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REGISTERED NUMBER: 09537709 (England and Wales)















Thornrest Properties Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Thornrest Properties Ltd (Registered number: 09537709)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Thornrest Properties Ltd

Company Information
for the year ended 31 December 2023







Director: A Siddiqi





Secretary: A Siddiqi





Registered office: Wellington Manor
80-96 Wellington Street
Luton
LU1 5FD





Registered number: 09537709 (England and Wales)





Accountants: Cooper Parry
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Thornrest Properties Ltd (Registered number: 09537709)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Investment property 4 5,300,000 5,300,000

Current assets
Debtors 5 547,171 608,900
Cash at bank 15,279 25,748
562,450 634,648
Creditors
Amounts falling due within one year 6 3,484,675 3,557,349
Net current liabilities (2,922,225 ) (2,922,701 )
Total assets less current liabilities 2,377,775 2,377,299

Creditors
Amounts falling due after more than one
year

7

(634,791

)

(669,487

)

Provisions for liabilities (214,474 ) (163,000 )
Net assets 1,528,510 1,544,812

Capital and reserves
Called up share capital 9 100 100
Retained earnings 10 1,528,410 1,544,712
Shareholders' funds 1,528,510 1,544,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2024 and were signed by:





A Siddiqi - Director


Thornrest Properties Ltd (Registered number: 09537709)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Thornrest Properties Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 09537709. The registered office is Wellington Manor, 80-96 Wellington Street, Luton, LU1 5FD.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rent receivable from letting of its investment property.

Investment property
Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard 102 and are not depreciated. This treatment is contrary to the Companies' Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the yearr end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

3. Employees and directors

The average number of employees during the year was 1 (2022 - 1 ) .

4. Investment property
Total
£
Fair value
At 1 January 2023
and 31 December 2023 5,300,000
Net book value
At 31 December 2023 5,300,000
At 31 December 2022 5,300,000

Thornrest Properties Ltd (Registered number: 09537709)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Investment property - continued

Fair value at 31 December 2023 is represented by:
£
Valuation in 2023 5,300,000

5. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 547,171 608,900

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors - 20,000
Other creditors 3,484,675 3,537,349
3,484,675 3,557,349

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 634,791 669,487

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 634,791 669,487

Lloyds Bank PLC holds a fixed and floating charge over the assets of the company.

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

10. Reserves
Retained
earnings
£

At 1 January 2023 1,544,712
Deficit for the year (16,302 )
At 31 December 2023 1,528,410

Included in reserves, an amount of £1,167,277 (2022: £1,167,277) relates to the revaluation of investment property. This balance is not distributable until the property is sold.

Thornrest Properties Ltd (Registered number: 09537709)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


11. Related party disclosures

At the balance sheet date, the company owed £1,318,605 (2022: £956,881) to companies under common control.

At the balance sheet date, the company was owed £511,657 (2022: £605,766) from a company under common control.

Included in other creditors is £2,129,922 (2022: £2,558,936) owed to the director.