REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
for |
Twenty20 Properties Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
for |
Twenty20 Properties Ltd |
Twenty20 Properties Ltd (Registered number: 10961811) |
Contents of the Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Twenty20 Properties Ltd |
Company Information |
for the Period 1 October 2023 to 31 December 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Twenty20 Properties Ltd (Registered number: 10961811) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 6 |
Debtors: amounts falling due after more than one year |
6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Twenty20 Properties Ltd (Registered number: 10961811) |
Balance Sheet - continued |
31 December 2024 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Twenty20 Properties Ltd (Registered number: 10961811) |
Notes to the Financial Statements |
for the Period 1 October 2023 to 31 December 2024 |
1. | STATUTORY INFORMATION |
Twenty20 Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Twenty20 Properties Ltd (Registered number: 10961811) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Change of year end |
The financial statements have been prepared for the longer period of 15 months and therefore the amounts |
presented in the financial statements (including the related notes) are not entirely comparable with the previous period of 12 months. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2023 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Revaluations | 291,250 |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 September 2023 |
Fair value at 31 December 2024 is represented by: |
£ |
Valuation in 2022 | 116,627 |
Valuation in 2023 | 17,000 |
Valuation in 2024 | 291,250 |
Cost | 764,058 |
1,188,935 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 764,058 | 764,058 |
Investment property was valued on an open market basis on 13 June 2024 by Harwoods . |
Twenty20 Properties Ltd (Registered number: 10961811) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Other debtors include inter company loans of £609,824 (2023 - £524,994). |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
Other creditors include inter company loans of £847,841 (2023 - £813,888), accrued expenses of £1,455 (2023 - £1,212), directors' loan accounts of £9 (2023 - £2) and other creditors of £1,450 (2022 - £1,450). |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 227,036 | 186,751 |
Twenty20 Properties Ltd (Registered number: 10961811) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 31 December 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Barclays Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. |
This also includes a cross guarantee with all group companies, 2020 Hold Co Ltd 15063650 and 2020 Furniture Design Ltd 07693067. |
Kensington Mortgage Company Limited holds a fixed charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. This is on the basis that they provide a mortgage over the residential property. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 October 2023 |
Revaluation movement | 219,681 |
At 31 December 2024 |