Company Registration No. 04852050 (England and Wales)
Thirdpart 2003 Limited
Annual report and unaudited financial statements
for the year ended 5 April 2024
Thirdpart 2003 Limited
Company information
Directors
Katrina Anstruther
James Hordern
Susan Anstruther
Michael Wood
Toby Anstruther
Secretary
South Kensington Estates Limited
Company number
04852050
Registered office
Alfred House
23-24 Cromwell Place
London
SW7 2LD
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Thirdpart 2003 Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 8
Thirdpart 2003 Limited
Directors' report
For the year ended 5 April 2024
1
The directors present their report and financial statements for the year ended 5 April 2024.
Principal activities
The principal activity of the company continued to be that of a Corporate Trustee.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Katrina Anstruther
James Hordern
Susan Anstruther
Michael Wood
Toby Anstruther
Statement of directors' responsibilities
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
South Kensington Estates Limited
11 July 2024
Thirdpart 2003 Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Thirdpart 2003 Limited for the year ended 5 April 2024
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thirdpart 2003 Limited for the year ended 5 April 2024 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Thirdpart 2003 Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Thirdpart 2003 Limited and state those matters that we have agreed to state to the Board of Directors of Thirdpart 2003 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thirdpart 2003 Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Thirdpart 2003 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Thirdpart 2003 Limited. You consider that Thirdpart 2003 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 financial statements of Thirdpart 2003 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 financial statements.
Saffery LLP
11 July 2024
Chartered Accountants
71 Queen Victoria Street
London
EC4V 4BE
Thirdpart 2003 Limited
Income statement
For the year ended 5 April 2024
3
2024
2023
£
£
Turnover
15,000
14,000
Administrative expenses
(17,500)
(13,693)
(Loss)/profit before taxation
(2,500)
307
Tax on (loss)/profit
(58)
(58)
(Loss)/profit for the financial year
(2,558)
249
The income statement has been prepared on the basis that all operations are continuing operations.
Thirdpart 2003 Limited
Statement of financial position
As at 5 April 2024
4
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
15,004
14,004
Creditors: amounts falling due within one year
5
(5,974)
(2,416)
Net current assets
9,030
11,588
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
9,026
11,584
Total equity
9,030
11,588
For the financial year ended 5 April 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 year in question in accordance with section 476.
These financial statements have been prepared 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 11 July 2024 and are signed on its behalf by:
Toby Anstruther
Director
Company Registration No. 04852050
Thirdpart 2003 Limited
Notes to the financial statements
For the year ended 5 April 2024
5
1
Accounting policies
Company information
Thirdpart 2003 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alfred House, 23-24 Cromwell Place, London, SW7 2LD.
1.1
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT, other sales related taxes and trade discounts.
1.3
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.
1.4
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 statement of financial position 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, 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.
Thirdpart 2003 Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies (continued)
6
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Thirdpart 2003 Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
1
Accounting policies (continued)
7
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
15,000
14,000
Other debtors
4
4
15,004
14,004
Thirdpart 2003 Limited
Notes to the financial statements (continued)
For the year ended 5 April 2024
8
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
750
Corporation tax
58
58
Other creditors
5,916
1,608
5,974
2,416
6
Related party transactions
During the year Thirdpart 2003 Limited charged the Alexander Trust £15,000 (2023: £14,000) for corporate trusteeship fees. As at 5 April 2024, £15,000 (2023: £14,000) remained due to Thirdpart 2003.
All payments and receipts transact through the SKE Client Account. As at 5 April 2024, Thirdpart 2003 Limited had an overdrawn balance of £4,666 with the SKE Client Account (2023: £1,608 in overdraft).