Company registration number 14651952 (England and Wales)
TROUGHTON SANDS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TROUGHTON SANDS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TROUGHTON SANDS LTD
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
4
2,065,369
Current assets
Debtors
5
39,625
Cash at bank and in hand
157,276
196,901
Creditors: amounts falling due within one year
6
(2,266,814)
Net current liabilities
(2,069,913)
Net liabilities
(4,544)
Capital and reserves
Called up share capital
7
30
Profit and loss reserves
(4,574)
Total equity
(4,544)
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 period 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 period 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.
The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mr J Sanderson
Director
Company registration number 14651952 (England and Wales)
TROUGHTON SANDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Troughton Sands Ltd is a private company limited by shares incorporated in England and Wales. The registered office is No. 2 Silkwood Office Park, Fryers Way, Wakefield, West Yorkshire, United Kingdom, WF5 9TJ.
1.1
Reporting period
After being incorporated on 09 February 2023 management changed the default year-end to 30 June 2024. The company commenced its principal activity on 20 June 2023 and thus the current period represents a full year's trading.
1.2
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The accounts have been prepared on a going concern basis, despite the fact that liabilities exceed assets. The shareholders will continue to support the company for the foreseeable future and for at least twelve months from the date of signing the accounts. The directors consider it appropriate to prepare the accounts on a going concern basis.true
1.4
Turnover
Turnover represents rents and service charges receivable from tenants.
Rent and service charges are credited to the profit and loss account on a straight-line basis over the term of the lease.
1.5
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.
1.6
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.
TROUGHTON SANDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
TROUGHTON SANDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment Properties
The company makes an estimate of the fair value of investment properties at each reporting date. The directors undertake a review of the property portfolio at each reporting date to assess whether the fair value has changed significantly since the previous reporting date. When assessing the fair values, management considers current commercial property trends and rental yields.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
4
Investment property
2024
£
Fair value
At 9 February 2023
Additions
2,065,369
At 30 June 2024
2,065,369
The historical cost of the investment property is £2,065,369.
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that the fair value of the property at the reporting date was equal to its historic cost.
TROUGHTON SANDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
32,786
Other debtors
6,839
39,625
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
34,013
Amounts owed to group undertakings
2,067,844
Taxation and social security
27,141
Other creditors
137,816
2,266,814
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
30
30
30 shares were issued at par during the period.
8
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
During the period the company paid management charges to shareholders totalling £244,570.
As at the period end there were amounts owed to shareholders of £2,067,844, this is unsecured and interest free.