THREADEX_DEVELOPMENTS_LIM - Accounts
THREADEX_DEVELOPMENTS_LIM - Accounts
Threadex Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Lopian Gross Barnett & Co, 6th Floor, Cardinal House, 20 St Mary's Parsonage, Manchester, M3 2LG.
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 amounts 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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017 are the first financial statements of Threadex Developments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The turnover has been derived from its principal activities wholly undertaken in the United Kingdom.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was - (2016 - 0).
The company is a 50% partner in joint ventures on which bank loans totalling £1,906,642 were granted to the joint venture partners in whose names those properties are registered. The bank loans are secured by a charge on the properties. The contingent liability at 31 March 2017 amounted to £953,321.
Analysis of loans
£
Loans falling due within one year:
Metier White Moss LLP 1,906,642
In addition the company has given a joint and several cross guarantee over £1.6 million plus costs and interest in respect of a bank loan to Metis Apartments Limited a company owned by Okeover LLP in which Threadex Developments Limited has a 50% interest.
Included in debtors as at 31 March 2017 is a loan balance amounting to £77,040 (2016 : £5,040) receivable from Chatham Estates Limited, a company in which Threadex Developments Limited has a 33.33% interest.
Included in debtors as at 31 March 2017 is a loan balance amounting to £2,221,368 (2016 : £2,221,368) receivable from Threadmet Properties Limited, a company in which Threadex Developments Limited has a 50% interest. No interest has been charged on this amount during the year.
Included in creditors as at 31 March 2017 is a loan balance amounting to £3,009,500 (2016 : £3,169,500) payable to Park Lane Properties and Investments Limited, a company controlled by director M Gross and his wife. No interest has been charged on this amount during the year. A management charge amounting to £50,000 (2016: £100,000) has been charged to Park Lane Properties and Investments Limited in respect of services provided during the year.
The ultimate parent company is Threadex Limited, a company incorporated in England and Wales.
The company is a wholly owned subsidiary of Threadex Limited, a company registered in England and Wales. Mr and Mrs M Gross are directors of Threadex Limited and own 100% of the issued share capital of that company.
The company is under the control of Mr and Mrs M Gross.