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Thind Homes Limited
Financial Statements
For The Year Ended 31 January 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11147383
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 38,086 -
Investment Properties 5 1,842,455 1,602,378
1,880,541 1,602,378
CURRENT ASSETS
Debtors 6 3,919 -
Cash at bank and in hand 15,876 26,242
19,795 26,242
Creditors: Amounts Falling Due Within One Year 7 (52,822 ) (44,497 )
NET CURRENT ASSETS (LIABILITIES) (33,027 ) (18,255 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,847,514 1,584,123
Creditors: Amounts Falling Due After More Than One Year 8 (1,539,039 ) (1,299,976 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (66,404 ) (43,231 )
NET ASSETS 242,071 240,916
CAPITAL AND RESERVES
Called up share capital 10 100 100
Other reserves 170,650 184,301
Profit and Loss Account 71,321 56,515
SHAREHOLDERS' FUNDS 242,071 240,916
Page 1
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Makhan Thind
Director
24 July 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Thind Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11147383 . The registered office is 136 Bexley Road, Erith, Kent, DA8 3SP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the undistributable reserves.
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 February 2023 -
Additions 47,607
As at 31 January 2024 47,607
Depreciation
As at 1 February 2023 -
Provided during the period 9,521
As at 31 January 2024 9,521
Net Book Value
As at 31 January 2024 38,086
As at 1 February 2023 -
Cost or valuation as at 31 January 2024 represented by:
Land & Property
Freehold Motor Vehicles Total
£ £ £
At cost (1,842,455) 47,607 (1,794,848)
At valuation 1,842,455 - 1,842,455
- 47,607 47,607
Investment property comprises £1,842,455 (2023:£1,602,378). The fair value of the investment properties has been arrived at by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 1,602,378
Additions 240,077
As at 31 January 2024 1,842,455
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6. Debtors
2024 2023
£ £
Due within one year
Deferred tax current asset 3,919 -
3,919 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,093 -
Other creditors 48,729 38,439
Taxation and social security - 6,058
52,822 44,497
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 28,432 -
Bank loans 731,731 624,878
Other creditors 778,876 675,098
1,539,039 1,299,976
The loans are secured as follows:
by a floating charge over the property at 7 Collindale Avenue, Erith DA8 1EF or undertaking of the company, created on 13 April 2018. The charge contains a negative pledge.
by a fixed charge over the property at 31 Brook Street, Erith DA8 1JJ, created on 23 May 2019. The charge contains a negative pledge.
by a charge over the property at 7 Collindale Avenue, Erith DA8 1EF, created on 19 June 2020. The charge contains a negative pledge.
by a fixed charge over the property at 52 Abbey Crescent, Belvedere, DA17 5AZ, created on 16 April 2021. The charge contains a negative pledge.
by a fixed charge over the property at 38 Guild Road, Erith, DA8 2PS, created on 23 June 2023.  The charge contains a negative pledge.
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,093 -
Later than one year and not later than five years 28,432 -
32,525 -
32,525 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Profit and loss reserves - this reserve records retained earnings and accumulated losses.
Other reserves - this reserve records the fair value adjustments made to the investment properties and such reserves remain non-distributable.
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