THP Properties Limited Filleted accounts for Companies House (small and micro)

THP PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13467982

THP Properties Limited

Filleted Unaudited Financial Statements

31 March 2023

THP Properties Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

THP Properties Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	402,929	406,988

Current assets

Debtors	6	707,631	500
Cash at bank and in hand		252,344	100
		---------	----
		959,975	600

Creditors: amounts falling due within one year	7	1,115,274	404,970
		------------	---------
Net current liabilities		155,299	404,370
		---------	---------
Total assets less current liabilities		247,630	2,618

Creditors: amounts falling due after more than one year	8	231,820	–

Provisions	1,475	353
	---------	-------
Net assets	14,335	2,265
	---------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	14,235	2,165
	--------	-------
Shareholder funds	14,335	2,265
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

THP Properties Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:

Mr J P Gorman	Mr K R Gorman
Director	Director

Company registration number: 13467982

THP Properties Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 London Road, Sittingbourne, Kent, ME10 1NA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Fixtures and fittings	-	30% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2022	405,129	2,246	407,375
Additions	–	5,065	5,065
	---------	-------	---------
At 31 March 2023	405,129	7,311	412,440
	---------	-------	---------
Depreciation
At 1 April 2022	–	387	387
Charge for the year	8,103	1,021	9,124
	---------	-------	---------
At 31 March 2023	8,103	1,408	9,511
	---------	-------	---------
Carrying amount
At 31 March 2023	397,026	5,903	402,929
	---------	-------	---------
At 31 March 2022	405,129	1,859	406,988
	---------	-------	---------

6. Debtors

	2023	2022
	£	£
Trade debtors	2,600	500
Other debtors	705,031	–
	---------	----
	707,631	500
	---------	----

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	20,754	–
Trade creditors	28,780	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,059,129	401,465
Corporation tax	3,525	1,505
Other creditors	3,086	2,000
	------------	---------
	1,115,274	404,970
	------------	---------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	231,820	–
	---------	----

9. Directors' advances, credits and guarantees

At the year end, the Directors owed the company £2,368 (2022: Nil). Advances of £5,200 were made during the year. Repayments of £2,832 were made. No interest was charged on the loan.

10. Related party transactions

At the year end, the company owed £389,129 (2022: £400,970) to a company related by common control. At the year end, the company owed £670,000 (2022: £495) to a company related by common control.

11. Controlling party

The company's ultimate parent company is The Hazel Project Limited, a company incorporated in England and Wales. The Hazel Project Limited's registered address is 8 London Road, Sittingbourne, Kent, United Kingdom, ME10 1NA