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THRIVE DEVELOPMENTS LIMITED

Registered Number
03729818
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

THRIVE DEVELOPMENTS LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

P N BELLACK

Registered Address

Green Banks The Hill
Merrywalks
Stroud
GL5 4EP

Registered Number

03729818 (England and Wales)
THRIVE DEVELOPMENTS LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36,604,3936,005,857
6,604,3936,005,857
Current assets
Debtors1,626,2941,415,910
Cash at bank and on hand492,609652,832
2,118,9032,068,742
Creditors amounts falling due within one year5(509,258)(261,996)
Net current assets (liabilities)1,609,6451,806,746
Total assets less current liabilities8,214,0387,812,603
Provisions for liabilities6(958,888)(958,888)
Net assets7,255,1506,853,715
Capital and reserves
Called up share capital1,0001,000
Profit and loss account7,254,1506,852,715
Shareholders' funds7,255,1506,853,715
The financial statements were approved and authorised for issue by the Director on 16 August 2024, and are signed on its behalf by:
P N BELLACK
Director
Registered Company No. 03729818
THRIVE DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover policy
Turnover consists of rental income receivable and sundry commission payments received during the period, excluding Valued Added Tax.
Revenue from sale of goods
Turnover consists of rental income receivable and sundry commission payments received during the period, excluding Valued Added Tax.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. No depreciation is provided for in respect of investment properties in accordance with the Financial Reporting Standard 102. Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the director considers that to depreciate them would not enable the financial statements to give a true and fair view. Investment properties are stated at their market value at the balance sheet date. 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:
2.Average number of employees
The average number of persons employed by the company during the period amounted to 1 (2023: 1).

20242023
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 July 236,000,00019,500-5,3676,024,867
Additions600,000---600,000
At 30 June 246,600,00019,500-5,3676,624,867
Depreciation and impairment
At 01 July 23-14,8724,138-19,010
Charge for year-1,157307-1,464
At 30 June 24-16,0294,445-20,474
Net book value
At 30 June 246,600,0003,471(4,445)5,3676,604,393
At 30 June 236,000,0004,628(4,138)5,3676,005,857
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.
4.Impairment of tangible 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables53,02452,754
Taxation and social security132,548108,688
Other creditors220,181181
Accrued liabilities and deferred income103,505100,373
Total509,258261,996
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

2024

2023

££
Net deferred tax liability (asset)958,888958,888
Total958,888958,888