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Company Registration No. 10988338 (England and Wales)
Tern Properties Limited Unaudited accounts for the year ended 30 September 2024
Tern Properties Limited Unaudited accounts Contents
Page
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Tern Properties Limited Company Information for the year ended 30 September 2024
Director
Mr D L Buckley
Company Number
10988338 (England and Wales)
Registered Office
Unit 5 Uplyme Business Park Uplyme Road Lyme Regis Devon DT7 3LS England
Accountants
On Target Accounting Ltd 105 Chineway Gardens Ottery St Mary Devon EX11 1JJ
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Tern Properties Limited Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
239,354 
239,354 
Current assets
Debtors
2,332 
2,475 
Cash at bank and in hand
9,411 
4,133 
11,743 
6,608 
Creditors: amounts falling due within one year
(4,489)
(1,673)
Net current assets
7,254 
4,935 
Total assets less current liabilities
246,608 
244,289 
Creditors: amounts falling due after more than one year
(226,047)
(226,247)
Provisions for liabilities
Deferred tax
(2,926)
(2,926)
Net assets
17,635 
15,116 
Capital and reserves
Called up share capital
1,000 
1,000 
Revaluation reserve
17,212 
17,212 
Profit and loss account
(577)
(3,096)
Shareholders' funds
17,635 
15,116 
For the year ending 30 September 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 February 2025 and were signed on its behalf by
Mr D L Buckley Director Company Registration No. 10988338
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Tern Properties Limited Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
Tern Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 10988338. The registered office is Unit 5 Uplyme Business Park, Uplyme Road, Lyme Regis, Devon, DT7 3LS, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment property is included at market fair value. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
4
Investment property
2024 
£ 
Fair value at 1 October 2023
239,354 
At 30 September 2024
239,354 
The property was valued by the director at 30 September 2024 which resulted in no increase in value.
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,236 
1,449 
Amounts due from group undertakings etc.
- 
183 
Accrued income and prepayments
1,096 
768 
Other debtors
- 
75 
2,332 
2,475 
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Tern Properties Limited Notes to the Accounts for the year ended 30 September 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
549 
137 
Amounts owed to group undertakings and other participating interests
314 
- 
Other creditors
720 
557 
Loans from directors
850 
538 
Accruals
730 
441 
Deferred income
1,326 
- 
4,489 
1,673 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
168,102 
168,102 
Other creditors
57,945 
58,145 
226,047 
226,247 
Bank borrowings of £168,102 (2023: £168,102) are secured by a legal Mortgage dates 23 February 2018 incorporating a charge on the property to the Bank by way of a first legal mortgage.
8
Transactions with related parties
During the year the director, Mr Buckley, loaned funds to the company. The amount outstanding at the year end totaled £850 (2023 £538). The loan is interest-free and with no specified repayment date.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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