Company Registration No. 10077931 (England and Wales)
Triangle Property Solutions Limited
Unaudited accounts
for the year ended 31 December 2023
Triangle Property Solutions Limited
Unaudited accounts
Contents
Triangle Property Solutions Limited
Company Information
for the year ended 31 December 2023
Directors
Heidi Moment
Simon L Duckworth
Company Number
10077931 (England and Wales)
Registered Office
67 Barleyfields Road
Wetherby
Leeds
LS22 7PT
United Kingdom
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Triangle Property Solutions Limited
Accountants' report
Accountants' report to the board of directors of Triangle Property Solutions Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Triangle Property Solutions Limited for the year ended
31 December 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Triangle Property Solutions Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Triangle Property Solutions Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Triangle Property Solutions Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Triangle Property Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Triangle Property Solutions Limited. You consider that Triangle Property Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Triangle Property Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
29 October 2024
Triangle Property Solutions Limited
Statement of financial position
as at 31 December 2023
Tangible assets
6,644
1,320
Investment property
1,413,957
962,991
Cash at bank and in hand
2,742
5,810
Creditors: amounts falling due within one year
(483,774)
(696,083)
Net current liabilities
(481,032)
(302,460)
Total assets less current liabilities
939,569
661,851
Creditors: amounts falling due after more than one year
(648,003)
(598,879)
Provisions for liabilities
Deferred tax
(70,963)
(5,008)
Called up share capital
2
2
Revaluation reserve
212,890
15,024
Profit and loss account
7,711
42,938
Shareholders' funds
220,603
57,964
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by
Simon L Duckworth
Director
Company Registration No. 10077931
Triangle Property Solutions Limited
Notes to the Accounts
for the year ended 31 December 2023
Triangle Property Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 10077931. The registered office is 67 Barleyfields Road, Wetherby, Leeds, LS22 7PT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Properties previously shown as inventories have now been shown as investment properties. The comparative have been re-stated.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Triangle Property Solutions Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
3,600
-
3,600
At 31 December 2023
3,600
6,044
9,644
At 1 January 2023
2,280
-
2,280
Charge for the year
720
-
720
At 31 December 2023
3,000
-
3,000
At 31 December 2023
600
6,044
6,644
At 31 December 2022
1,320
-
1,320
Fair value at 1 January 2023
962,991
Net gain from fair value adjustments
263,821
At 31 December 2023
1,413,957
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
240,785
280,388
Taxes and social security
5,719
5,884
Other creditors
209,796
350,490
Loans from directors
16,853
-
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
648,003
598,879
Aggregate of amounts that fall due for payment after five years
610,212
556,893
In May 2020, the company received a Bounce Back Loan of £50,000, which is a 100% UK Government backed loan.
Under the terms of the loan, the fees and interest incurred in the first 12 months are settled on behalf of the company by the UK Government.
After the first 12 months, an interest rate of 2.5% is applicable.
The initial length of the loan is for six years, with an option to extend to ten years under the Bounce Back Loan Scheme.
Triangle Property Solutions Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Deferred taxation
2023
2022
Revaluation of investment property
70,963
5,008
Provision at start of year
5,008
-
Charged to the profit and loss account
65,955
5,008
Provision at end of year
70,963
5,008
Comparatives have been restated for deferred tax on revaluation of investment properties.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).