Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity11falsetrue 12693182 2022-04-01 2023-03-31 12693182 2021-07-01 2022-03-31 12693182 2023-03-31 12693182 2022-03-31 12693182 c:Director1 2022-04-01 2023-03-31 12693182 d:CurrentFinancialInstruments 2023-03-31 12693182 d:CurrentFinancialInstruments 2022-03-31 12693182 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12693182 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12693182 d:ShareCapital 2023-03-31 12693182 d:ShareCapital 2022-03-31 12693182 d:RevaluationReserve 2022-04-01 2023-03-31 12693182 d:RevaluationReserve 2023-03-31 12693182 d:RevaluationReserve 2022-03-31 12693182 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12693182 d:RetainedEarningsAccumulatedLosses 2023-03-31 12693182 d:RetainedEarningsAccumulatedLosses 2022-03-31 12693182 c:FRS102 2022-04-01 2023-03-31 12693182 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12693182 c:FullAccounts 2022-04-01 2023-03-31 12693182 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12693182 d:EntityControlledByKeyManagementPersonnel1 2022-04-01 2023-03-31 12693182 d:EntityControlledByKeyManagementPersonnel1 2023-03-31 12693182 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 12693182 2 2022-04-01 2023-03-31 12693182 5 2022-04-01 2023-03-31 12693182 6 2022-04-01 2023-03-31 12693182 1 2023-03-31 12693182 1 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 12693182









TRISTAN REAL ESTATE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
TRISTAN REAL ESTATE LIMITED
REGISTERED NUMBER: 12693182

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
11,018,736
10,321,570

  
11,018,736
10,321,570

Current assets
  

Debtors: amounts falling due within one year
 5 
11,018
8,265

Cash at bank and in hand
 6 
9,177
151,228

  
20,195
159,493

Creditors: amounts falling due within one year
 7 
(11,827,413)
(10,203,289)

Net current liabilities
  
 
 
(11,807,218)
 
 
(10,043,796)

Total assets less current liabilities
  
(788,482)
277,774

  

Net (liabilities)/assets
  
(788,482)
277,774


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 8 
-
132,463

Profit and loss account
 8 
(788,582)
145,211

  
(788,482)
277,774


Page 1

 
TRISTAN REAL ESTATE LIMITED
REGISTERED NUMBER: 12693182
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2023.




M Sharpe
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Tristan Real Estate Limited is a private company, limited by shares, domiciled in England and Wales registration number 12693182. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL. The nature of the company's operations and principal activity is that of an investment company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has recorded a net loss of £1,053,686 for the current year and has net liabilities of
£788,482 as at 31 March 2023. This reduction in the Company's position is due to a temporary decline in the value of its investments which have strengthened post year end.
The Director remains committed to supporting and financing the activities of the Company. Going concern has therefore been applied on the basis that the Company will continue to receive financial support 12 months from the date the accounts are signed.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover comprises income derived from the investments held by the company.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

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

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors



Short-term 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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Page 5

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Financial liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the period was as follows:


        2023
        2022
            No.
            No.







Number of employees
1
1

Page 7

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2022
10,189,107


Additions
4,110,293


Disposals
(2,432,756)



At 31 March 2023

11,866,644



Impairment


At 1 April 2022
(132,463)


Charge for the period
994,738


Impairment on disposals
(14,367)



At 31 March 2023

847,908



Net book value



At 31 March 2023
11,018,736



At 31 March 2022
10,321,570


5.


Debtors

2023
2022
£
£


Other debtors
11,018
7,673

Prepayments and accrued income
-
592

11,018
8,265


Page 8

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
9,177
151,227

9,177
151,227



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,790,633
2,186,115

Other creditors
10,024,300
8,008,954

Accruals and deferred income
12,480
8,220

11,827,413
10,203,289



8.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


9.


Related party transactions

At the year end the following amounts were due from/(to) related parties:


2023
2022
£
£

Entities under common control
-
(1,782,675)
Key management personnel
(10,011,730)
(6,226,279)
(10,011,730)
(8,008,954)

Page 9

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

10.


Controlling party

Karen Sharpe Discretionary Trust is the controlling party by virtue of their 100% holding of the issued share capital.

 
Page 10