REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Treethorpe Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Treethorpe Limited |
Treethorpe Limited (Registered number: 06172161) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Treethorpe Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Caxton House |
Broad Street |
Cambourne |
Cambridgeshire |
CB23 6JN |
Treethorpe Limited (Registered number: 06172161) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
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. |
Treethorpe Limited (Registered number: 06172161) |
Balance Sheet - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Treethorpe Limited (Registered number: 06172161) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Treethorpe Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
There are no transitional adjustments, accordingly the comparative figures have not been restated and no need to disclose a reconciliation of equity in these financial statements. |
Going concern |
The directors have reviewed the company's financial performance and position and have prepared forecasts |
based on historic trends and assumptions about future sales, cost levels and the timing of cashflows. |
The directors have previously given consideration to COVID-19 as having a risk on the business, however current forecasts have been prepared to 31 December 2024 and show that the directors expect the company to have sufficient cash resources to realise its assets and discharge its liabilities in the normal course of business for the foreseeable future and as a minimum for a period of at least 12 months from the date of approval of the financial statements. |
The directors have identified non-essential expenditure that can be reduced accordingly to conserve cash. From a cashflow perspective, the company is projected as being able to withstand a sustained reduction in normal workflows. Based on these forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Thus, they continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover consists of invoiced sales net of returns, trade discounts and value added tax,derived from the provision of goods and services. Unbilled work at the year end has been accrued for based on first disclosure having been made to the client, with an adjustment for possible future costs. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Treethorpe Limited (Registered number: 06172161) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements. |
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted. |
Deferred tax is not recognised wjen fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the asset has been revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Research and development |
Research expenditure is written off as incurred. Development expenditure is also written off, except where the company is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is deferred and amortised over the period during which the group is expected to benefit. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Client monies |
Monies collected on behalf of clients are held on trust in a separately administered bank account not shown in the balance sheet. |
Investments |
The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account. |
For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the investment is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity, determined using the weighted average cost method, is included in the net profit or loss for the period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Treethorpe Limited (Registered number: 06172161) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Treethorpe Limited (Registered number: 06172161) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 393,915 | - |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | 0.01 | 41 | 41 |
B Ordinary | 0.01 | 480 | 480 |
C Ordinary | 0.01 | 42 | 42 |
563 | 563 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2022 | 249,536 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2023 | 489,347 |
12. | PENSION COMMITMENTS |
The Company operates a defined contribution benefit scheme for its employees. The assets of the scheme are held separately from those of the company in independently administered funds |
The pensions cost charges represent contributions payable by the company to the funds and amounted to £13,192 (2022: £9,666) |
Treethorpe Limited (Registered number: 06172161) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
13. | FINANCIAL COMMITMENTS |
At 31 May 2023 the company was committed to making the following payments under non-cancellable operating leases: |
2023 | 2022 |
£ | £ |
Operating leases which expire: |
Between 1 and 2 years | 4,734 | 4,734 |
Between 2 and 5 years | 3,945 | 8,679 |
8,679 | 13,413 |
14. | RELATED PARTY DISCLOSURES |
The company purchases, on normal commercial terms, management, accounting, bookkeeping and payroll services from Best4business Accountants & Company Limited, a company registered in England number 4331988, of which Mr RC Mohabaty is majority shareholder and director. |
The value of such purchases during the financial year ended 31 May 2023 was £119,005 (excluding disbursement's and VAT) [2022: £111,936], and the total balance due to Best4business Accountants & Company Limited at the end of the year was £20,529 [2022: £20,579]. |
The company purchases, on normal commercial terms, IT support from Best4business (Technology Partners) Limited, a company registered in England number 10859135, of which Mr RC Mohabaty is director. |
The value of such purchases during the financial year ended 31 May 2023 was £54,587 (excluding disbursement's and VAT) [2022: £55,201], and the total balance due to Best4business (Technology Partners) Limited at the end of the year £6,057 [2022: £6,907]. |
The company purchases, on normal commercial terms accountancy services from Taylor Keeble LLP, a limited liability partnership registered in England with number OC412705, of which Mr RC Mohabaty is a designated member. |
The value of such purchases during the period being reported was £3,013 [2022: £2,950] excluding VAT. The total balance due from Taylor Keeble LLP at the end of the period was £nil [2022: £nil]. |
Dividends of £37,777 [2022: £56,555] were paid to family members of R C Mohabaty, a director. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate Controlling party is RC Mohabaty, who owns and controls 91.75% of the issued ordinary share capital of the Company. |
Treethorpe Limited (Registered number: 06172161) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
16. | EMPLOYEE SHARE OPTION SCHEME |
During the year, the company continued operating an approved Enterprise Management Incentive share option scheme (the “Scheme”) for key members of staff. |
Participants in the scheme are granted a conditional award of ordinary shares in the company. Options over shares may be exercised by participants over a ten year period, provided that specific performance targets have been achieved. The Scheme provides for a proportion of options over shares to be exercised if the targets are only partially met. Participants in the Scheme are required to contribute towards their share entitlements if and when they are exercised. |
At 31 May 2023, there were 4 participants in the Scheme, and (after accounting for lapses) options over: |
- 325 C Ordinary shares in total had been awarded with an exercise price of 139p each |
- 1,000 C ordinary shares in total had been awarded with an exercise price of 305p each |
No new options have been awarded since the end of the financial period. No shares options were exercised since the end of the financial period. |
Expected future share transfers to participants, based on the information presently available, are as follows: |
· 31 December 2023 up to 325 C Ordinary shares, at 139p each |
· 31 December 2023 up to 300 C Ordinary shares, at 305p each |
· 31 December 2024 up to 300 C Ordinary shares, at 305p each |
· 31 December 2025 up to 100 C Ordinary shares, at 305p each |
· 31 December 2026 up to 200 C Ordinary shares, at 305p each |
· 31 December 2027 up to 100 C Ordinary shares, at 305p each |
The latest actual market valuation (discounted, for Scheme purposes) agreed on 30 November 2020, set the actual market value price of shares under option at 305p each |