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Company No: 11050898 (England and Wales)

TR PROPERTY PARTNERS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

TR PROPERTY PARTNERS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

TR PROPERTY PARTNERS LTD

BALANCE SHEET

As at 30 November 2024
TR PROPERTY PARTNERS LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 525,000 525,000
525,000 525,000
Current assets
Debtors 4 2,454 4,986
Cash at bank and in hand 9,874 33,570
12,328 38,556
Creditors: amounts falling due within one year 5 ( 267,878) ( 307,502)
Net current liabilities (255,550) (268,946)
Total assets less current liabilities 269,450 256,054
Creditors: amounts falling due after more than one year 6 ( 83,400) ( 97,300)
Provision for liabilities ( 1,429) ( 1,429)
Net assets 184,621 157,325
Capital and reserves
Called-up share capital 2 2
Profit and loss account 184,619 157,323
Total shareholders' funds 184,621 157,325

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of TR Property Partners Ltd (registered number: 11050898) were approved and authorised for issue by the Board of Directors on 10 June 2025. They were signed on its behalf by:

Thomas John Clothier
Director
TR PROPERTY PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
TR PROPERTY PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TR Property Partners Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wyke Farm Cottage, Wyke Champflower, Bruton, BA10 0PR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental of investment property and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account settlement discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2023 525,000
As at 30 November 2024 525,000

Investment property comprises of one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 27 September 2021 by Greenslade Taylor Hunt, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have reviewed the valuation and consider it to remain an accurate valuation of the fair value of the investment property as at 30 November 2024.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 517,480 517,480

4. Debtors

2024 2023
£ £
Other debtors 2,454 4,986

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 13,900 13,900
Amounts owed to directors 238,474 278,475
Accruals and deferred income 9,101 8,800
Taxation and social security 6,403 6,327
267,878 307,502

Included within bank loans falling due within one year is a bank loan of £13,900 (2023: £13,900). The loan is secured by a fixed charge on the investment property.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 83,400 97,300

Included within bank loans and overdrafts falling due after more than one year is a bank loan of £83,400 (2023: £97,300). The loan is secured by a fixed charge on the investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 27,800 41,700

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors current account (creditors) 238,474 278,475