Registered number
11029354
Thomas Property Developers Ltd
Filleted Accounts
31 October 2024
Thomas Property Developers Ltd
Registered number: 11029354
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,751,217 1,324,912
Current assets
Debtors 5 100 100
Cash at bank and in hand 23,318 18,569
23,418 18,669
Creditors: amounts falling due within one year 6 (449,538) (348,338)
Net current liabilities (426,120) (329,669)
Total assets less current liabilities 1,325,097 995,243
Creditors: amounts falling due after more than one year 7 (858,414) (576,015)
Provisions for liabilities (91,122) (91,122)
Net assets 375,561 328,106
Capital and reserves
Called up share capital 1 1
Fair Value Reserve 10 273,546 273,546
Profit and loss account 102,014 54,559
Shareholders' funds 375,561 328,106
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Owen Thomas
Director
Approved by the board on 25 June 2025
Thomas Property Developers Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Rent is recognised when it falls due and is measured on amounts agreed in the tenancy agreements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Leasehold land and buildings Not depreciated
Plant and machinery 20% reducing balance method
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Borrowing costs
Loan arrangement fees and other transaction costs directly attributable to obtaining financing are deducted from the carrying amount of the related financial liability and are amortised to the profit and loss account over the term of the loan using the straight-line method, where this does not differ materially from the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tax on profit 2024 2023
£ £
Current tax: 12,116 5,690
UK current tax expense
Deferred tax
Origination and reversal of timing difference - 21,869
12,116 27,559
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 1,323,418 2,829 1,326,247
Additions 426,604 - 426,604
At 31 October 2024 1,750,022 2,829 1,752,851
Depreciation
At 1 November 2023 - 1,335 1,335
Charge for the year - 299 299
At 31 October 2024 - 1,634 1,634
Net book value
At 31 October 2024 1,750,022 1,195 1,751,217
At 31 October 2023 1,323,418 1,494 1,324,912
Freehold land and buildings: 2024 2023
£ £
Historical cost 933,697 933,697
Cumulative depreciation based on historical cost - -
933,697 933,697
Included within the above is investment property measured at fair value. (2022: Fair value adjustment £364,488)
5 Debtors 2024 2023
£ £
Other debtors 100 100
6 Creditors: amounts falling due within one year 2024 2023
£ £
Mortgage and Bank Loans 3,918 4,677
Other loans 115,781 115,781
Accruals 750 750
Taxation and social security costs 12,102 5,683
Director loan accounts 316,037 210,459
Other creditors 950 10,988
449,538 348,338
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 858,414 576,015
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 839,532 555,466
Secured bank loans 862,332 580,692
Loans from Charter Court financial Services Limited trading as Precise Mortgages and Aldermore bank are secured on investments properties owned by the company. Any arrangement fee has been deducted from the carrying amount of the loan and amortised over the term of the loan.
9 Deferred Tax
The deferred tax included in the balance sheet is as follows:
2024 2023
£ £
Included in Provisions 91,122 91,122
The deferred tax account consists of the tax effect of timing difference in respect of the fair value adjustment of investment property. The deferred tax provision has been calculated based on the effective tax rate at the year end.
10 Fair Value Reserve 2024 2023
£ £
At 1 November 2023 273,546 295,235
Deferred taxation arising on the revaluation of land and buildings - (21,689)
At 31 October 2024 273,546 273,546
11 Other information
Thomas Property Developers Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
53 Sullivan Close
Penarth
CF64 3QR
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