Company registration number 07932581 (England and Wales)
THIRSTON PROPERTY & INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
THIRSTON PROPERTY & INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
THIRSTON PROPERTY & INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
219,087
249,749
Investment property
4
273,655
534,965
Investments
5
193,735
8,250
686,477
792,964
Current assets
Debtors
7
211,593
206,757
Cash at bank and in hand
15,023
61,260
226,616
268,017
Creditors: amounts falling due within one year
8
(353,945)
(383,945)
Net current liabilities
(127,329)
(115,928)
Total assets less current liabilities
559,148
677,036
Creditors: amounts falling due after more than one year
9
(483,809)
(436,011)
Net assets
75,339
241,025
Capital and reserves
Called up share capital
9,089
9,089
Revaluation reserve
48,000
48,000
Capital redemption reserve
911
911
Profit and loss reserves
17,339
183,025
Total equity
75,339
241,025

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

THIRSTON PROPERTY & INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 July 2025
S Cowell
Director
Company Registration No. 07932581
THIRSTON PROPERTY & INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Thirston Property & Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Pavilion, John Dobson Drive, Longhirst, Morpeth, Northumberland, NE61 3NA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over 50 years straight line
Leasehold Property
Over 10 years straight line
Plant and equipment
Over 5 years straight line
Office equipment
Over 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

THIRSTON PROPERTY & INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Other investments includes paintings and sculptures. They are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

THIRSTON PROPERTY & INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
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. 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Freehold land and buildings
Leasehold Property
Plant and equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 November 2023
75,000
234,235
20,991
768
330,994
Disposals
(1,500)
-
0
-
0
-
0
(1,500)
At 31 October 2024
73,500
234,235
20,991
768
329,494
Depreciation and impairment
At 1 November 2023
5,448
64,162
11,168
467
81,245
Depreciation charged in the year
1,480
23,424
4,161
107
29,172
Eliminated in respect of disposals
(10)
-
0
-
0
-
0
(10)
At 31 October 2024
6,918
87,586
15,329
574
110,407
Carrying amount
At 31 October 2024
66,582
146,649
5,662
194
219,087
At 31 October 2023
69,552
170,073
9,823
301
249,749
THIRSTON PROPERTY & INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 November 2023
534,965
Disposals
(261,310)
At 31 October 2024
273,655

There has been no valuation of investment property by an independant valuer. The valuation is the directors estimate of fair value.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
193,735
8,250
Movements in fixed asset investments
Investments
Paintings and sculptures
Total
£
£
£
Cost or valuation
At 1 November 2023
-
8,250
8,250
Additions
181,294
-
181,294
Valuation changes
4,191
-
4,191
At 31 October 2024
185,485
8,250
193,735
Carrying amount
At 31 October 2024
185,485
8,250
193,735
At 31 October 2023
-
8,250
8,250
6
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
North East Property and Investments Limited
Bulman House, Regent Centre, Gosforth, NE3 3LS
The principle activity of the company is that of a holding company
Ordinary
100.00
Felton Property and Investments Limited
Bulman House, Regent Centre, Gosforth, NE3 3LS
The principle activity of the company is that of management and rental of commercial property
Ordinary
100.00
THIRSTON PROPERTY & INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Subsidiaries
(Continued)
- 7 -

On 27 October 2021 the trade and assets of both North East Property & Investments Limited and Felton Property & Investments Limited were hived up into Thirston Property & Investments Limited at book value. From this date the subsiduary companies became dormant.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,084
3,084
Other debtors
208,509
203,673
211,593
206,757
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,440
2,820
Amounts owed to group undertakings
2
2
Other creditors
348,706
377,572
Accruals and deferred income
3,797
3,551
353,945
383,945

In July 2023 Stephen Cowell redeemed £50,000 of loan stock in the company, being £25,000 initial loan stock, and £25,000 deferred loan stock issued by the company.

9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Debenture loans
10
63,809
63,809
Other creditors
420,000
372,202
483,809
436,011
10
Loans and overdrafts
2024
2023
£
£
Debenture loans
63,809
63,809
Payable after one year
63,809
63,809
THIRSTON PROPERTY & INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Loans and overdrafts
(Continued)
- 8 -

On 18 January 2018 a fixed and floating charge was registered over the property assets and undertakings of the company and group undertakings.

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