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THISTLE PROPERTY DEVELOPMENTS LTD
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Company registration number 07601123
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FILING FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 MARCH 2020
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THISTLE PROPERTY DEVELOPMENTS LTD
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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THISTLE PROPERTY DEVELOPMENTS LTD
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COMPANY INFORMATION
1
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THISTLE PROPERTY DEVELOPMENTS LTD
REGISTERED NUMBER:07601123
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial
Reporting Standard 102.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
As permitted by Section 444 of the Companies Act 2006, the director has not delivered to the Registrar a copy of the company's statement of income and retained earnings for the year ended 31 March 2020.
2
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THISTLE PROPERTY DEVELOPMENTS LTD
REGISTERED NUMBER:07601123
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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D W Stephen
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The notes on pages 4 to 6 form part of these financial statements.
3
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THISTLE PROPERTY DEVELOPMENTS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 31 March 2020.
The continuing activity of Thistle Property Developments Ltd ('the company') is property development.
The company is a private company limited by shares and is incorporated in United Kingdom and registered in England. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is 07601123.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:
The director has considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all relevant information available, believe it appropriate to prepare the financial statements on a going concern basis. This assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
4
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THISTLE PROPERTY DEVELOPMENTS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Current asset investments
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Current asset investments are measured at cost, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Interest income is recognised in profit or loss using the effective interest method.
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The average monthly number of employees, including directors, during the year was 1 (2019 - 1).
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5
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THISTLE PROPERTY DEVELOPMENTS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Current asset investments
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Related party transactions
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The company is owed £1,892,708 (2019: £1,892,708) at 31 March 2020 by Thistle-Peat Ltd, a company which is under common control of the director. This amount is included in other debtors.
The company is owed £405,422 (2019: £405,422) at 31 March 2020 by Thistle Residential Ltd, a company which is under common control of the director. This amount is included in other debtors.
The company owed £713,173 (2019: £713,173) at 31 March 2020 by Thistle Property Holding Company Ltd, a company which is under common control of the director. This amount is included in other creditors.
As at 31 March 2020 the company owed £313,334 (2019: £313,334) to the director. This amount is included in other creditors.
All of the above loans are interest free, with no terms attached and are repayable on demand.
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6
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