Three Tuns Developments Limited 10260604 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Property investment and development Digita Accounts Production Advanced 6.30.9574.0 true true 10260604 2022-04-01 2023-03-31 10260604 2023-03-31 10260604 bus:OrdinaryShareClass1 2023-03-31 10260604 core:RetainedEarningsAccumulatedLosses 2023-03-31 10260604 core:RevaluationReserve 2023-03-31 10260604 core:ShareCapital 2023-03-31 10260604 core:CurrentFinancialInstruments 2023-03-31 10260604 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10260604 core:Non-currentFinancialInstruments 2023-03-31 10260604 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10260604 core:FurnitureFittings 2023-03-31 10260604 core:PlantMachinery 2023-03-31 10260604 bus:SmallEntities 2022-04-01 2023-03-31 10260604 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10260604 bus:FullAccounts 2022-04-01 2023-03-31 10260604 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10260604 bus:RegisteredOffice 2022-04-01 2023-03-31 10260604 bus:Director1 2022-04-01 2023-03-31 10260604 bus:Director2 2022-04-01 2023-03-31 10260604 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10260604 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10260604 core:FurnitureFittings 2022-04-01 2023-03-31 10260604 core:PlantMachinery 2022-04-01 2023-03-31 10260604 countries:England 2022-04-01 2023-03-31 10260604 2022-03-31 10260604 core:FurnitureFittings 2022-03-31 10260604 core:PlantMachinery 2022-03-31 10260604 2021-04-01 2022-03-31 10260604 2022-03-31 10260604 bus:OrdinaryShareClass1 2022-03-31 10260604 core:RetainedEarningsAccumulatedLosses 2022-03-31 10260604 core:RevaluationReserve 2022-03-31 10260604 core:ShareCapital 2022-03-31 10260604 core:CurrentFinancialInstruments 2022-03-31 10260604 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10260604 core:Non-currentFinancialInstruments 2022-03-31 10260604 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 10260604 core:FurnitureFittings 2022-03-31 10260604 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10260604

Three Tuns Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Three Tuns Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Three Tuns Developments Limited

Company Information

Directors

A J Ward

S J Williams

Registered office

22 South Street
Durham
DH1 4QP

Accountants

EHT Tax Accountants Limited
Chartered Accountants
63 Harvey Avenue
Durham
DH1 5ZB

 

Three Tuns Developments Limited

(Registration number: 10260604)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

120,479

103,835

Investment property

5

17,424,709

15,430,979

 

17,545,188

15,534,814

Current assets

 

Debtors

6

512,851

265,580

Cash at bank and in hand

 

457,710

242,314

 

970,561

507,894

Creditors: Amounts falling due within one year

7

(9,125,966)

(7,354,634)

Net current liabilities

 

(8,155,405)

(6,846,740)

Total assets less current liabilities

 

9,389,783

8,688,074

Creditors: Amounts falling due after more than one year

7

(8,898,977)

(8,331,323)

Net assets

 

490,806

356,751

Capital and reserves

 

Called up share capital

8

200

200

Revaluation reserve

752,544

752,544

Retained earnings

(261,938)

(395,993)

Shareholders' funds

 

490,806

356,751

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Three Tuns Developments Limited

(Registration number: 10260604)
Balance Sheet as at 31 March 2023 (continued)

Approved and authorised by the Board on 29 March 2024 and signed on its behalf by:
 

.........................................
A J Ward
Director

.........................................
S J Williams
Director

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22 South Street
Durham
DH1 4QP

These financial statements were authorised for issue by the Board on 29 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable from rental income in the normal course of business, and is shown net of VAT and other sales related taxes. Rental income receivable under operating leases is accrued on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Plant and equipment 10% Straight line
Fixtures and fittings 20% Straight line

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

189,120

12,981

202,101

Additions

62,315

5,939

68,254

At 31 March 2023

251,435

18,920

270,355

Depreciation

At 1 April 2022

90,952

7,314

98,266

Charge for the year

50,287

1,323

51,610

At 31 March 2023

141,239

8,637

149,876

Carrying amount

At 31 March 2023

110,196

10,283

120,479

At 31 March 2022

98,168

5,667

103,835

5

Investment properties

2023
£

At 1 April

15,430,979

Additions

1,993,730

At 31 March

17,424,709

In the opinion of the directors, the cost of the investment properties represents the fair value as at 31 March 2023.

6

Debtors

Current

2023
£

2022
£

Trade debtors

47,899

16,812

Other debtors

464,952

248,768

 

512,851

265,580

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

237,722

237,722

Trade creditors

 

177,456

305,550

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,725,007

1,725,007

Other creditors

 

6,985,781

5,086,355

 

9,125,966

7,354,634

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

8,898,977

8,331,323

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,898,977

8,331,323

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

237,722

237,722