Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-311falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-01falseNo description of principal activity1falsetrue 05538545 2023-02-01 2024-01-31 05538545 2022-02-01 2023-01-31 05538545 2024-01-31 05538545 2023-01-31 05538545 c:Director1 2023-02-01 2024-01-31 05538545 d:FurnitureFittings 2023-02-01 2024-01-31 05538545 d:FurnitureFittings 2024-01-31 05538545 d:FurnitureFittings 2023-01-31 05538545 d:ComputerEquipment 2023-02-01 2024-01-31 05538545 d:ComputerEquipment 2024-01-31 05538545 d:ComputerEquipment 2023-01-31 05538545 d:CurrentFinancialInstruments 2024-01-31 05538545 d:CurrentFinancialInstruments 2023-01-31 05538545 d:Non-currentFinancialInstruments 2024-01-31 05538545 d:Non-currentFinancialInstruments 2023-01-31 05538545 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 05538545 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 05538545 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 05538545 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 05538545 d:ShareCapital 2024-01-31 05538545 d:ShareCapital 2023-01-31 05538545 d:RetainedEarningsAccumulatedLosses 2024-01-31 05538545 d:RetainedEarningsAccumulatedLosses 2023-01-31 05538545 c:FRS102 2023-02-01 2024-01-31 05538545 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05538545 c:FullAccounts 2023-02-01 2024-01-31 05538545 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05538545 2 2023-02-01 2024-01-31 05538545 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 05538545









THOA INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
THOA INVESTMENTS LIMITED
REGISTERED NUMBER: 05538545

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
925,584
925,584

Debtors: amounts falling due within one year
 5 
17,620
4,675

Cash at bank and in hand
  
2,721
21,540

  
945,925
951,799

Creditors: amounts falling due within one year
 6 
(520,093)
(1,181,610)

Net current assets/(liabilities)
  
 
 
425,832
 
 
(229,811)

Total assets less current liabilities
  
425,832
(229,811)

Creditors: amounts falling due after more than one year
 7 
(743,722)
(9,480)

  

Net liabilities
  
(317,890)
(239,291)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(317,990)
(239,391)

  
(317,890)
(239,291)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.




Page 1

 
THOA INVESTMENTS LIMITED
REGISTERED NUMBER: 05538545
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

Adeniyi A Akadiri
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Thoa Investments Limited is a private limited company, limited by shares, and incorporated in England and Wales. The address of its registered office is 124 Finchley Road, London NW3 5JS. The company's functional and presentational currency is Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the
company will continue in operation for the foreseeable future, being a period of at least twelve
months from the date of approval of these financial statements.
The company remains supported by informal borrowing from the director and a related party who
have confirmed that they will continue to provide financial support to the company by deferment of the
amounts due to it or by other means. Additionally, bank borrowing has been renewed.
In view of the above, the director is confident that the company will have sufficient resources to
enable it to continue in operation for the foreseeable future, being a period of at least twelve months
from the date of approval of the financial statements, and that it is therefore appropriate to prepare
the financial statements on the going concern basis.

  
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable.
Rental income is accrued on a time apportioned basis under the terms of the lease.
Property disposals and acquisitions are accounted for when legally binding contracts which are
irrecoverable and effectively unconditional are exchanged and, in the case of disposal, when
completion has taken place prior to the date on which the financial statements are approved.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Stocks

Stock, which comprises development property held for resale, is stated at the lower of cost and net
realisable value. Cost comprises the cost of purchase together with all associated costs of
development. Net realisable value comprises the actual or estimated selling price less all further
costs to be incurred in marketing and sale of the development properties.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in the Statement of Income and Retained Earnings.

Page 4

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors 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.

 
2.11

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.

 
2.12

Creditors

Short-term creditors 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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 5

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees

2024
2023
£
£

Wages and salaries
7,200
7,200

7,200
7,200


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







1
1


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
6,489
482
6,971



At 31 January 2024

6,489
482
6,971



Depreciation


At 1 February 2023
6,489
482
6,971



At 31 January 2024

6,489
482
6,971



Net book value



At 31 January 2024
-
-
-



At 31 January 2023
-
-
-


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
17,620
4,675
Page 7

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.Debtors (continued)


17,620
4,675



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,758
625,958

Trade creditors
3,998
3,998

Corporation tax
-
100

Other creditors
509,337
526,517

Accruals and deferred income
3,000
25,037

520,093
1,181,610


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
622,200

-
622,200

Details of security provided:

The aggregate amount of creditors for which security has been given amounted to £0 (2023-
£622,200) by the way of fixed and floating charges over all the assets of the company.

Page 8

 
THOA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
738,000
-

Bank loans
5,722
9,480

743,722
9,480


The following liabilities were secured:

2024
2023
£
£



Bank loan
738,000
-

738,000
-

Details of security provided:

The property included in stock and any interest the company has in it is provided as security by way of a legal mortgage with full title guarantee in favour of the lender of the bank loan of £738,000 as a continuing security for the payment and discharge of the secured liabilities. 

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
738,000
-

738,000
-

The loan is for a duration of 25 years and is repayable at the end of the mortgage term in 2048. It is an interest only buy to let mortgage. The interest rate is a fixed rate of 5.40% for 60 months from the date the loan is made followed by a variable rate which comprises a fixed margin of 4.99% above the Bank of England Base Rate.


8.


Related party transactions

During the year the company operated a loan with the director of the company. At the year end the
amount owed by the company to the director was £250,384 (2023 - £272,547). This loan is interest free
and repayable on demand.

 
Page 9