Company registration number 05143579 (England and Wales)
TWO RIVERS INDUSTRIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TWO RIVERS INDUSTRIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
TWO RIVERS INDUSTRIAL LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
2,200,006
2,200,006
Current assets
Debtors
15,475
164,893
Cash at bank and in hand
1,583,006
1,411,114
1,598,481
1,576,007
Creditors: amounts falling due within one year
Taxation and social security
32,565
54,992
Other creditors
53,676
102,023
86,241
157,015
Net current assets
1,512,240
1,418,992
Net assets
3,712,246
3,618,998
Capital and reserves
Called up share capital
40,000
40,000
Share premium account
3
1,635,586
1,635,586
Profit and loss reserves
2,036,660
1,943,412
Total equity
3,712,246
3,618,998
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 30 June 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.
TWO RIVERS INDUSTRIAL LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Ms M Ward
Director
Company Registration No. 05143579
TWO RIVERS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Two Rivers Industrial Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westacott, East Buckland, Barnstaple, Devon, United Kingdom, EX32 0TA. The company's registered number is 05143579.
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 cover this company as an individual entity.
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 exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with companies within the group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for net rental income and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue is recognised when the invoices are raised for the rent due in advance, and for the utilities after a liability has been incurred by the company.
1.3
Investment properties
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.
No depreciation is charged to investment property as it is held at fair value in accordance with FRS102 (Section 1A). This represents a departure from the requirements of the Companies Act 2006 however this method of valuation is deemed to be appropriate:
i) management has concluded that the financial statements present fairly the entity's financial position, financial performance and cash flows.
ii) it has complied with applicable legislation, except that is has departed from a particular requirement of applicable legislation to achieve fair presentation.
iii) to comply with the Companies Act 2006 a depreciation charge would be required against investment property which would conflict with the objective of the financial statements set out in FRS 102 (Section 1A).
Any changes to the fair value is transferred and recognised in the profit and loss account. Depreciation or amortisation is only one of the many factors reflected in the valuation and the amount of depreciation which might have been charged cannot be separately identified or quantified.
1.4
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 when applicable.
TWO RIVERS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and cost. 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.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans (when applicable), that are classified as debt, are initially recognised at transaction price and cost . Financial liabilities classified as payable within one year are not amortised.
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 at transaction price and cost.
1.5
Equity instruments
Dividends payable (when applicable) on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
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.
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.
TWO RIVERS INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Share premium account
2024
2023
£
£
At the beginning and end of the year
1,635,586
1,635,586