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Registration number: 06810524

Thornton Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Thornton Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Thornton Properties Limited

Company Information

Directors

Mr Michael Holland

Miss Samantha Jayne Holland Bradbury

Mr Stefan Holland

Registered office

2/4 Ash Lane
Rustington
Littlehampton
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Thornton Properties Limited

(Registration number: 06810524)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

648

924

Investment property

5

24,118,893

23,269,917

 

24,119,541

23,270,841

Current assets

 

Debtors

7

209,376

176,265

Cash at bank and in hand

 

1,688,027

1,945,667

 

1,897,403

2,121,932

Creditors: Amounts falling due within one year

8

(6,314,193)

(6,158,083)

Net current liabilities

 

(4,416,790)

(4,036,151)

Net assets

 

19,702,751

19,234,690

Capital and reserves

 

Called up share capital

9

1,100

1,100

Profit and loss account

19,701,651

19,233,590

Shareholders' funds

 

19,702,751

19,234,690

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Thornton Properties Limited

(Registration number: 06810524)
Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mr Michael Holland
Director

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 18 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Revenue recognition

The majority of revenue comprises income from the letting of commercial property. Rents and service charges from letting are recognised net of losses from void periods, over the period of the letting.

Reverse premiums are recognised as they fall due for payment.

Other revenue is recognised in the period to which it relates.

All income is shown net of any VAT applicable.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Office equipment

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

3,691

3,691

At 29 February 2024

3,691

3,691

Depreciation

At 1 March 2023

2,767

2,767

Charge for the year

276

276

At 29 February 2024

3,043

3,043

Carrying amount

At 29 February 2024

648

648

At 28 February 2023

924

924

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investment properties

2024
£

At 1 March

23,269,917

Additions

1,222,581

Fair value adjustments

(373,605)

At 29 February

24,118,893

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Subsidiaries

Cost or valuation

Provision

Carrying amount

At 29 February 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

109,271

58,779

Other debtors

100,105

117,486

 

209,376

176,265

 

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

874,314

873,702

Trade creditors

 

57,177

6,789

Taxation and social security

 

332,816

241,072

Accruals and deferred income

 

77,136

63,744

Other creditors

 

4,972,750

4,972,776

 

6,314,193

6,158,083

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,100

1,100

1,100

1,100

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

874,314

873,702

874,314

873,702