Registered number
09828926
Triple Gem Holdings Limited
Report and Accounts
31 October 2023
Triple Gem Holdings Limited
Registered number: 09828926
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 184,960 187,040
Current assets
Debtors 4 31,152 31,332
Cash at bank and in hand 8,792 9,229
39,944 40,561
Creditors: amounts falling due within one year 5 (54,429) (21,523)
Net current (liabilities)/assets (14,485) 19,038
Total assets less current liabilities 170,475 206,078
Creditors: amounts falling due after more than one year 6 (163,032) (172,036)
Net assets 7,443 34,042
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,343 33,942
Shareholder's funds 7,443 34,042
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
W. Senior
Director
Approved by the board on 28 January 2025
Triple Gem Holdings Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
Revenue recognition
Turnover represents rental income receivable in the period excluding value added tax. Service charges including ground rent, management fees and other costs relate to the maintenance of communal areas which is charged to leaseholders on a half yearly basis and accounted for on an accruals basis.
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 2% on cost of property
Leasehold land and buildings over 125 year lease term
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Leasehold Property Freehold Property Total
£ £ £
Cost
At 1 November 2022 160,000 40,000 200,000
At 31 October 2023 160,000 40,000 200,000
Depreciation
At 1 November 2022 8,960 4,000 12,960
Charge for the year 1,280 800 2,080
At 31 October 2023 10,240 4,800 15,040
Net book value
At 31 October 2023 149,760 35,200 184,960
At 31 October 2022 151,040 36,000 187,040
4 Debtors 2023 2022
£ £
Trade debtors 1,152 1,332
Other debtors 30,000 30,000
31,152 31,332
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 18,553 10,256
Trade creditors 1,010 1,870
Amounts owed to related parties 2,110 1,797
Corporation tax - 7,600
Other creditors 32,756 -
54,429 21,523
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 163,032 172,036
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 103,669 131,010
Secured bank loans 181,585 182,292
The bank loan is secured by way of a first legal charge over the property owned by the company at 137 Station Approach, Hampton. The company also has a related party that has provided the bank with an unlimited guarantee.
8 Related party transactions
The director is also a director of another trading company that is renting part of the commercial rental unit owned by the company. This company owed £1,691 (2022 - £1,691) at year end. The sole director of the company was owed £419 (2022 - £107) at year end.
9 Controlling party
The ultimate controlling party is Will Senior.
10 Other information
Triple Gem Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is:
137 Station Road
Hampton
England
TW12 2AL
11 Historical s106 legal claim by LB Richmond
A legal agreement in 2013 between LB Richmond and the original property developer required that an Affordable Housing Contribution (s106 payment) was required to be made as part of the original development at the time. The property developer went into administration soon after the development had been completed without making the payment due. The Company acquired the property from the liquidators in 2015. No mention of this liability or claim was apparent in original purchase documentation and no claim has been made by LB Richmond against the company for the s106 payment until a leetr was received in early 2024. The company has robustly defended its position stating that it has nothing to do with the claim which should be against the original developer not the current owners. Despite this argument, the LB Richmond has rejected the company's position and been insistent on charging the s106 claim plus compound interest from 2013. A compromise agreement was reached in September 2024 for the company to pay the £22,000 s106 claim plus £10,756 in interest, with the interest payments being spread over a 10 month period. The full liability and interest has been accrued in these accounts within other creditors.
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