Company Registration No. SC332452 (Scotland)
THOMSONS PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
THOMSONS PROPERTY COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
THOMSONS PROPERTY COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,578,352
2,578,352
Current assets
Cash at bank and in hand
7,679
7,152
Creditors: amounts falling due within one year
4
(431,129)
(580,601)
Net current liabilities
(423,450)
(573,449)
Total assets less current liabilities
2,154,902
2,004,903
Creditors: amounts falling due after more than one year
5
-
(69,035)
Net assets
2,154,902
1,935,868
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
2,153,902
1,934,868
Total equity
2,154,902
1,935,868
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THOMSONS PROPERTY COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 December 2020 and are signed on its behalf by:
Mr G L Mearns
Director
Company Registration No. SC332452
THOMSONS PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Thomsons Property Company Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
76 Moss Road, Tillicoultry, Clackmannanshire, United Kingdom, FK13 6NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
Early in 2020, the world started to face unprecedented uncertainty and disruption as a result of Covid-19. The results of this financial year have not been significantly impacted by this global pandemic, which unfortunately continues to make itself felt throughout the world. Post year end the directors have continued to consider the effects of this pandemic on the operations of the business. After reviewing and considering the company's forecasts and projections, at the date of signing the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future as the directors will continue to make available funds available to allow the company to pay its debts as they fall due for payment for the foreseeable future. The directors therefore consider it appropriate for the company to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Revenue represents rental income from property letting. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be accurately measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the statement of income and retained earnings.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Any impairment loss is recognised immediately in profit or loss.
1.6
Financial instruments
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 and loans to related parties.
THOMSONS PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
statement of income and retained earnings
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits: and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted by the statement of financial position date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2019 - 2).
3
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
2,578,352
The fair value of the investment property has been arrived at on the basis of a director's valuation.
THOMSONS PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
67,695
246,954
Corporation tax
51,378
50,240
Other taxation and social security
13,750
13,750
Other creditors
295,916
265,916
Accruals and deferred income
2,390
3,741
431,129
580,601
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank Loans 1-2 years
-
69,035
Bank loans are secured by a standard security over the company's property.
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1000 Ordinary shares of £1 each
1,000
1,000
7
Related party transactions
The company received rental income of £275,000 (2019 - £275,000) from a company with a common director. At the year end, the directors were owed £250,000 (2019 - £220,000).