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Company No: 11050898 (England and Wales)

TR PROPERTY PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

TR PROPERTY PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

TR PROPERTY PARTNERS LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
TR PROPERTY PARTNERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
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
TR PROPERTY PARTNERS LIMITED

BALANCE SHEET

As at 30 November 2023
TR PROPERTY PARTNERS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 525,000 525,000
525,000 525,000
Current assets
Debtors 4 4,986 2,322
Cash at bank and in hand 33,570 23,690
38,556 26,012
Creditors: amounts falling due within one year 5 ( 307,502) ( 308,031)
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 ( 97,300) ( 111,200)
Provision for liabilities ( 1,429) ( 1,429)
Net assets 157,325 130,352
Capital and reserves
Called-up share capital 2 2
Profit and loss account 157,323 130,350
Total shareholders' funds 157,325 130,352

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of TR Property Partners Limited (registered number: 11050898) were approved and authorised for issue by the Board of Directors on 20 August 2024. They were signed on its behalf by:

Thomas John Clothier
Director
TR PROPERTY PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
TR PROPERTY PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental of investment property and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account settlement discounts.

Taxation

Current tax
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.

Leases


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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Non-distributable reserves

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 525,000
As at 30 November 2023 525,000

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

4. Debtors

2023 2022
£ £
Other debtors 4,986 2,322

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 13,900 13,900
Amounts owed to directors 278,475 278,475
Accruals and deferred income 8,800 8,602
Taxation and social security 6,327 7,054
307,502 308,031

Included within bank loans falling due within one year is a bank loan of £13,900 (2022: £13,900). The loan is secured by a fixed charge on the investment property.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 97,300 111,200

Included within bank loans and overdrafts falling due after more than one year is a bank loan of £97,300 (2022: £111,200). The loan is secured by a fixed charge on the investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 41,700 55,600

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors current account (creditors) 278,475 278,475