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REGISTERED NUMBER: 08742070 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

THB PROPERTY LIMITED

THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THB PROPERTY LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: Ms A J Hills-Balfour
Mrs S Thomson
S Thomson
P Balfour





SECRETARY:





REGISTERED OFFICE: 10 London Mews
Paddington
LONDON
W2 1HY





REGISTERED NUMBER: 08742070 (England and Wales)





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
Paddington
LONDON
W2 1HY

THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,325 13,766
Investment property 5 15,907,001 15,907,000
15,917,326 15,920,766

CURRENT ASSETS
Debtors 6 535,103 324,070
Cash at bank 253,462 41,928
788,565 365,998
CREDITORS
Amounts falling due within one year 7 7,899,741 14,395,472
NET CURRENT LIABILITIES (7,111,176 ) (14,029,474 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,806,150

1,891,292

CREDITORS
Amounts falling due after more than one
year

8

(8,192,518

)

-

PROVISIONS FOR LIABILITIES - (32,835 )
NET ASSETS 613,632 1,858,457

CAPITAL AND RESERVES
Called up share capital 424 424
Share premium 10 1,144,800 1,144,800
Other reserves 10 243,861 1,397,174
Retained earnings 10 (775,453 ) (683,941 )
SHAREHOLDERS' FUNDS 613,632 1,858,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)

BALANCE SHEET - continued
31 October 2023


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 29 October 2024 and were signed on its behalf by:




P Balfour - Director



S Thomson - Director


THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

THB Property Limited 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.

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.

Operating Income
Operating income is measured as the fair value of the consideration received or receivable, excluding discounts and rebates. Operating income is in respect of rental income and is recognised on a straight line basis over the terms of the leases.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% straight line

Investment property
In accordance with FRS102, Section 1A, the company's properties are held for long-term investment and are included in the Balance Sheet at their fair values. The surplus or deficit on annual revaluation of such properties are recognised initially in the Income statement and then transferred to Other reserves. The associated movement in deferred tax is also transferred to Other reserves from the profit and loss reserve.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

Taxation
Taxation for the year comprises of deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Deferred taxation assets and liabilities are not discounted.

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.

The deferred tax movement on investment property revaluations is transferred to Other reserves.

THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 64,571 124,298 188,869
DEPRECIATION
At 1 November 2022 50,805 124,298 175,103
Charge for year 3,441 - 3,441
At 31 October 2023 54,246 124,298 178,544
NET BOOK VALUE
At 31 October 2023 10,325 - 10,325
At 31 October 2022 13,766 - 13,766

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 15,907,000
Additions 1,607,926
Revaluations (15,504 )
Impairments (1,592,421 )
At 31 October 2023 15,907,001
NET BOOK VALUE
At 31 October 2023 15,907,001
At 31 October 2022 15,907,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2015 2,057,905
Valuation in 2016 204,000
Valuation in 2017 178,949
Valuation in 2018 59,689
Valuation in 2020 (765,098 )
Valuation in 2021 2,761,225
Valuation in 2022 (3,036,772 )
Valuation in 2023 (1,607,925 )
Cost 16,055,028
15,907,001

THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

5. INVESTMENT PROPERTY - continued

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

31.10.23 31.10.22
£    £   
Cost 16,055,028 14,447,102

The investment properties are valued at an open market basis on 31 October 2023 by the directors of the company. The valuations are based on the independent valuations by Allsop LLP, 33 Wigmore Street, London, W1U 1BZ on 12 September 2022.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors - (1,077 )
Other debtors 535,103 325,147
535,103 324,070

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts - 7,317,495
Trade creditors 26,138 115,824
Taxation and social security 19,276 -
Other creditors 7,854,327 6,962,153
7,899,741 14,395,472

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 8,192,518 -

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 8,192,518 -

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 8,192,518 7,317,495

The bank loan with Shawbrook Bank Limited is secured on the company's freehold properties and all assets of the company. The loans brought forward with HSBC (also secured on the company's freehold properties and assets) were fully settled in the current year.

THB PROPERTY LIMITED (REGISTERED NUMBER: 08742070)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

10. RESERVES

The movement in retained earnings in the year is the result in the year excluding the gain on revaluation of investment properties and the associated movement in deferred tax which are transferred to Other reserves.In the current year the Other reserve movement was in the sum of £(1,153,313) as shown in the table below:


20222022
££
Revaluation/(reversal of revaluation) in year(15,503)(2,417,588)
Impairment in year(1,592,421)(619,184)
Deferred tax movement (current year)454,611607,367
Other reserves movement(1,153,313)(2,429,405)

11. RELATED PARTY DISCLOSURES

During the period the company's corporate shareholders loaned the company £520,000. As at 31 October 2023 the shareholders were owed £7,432,715 (2022:£6,912,715), included in Other creditors. No interest is payable on the loans which are repayable on demand.