TRAFFORD PROPERTY LIMITED |
Registered number: |
12076914 |
Balance Sheet |
as at 31 July 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
12,040,918 |
|
|
10,630,000 |
|
Current assets |
Cash at bank and in hand |
|
|
80,283 |
|
|
41,030 |
|
Creditors: amounts falling due within one year |
4 |
|
(4,411,064) |
|
|
(3,205,756) |
|
Net current liabilities |
|
|
|
(4,330,781) |
|
|
(3,164,726) |
|
Total assets less current liabilities |
|
|
|
7,710,137 |
|
|
7,465,274 |
|
Creditors: amounts falling due after more than one year |
5 |
|
|
(3,021,484) |
|
|
(3,223,880) |
|
Provisions for liabilities |
|
|
|
(1,172,113) |
|
|
(898,810) |
|
|
Net assets |
|
|
|
3,516,540 |
|
|
3,342,584 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
300 |
|
|
300 |
Revaluation reserve |
6 |
|
|
3,646,568 |
|
|
3,840,786 |
Profit and loss account |
|
|
|
(130,328) |
|
|
(498,502) |
|
Shareholders' funds |
|
|
|
3,516,540 |
|
|
3,342,584 |
|
|
|
|
|
|
|
|
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 Martin Flannery |
Director |
Approved by the board on 6 March 2025 |
|
TRAFFORD PROPERTY LIMITED |
Notes to the Accounts |
for the year ended 31 July 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention modified to include investment property at fair value 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rent of the land and property. Turnover from the rent of the land and property is recognised by reference to the period relates to the company financial year. |
|
|
Investment property |
|
Investment property is included at fair value. Gains are recognised in the Income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. |
|
|
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 |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 August 2023 |
10,630,000 |
|
Additions |
1,410,918 |
|
At 31 July 2024 |
12,040,918 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 July 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2024 |
12,040,918 |
|
At 31 July 2023 |
10,630,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
£ |
£ |
|
Historical cost and improvement cost |
7,178,826 |
|
5,767,908 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
7,178,826 |
|
5,767,908 |
|
|
|
|
|
|
|
|
|
|
Land and buildings comprise an Investment property which is valued on the basis of its fair value as at 31 July 2024 by the company's internally qualified personnel based on the last year's revaluation figure. At the balance sheet date, the revalued cost of the investment property was £12,040,918.This includes the historical cost of £7,178,826 plus the revaluation reserve of £4,862,092. |
|
4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
284,591 |
|
112,102 |
|
Taxation and social security costs |
144,265 |
|
(125,255) |
|
Amounts owed to related company |
Note 7 |
|
3,980,708 |
|
3,217,409 |
|
Other creditors |
1,500 |
|
1,500 |
|
|
|
|
|
|
4,411,064 |
|
3,205,756 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
3,021,484 |
|
3,223,880 |
|
|
|
|
|
|
|
|
|
|
Since the balance sheet date, this bank loan has been settled. |
|
6 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 August 2023 |
3,840,786 |
|
- |
|
Gain on revaluation of land and buildings |
- |
|
4,862,092 |
|
Deferred taxation arising on the revaluation of land and buildings |
(194,218) |
|
(1,021,306) |
|
|
At 31 July 2024 |
3,646,568 |
|
3,840,786 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
Mr Martin Flannery, Mr Patrick Flannery and Mr Paul Flannery are the directors of P.Flannery Plant Hire (Oval) Limited. As at the balance sheet date, the amount owed to P.Flannery Plant Hire (Oval) Limited was £3,980.708. There are no fixed terms of repayment. |
|
|
8 |
Other information |
|
|
TRAFFORD PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
27A Maxwell Road |
|
Northwood |
|
Middlesex |
|
HA6 2XY |