REGISTERED NUMBER: |
Thompson Property Holdings Limited |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
Thompson Property Holdings Limited |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
Thompson Property Holdings Limited (Registered number: NI638286) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Thompson Property Holdings Limited |
Company Information |
for the Year Ended 31 July 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
Solicitors: |
12-14 Mandeville Street |
Portadown |
Co Armagh |
BT62 3NZ |
Thompson Property Holdings Limited (Registered number: NI638286) |
Statement of Financial Position |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Investments | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Thompson Property Holdings Limited (Registered number: NI638286) |
Statement of Financial Position - continued |
31 July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Thompson Property Holdings Limited (Registered number: NI638286) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | Statutory information |
Thompson Property Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Thompson Property Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Any surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are 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. |
Receivables |
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Thompson Property Holdings Limited (Registered number: NI638286) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | Accounting policies - continued |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Payables |
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
Investment property fair value |
Investment properties are carried at fair value determined annually by the directors based on their experience and knowledge of the specific property and the market. Inevitably a degree of judgement is involved in establishing a fair value for each property as each is unique and value can only be reliably tested in the market itself. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 August 2023 |
and 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
Thompson Property Holdings Limited (Registered number: NI638286) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
4. | Fixed asset investments - continued |
The company's investments at the Statement of financial position date in the share capital of companies include the following: |
Registered office: Northern Ireland |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
5. | Investment property |
Total |
£ |
Fair value |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
6. | Receivables: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Payables: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The bank loan is repayable over 15 years with interest being charged at 3% above bank base rate. |
Bank loans and overdrafts are secured by the following: |
(a) A first and only all monies debenture over all the assets and undertakings of the company. |
(b) An unlimited cross company guarantee from each of Thompson Fuels Limited and Thompson Property Holdings Limited in respect of the liabilities of each other to the bank. |
(c) A first legal charge over properties owned by the company. |
Thompson Property Holdings Limited (Registered number: NI638286) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
8. | Payables: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 315,355 | 383,865 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | 1 | 300,000 | 300,000 |
10. | Directors' advances, credits and guarantees |
At the year end an amount of £548,961 (2023: £518,444) is owed to the directors. The loan does not bear interest and is repayable on demand. |
11. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |