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Registered number: 02178825
Thornfield (Whitley) Estates Company Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02178825
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 625,000 625,000
625,000 625,000
CURRENT ASSETS
Debtors 6 6,987 6,468
Cash at bank and in hand 52,861 48,043
59,848 54,511
Creditors: Amounts Falling Due Within One Year 7 (14,506 ) (13,898 )
NET CURRENT ASSETS (LIABILITIES) 45,342 40,613
TOTAL ASSETS LESS CURRENT LIABILITIES 670,342 665,613
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,776 ) (20,776 )
NET ASSETS 649,566 644,837
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Share premium account 251,832 251,832
Revaluation reserve 331,039 331,039
Profit and Loss Account 65,695 60,966
SHAREHOLDERS' FUNDS 649,566 644,837
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Page 2
For the year ending 31 March 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr B J Jackson
Director
8 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Thornfield (Whitley) Estates Company Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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 probisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable.  The policies adopted for the recognition of turnover are as follows:
Rental income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.
Interest receivable
Interest income is recognised using the effective interest method is recognised as the company's right to receive payment is established.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Plant & Machinery 25% on reducing balance
2.4. Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
2.5. Taxation
Taxation for the year comprises current and 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.  
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 assesments in periods different from those in which they aare 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.
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2.6. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.7. Leases
Rental income receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 1,794
As at 31 March 2024 1,794
Depreciation
As at 1 April 2023 1,794
As at 31 March 2024 1,794
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 625,000
The directors are of the opinion that the fair value of the investment property as at 31 March 2024 accords to value shown on the balance sheet, being £625,000.  The value is based on an external valuation in 2022.
The historical cost of the investment property as at 31 March 2024 was £273,185 (2023 - £273,185).
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,978 5,085
Prepayments and accrued income 2,009 1,383
6,987 6,468
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 8,124 7,663
Tenant deposit bonds 100 100
Accruals and deferred income 6,282 6,135
14,506 13,898
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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