Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 5 |
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2,175,000 | 2,090,000 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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116,282 | 127,388 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 66,160 | 88,094 | ||
Total assets less current liabilities | 2,241,160 | 2,178,094 | ||
Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Traynor Properties Limited (registered number:
Kevin Traynor
Director |
Shaun Traynor
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Traynor Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The valuation of the company’s freehold and investment property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. The carrying value at year end is £2,090,000 (2022: £2,090,000). The properties are included in the balance sheet at directors' valuation. The directors believe that this valuation is not materially different from the value that would be applied by an independent professional valuer.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 August 2022 |
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At 31 July 2023 |
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Accumulated depreciation | |||||||
At 01 August 2022 |
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At 31 July 2023 |
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Net book value | |||||||
At 31 July 2023 |
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At 31 July 2022 |
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Investment property | |
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Valuation | |
As at 01 August 2022 |
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Fair value movement | 85,000 |
As at 31 July 2023 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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Other taxation and social security |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to directors |
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Accruals |
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Corporation tax | (
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Other taxation and social security | (
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Amounts owed to a director | 41,069 | 30,281 |
There is no interest charged on the loan and no fixed date of repayment.
Credit transactions with directors
Profit and loss account
2023 | 2022 | ||
£ | £ | ||
Profit and loss account | 649,437 | 671,371 | |
Profit and loss account - non distibutable reserves | 1,396,147 | 1,327,297 | |
2,045,584 | 1,998,668 |
Profit and loss account - non distributable
The profit and loss account - non-distributable reserve is made up of revaluation gains on investment properties and associated provisions for deferred tax.
Profit and loss account
The profit and loss account reserve is made up of the brought forward balance plus the profit / loss for the year and less any dividends paid in the year.