THANE HOUSE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THANE HOUSE PROPERTIES LIMITED
REPORT OF THE DIRECTORS
The directors have pleasure in presenting their report and financial statements
for the year ended 31 December 2024.
Principal activities and significant changes
The principal activity of the company throughout the year was property investment. No significant changes were reported in the accounts for the year.
Directors
The directors who served the company throughout the year were
as follows:
P E Giles
A D M Giles
B J P Giles
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements
for each financial year. Under that law the directors have elected
to prepare the financial statements in accordance with United
Kingdom Generally Accepted Practice (United Kingdom Accounting
Standard and applicable law). The financial statements are required
to give a true and fair view of the state of affairs of the company
and of the profit or loss of the company for that period. In preparing
the financial statements the directors are required to:-
*
select suitable accounting policies and then apply them consistently;
*
make judgements and estimates that are reasonable and prudent, and
*
prepare the financial statements on a going concern basis unless
it is inappropriate to presume that the company will continue in
business.
1
THANE HOUSE PROPERTIES LIMITED
REPORT OF THE DIRECTORS
The directors are responsible for keeping proper accounting records that
disclose, with reasonable accuracy at any time, the financial position of the
company and that enable them to ensure that the financial statements comply
with the Companies Act 2006. They are also responsible for safeguarding
the assets of the company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors' report is prepared in accordance with the exemptions available to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
By order of the Board
....................................................
A D M Giles
Secretary
Registered Office:
11 Salisbury Road
Seaford
East Sussex
BN25 2DD
Date: 14 January 2025
2
THANE HOUSE PROPERTIES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Turnover
3
54715
58598
Expenses
14953
8466
Operating profit
39762
50132
Interest receivable and similar income
5
9124
9679
Profit on ordinary activities before taxation
48886
59811
Taxation
6
9986
9547
Retained profit for the financial year
38900
50264
STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR
ENDED 31 DECEMBER 2024
2024
2023
£
£
Profit for financial year
38900
50264
Profit on sale of quoted investments
53054
9227
Taxation thereon
-12162
-1763
79792
57728
3
THANE HOUSE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Note
£
£
Fixed assets
Property, plant & equipment
7
420
55
Investment property
8
826875
826875
827295
826930
Current assets
Debtors
9
51687
30656
Quoted investments
10
110768
137483
Cash at bank
5161
56195
167616
224334
Creditors: amounts falling due
within one year
11
-52925
-46360
Net current assets (liabilities)
114691
177974
Total assets less current liabilities
941986
1004904
Provision for liabilities
12
102556
109865
Net assets
839430
895039
Capital and reserves
Called-up share capital
13
312000
312000
Revaluation reserve
425621
447547
Profit and loss account
101809
135492
Shareholders' Funds
839430
895039
The accounts are prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and Section 1A of FRS 102 The Financial Reporting Standard.
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
The accounts were approved by the board of directors on
14th January 2025
14 January 2025
and signed on its behalf by:-
____________________________
P E Giles
Director
Company registered number 1782952
4
THANE HOUSE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share
Revaluation
Retained
Total
Capital
Reserve
Earnings
£
£
£
£
Balance at 31 December 2023
312000
447547
135492
895039
Realised gains (net of tax)
0
0
40892
40892
Unrealised gains(net of deferred tax)
0
-21926
0
-21926
Profit for the year
0
0
38900
38900
Dividends
0
0
-113475
-113475
Balance at 31 December 2024
312000
425621
101809
839430
5
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Statutory Information
Thane House Properties Limited is a private company, limited by shares, domiciled in
England and Wales registered number 1782952.
The registered office is 11 Salisbury Road Seaford East Sussex BN25 2DD.
2
Compliance with Accounting Standards
The accounts have been prepared in accordance with FRS 102.
There were no material departures from that standard.
3
Accounting policies
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention
as modified by the revaluation of certain fixed assets.
The presentation currency is £ sterling and the accounts are rounded to the
nearest £.
Property, plant & equipment -depreciation
Depreciation has been computed to write off the cost of tangible fixed assets
over the expected useful lives using the following rates:
Office equipment
20% reducing balance p.a.
Investment property
Investment property is carried at fair value. Revaluation surpluses are recognised
in the income statement. Deferred taxation is provided on these gains at the rate
expected to apply when the property is sold.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing
differences between the treatment of certain items for accounts purposes
and the treatment for tax purposes.
Turnover
The company's turnover represents the amounts receivable in respect of
property rentals.
4
Employees and Directors
The average number of employees during the year was 3.
2024
2023
£
£
Directors' remuneration
0
0
6
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Interest receivable and similar income
2024
2023
£
£
Bank and other interest
148
84
Dividends on quoted investments
8952
9580
Overseas dividends
24
15
9124
9679
6
Tax on profit on ordinary activities
2024
2023
£
£
a) Analysis of charge in period
UK Corporation tax on profits of the period
9986
9547
b) The tax assessed for the period is lower than the standard rate of
corporation tax in the UK(25%) . The differences are explained below
2024
2023
£
£
Profit on ordinary activities before tax
48886
59811
Profit on ordinary activities multiplied by standard rate
of corporation tax in the UK (25%)
12221
11364
Effects of:
Adjustment for previous year
921
0
Dividends not subject to tax
-2244
-1820
Depreciation for period less than capital allowances
-91
3
Marginal tax relief for smaller companies
-821
0
9986
9547
7
Property, Plant & Equipment
Office
Equipment
£
Cost or valuation
at 1 January 2024
55
Additions
419
474
Depreciation
54
Net book value
At 31 December 2024
420
At 31 December 2023
55
7
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Investment Property
£
Fair value at 1 January 2024
826875
Fair value at 31 December 2024
826875
Comparable historical costs for the freehold investment
properties included at fair value
311798
9
Debtors
2024
2023
£
£
Trade debtors
50024
30213
Other debtors
400
13
Prepayments
1263
430
51687
30656
10
Creditors: amounts falling due within one
year
2024
2023
£
£
Trade creditors
17027
18432
Taxation
21228
11309
Other creditors
45
2925
Maintenance reserve fund
4691
4199
Service charge fund
9934
9495
52925
46360
11
Quoted Investments
2024
2023
£
£
Investments at cost
97668
95148
Net unrealised gains
13100
42335
Valuation at 31 December 2024
110768
137483
12
Provision for liabilities
2024
2023
£
£
Deferred taxation
102556
109865
13
Share capital
2024
2023
£
£
Allotted, called up and fully paid:
312,000 ordinary shares of £1 each
312000
312000
8
THANE HOUSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Related party transactions
2024
2023
£
£
Directors: services rendered to the company
598
572
15
Controlling party
The company was under the control of the directors who were personally
interested in 100% of the company's issued share capital.
9
THANE HOUSE PROPERTIES LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
£
£
£
£
Rents received
54715
58598
Property expenses:
Insurance
732
729
Water & Council Tax
577
145
Service charges/ground rent
902
0
Agents and legal fees
5316
3480
Repairs
5020
1804
Administrative expenses etc:
Office services
598
572
Postages, stationery & telephone
410
384
Sundry expenses
1192
1202
Motor & travelling
93
88
Bank charges
59
47
Depreciation
54
14953
15
8466
Operating profit
39762
50132
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