Silverfin false 31/03/2023 01/04/2022 31/03/2023 Ruth Maria Demenis 07 November 2023 The principal activity of the Company during the financial year was property investment and management. 01831161 2023-03-31 01831161 2022-03-31 01831161 core:CurrentFinancialInstruments 2023-03-31 01831161 core:CurrentFinancialInstruments 2022-03-31 01831161 core:Non-currentFinancialInstruments 2023-03-31 01831161 core:Non-currentFinancialInstruments 2022-03-31 01831161 core:ShareCapital 2023-03-31 01831161 core:ShareCapital 2022-03-31 01831161 core:OtherCapitalReserve 2023-03-31 01831161 core:OtherCapitalReserve 2022-03-31 01831161 core:RetainedEarningsAccumulatedLosses 2023-03-31 01831161 core:RetainedEarningsAccumulatedLosses 2022-03-31 01831161 core:ComputerEquipment 2022-03-31 01831161 core:ComputerEquipment 2023-03-31 01831161 bus:OrdinaryShareClass1 2023-03-31 01831161 2022-04-01 2023-03-31 01831161 bus:FullAccounts 2022-04-01 2023-03-31 01831161 bus:SmallEntities 2022-04-01 2023-03-31 01831161 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01831161 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01831161 bus:Director1 2022-04-01 2023-03-31 01831161 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 01831161 2021-04-01 2022-03-31 01831161 core:ComputerEquipment 2022-04-01 2023-03-31 01831161 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 01831161 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 01831161 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01831161 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01831161 (England and Wales)

TRUSART LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

TRUSART LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

TRUSART LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
TRUSART LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 448
Investment property 4 3,337,000 3,337,000
3,337,000 3,337,448
Current assets
Debtors
- due within one year 5 82,068 79,332
- due after more than one year 5 30,988 29,512
Cash at bank and in hand 32,648 17,837
145,704 126,681
Creditors: amounts falling due within one year 6 ( 330,640) ( 766,012)
Net current liabilities (184,936) (639,331)
Total assets less current liabilities 3,152,064 2,698,117
Creditors: amounts falling due after more than one year 7 ( 1,525,554) ( 1,239,724)
Net assets 1,626,510 1,458,393
Capital and reserves
Called-up share capital 8 4 4
Other reserves 140,250 140,250
Profit and loss account 1,486,256 1,318,139
Total shareholders' funds 1,626,510 1,458,393

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.

Director's responsibilities:

The financial statements of Trusart Limited (registered number: 01831161) were approved and authorised for issue by the Director on 07 November 2023. They were signed on its behalf by:

Ruth Maria Demenis
Director
TRUSART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
TRUSART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
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 address of the Company's registered office is The Holt, Lower Aisholt, Bridgwater, TA5 1AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties 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, 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

2023 2022
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 2022 1,466 1,466
At 31 March 2023 1,466 1,466
Accumulated depreciation
At 01 April 2022 1,018 1,018
Charge for the financial year 448 448
At 31 March 2023 1,466 1,466
Net book value
At 31 March 2023 0 0
At 31 March 2022 448 448

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 3,337,000
As at 31 March 2023 3,337,000

Valuation

The 2023 valuations were made by the director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 3,150,000 3,150,000

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 0 376
Amounts owed by director 8,936 0
Prepayments and accrued income 73,132 78,956
82,068 79,332
Debtors: amounts falling due after more than one year
Other debtors 30,988 29,512

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 119,096 548,033
Amounts owed to director ( 74) 0
Accruals and deferred income 2,300 7,987
Corporation tax 39,608 42,063
Other taxation and social security 25,116 23,335
Other creditors 144,594 144,594
330,640 766,012

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

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

2023 2022
£ £
Bank loans 377,260 146,110
Other creditors 1,148,294 1,093,614
1,525,554 1,239,724

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

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

9. Related party transactions

Transactions with the entity's director

During the year the director maintained a current account with the company. At the year end the director owed the company £8,862 (2022: £Nil)