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Registration number: 05670308

Trelasco Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Trelasco Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Trelasco Limited

(Registration number: 05670308)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

8,000,000

8,000,000

Investments

5

1,900,000

1,900,000

 

9,900,000

9,900,000

Current assets

 

Debtors

6

2,608,715

2,611,111

Cash at bank and in hand

 

196,733

65,470

 

2,805,448

2,676,581

Creditors: Amounts falling due within one year

7

(213,646)

(763,087)

Net current assets

 

2,591,802

1,913,494

Total assets less current liabilities

 

12,491,802

11,813,494

Provisions for liabilities

(427,120)

(427,120)

Net assets

 

12,064,682

11,386,374

Capital and reserves

 

Called up share capital

8

88,099

88,099

Share premium reserve

6,353,732

6,353,732

Other reserves

3,572,880

3,572,880

Profit and loss account

2,049,971

1,371,663

Shareholders' funds

 

12,064,682

11,386,374

 

Trelasco Limited

(Registration number: 05670308)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 October 2023 and signed on its behalf by:

.........................................
L Lavarini
Director

 

Trelasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
24 Cranbourn Street
London
WC2H 7AB
United Kingdom

These financial statements were authorised for issue by the Board on 12 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts receivable from property letting and is recognised over the rental period.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Trelasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investment property

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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Trelasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investment properties

2023
£

At 1 April

8,000,000

At 31 March

8,000,000

In the opinion of the directors, the investment property is valued in the financial statements at its open market value as at 31 March 2023.

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,900,000

1,900,000

Subsidiaries

£

Cost or valuation

At 1 April 2022

1,900,000

Carrying amount

At 31 March 2023

1,900,000

At 31 March 2022

1,900,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

23,750

Amounts owed by related parties

9

1,791,439

1,791,439

Other debtors

 

817,276

795,922

   

2,608,715

2,611,111

 

Trelasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,020

1,035

Taxation and social security

96,277

660,161

Accruals and deferred income

56,190

57,090

Other creditors

60,159

44,801

213,646

763,087

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

88,000

88,000

88,000

88,000

Ordinary B shares of £1 each

99

99

99

99

 

88,099

88,099

88,099

88,099

Ordinary A shares

The ordinary A shares confer the right to attend and vote at members' meetings and on members' written resolutions, with one vote per share on a poll and one vote each on a show of hands or a written resolution. The ordinary A shares are eligible for full dividends at a level determined by the directors and approved by the members, and interim dividends at the discretion of the directors. The shares rank pari passu for repayment and any distribution include on winding up and are not redeemable.

Ordinary B shares

The ordinary B shares do not confer any right to attend or vote at members' meetings and on members' written resolutions. The ordinary B shares are eligible for full dividends at a level determined by the directors and approved by the members, and interim dividends at the discretion of the directors. The shares rank pari passu for repayment and any distribution include on winding up and are not redeemable.

 

Trelasco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

During the year, the company let out one of its properties to a company controlled by the directors, at an annual rent of £275,000 (2022 - £203,128). Management charges of £7,200 (2022 - £7,200) were paid to this related party during the year.

Included within amounts owed by related parties is an amount of £1,791,439 ( 2022 £1,791,439) due from a sole trade business of a close family member of the directors. This balance is repayable on demand and interest-free.

Included within other debtors is the amount of £23,947 (2022 - £7,982) advanced to trusts of which the directors are beneficiaries. These advances remained outstanding at the balance sheet date and are repayable on demand and interest-free.

Included in other creditors is an amount of £60,160 (2022 - £44,800) owed to the directors of the company. This amount is interest-free and repayable on demand.