Company No:
Contents
DIRECTORS | Richard William Clothier |
Thomas John Clothier |
REGISTERED OFFICE | Wyke Farm Cottage |
Wyke Champflower | |
Bruton | |
BA10 0PR | |
United Kingdom |
COMPANY NUMBER | 11050898 (England and Wales) |
ACCOUNTANT | Old Mill Accountancy Limited |
Maltravers House | |
Petters Way | |
Yeovil | |
Somerset | |
BA20 1SH |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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525,000 | 525,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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38,556 | 26,012 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (268,946) | (282,019) | ||
Total assets less current liabilities | 256,054 | 242,981 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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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 TR Property Partners Limited (registered number:
Thomas John Clothier
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.
TR Property Partners 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 Wyke Farm Cottage, Wyke Champflower, Bruton, BA10 0PR, 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 £.
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 Balance Sheet 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.
The Company as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
Included in the profit and loss account reserves is a non-distributable reserves of £6,091 which represents the accumulated difference between the cost and valuation of the investment property held by the company, less deferred tax.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 December 2022 |
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As at 30 November 2023 |
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Investment property comprises of one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 27 September 2021 by Greenslade Taylor Hunt, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have reviewed the valuation and consider it to remain an accurate valuation of the fair value of the investment property as at 30 November 2023.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 517,480 | 517,480 |
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts owed to directors |
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Accruals and deferred income |
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Taxation and social security |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured / repayable by instalments) |
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Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Directors current account (creditors) | 278,475 | 278,475 |