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REGISTERED NUMBER: 05768373 (England and Wales)















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: Ms E Pettenuzzo
G Francioni





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 05768373 (England and Wales)





ACCOUNTANTS: B&P Tax Legal Finance LLP
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.

Ms E Pettenuzzo
G Francioni

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:





G Francioni - Director


26 August 2022

T&W Trustees Limited (Registered number: 05768373)

Statement of Comprehensive Income
for the Year Ended 31 December 2021

2021 2020
Notes €    €   

TURNOVER 89,453 117,689

Administrative expenses 56,641 8,298
32,812 109,391

Other operating income - 205
PROFIT BEFORE TAXATION 5 32,812 109,596

Tax on profit 6,246 9,489
PROFIT FOR THE FINANCIAL YEAR 26,566 100,107

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

26,566

100,107

T&W Trustees Limited (Registered number: 05768373)

Statement of Financial Position
31 December 2021

2021 2020
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 6 - 61

CURRENT ASSETS
Debtors 7 383,944 117,677
Prepayments and accrued income - 48,634
Cash at bank 78,109 4,875
462,053 171,186
CREDITORS
Amounts falling due within one year 8 383,378 119,138
NET CURRENT ASSETS 78,675 52,048
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,675

52,109

CAPITAL AND RESERVES
Called up share capital 9 6,248 6,248
Redenomination reserve 10 37,047 37,047
Retained earnings 10 35,380 8,814
SHAREHOLDERS' FUNDS 78,675 52,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2022 and were signed on its behalf by:





G Francioni - Director


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 6,248 (91,293 ) 37,047 (47,998 )

Changes in equity
Total comprehensive income - 100,107 - 100,107
Balance at 31 December 2020 6,248 8,814 37,047 52,109

Changes in equity
Total comprehensive income - 26,566 - 26,566
Balance at 31 December 2021 6,248 35,380 37,047 78,675

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

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 61 81
Auditors' remuneration 1,216 (1,216 )
Foreign exchange differences 81 758

6. TANGIBLE FIXED ASSETS
Computer
equipment
€   
COST
At 1 January 2021
and 31 December 2021 406
DEPRECIATION
At 1 January 2021 345
Charge for year 61
At 31 December 2021 406
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 61

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 262,731 117,677
Other debtors 121,213 -
383,944 117,677

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
€    €   
Trade creditors 248,493 -
Taxation and social security 15,735 4,044
Other creditors 119,150 115,094
383,378 119,138

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: €    €   
5,680 Ordinary €1.1 6,248 6,248

10. RESERVES
Retained Redenomination
earnings reserve Totals
€    €    €   

At 1 January 2021 8,814 37,047 45,861
Profit for the year 26,566 26,566
At 31 December 2021 35,380 37,047 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.