Tea Properties Limited 12156846 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is letting of residential properties. Digita Accounts Production Advanced 6.30.9574.0 true 12156846 2023-09-01 2024-08-31 12156846 2024-08-31 12156846 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 12156846 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 12156846 core:FurnitureFittingsToolsEquipment 2024-08-31 12156846 bus:SmallEntities 2023-09-01 2024-08-31 12156846 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12156846 bus:FilletedAccounts 2023-09-01 2024-08-31 12156846 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12156846 bus:RegisteredOffice 2023-09-01 2024-08-31 12156846 bus:Director1 2023-09-01 2024-08-31 12156846 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12156846 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 12156846 core:PlantMachinery 2023-09-01 2024-08-31 12156846 countries:EnglandWales 2023-09-01 2024-08-31 12156846 2023-08-31 12156846 core:FurnitureFittingsToolsEquipment 2023-08-31 12156846 2022-09-01 2023-08-31 12156846 2023-08-31 12156846 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 12156846 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 12156846 core:FurnitureFittingsToolsEquipment 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 12156846

Tea Properties Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Tea Properties Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Tea Properties Limited

(Registration number: 12156846)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1

261

Investment property

1,150,752

957,450

 

1,150,753

957,711

Current assets

 

Cash at bank and in hand

 

20,336

123,931

Prepayments and accrued income

 

416

413

Creditors: Amounts falling due within one year

(600)

(700)

Net current assets

 

20,152

123,644

Total assets less current liabilities

 

1,170,905

1,081,355

Creditors: Amounts falling due after more than one year

(1,060,159)

(968,156)

Provisions for liabilities

(34,412)

(34,462)

Accruals and deferred income

 

(4,246)

(4,031)

Net assets

 

72,088

74,706

Capital and reserves

 

Called up share capital

100

100

Retained earnings

71,988

74,606

Shareholders' funds

 

72,088

74,706

For the financial year ending 31 August 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been 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.

 

Tea Properties Limited

(Registration number: 12156846)
Abridged Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 13 April 2025 and signed on its behalf by:
 

.........................................

A Thorpe

Director

 

Tea Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
7 Culpepper Way
Stamford
PE9 3WL

These financial statements were authorised for issue by the Board on 13 April 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 abridged 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 abridged 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Tea Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on straight line

Investment property

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 0).

 

Tea Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

1,309

1,309

At 31 August 2024

1,309

1,309

Depreciation

At 1 September 2023

1,048

1,048

Charge for the year

260

260

At 31 August 2024

1,308

1,308

Carrying amount

At 31 August 2024

1

1

At 31 August 2023

261

261

Investment properties

2024
£

At 1 September

957,450

Additions

193,302

At 31 August

1,150,752

There has been no valuation of investment property by an independent valuer.

 

Tea Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

4,000

-

Other transactions with directors


David Court
The director has provided the company with an unsecured loan. The balance of the loan at the year end was £303,849 (2023 ꞉ £351,137). Interest was charged on this loan at 1% of the remaining company loan of £300,000.

Andrew Thorpe
The director has provided the company with an unsecured loan. The balance of the loan at the year end was £1,449 (2023 ꞉ £1,137.) No interest was charged on this loan.