Company Registration No. 04060002 (England and Wales)
22nd Century Property Limited
Unaudited accounts
for the year ended 31 March 2024
22nd Century Property Limited
Unaudited accounts
Contents
22nd Century Property Limited
Company Information
for the year ended 31 March 2024
Company Number
04060002 (England and Wales)
Registered Office
7 Carswell Close
Hutton
Brentwood
Essex
CM13 1PD
England
22nd Century Property Limited
Statement of financial position
as at 31 March 2024
Tangible assets
5,978
7,970
Investment property
2,500,000
3,700,000
Cash at bank and in hand
77,648
134,451
Creditors: amounts falling due within one year
(32,811)
(43,190)
Net current assets
231,836
288,690
Total assets less current liabilities
2,737,814
3,996,660
Creditors: amounts falling due after more than one year
(1,309,263)
(1,353,259)
Provisions for liabilities
Deferred tax
(118,737)
(168,737)
Net assets
1,309,814
2,474,664
Called up share capital
100
100
Revaluation reserve
427,457
627,457
Profit and loss account
882,257
1,847,107
Shareholders' funds
1,309,814
2,474,664
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 director acknowledges his 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 and authorised for issue on 18 October 2024 and were signed on its behalf by
C J Lonergan
Director
Company Registration No. 04060002
22nd Century Property Limited
Notes to the Accounts
for the year ended 31 March 2024
22nd Century Property Limited is a private company, limited by shares, registered in England and Wales, registration number 04060002. The registered office is 7 Carswell Close, Hutton, Brentwood, Essex, CM13 1PD, England.
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
25% reducing balance
Computer equipment
25% reducing balance
22nd Century Property Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
9,360
5,697
15,057
At 31 March 2024
9,360
5,697
15,057
At 1 April 2023
5,191
1,896
7,087
Charge for the year
1,042
950
1,992
At 31 March 2024
6,233
2,846
9,079
At 31 March 2024
3,127
2,851
5,978
At 31 March 2023
4,169
3,801
7,970
Fair value at 1 April 2023
3,700,000
At 31 March 2024
2,500,000
The valuations were made by the director, on an open market value for existing use basis.
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: £2,025,053.
Amounts falling due within one year
Amounts due from group undertakings etc.
167,235
167,235
Accrued income and prepayments
-
1,346
Other debtors
19,764
28,676
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Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
23,447
35,447
Taxes and social security
1,956
335
Other creditors
5,061
4,917
22nd Century Property Limited
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,309,263
1,353,259
The bank loans are secured against properties included in these financial statements.
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Transactions with related parties
At the balance sheet date, the company was owed £167,235 (2023: £167,235) from T & R Property Limited, a related party, by virtue of ownership by T C Lonergan, a family member.
At the balance sheet date, the company owed £23,447 (2023: £35,447) to T & R Enterprises Limited, a related party, by virtue of ownership by C J Lonergan.
The ultimate parent company is T&R Enterprises Limited, a company incorporated in England & Wales.
The ultimate controlling party is C J Lonergan due to his majority shareholding in T & R Enterprises Limited.
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Average number of employees
During the year the average number of employees was 2 (2023: 2).