Thistle Lodges Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04335848 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

FOR

THISTLE LODGES LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Mr A E Collard

Mrs J A Collard

SECRETARY:

Mr A E Collard

REGISTERED OFFICE:

Warnell House

Welton

Carlisle

Cumbria

CA5 7HW

REGISTERED NUMBER:

04335848 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

The directors present their report with the financial statements of the company for the year ended 31st March 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2020 to the date of this report.

Mr A E Collard

Mrs J A Collard

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr A E Collard - Director

30th September 2021

TURNOVER

36,866

66,657

Cost of sales

12,000

21,709

GROSS PROFIT

24,866

44,948

Administrative expenses

23,553

51,113

1,313

(6,165

)

Other operating income

33,500

-

OPERATING PROFIT/(LOSS)

4

34,813

(6,165

)

Interest receivable and similar income

300

-

PROFIT/(LOSS) BEFORE TAXATION

35,113

(6,165

)

Tax on profit/(loss)

6,672

(1,173

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

28,441

(4,992

)

FIXED ASSETS

Tangible assets

5

3,135

78

Investment property

6

150,000

150,000

153,135

150,078

CURRENT ASSETS

Debtors

7

1,521

2,324

Cash at bank

28,119

771

29,640

3,095

CREDITORS

Amounts falling due within one year

8

10,316

6,741

NET CURRENT ASSETS/(LIABILITIES)

19,324

(3,646

)

TOTAL ASSETS LESS CURRENT LIABILITIES

172,459

146,432

CREDITORS

Amounts falling due after more than one year

9

(19,000

)

-

PROVISIONS FOR LIABILITIES

(10,440

)

(9,854

)

NET ASSETS

143,019

136,578

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Revaluation reserve

10

70,329

70,329

Retained earnings

42,690

36,249

SHAREHOLDERS' FUNDS

143,019

136,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2021 and were signed on its behalf by:

Mr A E Collard - Director

1.	STATUTORY INFORMATION

Thistle Lodges Limited 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.

Turnover

Turnover represents net rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	OPERATING PROFIT/(LOSS)

The operating profit (2020 - operating loss) is stated after charging:

31.3.21

31.3.20

£

£

Depreciation - owned assets

426

19

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2020

2,687

Additions

3,483

At 31st March 2021

6,170

DEPRECIATION

At 1st April 2020

2,609

Charge for year

426

At 31st March 2021

3,035

NET BOOK VALUE

At 31st March 2021

3,135

At 31st March 2020

78

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2020

and 31st March 2021

150,000

NET BOOK VALUE

At 31st March 2021

150,000

At 31st March 2020

150,000

Fair value at 31st March 2021 is represented by:

£

Valuation in 2021

150,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.21

31.3.20

£

£

Cost

61,116

61,116

Investment property was valued on an open market basis on 31st March 2018 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

831

604

Other debtors

690

1,720

1,521

2,324

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

1,000

-

Taxation and social security

4,904

-

Other creditors

4,412

6,741

10,316

6,741

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

19,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

3,000

-

10.

RESERVES

Revaluation

reserve

£

At 1st April 2020

and 31st March 2021

70,329