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Registered number: 06013543












TRUST PROPERTY MANAGEMENT GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

CONTENTS



Page
Company Information
 
1
Consolidated Balance Sheet
 
2 - 3
Company Balance Sheet
 
4 - 5
Consolidated Statement of Changes in Equity
 
6 - 7
Company Statement of Changes in Equity
 
8
Notes to the Financial Statements
 
9 - 25


 

TRUST PROPERTY MANAGEMENT GROUP LIMITED
 
COMPANY INFORMATION


Directors
Dr J Finegold, Group MD 
Mr B Mire, CEO 
Mr M Yun, Property Director 




Company secretary
R Levy



Registered number
06013543



Registered office
Unit 3 Colindale Technology Park
Colindeep Lane

London

NW9 6BX




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:06013543
TRUST PROPERTY MANAGEMENT GROUP LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
934,608
1,301,014

Tangible assets
 7 
67,029
36,071

Investments
 8 
133
133

Investment property
 9 
215,652
227,952

  
1,217,422
1,565,170

Current assets
  

Debtors: amounts falling due within one year
 10 
1,422,021
1,708,461

Cash at bank and in hand
  
1,742,183
1,450,374

  
3,164,204
3,158,835

Creditors: amounts falling due within one year
 11 
(565,475)
(734,590)

Net current assets
  
 
 
2,598,729
 
 
2,424,245

Total assets less current liabilities
  
3,816,151
3,989,415

Provisions for liabilities
  

Deferred taxation
 12 
(39,100)
(29,403)

Other provisions
 13 
(10,000)
-

  
 
 
(49,100)
 
 
(29,403)

Net assets
  
3,767,051
3,960,012


Capital and reserves
  

Called up share capital 
 14 
286,417
285,417

Share premium account
 15 
405
405

Capital redemption reserve
 15 
105,520
105,520

Investment property reserve
 15 
86,321
86,321

Other reserves
 15 
5,000
6,000

Profit and loss account
 15 
3,283,388
3,476,349

Equity attributable to owners of the parent Company
  
3,767,051
3,960,012

Total Equity
  
3,767,051
3,960,012


Page 2


 
REGISTERED NUMBER:06013543
TRUST PROPERTY MANAGEMENT GROUP LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 consolidated 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 by: 




................................................
Dr J Finegold, Group MD
Director

Date: 29 January 2024

The notes on pages 9 to 25 form part of these financial statements.

Page 3


 
REGISTERED NUMBER:06013543
TRUST PROPERTY MANAGEMENT GROUP LIMITED

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
38,367
17,107

Investments
 8 
2,996,211
2,996,211

  
3,034,578
3,013,318

Current assets
  

Debtors: amounts falling due within one year
 10 
152,566
212,947

Cash at bank and in hand
  
28,533
23,515

  
181,099
236,462

Creditors: amounts falling due within one year
 11 
(1,774,305)
(1,766,587)

Net current liabilities
  
 
 
(1,593,206)
 
 
(1,530,125)

Total assets less current liabilities
  
1,441,372
1,483,193

  

Provisions for liabilities
  

Deferred taxation
 12 
(9,017)
(2,717)

Other provisions
 13 
(10,000)
-

  
 
 
(19,017)
 
 
(2,717)

Net assets
  
1,422,355
1,480,476


Capital and reserves
  

Called up share capital 
 14 
286,417
285,417

Share premium account
 15 
405
405

Capital redemption reserve
 15 
105,520
105,520

Other reserves
 15 
5,000
6,000

Profit and loss account brought forward
  
1,083,134
1,095,635

Profit for the year
  
83,838
129,456

Dividends: Equity capital

  

(141,959)
(141,957)

Profit and loss account carried forward
  
1,025,013
1,083,134

Total equity
  
1,422,355
1,480,476


Page 4


 
REGISTERED NUMBER:06013543
TRUST PROPERTY MANAGEMENT GROUP LIMITED
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 consolidated 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 by: 


................................................
Dr J Finegold, Group MD
Director

Date: 29 January 2024

The notes on pages 9 to 25 form part of these financial statements.

Page 5


TRUST PROPERTY MANAGEMENT GROUP LIMITED


 
  
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Capital redemption reserve
Investment property revaluation reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£
£



At 1 April 2021
284,917
405
105,520
86,321
6,500
3,438,040
3,921,703
3,921,703



Comprehensive income for the year


Profit for the year
-
-
-
-
-
180,266
180,266
180,266



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
(142,457)
(142,457)
(142,457)


Shares issued during the year
500
-
-
-
-
-
500
500


Share options transfer
-
-
-
-
(500)
500
-
-





At 1 April 2022
285,417
405
105,520
86,321
6,000
3,476,349
3,960,012
3,960,012



Comprehensive income for the year


Loss for the year
-
-
-
-
-
(51,002)
(51,002)
(51,002)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
(142,959)
(142,959)
(142,959)


Shares issued during the year
1,000
-
-
-
-
-
1,000
1,000


Share options transfer
-
-
-
-
(1,000)
1,000
-
-



At 31 March 2023
286,417
405
105,520
86,321
5,000
3,283,388
3,767,051
3,767,051



Page 6


TRUST PROPERTY MANAGEMENT GROUP LIMITED


 
  
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

The notes on pages 9 to 25 form part of these financial statements.

