Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investment property | 5 |
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1,230,000 | 1,291,435 | |||
Current assets | ||||
Debtors |
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Cash at bank and in hand |
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2,844 | 1,757 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (248,704) | (487,636) | ||
Total assets less current liabilities | 981,296 | 803,799 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Themelthorpe Properties Ltd (registered number:
R W T Bent
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.
Themelthorpe Properties Ltd (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 25 Margaret Road, Harborne, Birmingham, B17 0EU, 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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 Statement of Financial Position 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.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the director, on an open market value for existing use basis.
The prior year adjustment reflects the disposal of 2 investments properties in the 2022 fianacial year.
As previously reported | Adjustment | As restated | ||||
Year ended 31 August 2022 | £ | £ | £ | |||
Investment properties | 1,411,679 | (120,244) | 1,291,435 | |||
Corporation tax liability | (10,564) | (6,874) | (17,438) | |||
Reserves | 86,543 | 25,438 | 111,981 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2022 |
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At 31 August 2023 |
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Accumulated depreciation | |||
At 01 September 2022 |
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At 31 August 2023 |
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Net book value | |||
At 31 August 2023 |
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At 31 August 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 September 2022 |
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Fair value movement | 187,820 |
Disposals | (249,255) |
As at 31 August 2023 |
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Valuation
A full market valuation of investment property held by the company was carried out during the year by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued.
2023 | 2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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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) |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Comprehensive Income | (
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At the end of financial year | (
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Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Balance owing to the director at the year end | 204,999 | 468,549 |
This loan is provided interest-free to the company.