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Company No: 06578759 (England and Wales)

TREVENNA LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

TREVENNA LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

TREVENNA LIMITED

BALANCE SHEET

As at 30 September 2023
TREVENNA LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 2,614,189 2,232,698
2,614,189 2,232,698
Current assets
Stocks 13,931 16,096
Debtors 5 469,685 411,854
Cash at bank and in hand 378,427 825,977
862,043 1,253,927
Creditors: amounts falling due within one year 6 ( 945,754) ( 1,084,550)
Net current (liabilities)/assets (83,711) 169,377
Total assets less current liabilities 2,530,478 2,402,075
Creditors: amounts falling due after more than one year 7 ( 1,299,600) ( 1,410,333)
Provision for liabilities ( 113,391) ( 69,155)
Net assets 1,117,487 922,587
Capital and reserves
Called-up share capital 8 226 226
Share premium account 2,994 2,994
Profit and loss account 1,114,267 919,367
Total shareholders' funds 1,117,487 922,587

For the financial year ending 30 September 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 Trevenna Limited (registered number: 06578759) were approved and authorised for issue by the Director on 19 February 2024. They were signed on its behalf by:

Mr J Rowe
Director
TREVENNA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
TREVENNA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Trevenna 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 C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Trevenna, St Neot, Liskeard, Cornwall, PL14 6NR.

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 represents amounts chargeable, net of value added tax, in respect of the sale of services to customers. Revenue on the hire of the site and accommodation is recognised in the period to which occupancy take place. All revenue from the sale of goods is recognised at the point of sale.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 6 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 6 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 33 33

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 290,000 290,000
At 30 September 2023 290,000 290,000
Accumulated amortisation
At 01 October 2022 290,000 290,000
At 30 September 2023 290,000 290,000
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 October 2022 1,884,780 519,963 382,373 11,172 413,974 3,212,262
Additions 0 402,494 97,746 42,540 0 542,780
At 30 September 2023 1,884,780 922,457 480,119 53,712 413,974 3,755,042
Accumulated depreciation
At 01 October 2022 291,144 276,307 151,426 10,007 250,680 979,564
Charge for the financial year 37,697 65,358 42,442 2,950 12,842 161,289
At 30 September 2023 328,841 341,665 193,868 12,957 263,522 1,140,853
Net book value
At 30 September 2023 1,555,939 580,792 286,251 40,755 150,452 2,614,189
At 30 September 2022 1,593,636 243,656 230,947 1,165 163,294 2,232,698

Included within the net book value of land and buildings above is £1,555,940 (2022 - £1,593,636) in respect of freehold land and buildings.

5. Debtors

2023 2022
£ £
Trade debtors 10,098 4,065
Other debtors 459,587 407,789
469,685 411,854

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 125,104 122,084
Trade creditors 81,572 81,905
Taxation and social security 138,921 167,898
Other creditors 600,157 712,663
945,754 1,084,550

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

2023 2022
£ £
Bank loans 1,116,629 1,241,733
Other creditors 182,971 168,600
1,299,600 1,410,333

Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
20 Ordinary C shares of £ 1.00 each 20 20
6 Ordinary D shares of £ 1.00 each 6 6
226 226

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Balance brought forward 30,595 (13,813)
Advances to director 105,721 132,422
Repayments by director (88,000) (88,139)
Interest charged at the official rate 853 125
0 0
Balance carried forward 49,169 30,595

The amounts owed to the company are repayable on demand.