Silverfin false 31/03/2022 31/03/2022 01/04/2021 Ruth Demenis 01 September 2022 The principal activity of the Company during the financial year was property investment and management. 01831161 2022-03-31 01831161 2021-03-31 01831161 core:CurrentFinancialInstruments 2022-03-31 01831161 core:CurrentFinancialInstruments 2021-03-31 01831161 core:Non-currentFinancialInstruments 2022-03-31 01831161 core:Non-currentFinancialInstruments 2021-03-31 01831161 core:ShareCapital 2022-03-31 01831161 core:ShareCapital 2021-03-31 01831161 core:OtherCapitalReserve 2022-03-31 01831161 core:OtherCapitalReserve 2021-03-31 01831161 core:RetainedEarningsAccumulatedLosses 2022-03-31 01831161 core:RetainedEarningsAccumulatedLosses 2021-03-31 01831161 core:ComputerEquipment 2021-03-31 01831161 core:ComputerEquipment 2022-03-31 01831161 core:CurrentFinancialInstruments core:Secured 2022-03-31 01831161 core:MoreThanFiveYears 2022-03-31 01831161 core:MoreThanFiveYears 2021-03-31 01831161 bus:OrdinaryShareClass1 2022-03-31 01831161 2021-04-01 2022-03-31 01831161 bus:FullAccounts 2021-04-01 2022-03-31 01831161 bus:SmallEntities 2021-04-01 2022-03-31 01831161 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 01831161 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 01831161 bus:Director1 2021-04-01 2022-03-31 01831161 core:ComputerEquipment core:TopRangeValue 2021-04-01 2022-03-31 01831161 2020-04-01 2021-03-31 01831161 core:ComputerEquipment 2021-04-01 2022-03-31 01831161 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 01831161 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 01831161 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 01831161 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01831161 (England and Wales)

TRUSART LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

TRUSART LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

TRUSART LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2022
TRUSART LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2022
DIRECTOR Ruth Demenis
SECRETARY Michael Demenis
REGISTERED OFFICE The Holt
Lower Aisholt
Bridgwater
Somerset
TA5 1AS
United Kingdom
COMPANY NUMBER 01831161 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
TRUSART LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2022
TRUSART LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 448 936
Investment property 4 3,337,000 3,337,000
3,337,448 3,337,936
Current assets
Debtors
- due within one year 5 79,332 3,441
- due after more than one year 5 29,512 29,355
Cash at bank and in hand 17,837 35,829
126,681 68,625
Creditors
Amounts falling due within one year 6 ( 766,012) ( 339,109)
Net current liabilities (639,331) (270,484)
Total assets less current liabilities 2,698,117 3,067,452
Creditors
Amounts falling due after more than one year 7 ( 1,239,724) ( 1,787,636)
Net assets 1,458,393 1,279,816
Capital and reserves
Called-up share capital 8 4 4
Other reserves 140,250 0
Profit and loss account 1,318,139 1,279,812
Total shareholders' funds 1,458,393 1,279,816

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Trusart Limited (registered number: 01831161) were approved and authorised for issue by the Director on 01 September 2022. They were signed on its behalf by:

Ruth Demenis
Director
TRUSART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
TRUSART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Trusart Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered company number is 01831161. The address of the Company's registered office is The Holt, Lower Aisholt, Bridgwater, Somerset, TA5 1AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Trusart Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2021 1,466 1,466
At 31 March 2022 1,466 1,466
Accumulated depreciation
At 01 April 2021 530 530
Charge for the financial year 488 488
At 31 March 2022 1,018 1,018
Net book value
At 31 March 2022 448 448
At 31 March 2021 936 936

4. Investment property

Investment property
£
Valuation
As at 01 April 2021 3,337,000
As at 31 March 2022 3,337,000

The 2022 valuations were made by the director, on an open market value for existing use basis.

5. Debtors

2022 2021
£ £
Debtors: amounts falling due within one year
Trade debtors 376 732
Prepayments and accrued income 78,956 2,709
79,332 3,441
Debtors: amounts falling due after more than one year
Other debtors 29,512 29,355

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans (secured) 548,033 136,775
Amounts owed to director 0 8,862
Other creditors 144,594 144,594
Accruals and deferred income 7,987 6,520
Corporation tax 42,063 33,900
Other taxation and social security 23,335 8,458
766,012 339,109

Bank loans are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans (secured) 146,110 746,100
Other creditors 1,093,614 1,041,536
1,239,724 1,787,636

Bank loans are secured against the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans (secured / repayable by instalments) 3,413 216,518

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

9. Related party transactions

During the year the director maintained a current account with the company. At the year end the company owed the director £Nil (2021: £8,862).