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Company registration number:
10386914
Thorpe & Co Property Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Thorpe & Co Property Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Thorpe & Co Property Ltd
Year ended
31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Thorpe & Co Property Ltd
for the year ended
31 December 2024
which comprise the income statement, statement of total comprehensive income, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Thorpe & Co Property Ltd
, as a body, in accordance with the terms of our engagement letter dated 5 May 2016. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Thorpe & Co Property Ltd
and state those matters that we have agreed to state to the Board of Directors of
Thorpe & Co Property Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Thorpe & Co Property Ltd
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Thorpe & Co Property Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Thorpe & Co Property Ltd
. You consider that
Thorpe & Co Property Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thorpe & Co Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A&C Chartered Accountants
Marsland Chambers
1a Marsland Road
Sale Moor
Cheshire
M33 3HP
United Kingdom
Thorpe & Co Property Ltd
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 5
3,023,812
 
3,037,469
 
Investments 6
95
 
95
 
3,023,907
 
3,037,564
 
Current assets    
Debtors 7
236,642
 
217,273
 
Cash at bank and in hand
3,214
 
40,853
 
239,856
 
258,126
 
Creditors: amounts falling due within one year 8
(71,116
)
(93,692
)
Net current assets
168,740
 
164,434
 
Total assets less current liabilities 3,192,647   3,201,998  
Creditors: amounts falling due after more than one year 9
(986,888
)
(994,371
)
Provisions for liabilities
(138,886
)
(138,916
)
Net assets
2,066,873
 
2,068,711
 
Capital and reserves    
Called up share capital
100
 
100
 
Share premium
1,030,500
 
1,030,500
 
Revaluation reserve
1,034,921
 
1,049,921
 
Profit and loss account
1,352
 
(11,810
)
Shareholders funds
2,066,873
 
2,068,711
 
For the year ending
31 December 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 April 2025
, and are signed on behalf of the board by:
D Thorpe
Director
Company registration number:
10386914
Thorpe & Co Property Ltd
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
St James's House Suite 11, 8th Floor, St James's House
,
Pendleton Way
,
Salford
,
M6 5FW
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
No depreciation
Plant and machinery
25% reducing balance
Office equipment
25% reducing balance

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2024
2,985,000
 
82,130
 
3,067,130
 
Disposals -  
(2,101
)
(2,101
)
At
31 December 2024
2,985,000
 
80,029
 
3,065,029
 
Depreciation      
At
1 January 2024
-  
29,661
 
29,661
 
Charge -  
13,034
 
13,034
 
Disposals -  
(1,478
)
(1,478
)
At
31 December 2024
-  
41,217
 
41,217
 
Carrying amount      
At
31 December 2024
2,985,000
 
38,812
 
3,023,812
 
At 31 December 2023
2,985,000
 
52,469
 
3,037,469
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying value at
1 January 2024
and
31 December 2024
2,985,000
 

6 Investments

Other investments other than loans
£
Cost  
At
1 January 2024
95
 
At
31 December 2024
95
 
Impairment  
At
1 January 2024
and
31 December 2024
-  
Carrying amount  
At
31 December 2024
95
 
At 31 December 2023
95
 

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
Shares in group undertakings and participating interestsShares in group undertakings and participating interests
££
Aggregate historical cost 95   95  
Carrying amount 95   95  

7 Debtors

20242023
££
Trade debtors -  
538
 
Other debtors
236,642
 
216,735
 
236,642
 
217,273
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
7,400
 
10,220
 
Taxation and social security
40,535
 
63,281
 
Other creditors
23,181
 
20,191
 
71,116
 
93,692
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
949,911
 
949,911
 
Other creditors
36,977
 
44,460
 
986,888
 
994,371
 
The bank loan is secured by a fixed and floating charge over the company's assets.

10 Directors' advances, credit and guarantees

The following advances and credits to the directors D Thorpe and C Thorpe subsisted during the years ended 31 December 2023 and 31 December 2024:
Year ended 31 December 2023
Balance at 01/01/2023: £127,560 owed to the directors.
£127,560 was repaid to the directors and £134,808 was advanced.
Balance at 31/12/2023: £134,808 owed to the company.
Year ended 31 December 2024
Balance at 01/01/2024: £134,808 owed to the company.
£16,324 was repaid by the directors and £37,780 was advanced.
Balance at 31/12/2024: £156,264 owed to the company.
The above loan is unsecured, interest free and repayable on demand.

11 Controlling party

During the year ended 31 December 2024, the directors controlled the company by virtue of 100% of the controlling interest.