THANE HOUSE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THANE HOUSE PROPERTIES LIMITED
REPORT OF THE DIRECTORS
The directors have pleasure in presenting their report and financial statements
for the year ended 31 December 2023.
Principal activities and significant changes
The principal activity of the company throughout the year was
property investment. No significant changes were reported
in the accounts for the year.
Directors
The directors who served the company throughout the year were
as follows:
P E Giles
A D M Giles
B J P Giles
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements
for each financial year. Under that law the directors have elected
to prepare the financial statements in accordance with United
Kingdom Generally Accepted Practice (United Kingdom Accounting
Standard and applicable law). The financial statements are required
to give a true and fair view of the state of affairs of the company
and of the profit or loss of the company for that period. In preparing
the financial statements the directors are required to:-
*
select suitable accounting policies and then apply them consistently;
*
make judgements and estimates that are reasonable and prudent, and
*
prepare the financial statements on a going concern basis unless
it is inappropriate to presume that the company will continue in
business.
1
THANE HOUSE PROPERTIES LIMITED
REPORT OF THE DIRECTORS
The directors are responsible for keeping proper accounting records that
disclose, with reasonable accuracy at any time, the financial position of the
company and that enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding
the assets of the company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors' report is prepared in accordance with the exemptions
available to companies subject to the small companies regime within
Part 15 of the Companies Act 2006.
By order of the Board
A D M Giles
Secretary
Registered Office:
11 Salisbury Road
Seaford
East Sussex
BN25 2DD
Date: 6 January 2024
2
THANE HOUSE PROPERTIES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Turnover
3
Expenses
58598
57447
8466
6138
Operating profit
50132
51309
Interest receivable and similar income
5
9679
11983
Profit on ordinary activities before taxation
59811
63292
Taxation
6
9547
9761
Retained profit for the financial year
50264
53531
STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR
ENDED 31 DECEMBER 2023
2023
2022
£
£
Profit for financial year
50264
51531
Profit on sale of quoted investments
9227
25648
Taxation thereon
-1763
-4873
57728
74306
3
THANE HOUSE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Note
£
£
Fixed assets
Property, plant & equipment
7
55
70
Investment property
8
826875
826875
826930
826945
Current assets
Debtors
9
30656
21356
Quoted investments
10
137483
188213
Cash at bank
56195
31707
224334
241276
Creditors: amounts falling due
within one year
11
-46360
-49331
Net current assets (liabilities)
177974
191945
Total assets less current liabilities
1004904
1018890
Provision for liabilities
12
109865
82303
Net assets
895039
936587
Capital and reserves
Called-up share capital
13
312000
312000
Revaluation reserve
447547
468823
Profit and loss account
135492
155764
Shareholders' Funds
895039
936587
The accounts are prepared in accordance with the special provisions relating to small
companies within Part 15 of the Companies Act 2006 and Section 1A of FRS 102
The Financial Reporting Standard.
For the financial year ended 31 December 2023 the company was entitled to exemption from
audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements
for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of
the Companies Act 2006 with respect to accounting records and for preparing accounts which
give a true and fair view of the state of affairs of the company as at the end of the financial year
and of its profit or loss for the financial year in accordance with the requirements of the
Companies Act 2006 relating to accounts, so far as applicable to the company.
The accounts were approved by the board of directors on
6th January 2024
06 January 2024
and signed on its behalf by:-
____________________________
P E Giles
Director
Company registered number 1782952
4
THANE HOUSE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share
Revaluation
Retained
Total
Capital
Reserve
Earnings
£
£
£
£
Balance at 31 December 2022
312000
468823
155764
936587
Realised gains (net of tax)
0
0
7464
7464
Unrealised gains(net of deferred tax)
0
-21276
0
-21276
Profit for the year
0
0
50264
50264
Dividends
0
0
-78000
-78000
Balance at 31 December 2023
312000
447547
135492
895039
5
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Statutory Information
Thane House Properties Limited is a private company, limited by shares, domiciled in
England and Wales registered number 1782952.
The registered office is 11 Salisbury Road Seaford East Sussex BN25 2DD.
2
Compliance with Accounting Standards
The accounts have been prepared in accordance with FRS 102.
There were no material departures from that standard.
3
Accounting policies
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention
as modified by the revaluation of certain fixed assets.
The presentation currency is £ sterling and the accounts are rounded to the
nearest £.
Property, plant & equipment -depreciation
Depreciation has been computed to write off the cost of tangible fixed assets
over the expected useful lives using the following rates:
Office equipment
20% reducing balance p.a.
Investment property
Investment property is carried at fair value. Revaluation surpluses are recognised
in the income statement. Deferred taxation is provided on these gains at the rate
expected to apply when the property is sold.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing
differences between the treatment of certain items for accounts purposes
and the treatment for tax purposes.
Turnover
The company's turnover represents the amounts receivable in respect of
property rentals.
4
Employees and Directors
The average number of employees during the year was 3.
2023
2022
£
£
Directors' remuneration
0
0
6
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Interest receivable and similar income
2023
2022
£
£
Bank and other interest
84
43
Dividends on quoted investments
9580
11940
Overseas dividends
15
0
9679
11983
6
Tax on profit on ordinary activities
2023
2022
£
£
a) Analysis of charge in period
UK Corporation tax on profits of the period
9547
9761
b) The tax assessed for the period is higher than the standard rate of
corporation tax for smaller companies in the UK (19%). The differences are explained below
2023
2022
£
£
Profit on ordinary activities before tax
59811
63292
Profit on ordinary activities multiplied by standard rate
of corporation tax for smaller companies in the UK (19%)
11364
12025
Effects of:
UK dividends not subject to tax
-1820
-2268
Depreciation for period in excess of capital allowances
3
4
9547
9761
7
Property, Plant & Equipment
Office
Equipment
£
Cost or valuation
at 1 January 2023
70
Depreciation
15
Net book value
At 31 December 2023
55
At 31 December 2022
70
7
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Investment Property
£
£
Fair value at 1 January 2023
826875
Fair value at 31 December 2023
826875
Comparable historical costs for the freehold investment
properties included at fair value
311798
9
Debtors
2023
2022
£
£
Trade debtors
30213
20945
Other debtors
13
0
Prepayments
430
411
30656
21356
10
Creditors: amounts falling due within one
year
2023
2022
£
£
Trade creditors
18432
18217
Taxation
11309
14634
Other creditors
2925
8336
Maintenance reserve fund
4199
4985
Service charge fund
9495
3159
46360
49331
11
Quoted Investments
2023
2022
£
£
Investments at cost
95148
152164
Net unrealised gains
42335
36049
Valuation at 31 December 2023
137483
188213
12
Provision for liabilities
2023
2022
£
£
Deferred taxation
109865
82303
13
Share capital
2023
2022
£
£
Allotted, called up and fully paid:
312,000 ordinary shares of £1 each
312000
312000
8
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Related party transactions
2023
2022
£
£
Directors: services rendered to the company
572
572
15
Controlling party
The company was under the control of the directors who were personally
interested in 100% of the company's issued share capital.
9
THANE HOUSE PROPERTIES LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
£
£
Rents received
58598
57447
Property expenses:
Insurance
729
574
Water
145
56
Agents and legal fees
3480
3480
Repairs
1804
0
Administrative expenses etc:
Office services
572
572
Postages, stationery & telephone
384
383
Sundry expenses
1202
948
Motor & travelling
88
80
Bank charges
47
25
Depreciation
15
8466
20
6138
Operating profit
50132
51309
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