Page 7


TRUST PROPERTY MANAGEMENT GROUP LIMITED


 
  
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 April 2021
284,917
405
105,520
6,500
1,095,635
1,492,977



Comprehensive income for the year


Profit for the year
-
-
-
-
129,456
129,456



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(142,457)
(142,457)


Shares issued during the year
500
-
-
-
-
500


Share options transfer
-
-
-
(500)
500
-





At 1 April 2022
285,417
405
105,520
6,000
1,083,134
1,480,476



Comprehensive income for the year


Profit for the year
-
-
-
-
83,838
83,838



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(142,959)
(142,959)


Shares issued during the year
1,000
-
-
-
-
1,000


Transfer to/from profit and loss account
-
-
-
(1,000)
1,000
-



At 31 March 2023
286,417
405
105,520
5,000
1,025,013
1,422,355



The notes on pages 9 to 25 form part of these financial statements.

Page 8

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Trust Property Management Group Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit 3 Colindale Technology Park, Colindeep Lane, London, NW9 6BX.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. 

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 Section 1A of 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The Group have not taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 Section 1A:
 
The disclosure requirements of Section 10 Accounting Policies, Estimates and Errors.
Section 29 Income Tax paragraphs 29.25, 29.26 and 29.27 (disclosures relating to income tax).

The Group has availed itself to be exempt from preparing a cashflow statement.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Having considered post year end trading and financial results, cash reserves and committed borrowing facilities, and after making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as and when they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 9

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:

Revenue from the management of residential and commercial properties is recognised on an accruals basis in accordance with the service contract which usually stipulates a periodic management fee per unit managed.

Revenue from the provision of Chartered Surveyor services and other ad-hoc professional services is recognised upon completion of the service.

Revenue from insurance commissions is recognised on the date that the policy commences and the premium has been calculated.

Revenue from rental income comprises ground rent of the Company’s investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

The Group was in receipt of Coronavirus Job Retention Scheme payments during the prior year. This grant is of a revenue nature and is recognised in the profit and loss account in other operating income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 10

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. The directors have prospectively changed their accounting estimate of the life of the goodwill during the year.

 The estimated useful lives range as follows:

Goodwill
-
2-4 years of the remaining balance

Page 11

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
over 5 years
Office equipment
-
over 5 years
Computer equipment
-
over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Cash at bank

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 12

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.18

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.

 
2.19

Financial instruments

The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Group becomes 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 Group after deducting all of its liabilities.

The Group’s policies for its major classes of financial assets and financial liabilities are set out below:

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any
impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 
Page 13

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


 

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 14

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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.

 
2.21

Client bank accounts

The company holds monies on behalf of clients, in which the company has no beneficial interest. Such monies are therefore excluded from the balance sheet.

Page 15

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties
Investment properties are professionally valued using the traditional valuation method applied to lease extension/enfranchisement valuations as prescribed by statute but there is an inevitable degree of judgement involved in that each investment property is unique and value can only ultimately be reliably tested in the market itself. Key inputs into the valuations were:
Capitalisation of Ground Rent
Reversionary Value
Marriage Value

Impairment of intangible assets
Impairment of goodwill is undertaken using discounted cash flow method. This uses future expected cash inflows over 10 years discounted at market rate but there is an inevitable degree of judgement involved in that each intangible asset is unique and value can only ultimately be reliably tested in the market itself. Key inputs into the valuations were:
Operating cash inflows based on the current year performance
Annual growth rate of 2.50%
Discount rate of 10.00%

Impairment of investments
Impairment of investments in subsidiaries is undertaken using discounted cash flow method. This uses future expected cash inflows over 10 years discounted at market rate but there is an inevitable degree of judgement involved in that each company is unique and value can only ultimately be reliably tested in the market itself. Key inputs into the valuations were:
Operating cash inflows based on the current year performance
Annual growth rate of 2.50%
Discount rate of 10.00%


4.


Employees

The average monthly number of employees, including directors, during the year was 42 (2022 - 42).


5.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £83,838 (2022 - £129,456).

