Company Registration No. 11899298 (England and Wales)
Third Eye Property limited
Unaudited accounts
for the year ended 31 March 2021
Third Eye Property limited
Unaudited accounts
Contents
Third Eye Property limited
Company Information
for the year ended 31 March 2021
Directors
Mr A Dickinson
Mrs J Dickinson
Company Number
11899298 (England and Wales)
Registered Office
16A CALVERLEY ROAD
OULTON
LEEDS
LS26 8JQ
ENGLAND
Third Eye Property limited
Statement of financial position
as at
31 March 2021
Investment property
379,133
157,566
Cash at bank and in hand
1,351
3,205
Creditors: amounts falling due within one year
(198,915)
(178,167)
Net current liabilities
(194,414)
(160,668)
Total assets less current liabilities
184,719
(3,102)
Creditors: amounts falling due after more than one year
(171,171)
-
Provisions for liabilities
Net assets/(liabilities)
5,475
(3,102)
Called up share capital
100
100
Profit and loss account
5,375
(3,202)
Shareholders' funds
5,475
(3,102)
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2021 and were signed on its behalf by
Mr A Dickinson
Director
Company Registration No. 11899298
Third Eye Property limited
Notes to the Accounts
for the year ended 31 March 2021
Third Eye Property limited is a private company, limited by shares, registered in England and Wales, registration number 11899298. The registered office is 16A CALVERLEY ROAD, OULTON, LEEDS, LS26 8JQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2021 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2019.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Rental income is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The accounts have been prepared on a going concern basis and the directors believe that the Company will be profitable over the next 12 months.
The directors support the Company financially and will continue to do so.
4
Investment property
2021
Fair value at 1 April 2020
157,566
Net gain from fair value adjustments
42,489
The directors have reviewed the investment property held by the Company and revalued the costs to fair value based on the values of the property and the valuations prepared during the re financing of the properties.
Third Eye Property limited
Notes to the Accounts
for the year ended 31 March 2021
5
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
-
14,294
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
9,167
-
Other creditors
500
1,000
Loans from directors
188,468
176,387
The directors loan account balance contained in creditors due within one year is £188,468 and is repayable to the directors on demand.
7
Creditors: amounts falling due after more than one year
2021
2020
Contained within bank loans are mortgages on the investment property to the value of £130,337.
These mortgages are secured on the following properties:
1. 62 Smawthorne Lane, Castleford, West Yorkshire, WF10 5BE - Paragon Bank PLC
2. 18 Ridgefield Street, Castleford, West Yorkshire, WF10 5BY - Paragon Bank PLC
8
Deferred taxation
2021
2020
Revaluation of investment property
8,073
-
Charged to the profit and loss account
8,073
-
Provision at end of year
8,073
-
9
Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 2 (2020: 2).