450
193,300
190,450
193,300
11
Controlling party
As at 5 April 2023 the company was not controlled by any one party.
12
Prior period adjustment
Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
Investment property cost of additions
1
-
-
Other payables
2
-
-
THERA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
12
Prior period adjustment
(Continued)
- 9 -
Notes to adjustments
1. Investment property additions
Investment property additions were overstated by £150,500 so this adjustment has reduced the cost of the property to the correct figure.
2. Other payables
The overstatement in investment property additions resulted in the amounts due an other payable being inflated by £150,500. Now that the cost of the property has been corrected, the other payable figure has reduced to the correct balance owing.
2023-04-052022-04-06false31 January 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr T DenleyMrs K DenleyMrs S T AndrewsMr T Denley007809092022-04-062023-04-05007809092023-04-05007809092022-04-0500780909core:FurnitureFittings2023-04-0500780909core:ComputerEquipment2023-04-0500780909core:FurnitureFittings2022-04-0500780909core:ComputerEquipment2022-04-0500780909core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-0500780909core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-0500780909core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-0500780909core:Non-currentFinancialInstrumentscore:AfterOneYear2022-04-0500780909core:CurrentFinancialInstruments2023-04-0500780909core:CurrentFinancialInstruments2022-04-0500780909core:ShareCapital2023-04-0500780909core:ShareCapital2022-04-0500780909core:RetainedEarningsAccumulatedLosses2023-04-0500780909core:RetainedEarningsAccumulatedLosses2022-04-0500780909bus:CompanySecretaryDirector12022-04-062023-04-0500780909core:FurnitureFittings2022-04-062023-04-0500780909core:ComputerEquipment2022-04-062023-04-05007809092021-04-062022-04-0500780909core:FurnitureFittings2022-04-0500780909core:ComputerEquipment2022-04-05007809092022-04-0500780909core:Non-currentFinancialInstruments2023-04-0500780909core:Non-currentFinancialInstruments2022-04-0500780909bus:PrivateLimitedCompanyLtd2022-04-062023-04-0500780909bus:SmallCompaniesRegimeForAccounts2022-04-062023-04-0500780909bus:FRS1022022-04-062023-04-0500780909bus:AuditExemptWithAccountantsReport2022-04-062023-04-0500780909bus:Director12022-04-062023-04-0500780909bus:Director22022-04-062023-04-0500780909bus:Director32022-04-062023-04-0500780909bus:CompanySecretary12022-04-062023-04-0500780909bus:FullAccounts2022-04-062023-04-05xbrli:purexbrli:sharesiso4217:GBP