Company registration number 03888795 (England and Wales)
THOMAS ROBERTS ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THOMAS ROBERTS ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
THOMAS ROBERTS ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
8,445,000
8,055,000
Investments
5
159,754
159,754
8,604,754
8,214,754
Current assets
Debtors
7
169,871
111,036
Cash at bank and in hand
2,865,562
3,926,612
3,035,433
4,037,648
Creditors: amounts falling due within one year
8
(221,793)
(227,674)
Net current assets
2,813,640
3,809,974
Total assets less current liabilities
11,418,394
12,024,728
Creditors: amounts falling due after more than one year
9
(1,310,000)
Provisions for liabilities
Deferred tax liability
10
161,559
(161,559)
-
Net assets
11,256,835
10,714,728
Capital and reserves
Called up share capital
11
168,594
168,594
Profit and loss reserves
12
11,088,241
10,546,134
Total equity
11,256,835
10,714,728
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.
THOMAS ROBERTS ESTATES 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 18 September 2024 and are signed on its behalf by:
J Roberts (Chairman)
J R Coninx
Director
Director
Company Registration No. 03888795
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Thomas Roberts Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Athenia House, 10-14 Andover Road, Winchester, Hampshire, United Kingdom, SO23 7BS.
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.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
In considering the appropriateness of the going concern basis the Board have reviewed the key risks and uncertainties to which they believe the Company is exposed and the Company’s ongoing financial commitments for the next twelve months and beyond. The directors have reviewed the recoverability of intercompany debtors. As a result of this the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have satisfied themselves that it is appropriate to prepare these statements on a going concern basis.true
1.3
Turnover
Turnover, all of which is derived in the UK, comprises rentals from external customers, excluding value added tax, which is included in the financial statements on the date it is receivable.
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
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
The Company has taken advantage of the exemptions provided under Financial Reporting Standard 102 Section 7 not to present a cash flow statement as the Company is entitled to the exemptions available for small entities.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment Properties
Investment properties are valued at fair value annually. This has been carried out as at 31 March 2024 by an external valuer in accordance with the requirements of the RICS Valuation – Professional Standards 2014 and the directors deem this appropriate.
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees
The average monthly number of persons (including directors whom received no remuneration) employed by the company during the year was:
2024
2023
Number
Number
Directors
4
4
The directors are remunerated by a connected company in respect of their services to various connected companies. The amount of remuneration allocated for their services as directors to the company is £nil (2023: £nil).
4
Investment property
2024
£
Fair value
At 1 April 2023
8,055,000
Net gains or losses through fair value adjustments
390,000
At 31 March 2024
8,445,000
The company’s investment properties were valued on 31 March 2024 by Montagu Evans LLP, who have acted as an external valuer.
The valuations accord with the requirements of the RICS Valuation – Professional Standards 2014. The valuation of each property was on the basis of fair value.
The directors have included the investment properties at the values included in the valuation report. Based on the sectors in which the lessors of the investment properties operate and the rental collection subsequent to the year end, the directors consider the valuations at 31 March 2024 to be at fair value.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
8,513,556
8,513,556
5
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
6
159,754
159,754
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Burt Boulton Holdings Limited
1
Property development & investment
Ordinary
100.00
-
Thomas Roberts (Westminster) Limited
1
Management services
Ordinary
0
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Athenia House, 10-14 Andover Road, Winchester, United Kingdom, SO23 7BS
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
169,871
111,036
8
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
20,000
Trade creditors
3,660
Corporation tax
40,451
36,535
Other taxation and social security
26,501
26,615
Accruals and deferred income
151,181
144,524
221,793
227,674
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,310,000
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
161,559
-
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 April 2023
-
Charge to profit or loss
161,559
Liability at 31 March 2024
161,559
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
168,594
168,594
168,594
168,594
12
Profit and loss reserves
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the revaluation of investment properties, net of dividends paid and other adjustments.
Included within profit and loss reserves are non-distributable profits, as set out below:
Unrealied revaluation gain on investment property £nil (2023: £nil) that are not distributable to shareholders until such gains are realised.
13
Financial commitments, guarantees and contingent liabilities
Under a group registration the company is jointly and severally liable for value added tax due by other companies. At 31 March 2024 this contingent liability amounted to £89,628 (2023: £73,788).
14
Operating lease commitments
Lessor
THOMAS ROBERTS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Operating lease commitments
(Continued)
- 9 -
The Company leases out its investment properties for rental purposes. The Company has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. The note below sets out a maturity analysis of the lease payments, showing the undiscounted lease payments to be received after the reporting date. All operating leases contain market review clauses in the event that the lessee operates its option to renew. The lessee does not have the option to purchase the property at the expiry of the lease.
2024
2023
£
£
Within one year
555,794
527,936
Between two and five years
2,178,151
1,803,600
In over five years
966,656
1,360,487
3,700,601
3,692,023
15
Related party transactions
During the year, the following transactions took place with companies within the group headed by Thomas Roberts Estates Limited:
On 8 September 2022 the Company sold a property at Castleford to its subsidiary Burt Boulton Holdings Limited for a consideration of £1,315,000. No such transactions have taken place in the current financial year.
The Company paid management fees to Thomas Roberts (Westminster) Limited a subsidiary of Burt Boulton Holdings Limited amounting to £54,525 (2023: £54,863).
16
Ultimate controlling party
The company’s ultimate controlling party is Mr J Roberts.
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