Registered number
09991893
Thomas Property Partnership Ltd
Filleted Accounts
29 February 2024
Thomas Property Partnership Ltd
Registered number: 09991893
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,934,680 7,026,019
6,934,680 7,026,019
Current assets
Debtors 4 93,014 93,014
Investments held as current assets 5 370,981 811,192
Cash at bank and in hand 46,083 93,730
510,078 997,936
Creditors: amounts falling due within one year 6 (9,905) 556
Net current assets 500,173 998,492
Total assets less current liabilities 7,434,853 8,024,511
Creditors: amounts falling due after more than one year 7 (1,650,029) (2,072,353)
Provisions for liabilities (111,809) (111,809)
Net assets 5,673,015 5,840,349
Capital and reserves
Called up share capital 5,225,212 5,225,212
Revaluation reserve 8 546,661 638,000
Profit and loss account (98,858) (22,863)
Shareholders' funds 5,673,015 5,840,349
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms J E Thomas
Director
Approved by the board on 20 November 2024
Thomas Property Partnership Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 7,026,019 - - 7,026,019
Surplus on revaluation (91,339) - - (91,339)
At 29 February 2024 6,934,680 - - 6,934,680
Depreciation
At 29 February 2024 - - - -
Net book value
At 29 February 2024 6,934,680 - - 6,934,680
At 28 February 2023 7,026,019 - - 7,026,019
4 Debtors 2024 2023
£ £
Trade debtors 10,043 10,043
Other debtors 82,971 82,971
93,014 93,014
Amounts due after more than one year included above - -
5 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments - 440,211
Unlisted investments 370,981 370,981
370,981 811,192
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 219 34,141
Taxation and social security costs - 11,800
Other creditors 9,686 (46,497)
9,905 (556)
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,650,029 2,072,353
1,650,029 2,072,353
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 638,000 638,000
Loss on revaluation of land and buildings (91,339) -
At 29 February 2024 546,661 638,000
9 Other information
Thomas Property Partnership Ltd is a private company limited by shares and incorporated in England. Its registered office is:
33 Cavendish Street Suite 428B
4th Floor Lexefiscal Llp
London
W1G 0PW
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