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REGISTERED NUMBER: 03997721 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

THOMPSON PROPERTY LTD

THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THOMPSON PROPERTY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr Brian Thompson
Miss Samantha Jane Boothby





SECRETARY: Miss Samantha Jane Boothby





REGISTERED OFFICE: Beacon Works
Barmoor Lane
Scalby
Scarborough
North Yorkshire
YO13 0RB





REGISTERED NUMBER: 03997721 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,496 8,566
Investment property 5 19,143,000 17,581,000
19,160,496 17,589,566

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 6 569,622 802,042
Cash at bank 204,370 320,970
778,992 1,128,012
CREDITORS
Amounts falling due within one year 7 4,500,911 4,759,999
NET CURRENT LIABILITIES (3,721,919 ) (3,631,987 )
TOTAL ASSETS LESS CURRENT LIABILITIES 15,438,577 13,957,579

CREDITORS
Amounts falling due after more than one
year

8

(4,943,669

)

(4,957,640

)

PROVISIONS FOR LIABILITIES 11 (615,356 ) (467,834 )
NET ASSETS 9,879,552 8,532,105

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 12 3,481,773 2,758,613
Retained earnings 6,397,778 5,773,491
9,879,552 8,532,105

THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

BALANCE SHEET - continued
31 MARCH 2024


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.

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 13 September 2024 and were signed on its behalf by:





Mr Brian Thompson - Director


THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

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


1. STATUTORY INFORMATION

Thompson Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

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
The turnover shown in the profit and loss account represents the total invoice value of rents receivable during the year. Rental income is recognised in the profit and loss account on an accruals basis in the period to which the rents relate.

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

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Stocks
Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a first in, first out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.


THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

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


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern - basis of preparation
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and the available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023 19,592
Additions 11,350
At 31 March 2024 30,942
DEPRECIATION
At 1 April 2023 11,026
Charge for year 2,420
At 31 March 2024 13,446
NET BOOK VALUE
At 31 March 2024 17,496
At 31 March 2023 8,566

THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

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


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 17,581,000
Additions 838,840
Revaluations 723,160
At 31 March 2024 19,143,000
NET BOOK VALUE
At 31 March 2024 19,143,000
At 31 March 2023 17,581,000

Investment properties included at fair value would have been included on a historical cost basis at:

2024 2023
£ £

Cost 15,147,610 14,308,770

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the directors and professional valuers at fair value taking into account existing tenancy arrangements.

During the year an increase in the fair value of investment properties of £723,160 has been included directly in the profit and loss account.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,393 30,395
Other debtors 555,229 771,647
569,622 802,042

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 153,505 293,040
Trade creditors 17,676 39,519
Taxation and social security 128,382 181,196
Other creditors 4,201,348 4,246,244
4,500,911 4,759,999

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 4,943,669 4,957,640

THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years 4,943,669 4,957,640

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 153,505 293,040

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than five years 4,943,669 4,957,640

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,097,174 5,250,680

The bank borrowings included in creditors due within and after one year are secured by a first legal charge over the freehold investment properties, a debenture over the company assets and a letter of undertaking.

Further security in relation to the bank borrowings is provided by an inter company guarantee from a connected company, Thompson Homes (Yorkshire) Limited.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 4,374 2,142
Deferred tax 610,982 465,692
615,356 467,834

Deferred
tax
£   
Balance at 1 April 2023 467,834
Provided during year 147,522
Balance at 31 March 2024 615,356

THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721)

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


12. RESERVES
Fair
value
reserve
£   
At 1 April 2023 2,758,613
Revaluation of investment property 723,160

At 31 March 2024 3,481,773

13. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption conferred by section 1AC.35 of FRS 102 Section 1A not to disclose transactions with wholly owned group members.

Directors' current account

Included within creditors due within one year is £144,488 (2023 £185,427) owing to a director of the company. The loan is deemed to be repayable on demand and no interest has been charged to the company on the amount outstanding.

Other related party transactions

Included within creditors due within one year is £1,784,867 (2023 £950,000) owed to Thompson Homes (Yorkshire) Limited, a connected company. The loan is deemed to be repayable on demand and no interest has been charged by the company on the amount outstanding.

An unlimited inter company composite guarantee is provided by Thompson Property Limited between Thompson Homes (Yorkshire) Limited and Thompson Property Limited supported by a debenture over it's whole assets and undertaking.

14. CONTROLLING PARTY

The company is a wholly owned subsidiary of Thompson Property (Yorkshire) Holding Limited, whose company reference is 13131504 and who's registered office and principal place of business is Beacon Works Barmoor Lane, Scalby, Scarborough, United Kingdom, YO13 0RB

Thompson Property (Yorkshire) Holding Limited is under the control of its director Mr B Thompson, and as such he is deemed the ultimate controlling party.