2023-09-012024-08-312024-08-31false11501368THE OLD WORKSHOP PROPERTIES 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THE OLD WORKSHOP PROPERTIES LIMITED

Registered Number
11501368
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

THE OLD WORKSHOP PROPERTIES LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

I ASH
J P ASH

Registered Address

Newland House The Point
Weaver Road
Lincoln
LN6 3QN

Registered Number

11501368 (England and Wales)
THE OLD WORKSHOP PROPERTIES LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments3625,888625,888
625,888625,888
Current assets
Debtors18,93010,970
Cash at bank and on hand42,67720
61,60710,990
Creditors amounts falling due within one year(2,282)(2,190)
Net current assets (liabilities)59,3258,800
Total assets less current liabilities685,213634,688
Creditors amounts falling due after one year(736,024)(663,507)
Net assets(50,811)(28,819)
Capital and reserves
Called up share capital100100
Profit and loss account(50,911)(28,919)
Shareholders' funds(50,811)(28,819)
The financial statements were approved and authorised for issue by the Board of Directors on 29 August 2025, and are signed on its behalf by:
I ASH
Director
Registered Company No. 11501368
THE OLD WORKSHOP PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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) as modified by the revaluation of certain assets.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.
Current taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Current or deferred taxation assets and liabilities are not discounted.
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable investment properties is measured using the rates and allowances that apply to the sale of the asset.
Investments
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss.
Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities – trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.
2.Average number of employees

20242023
Average number of employees during the year22
3.Fixed asset investments
The directors are of the opinion that the valuation of the properties as determined by themselves is an accurate representation of the fair value of the properties based on their current state, freehold, one with vacant possession and one with tenant. If the investment properties had not been revalued they would have been included at historical cost of £570,888 (2023: £570,888) less depreciation of £45,400 (2023: £36,900) giving a net book value of £525,488 (2023: £533,988). If the properties were sold at their fair value there would be no tax to pay as the gain can be offset in full against brought forward trading losses.

Total

£
Cost or valuation
At 01 September 23625,888
At 31 August 24625,888
Net book value
At 31 August 24625,888
At 31 August 23625,888
4.Creditors: amounts due after 5 years
The following bank loans are repayable after more than 5 years otherwise than by instalments £202,400 (2023: £140,040).
5.Secured creditors
The following secured debts are included within creditors: 2024 2023 £ £ Bank Loan 202,400 140,040 The loan is secured by way of a mortgage deed against the property it relates to.
6.Related party transactions
Included in creditors are director loan account balances amounting to £533,624 (2023: £523,467) owing to the directors equally. These loans are on an unsecured basis and are interest free. During the prior year, part of the land included within fixed asset investments was rented to the directors' daughter for a nominal rent of £200.
7.Further information regarding the company's financial position
The directors have confirmed their continued support of the company and due to future plans they consider the company to be a going concern.