Company registration number 09859821 (England and Wales)
Two Birds Properties Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Two Birds Properties Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Two Birds Properties Ltd
Balance Sheet
As At 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
541,854
541,854
Current assets
Debtors
5
3,819
1,526
Cash at bank and in hand
152
2,605
3,971
4,131
Creditors: amounts falling due within one year
6
(150,980)
(147,232)
Net current liabilities
(147,009)
(143,101)
Total assets less current liabilities
394,845
398,753
Creditors: amounts falling due after more than one year
7
(350,113)
(350,113)
Provisions for liabilities
(9,429)
(9,429)
Net assets
35,303
39,211
Capital and reserves
Called up share capital
100
100
Other reserves
50,571
50,571
Profit and loss reserves
(15,368)
(11,460)
Total equity
35,303
39,211
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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.
Two Birds Properties Ltd
Balance Sheet (Continued)
As At 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
Miss J C Clarke
Mrs J M Shankar
Director
Director
Company registration number 09859821 (England and Wales)
Two Birds Properties Ltd
Notes To The Financial Statements
For The Year Ended 31 December 2023
Page 3
1
Accounting policies
Company information
Two Birds Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Barnfield, Charing Heath, Ashford, Kent, TN27 0BN.
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
1.5
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 balance sheet 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 debtors 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.
Two Birds Properties Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Basic financial liabilities
Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
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:
2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
541,854
The properties have been valued on an open market basis by the directors as at the balance sheet date.
Two Birds Properties Ltd
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
Page 5
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,819
1,526
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
150,980
147,232
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
350,113
350,113
The bank loans are secured by fixed and floating charges over the investment properties.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
350,113
350,113
8
Directors' transactions
Interest free loans have been granted by the directors to the company as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Miss J C Clarke -
-
72,597
1,760
74,357
Mrs J M Shankar -
-
72,767
1,928
74,695
145,364
3,688
149,052