Registered number
13192375
Thomas & Thomas Developments Ltd
Filleted Accounts
29 February 2024
Thomas & Thomas Developments Ltd
Registered number: 13192375
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 846,337 357,575
Current assets
Cash at bank and in hand 117,948 7,861
Creditors: amounts falling due within one year 5 (315,867) (265,898)
Net current liabilities (197,919) (258,037)
Total assets less current liabilities 648,418 99,538
Creditors: amounts falling due after more than one year 6 (532,346) (98,814)
Provisions for liabilities (28,408) -
Net assets 87,664 724
Capital and reserves
Called up share capital 100 100
Fair Value Reserve 9 85,225 -
Profit and loss account 2,339 624
Shareholders' funds 87,664 724
The directors are 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 directors acknowledge their 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.
Mr Rhys Anthony Thomas
Director
Approved by the board on 19 November 2024
Thomas & Thomas Developments 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 represents the total invoice value of rents and other property income due in the year falling within the company's ordinary activities.
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, using the reducing balance method:
Freehold buildings Not depreciated
Plant and machinery 20%
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tax on profit 2024 2023
£ £
Current tax:
Uk current tax expense 504 273
Deferred tax
Origination and reversal of timing difference 28,408 -
28,912 273
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 355,412 2,704 358,116
Additions 375,562 - 375,562
Surplus on revaluation 113,633 - 113,633
At 29 February 2024 844,607 2,704 847,311
Depreciation
At 1 March 2023 - 541 541
Charge for the year - 433 433
At 29 February 2024 - 974 974
Net book value
At 29 February 2024 844,607 1,730 846,337
At 28 February 2023 355,412 2,163 357,575
Freehold land and buildings: 2024 2023
£ £
Historical cost 730,974 -
Cumulative depreciation based on historical cost - -
730,974 -
Included in land and buildings above are investment properties measured at fair value. The directors have revalued property based on their knowledge of the property market at 29th February 2024.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,598 1,515
Taxation and social security costs 504 273
Other creditors 313,765 264,110
315,867 265,898
Included in Other creditors are Directors' loans to fund the purchase of property amounting to £312,514 (2023: £263,280)
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 532,346 98,814
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 525,037 91,881
Secured bank loans 533,944 100,329
Mortgages provided by Paragon Bank PLC and Hampshire Trust Bank PLC are secured over freehold properties owned by the company.
8 Deferred tax liabilty
The deferred tax included in the balance sheet is as follows:
2024 2023
£ £
Included in provisions 28,408 -
28,408 -
Deferred tax liabilty consists of the tax effect of timing difference in respect of the fair value adjustment of investment property.
9 Fair Value Reserve 2024 2023
£ £
Gain on revaluation of land and buildings 113,633 -
Deferred taxation arising on the revaluation of land and buildings (28,408) -
At 29 February 2024 85,225 -
10 Other information
Thomas & Thomas Developments Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
20 Waun Y Groes Road
Cardiff
South Glamorgan
CF14 4SW
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