REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
T&W Trustees Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
T&W Trustees Limited |
T&W Trustees Limited (Registered number: 05768373) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Comprehensive Income | 3 |
Statement of Financial Position | 4 |
Statement of Changes in Equity | 5 |
Notes to the Financial Statements | 6 |
T&W Trustees Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
38 Craven Street |
London |
WC2N 5NG |
T&W Trustees Limited (Registered number: 05768373) |
Report of the Directors |
for the Year Ended 31 December 2021 |
The directors present their report with the financial statements of T&W Trustees Limited ("the company") for the year ended 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of acting as trustee for clients. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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: |
T&W Trustees Limited (Registered number: 05768373) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2021 |
2021 | 2020 |
Notes | € | € |
TURNOVER |
Administrative expenses |
32,812 | 109,391 |
Other operating income |
PROFIT BEFORE TAXATION | 5 |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Dividends distributed |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
T&W Trustees Limited (Registered number: 05768373) |
Statement of Financial Position |
31 December 2021 |
2021 | 2020 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Redenomination reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
T&W Trustees Limited (Registered number: 05768373) |
Statement of Changes in Equity |
for the Year Ended 31 December 2021 |
Called up |
share | Retained | Redenomination | Total |
capital | earnings | reserve | equity |
€ | € | € | € |
Balance at 1 January 2020 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2020 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2021 |
T&W Trustees Limited (Registered number: 05768373) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
T&W Trustees Limited is a private company, limited by shares, registered in England and Wales. The company registered number is 05768373. The registered office and principal place of business is 38 Craven Street, London WC2N 5NG. |
The functional and presentation currency of the financial statements is the Euro. |
2. | ACCOUNTING POLICIES |
Going concern |
The directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable which is based on the trust complexity, assets in trust, trust type and size, excluding value added tax. Administration and Responsibility fees are recognised over the annual period to which they relate. Project income is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. |
Tangible fixed assets |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Cash and cash equivalents |
Cash and cash equivalents comprise bank balances including cash pool assets, cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less which are available on demand. |
T&W Trustees Limited (Registered number: 05768373) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are |
measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, |
including bank loans, are measured initially at fair value, net of transaction costs, and are |
measured subsequently at amortised cost using the effective interest method. |
3. | CRITICAL ACCOUNTING 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 for assets and liabilities as at the year end date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The directors consider that the judgement on whether or not to provide against certain debtors has an effect on the amounts recognised in the financial statements. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
2021 | 2020 |
€ | € |
Directors' remuneration |
5. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
2021 | 2020 |
€ | € |
Depreciation - owned assets |
Auditors' remuneration | ( |
) |
Foreign exchange differences |
6. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
€ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
T&W Trustees Limited (Registered number: 05768373) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
€ | € |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | € | € |
Ordinary | €1.1 | 6,248 | 6,248 |
10. | RESERVES |
Retained | Redenomination |
earnings | reserve | Totals |
€ | € | € |
At 1 January 2021 | 45,861 |
Profit for the year |
At 31 December 2021 | 72,427 |
The redenomination reserve is a distributable reserve which arose when the share capital was redenominated from GBP to EUR in a previous period. |
11. | POST BALANCE SHEET EVENTS |
As disclosed in the accounting policies note at Note 2, the company is expected to cease trade in June 2022. The going concern basis is not appropriate and the directors have therefore not prepared the financial statements on that basis. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Alessandro Belluzzo. |