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Registration number: 10260604

Three Tuns Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Three Tuns Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Three Tuns Developments Limited

Company Information

Directors

A J Ward

S J Williams

Registered office

22 South Street
Durham
DH1 4QP

Accountants

EHT Tax Accountants Limited
Chartered Accountants63 Harvey Avenue
Durham
DH1 5ZB

 

Three Tuns Developments Limited

(Registration number: 10260604)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

84,641

120,479

Investment property

5

27,670,000

17,424,709

 

27,754,641

17,545,188

Current assets

 

Debtors

6

1,180,216

512,851

Cash at bank and in hand

 

31,839

457,710

 

1,212,055

970,561

Creditors: Amounts falling due within one year

7

(248,597)

(9,125,966)

Net current assets/(liabilities)

 

963,458

(8,155,405)

Total assets less current liabilities

 

28,718,099

9,389,783

Creditors: Amounts falling due after more than one year

7

(17,963,263)

(8,898,977)

Provisions for liabilities

(2,382,789)

-

Net assets

 

8,372,047

490,806

Capital and reserves

 

Called up share capital

8

200

200

Revaluation reserve

752,544

752,544

Retained earnings

7,619,303

(261,938)

Shareholders' funds

 

8,372,047

490,806

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

 

Three Tuns Developments Limited

(Registration number: 10260604)
Balance Sheet as at 31 March 2024 (continued)

.........................................
A J Ward
Director

.........................................
S J Williams
Director

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22 South Street
Durham
DH1 4QP

These financial statements were authorised for issue by the Board on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable from rental income in the normal course of business, and is shown net of VAT and other sales related taxes. Rental income receivable under operating leases is accrued on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Plant and equipment 10% Straight line
Fixtures and fittings 20% Straight line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

251,435

18,920

270,355

Additions

18,365

1,200

19,565

At 31 March 2024

269,800

20,120

289,920

Depreciation

At 1 April 2023

141,239

8,637

149,876

Charge for the year

53,960

1,443

55,403

At 31 March 2024

195,199

10,080

205,279

Carrying amount

At 31 March 2024

74,601

10,040

84,641

At 31 March 2023

110,196

10,283

120,479

5

Investment properties

2024
£

At 1 April

17,424,709

Additions

(192,471)

Fair value adjustments

10,437,762

At 31 March

27,670,000

The investment property is carried at its fair value at the balance sheet date as determined by an independent professional surveyor. The valuation was carried out on 9 January 2023 by Knight Frank LLP in accordance with the methodologies and bases for estimation set out in the professional standards of the Royal Institute of Chartered Surveyors. The directors considered this to reflect the fair value at the reporting date.

6

Debtors

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors (continued)

Current

2024
£

2023
£

Trade debtors

8,996

47,899

Other debtors

1,171,220

464,952

 

1,180,216

512,851

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

40,200

237,722

Trade creditors

 

129,982

177,456

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

1,725,007

Other creditors

 

78,415

6,985,781

 

248,597

9,125,966

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

17,963,263

8,898,977

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,963,263

8,898,977

Current loans and borrowings

 

Three Tuns Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings (continued)

2024
£

2023
£

Bank borrowings

40,200

237,722