Thirteen Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10786800 (England and Wales)

Thirteen Property Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I R Storey

Mrs T L Storey

SECRETARY:

REGISTERED OFFICE:

13 Grove Road South

Southsea

Hampshire

PO5 3QR

REGISTERED NUMBER:

10786800 (England and Wales)

ACCOUNTANTS:

Barter Durgan

Chartered Accountants

10 Victoria Road South

Southsea

Hampshire

PO5 2DA

FIXED ASSETS

Investment property

4

699,943

636,312

CURRENT ASSETS

Cash at bank

9,728

32,681

CREDITORS

Amounts falling due within one year

5

130,254

169,189

NET CURRENT LIABILITIES

(120,526

)

(136,508

)

TOTAL ASSETS LESS CURRENT LIABILITIES

579,417

499,804

CREDITORS

Amounts falling due after more than one year

6

441,490

437,015

NET ASSETS

137,927

62,789

RESERVES

Revaluation reserve

8

138,474

74,843

Retained earnings

(547

)

(12,054

)

137,927

62,789

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2022 and were signed on its behalf by:

I R Storey - Director

Mrs T L Storey - Director

1.	STATUTORY INFORMATION

Thirteen Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

636,312

Revaluations

63,631

At 31 May 2022

699,943

NET BOOK VALUE

At 31 May 2022

699,943

At 31 May 2021

636,312

Fair value at 31 May 2022 is represented by:

£

Valuation in 2021

74,843

Valuation in 2022

63,631

Cost

561,469

699,943

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Taxation

940

-

Other creditors

4,115

3,990

Directors' current accounts

125,199

165,199

130,254

169,189

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans more 5 yr by instal

441,490

437,015

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

441,490

437,015

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.22

31.5.21

£

£

Bank loans

441,490

437,015

The bank loans are secured by a fixed charge over the investment property.

8.

RESERVES

Revaluation

reserve

£

At 1 June 2021

74,843

Revaluation

63,631

At 31 May 2022

138,474