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
Tern Properties Limited
Company Information
for the year ended 30 September 2024
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
Tern Properties Limited
Statement of financial position
as at 30 September 2024
Investment property
239,354
239,354
Cash at bank and in hand
9,411
4,133
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)
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
Tern Properties Limited
Notes to the Accounts
for the year ended 30 September 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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.
Amounts falling due within one year
Amounts due from group undertakings etc.
-
183
Accrued income and prepayments
1,096
768
Tern Properties Limited
Notes to the Accounts
for the year ended 30 September 2024
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
314
-
Loans from directors
850
538
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
168,102
168,102
Other creditors
57,945
58,145
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).