REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THOMPSON PROPERTY LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 12 |
Retained earnings |
THOMPSON PROPERTY LTD (REGISTERED NUMBER: 03997721) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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. |
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 |
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 |
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 |
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 |
Fixtures and fittings | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Revaluations | 723,160 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
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 |
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 |
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 |
Deferred tax | 610,982 | 465,692 |
615,356 | 467,834 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
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 |
Revaluation of investment property |
At 31 March 2024 |
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. |