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Company No: 08634332 (England and Wales)

THEMELTHORPE PROPERTIES LTD

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

THEMELTHORPE PROPERTIES LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

THEMELTHORPE PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
THEMELTHORPE PROPERTIES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Investment property 5 1,230,000 1,291,435
1,230,000 1,291,435
Current assets
Debtors 0 1,574
Cash at bank and in hand 2,844 183
2,844 1,757
Creditors: amounts falling due within one year 6 ( 251,548) ( 489,393)
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 ( 709,007) ( 691,718)
Net assets 272,289 112,081
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 166,649 14,515
Profit and loss account 105,540 97,466
Total shareholder's funds 272,289 112,081

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Themelthorpe Properties Ltd (registered number: 08634332) were approved and authorised for issue by the Director. They were signed on its behalf by:

R W T Bent
Director

09 August 2024

THEMELTHORPE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
THEMELTHORPE PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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.

The fair value is determined annually by the director, on an open market value for existing use basis.

2. Prior year adjustment

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

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 3,695 3,695
At 31 August 2023 3,695 3,695
Accumulated depreciation
At 01 September 2022 3,695 3,695
At 31 August 2023 3,695 3,695
Net book value
At 31 August 2023 0 0
At 31 August 2022 0 0

5. Investment property

Investment property
£
Valuation
As at 01 September 2022 1,291,435
Fair value movement 187,820
Disposals (249,255)
As at 31 August 2023 1,230,000

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.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,894 17,439
Other creditors 249,654 471,954
251,548 489,393

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

2023 2022
£ £
Bank loans (secured) 709,007 691,718

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

2023 2022
£ £
Bank loans (secured) 709,007 691,718

The bank loans are interest only mortgages secured by way of legal charges over the freehold and leasehold properties owned by the company.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 3,405) 0
Charged to the Statement of Comprehensive Income ( 35,686) ( 3,405)
At the end of financial year ( 39,091) ( 3,405)

9. Related party transactions

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.