Page 16

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2022
4,121,049



At 31 March 2023

4,121,049



Amortisation


At 1 April 2022
2,820,035


Charge for the year
366,406



At 31 March 2023

3,186,441



Net book value



At 31 March 2023
934,608



At 31 March 2022
1,301,014



Page 17

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2022
105,032
816
134,083
239,931


Additions
14,278
479
50,849
65,606



At 31 March 2023

119,310
1,295
184,932
305,537



Depreciation


At 1 April 2022
89,939
727
113,194
203,860


Charge for the year on owned assets
15,682
67
18,899
34,648



At 31 March 2023

105,621
794
132,093
238,508



Net book value



At 31 March 2023
13,689
501
52,839
67,029



At 31 March 2022
15,093
89
20,889
36,071

Page 18

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           7.Tangible fixed assets (continued)


Company






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£

Cost


At 1 April 2022
99,133
296
34,505
133,934


Additions
9,124
-
33,330
42,454



At 31 March 2023

108,257
296
67,835
176,388



Depreciation


At 1 April 2022
84,728
207
31,892
116,827


Charge for the year on owned assets
14,877
-
6,317
21,194



At 31 March 2023

99,605
207
38,209
138,021



Net book value



At 31 March 2023
8,652
89
29,626
38,367



At 31 March 2022
14,405
89
2,613
17,107






Page 19

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Fixed asset investments

Group





Unlisted investments

£



Cost


At 1 April 2022
133



At 31 March 2023
133






Net book value



At 31 March 2023
133



At 31 March 2022
133

Company





Investments in subsidiary companies

£



Cost


At 1 April 2022
3,947,611



At 31 March 2023

3,947,611



Impairment


At 1 April 2022
951,400



At 31 March 2023

951,400



Net book value



At 31 March 2023
2,996,211



At 31 March 2022
2,996,211

Page 20

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Skylon Ltd
Unit 3 Technology Park,
Colindeep Lane,
London, NW9 6BX
Chartered Surveyors
Ordinary
100%
Trust Property Management
Ltd
Unit 3 Technology Park,
Colindeep Lane,
London, NW9 6BX
Property Management
Ordinary
100%
Residential Ground Rent
Investors Ltd
Unit 3 Technology Park,
Colindeep Lane,
London, NW9 6BX
Investment Property
Ordinary
100%
Dexter Brown Ltd
Unit 3 Technology Park,
Colindeep Lane,
London, NW9 6BX
Property Management
Ordinary
100%


9.


Investment property

Group


Freehold investment property

£



Valuation


At 1 April 2022
227,952


Disposals
(12,300)



At 31 March 2023
215,652

The freehold investment properties consist of freehold land. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2023 by Taylor Chartered Surveyors, who are not connected with the company.



Page 21

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
598,227
817,576
-
1,423

Amounts owed by group undertakings
-
-
64,189
64,189

Other debtors
617,311
664,007
28,125
18,101

Prepayments and accrued income
206,483
226,878
60,252
129,234

1,422,021
1,708,461
152,566
212,947



11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
49,206
99,425
35,145
75,471

Amounts owed to group undertakings
-
-
1,660,422
1,562,378

Corporation tax
74,509
108,952
16,668
43,018

Other taxation and social security
270,940
314,737
11,536
10,494

Other creditors
82,016
63,754
8,544
7,911

Accruals and deferred income
88,804
147,722
41,990
67,315

565,475
734,590
1,774,305
1,766,587


Page 22

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Deferred taxation


Group



2023


£






At beginning of year
(29,403)


Charged to profit or loss
(9,697)



At end of year
(39,100)

Company


2023


£






At beginning of year
(2,717)


Charged to profit or loss
(6,300)



At end of year
(9,017)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(14,353)
(4,656)
(9,017)
(2,717)

Revaluation
(24,747)
(24,747)
-
-

(39,100)
(29,403)
(9,017)
(2,717)


13.


Provisions


Group and Company



Dilapidations provision

£





At 1 April 2022
-


Charged to profit or loss
10,000



At 31 March 2023
10,000

Page 23

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



28,641,725 (2022 - 28,541,725) Ordinary shares of £0.01 each
286,417
285,417


During the year 100,000 shares of £0.01 each were issued at £0.01 each for cash consideration as a result of share options being exercised.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.


15.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve arising from the redemption or purchase of a company's own shares.

Investment property revaluation reserve

The investment property revaluation reserve relates to the revaluation of the company's freehold investment property, net of deferred tax. The reserve is not distributable.

Other reserves

Other reserves comprise the non-distributable share option reserve.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 24

 

TRUST PROPERTY MANAGEMENT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
108,792
66,354
72,652
33,168

Later than 1 year and not later than 5 years
342,838
13,640
260,338
-

451,630
79,994
332,990
33,168


17.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
 
Included in Group other debtors due within one year is an amount of £385,617 (2022 - £405,925) due from a company with common directors.


18.


Guarantee

The credit card facility provided to Skylon Ltd and Trust Property Management Ltd is secured by a debenture creating a fixed and floating charge over the assets of these two companies. The combined facility at the period end was £38,000 (2022 - £38,000).


19.


Post balance sheet events

Subsequent to the year end, the Company purchased the significant controlling interest in Fresh Property Management Limited.


20.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 29 January 2024 by Russell Tenzer FCA (Senior Statutory Auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 25