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Registered number: 13035001
Thomas Road Property Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13035001
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 700,000 113,700
700,000 113,700
CURRENT ASSETS
Debtors 5 388,200 298,200
Cash at bank and in hand 2,699 -
390,899 298,200
Creditors: Amounts Falling Due Within One Year 6 (764,351 ) (446,140 )
NET CURRENT ASSETS (LIABILITIES) (373,452 ) (147,940 )
TOTAL ASSETS LESS CURRENT LIABILITIES 326,548 (34,240 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (94,656 ) -
NET ASSETS/(LIABILITIES) 231,892 (34,240 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 283,969 -
Profit and Loss Account (52,177 ) (34,340 )
SHAREHOLDERS' FUNDS 231,892 (34,240)
Page 1
Page 2
For the year ending 30 November 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Kelly Howard
Director
23 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Thomas Road Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13035001 . The registered office is C/O Friend & Grant Ltd Bryant House, Bryant Road, Rochester, Kent, ME2 3EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Income is measured at the fair value of the consideration received or receivable from rents and service charges and sales of properties when contracts have been completed such that risks and rewards of ownership have transferred to customers. 
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses
for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any
transaction costs and subsequently measured at amortised cost determined using the effective interest method, less
any impairment losses for bad and doubtful debts.
2.6. Ceditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial
liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at
amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: 2)
- 2
Page 3
Page 4
4. Investment Property
2023
£
Fair Value
As at 1 December 2022 113,700
Additions 207,675
Revaluations 378,625
As at 30 November 2023 700,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 321,375 113,700
Accumulated depreciation and impairment 10,975 4,548
Carrying amount 310,400 109,152
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 388,200 298,200
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 420,388 300,000
Other creditors 343,963 146,140
764,351 446,140
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 283,969
As at 30 November 2023 283,969
Page 4