Registered number
12076914
TRAFFORD PROPERTY LIMITED
Filleted Accounts
31 July 2024
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
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