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REGISTERED NUMBER: 02579995 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THIRD PROPERTY CO. LIMITED

THIRD PROPERTY CO. LIMITED (REGISTERED NUMBER: 02579995)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


THIRD PROPERTY CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: E. Fletcher
K. A. Taylor
G. Morris
Mrs H. A. Thompson





SECRETARY: G. Morris





REGISTERED OFFICE: Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ





REGISTERED NUMBER: 02579995 (England and Wales)





ACCOUNTANTS: Wyatt Morris Golland Ltd
Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ

THIRD PROPERTY CO. LIMITED (REGISTERED NUMBER: 02579995)

ABRIDGED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128 151
Investments 5 510,122 337,092
Investment properties 6 1,526,377 1,526,377
2,036,627 1,863,620

CURRENT ASSETS
Debtors 7 467,080 214,421
Cash at bank 86,215 489,740
553,295 704,161
CREDITORS
Amounts falling due within one year 124,347 112,391
NET CURRENT ASSETS 428,948 591,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,465,575

2,455,390

CAPITAL AND RESERVES
Called up share capital 728,000 728,000
Fair value reserve 8 818,849 818,849
Retained earnings 8 918,726 908,541
SHAREHOLDERS' FUNDS 2,465,575 2,455,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





K. A. Taylor - Director


THIRD PROPERTY CO. LIMITED (REGISTERED NUMBER: 02579995)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Third Property Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 rents received during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property enhancement - 15% on reducing balance

Investment properties
The investment properties relate to properties held to earn rentals and for capital appreciation. The properties are initially measured at cost, including transaction costs.The properties are subsequently measured at fair value.

The investment property valuations are based on an open market value and carried out by the directors on a regular basis. Deferred tax and associated costs to realise property values are provided where appropriate.

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 year 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.

Investments
Fixed asset investments are included at the lower of cost or fair value

Dividends
In order to present a true and fair view the company discloses as a liability the dividend declared and paid after the year end. This dividend is based on the results for the year and consequently the directors believe it is appropriate to account for it in the year it is earned. This is not in accordance with current UK GAAP which requires companies only to account for dividends when paid..

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

THIRD PROPERTY CO. LIMITED (REGISTERED NUMBER: 02579995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 22,415
DEPRECIATION
At 1 April 2023 22,264
Charge for year 23
At 31 March 2024 22,287
NET BOOK VALUE
At 31 March 2024 128
At 31 March 2023 151

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2023 337,092
Additions 173,030
At 31 March 2024 510,122
NET BOOK VALUE
At 31 March 2024 510,122
At 31 March 2023 337,092

The company owns share capital in the following property management companies at cost:-

2024 2023
£ £
Fourth Property Company Limited (50,500 £1 Ordinary Shares) 124,835 74,480
Fifth Property Company Limited (44,800 £1 Ordinary Shares) 94,102 94,102
Sixth Property Company Limited (112,550 £1 Ordinary Shares) 291,185 168,510
510,122 337,092

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,526,377
NET BOOK VALUE
At 31 March 2024 1,526,377
At 31 March 2023 1,526,377

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,526,377

THIRD PROPERTY CO. LIMITED (REGISTERED NUMBER: 02579995)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTIES - continued

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 707,528 707,528

Investment property was valued on a fair value basis on 31 March 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other debtors 299,501 -

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 908,541 818,849 1,727,390
Profit for the year 90,265 90,265
Dividends (80,080 ) (80,080 )
At 31 March 2024 918,726 818,849 1,737,575

Included in reserves is an non-distributable reserve of £818,849 arising on the revaluation of the investment properties to fair value. (2023 £818,849)