Company registration number 05444560 (England and Wales)
TWENTY FOUR SEVEN PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWENTY FOUR SEVEN PROPERTY LIMITED
COMPANY INFORMATION
Directors
Mr J Northern
Mrs S L Northern
Company number
05444560
Registered office
2nd Floor
15 Merrion Street
Leeds
West Yorkshire
LS2 8JE
TWENTY FOUR SEVEN PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TWENTY FOUR SEVEN PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
150,000
130,000
Current assets
Debtors
5
120
87
Cash at bank and in hand
75,658
94,553
75,778
94,640
Creditors: amounts falling due within one year
6
(168,013)
(170,228)
Net current liabilities
(92,235)
(75,588)
Total assets less current liabilities
57,765
54,412
Provisions for liabilities
(5,000)
-
0
Net assets
52,765
54,412
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
52,763
54,410
Total equity
52,765
54,412

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 the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr J Northern
Director
Company registration number 05444560 (England and Wales)
TWENTY FOUR SEVEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Twenty Four Seven Property Limited is a private company limited by shares incorporated in England and Wales (no. 05444560). The registered office is 2nd Floor, 15 Merrion Street, Leeds, West Yorkshire, LS2 8JE.

1.1
Reporting period

The prior accounting period was lengthened to eighteen months to align the company’s year end with that of a company under common control and as such the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the invoiced value of rentals relating to the period.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors 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. Changes in fair value are recognised in the Statement of comprehensive income.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

TWENTY FOUR SEVEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 January 2023
130,000
Revaluations
20,000
At 31 December 2023
150,000
TWENTY FOUR SEVEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 4 -

The investment properties have been revalued in the year by an external third party and in their opinion they are all fairly stated at their open market value at the balance sheet date.

 

The historical cost of the properties is £116,115 (2022 - £116,115). The movement in fair value on the investment properties is charged to the profit and loss account. The cumulative fair value adjustment within the profit and loss reserve as at 31 December 2023 is a surplus of £33,885 (2022 - £13,885).

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
120
87
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
-
0
1,800
Other creditors
168,013
168,428
168,013
170,228
2023-12-312023-01-01false20 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr J NorthernMrs S L NorthernMrs S L Northernfalsefalse054445602023-01-012023-12-3105444560bus:Director12023-01-012023-12-3105444560bus:CompanySecretaryDirector12023-01-012023-12-3105444560bus:Director22023-01-012023-12-3105444560bus:CompanySecretary12023-01-012023-12-31054445602023-12-31054445602022-12-3105444560core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105444560core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105444560core:CurrentFinancialInstruments2023-12-3105444560core:CurrentFinancialInstruments2022-12-3105444560core:ShareCapital2023-12-3105444560core:ShareCapital2022-12-3105444560core:RetainedEarningsAccumulatedLosses2023-12-3105444560core:RetainedEarningsAccumulatedLosses2022-12-31054445602021-07-012022-12-31054445602022-12-3105444560core:WithinOneYear2023-12-3105444560core:WithinOneYear2022-12-3105444560bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105444560bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105444560bus:FRS1022023-01-012023-12-3105444560bus:AuditExemptWithAccountantsReport2023-01-012023-12-3105444560bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP