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Registration number: 08741928

Trustco Capital Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Trustco Capital Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Trustco Capital Limited

(Registration number: 08741928)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,981

18,467

Current assets

 

Debtors

6,268

234

Cash at bank and in hand

 

1,091

6,019

 

7,359

6,253

Creditors: Amounts falling due within one year

(52,250)

(36,784)

Net current liabilities

 

(44,891)

(30,531)

Net liabilities

 

(32,910)

(12,064)

Capital and reserves

 

Called up share capital

7

59,000

59,000

Retained earnings

(91,910)

(71,064)

Shareholders' deficit

 

(32,910)

(12,064)

For the financial year ending 30 April 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 16 April 2024 and signed on its behalf by:
 

.........................................
John Raymond Hubbell
Director

 

Trustco Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Fairfield
68 Summers Road
Godalming
Surrey
GU7 3BE
United Kingdom

These financial statements were authorised for issue by the Board on 16 April 2024.

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.

Going concern

The directors have reviewed the company's plans and forecasts for the 12 months after the date of signing the accounts and believe that the preparation of accounts on a going concern basis continues to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Intangible assets

Costs identified with the initial development and set up of the business platform and processes have been capitalised as an intangible asset where, in the opinion of the directors, it is probable that expected future benefits associated with the asset will flow through to the entity in future accounting periods. These costs will be amortised over their expected useful life subject to any additional impairment judged as necessary by the directors at the balance sheet date.

 

Trustco Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. No amortisation has been charged to date due to the low level of activity hitherto undertaken by the company.

Asset class

Amortisation method and rate

Intangible Assets

4 and 5 years straight line

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Trustco Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

31,343

31,343

At 30 April 2023

31,343

31,343

Amortisation

At 1 May 2022

12,876

12,876

Amortisation charge

6,486

6,486

At 30 April 2023

19,362

19,362

Carrying amount

At 30 April 2023

11,981

11,981

At 30 April 2022

18,467

18,467

5

Debtors

2023
£

2022
£

Amounts owed by associates

5,300

-

VAT Control account

968

234

6,268

234

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,005

500

Accruals and deferred income

1,625

1,375

Other creditors

48,620

34,909

52,250

36,784

 

Trustco Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £40 each

800

32,000

800

32,000

Preference Shares of £1 each

27,000

27,000

27,000

27,000

 

27,800

59,000

27,800

59,000

8

Related party transactions

Loans to related parties

2023

Other related parties
£

Total
£

Advanced

15,300

15,300

Repaid

(10,000)

(10,000)

At end of period

5,300

5,300

Terms of loans to related parties

The loan relates to an amount owed by Tradesserve Ltd. The balance is repayable on demand and is non interest bearing. John Hubbell is a director and shreholder in Tradesserve Ltd.

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

34,888

34,888

Advanced

15,069

15,069

Repaid

(1,358)

(1,358)

At end of period

48,599

48,599

2022

Other related parties
£

Total
£

At start of period

25,042

25,042

Advanced

12,046

12,046

Repaid

(2,200)

(2,200)

At end of period

34,888

34,888

 

Trustco Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Terms of loans from related parties

The loan relates to an amount owed to Hubbell Ventures UK Limited and Hubbell Ventures Jersery Limited. The balance at the year end was £43,099 for Hubbell Ventures UK Limited and £5,500 for Hubbell Ventures Jersey Limited. It is repayable on demand and is non interest bearing. Mr John Hubbell is a director and shareholder in both companies.