Company registration number 10584140 (England and Wales)
CAERUS (TRINITY LETTINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CAERUS (TRINITY LETTINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CAERUS (TRINITY LETTINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
3,600,000
3,600,000
Current assets
Debtors
4
96,259
32,410
Cash at bank and in hand
16,022
34,418
112,281
66,828
Creditors: amounts falling due within one year
5
(43,280)
(46,218)
Net current assets
69,001
20,610
Total assets less current liabilities
3,669,001
3,620,610
Creditors: amounts falling due after more than one year
6
(3,281,053)
(3,281,053)
Provisions for liabilities
(100,000)
(100,000)
Net assets
287,948
239,557
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
287,848
239,457
Total equity
287,948
239,557

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CAERUS (TRINITY LETTINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr P Seaton
Mr M McLean
Director
Director
Company Registration No. 10584140
CAERUS (TRINITY LETTINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
100
278,894
278,994
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(39,437)
(39,437)
Balance at 31 March 2022
100
239,457
239,557
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
48,391
48,391
Balance at 31 March 2023
100
287,848
287,948
CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Caerus (Trinity Lettings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable on rental properties.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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.

CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
3,600,000

Investment property comprises of 4 properties;

 

21 Thames Street, Weybridge, Surrey,

23 Thames Street, Weybridge, Surrey,

25 Thames Street, Weybridge, Surrey and,

27 Thames Street, Weybridge, Surrey.

 

The fair value of the investment properties has been arrived at on the basis of the directors valuation, who have extensive knowledge of the market conditions and as such, consider this valuation to be appropriate as at 31 March 2023.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
354
1,569
Other debtors
95,905
30,841
96,259
32,410
CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1,625
Other creditors
43,280
44,593
43,280
46,218
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,400,000
2,400,000
Amounts owed to group undertakings
881,053
881,053
3,281,053
3,281,053

The long-term loans are secured by the following:

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 21 Thames Street, Weybridge, Surrey KT13 6JG.

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 23 Thames Street, Weybridge, Surrey KT13 6JG.

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 25 Thames Street, Weybridge, Surrey KT13 6JG.

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 27 Thames Street, Weybridge, Surrey KT13 6JG.

8
Reserves

£300,000 in reserves is non-distributable and distributable reserves are negative £12,152.

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