1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11456889 2022-08-01 2023-07-31 11456889 2023-07-31 11456889 2022-07-31 11456889 2021-08-01 2022-07-31 11456889 2022-07-31 11456889 2021-07-31 11456889 core:PlantMachinery 2022-08-01 2023-07-31 11456889 core:MotorVehicles 2022-08-01 2023-07-31 11456889 bus:Director1 2022-08-01 2023-07-31 11456889 bus:Director2 2022-08-01 2023-07-31 11456889 core:PlantMachinery 2022-07-31 11456889 core:MotorVehicles 2022-07-31 11456889 core:PlantMachinery 2023-07-31 11456889 core:MotorVehicles 2023-07-31 11456889 core:PlantMachinery 2022-07-31 11456889 core:WithinOneYear 2023-07-31 11456889 core:WithinOneYear 2022-07-31 11456889 core:AfterOneYear 2023-07-31 11456889 core:AfterOneYear 2022-07-31 11456889 core:ShareCapital 2023-07-31 11456889 core:ShareCapital 2022-07-31 11456889 core:RevaluationReserve 2023-07-31 11456889 core:RetainedEarningsAccumulatedLosses 2023-07-31 11456889 core:RetainedEarningsAccumulatedLosses 2022-07-31 11456889 core:MotorVehicles 2022-07-31 11456889 bus:SmallEntities 2022-08-01 2023-07-31 11456889 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 11456889 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 11456889 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11456889 bus:FullAccounts 2022-08-01 2023-07-31 11456889 core:OfficeEquipment 2022-08-01 2023-07-31 11456889 core:OfficeEquipment 2022-07-31 11456889 core:OfficeEquipment 2023-07-31
COMPANY REGISTRATION NUMBER: 11456889
THORPE DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
THORPE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
208,157
151,814
CURRENT ASSETS
Stocks
55,864
12,163
Debtors
6
41,530
72,562
Cash at bank and in hand
28,028
23,672
---------
---------
125,422
108,397
CREDITORS: amounts falling due within one year
7
346,521
334,933
---------
---------
NET CURRENT LIABILITIES
221,099
226,536
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 12,942)
( 74,722)
CREDITORS: amounts falling due after more than one year
8
17,777
29,004
--------
---------
NET LIABILITIES
( 30,719)
( 103,726)
--------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
68,691
Profit and loss account
( 99,510)
( 103,826)
--------
---------
SHAREHOLDERS DEFICIT
( 30,719)
( 103,726)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THORPE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 22 April 2024 , and are signed on behalf of the board by:
Mr J C D M Marriott
Mrs C L Marriott
Director
Director
Company registration number: 11456889
THORPE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rawdon House, 1-3 Station Road, Ashby de la Zouch, Leicestershire, LE65 2GN. The company's trading address is Keepers Cottage, Nottingham Rod, Lount, Leicestershire, LE65 1SD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fixed assets. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Plant and machinery has been revalued by the Directors during the accounting period and are carried at revalued amounts, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
As noted above, plant and machinery has been revalued by the Directors at fair value, and depreciation has been reduced from 25% per annum to 10% per annum, as a result of a change in the estimate of the useful economic life and residual value of those assets.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks, including stocks of land for development, are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
Cost or valuation
At 1 August 2022
185,547
46,998
1,835
234,380
Additions
18,272
18,272
Disposals
( 15,102)
( 15,102)
Revaluations
68,691
68,691
---------
--------
-------
---------
At 31 July 2023
257,408
46,998
1,835
306,241
---------
--------
-------
---------
Depreciation
At 1 August 2022
57,149
24,546
871
82,566
Charge for the year
13,545
5,613
241
19,399
Disposals
( 3,881)
( 3,881)
---------
--------
-------
---------
At 31 July 2023
66,813
30,159
1,112
98,084
---------
--------
-------
---------
Carrying amount
At 31 July 2023
190,595
16,839
723
208,157
---------
--------
-------
---------
At 31 July 2022
128,398
22,452
964
151,814
---------
--------
-------
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machinery
£
At 31 July 2023
Aggregate cost
188,717
Aggregate depreciation
(66,813)
---------
Carrying value
121,904
---------
At 31 July 2022
Aggregate cost
185,547
Aggregate depreciation
(57,149)
---------
Carrying value
128,398
---------
6. Debtors
2023
2022
£
£
Trade debtors
27,365
66,517
Other debtors
14,165
6,045
--------
--------
41,530
72,562
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
120,225
120,382
Social security and other taxes
175
168
Other creditors
226,121
214,383
---------
---------
346,521
334,933
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
17,777
29,004
--------
--------
9. Going concern
The company had a deficit in shareholders funds as at 31 July 2023, but this takes into account the significant investment in the company by way of Directors' loan account. This support is continuing and, as a result, the company's financial statements have been prepared on a going concern basis.