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Registration number: 13054709

TH Mansfield Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

TH Mansfield Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

TH Mansfield Limited

Company Information

Directors

Mr Colin J Anderson

Mr Paul M Johnston

Mr Nicolas Taggart

Registered office

6th Floor
Saddlers House
44 Gutter Lane
LONDON
EC2V 6BR

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

TH Mansfield Limited

(Registration number: 13054709)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Debtors

5

87,057

-

Current assets

 

Stocks

4

7,817,637

6,931,062

Debtors

5

14,438

87,903

Cash at bank and in hand

 

1,195

640

 

7,833,270

7,019,605

Creditors: Amounts falling due within one year

6

(301,971)

(332,351)

Net current assets

 

7,531,299

6,687,254

Total assets less current liabilities

 

7,618,356

6,687,254

Creditors: Amounts falling due after more than one year

6

(10,889,958)

(6,687,154)

Net (liabilities)/assets

 

(3,271,602)

100

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(3,271,702)

-

Shareholders' (deficit)/funds

 

(3,271,602)

100

 

TH Mansfield Limited

(Registration number: 13054709)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

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.

Approved and authorised by the Board on 12 June 2025 and signed on its behalf by:
 

.........................................
Mr Paul M Johnston
Director

 

TH Mansfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
6th Floor
Saddlers House
44 Gutter Lane
LONDON
EC2V 6BR

These financial statements were authorised for issue by the Board on 12 June 2025.

2

Accounting policies

Basis of preparation

These 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). These 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.

The financial statements are presented in sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

The directors have prepared forecasts and projections that take into account the current financial position and expected future cash flows. These forecasts indicate that the company will require the continued support of its lenders to meet its obligations as they fall due.

The directors believe that the lenders will continue to support the company and that it is appropriate therefore to prepare the financial statements on a going concern basis.

However, the directors acknowledge that there is a material uncertainty related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

Revenue recognition

Turnover comprises revenue earned on the sale of residential properties.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank deposits.

 

TH Mansfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing stocks into its present condition.

At each reporting date, stocks are assessed for impairment. Where the net realisable value is lower than cost, an impairment loss is recognised in the profit and loss account.  Net realisable value is the estimated selling price, less the estimated costs of completion and the estimated costs necessary to make the sale.   If circumstances that previously caused stocks to be impaired no longer exist, the impairment is reversed to the extent of the original write-down, and the reversal is recognised in the profit and loss account.

Borrowings

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently remeasured at their settlement value.
 

3

Staff numbers

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

4

Stocks

2024
£

2023
£

Stock

10,704,319

6,931,062

Stock impairment

(2,886,682)

-

7,817,637

6,931,062

 

TH Mansfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Other debtors

101,495

87,903

Less non-current portion

(87,057)

-

14,438

87,903

Current

2024
£

2023
£

Other debtors

14,438

87,903

Non-current

2024
£

2023
£

Other debtors

87,057

-

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

129,494

Amounts due to related parties

9

298,045

202,857

Other payables

 

3,426

-

Accruals

 

500

-

 

301,971

332,351

Due after one year

 

Loans and borrowings

8

7,004,058

2,801,254

Amounts owed to group undertakings

 

3,885,900

3,885,900

 

10,889,958

6,687,154

Paragon Development Finance Limited holds a fixed and floating charge over the company's assets.

Maven Mansfield Ltd holds a fixed and floating charge over the company's assets.

 

TH Mansfield Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,004,058

2,801,254

9

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other members of the group.

Taggart Homes Southern Limited is a connected party due to common directorship. During the previous year, a loan account was operated between the companies. At the year end TH Mansfield Limited owed Taggart Homes Southern Limited £nil (2023: £202,857).

 

10

Parent and ultimate parent undertaking

TH Mansfield Ltd is a wholly owned subsidiary of Maven Mansfield Ltd, a private limited company incorporated in Scotland.

 The ultimate parent is Maven Property (Mansfield) LP, a limited partnership registered in Scotland.

 

11

Post balance sheet events

The land to the North Side of Skegby Lane, held by the company at the balance sheet date, was sold at cost in May 2024.

On 26 November 2024 the company’s contractor on the development, Taggart Homes Southern Limited, entered into a Company Voluntary Arrangement with its creditors and is no longer involved with the project.