Company Registration No. 09944112 (England and Wales)
TP SUPPORTED ACCOMMODATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
31 March 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TP SUPPORTED ACCOMMODATION LIMITED
COMPANY INFORMATION
Directors
P Butcher
P Woodruff
Company number
09944112
Registered office
Barraclough House
Whalley Road
Pendleton
Clitheroe
BB7 1PP
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TP SUPPORTED ACCOMMODATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TP SUPPORTED ACCOMMODATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,621
4,010
Investment property
4
14,363,431
14,547,500
14,370,052
14,551,510
Current assets
Debtors
5
192,859
177,699
Cash at bank and in hand
97,516
486,428
290,375
664,127
Creditors: amounts falling due within one year
6
(1,772,975)
(2,039,743)
Net current liabilities
(1,482,600)
(1,375,616)
Total assets less current liabilities
12,887,452
13,175,894
Creditors: amounts falling due after more than one year
7
(9,566,421)
(9,899,631)
Net assets
3,321,031
3,276,263
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3,321,029
3,276,261
Total equity
3,321,031
3,276,263

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

TP SUPPORTED ACCOMMODATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
P Woodruff
Director
Company registration number 09944112 (England and Wales)
TP SUPPORTED ACCOMMODATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

TP Supported Accommodation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Barraclough House, Whalley Road, Pendleton, Clitheroe, BB7 1PP.

1.1
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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents property rental and similar income and is accounted for on an accruals basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% on cost
Office equipment
15% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

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. Changes in fair value are recognised in profit or loss.

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.

TP SUPPORTED ACCOMMODATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
5
2
TP SUPPORTED ACCOMMODATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2023
55,902
1,611
57,513
Additions
1,976
2,700
4,676
At 31 March 2024
57,878
4,311
62,189
Depreciation and impairment
At 1 April 2023
52,802
701
53,503
Depreciation charged in the year
1,607
458
2,065
At 31 March 2024
54,409
1,159
55,568
Carrying amount
At 31 March 2024
3,469
3,152
6,621
At 31 March 2023
3,100
910
4,010
4
Investment property
2024
£
Fair value
At 1 April 2023
14,547,501
Additions
693,430
Disposals
(877,500)
At 31 March 2024
14,363,431

Investment property comprises of specially adapted apartments, bungalow or apartments. The fair value of the investment properties has been arrived at by reference to recent professional valuations. The director is not aware of any change in valuation as at the year end date.

TP SUPPORTED ACCOMMODATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 6 -

Fair value at 31 March 2024 is represented by:

 

Valuation in 2018 £11,387,174

Valuation in 2019 £2,325,548

Valuation in 2020 £282,568

Valuation in 2021 £(395,307)

Valuation in 2022 £1,235,017

Valuation in 2023 £(287,500)

Valuation in 2024 £(178,617)

 

Total £14,547,500

 

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

 

2022 £13,703,438

2023 £13,265,422

2024 £12,989,175

 

Investment property was valued on an open market basis on 31 March 2024 by the director.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,732
24,703
Other debtors
167,127
152,996
192,859
177,699
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
852,200
1,330,623
Trade creditors
17,897
7,614
Taxation and social security
66,748
90,371
Other creditors
836,130
611,135
1,772,975
2,039,743
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,163,085
5,246,295
Other creditors
4,403,336
4,653,336
9,566,421
9,899,631
TP SUPPORTED ACCOMMODATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Secured debts

The following secured debts are included within creditors:

 

Bank loans £6,015,285 (2023 - £6,500,495)

Director's loan £4,413,336 (2023 - £4,413,336)

 

The above loans are secured by fixed charges over certain company investment properties.

9
Related party disclosure

At the year end, amounts owed to P Woodruff the director, were £4,664,361 (2023 - £4,741,791). This loan is repayable on 13 December 2036 with agreed annual repayable amounts of £200,000 until redemption.

 

A further £430,000 (2023 - £480,384) was owed to two other related parties. These loans are repayable on 13 December 2026.

 

Interest is applied at the Bank of England base rate.

10
Operating lease commitments

The total operating lease commitments due to TP Supported Accommodation Limited after the year end were £4,883,458 (2023 - £4,786,116).

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