Company registration number 02850896 (England and Wales)
TREEVIEW TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TREEVIEW TRADING LIMITED
COMPANY INFORMATION
Director
Mr P Rayden
Georgina Garrity
(Appointed 19 December 2023)
Secretary
A O Kravetz
N N Aye
Company number
02850896
Registered office
82 St John Street
London
EC1M 4JN
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
TREEVIEW TRADING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
TREEVIEW TRADING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
5
2,499,100
2,480,625
Current assets
Debtors
6
771,586
710,137
Creditors: amounts falling due within one year
7
(885,381)
(912,166)
Net current liabilities
(113,795)
(202,029)
Total assets less current liabilities
2,385,305
2,278,596
Creditors: amounts falling due after more than one year
8
(390)
Provisions for liabilities
9
(348,545)
(343,926)
Net assets
2,036,760
1,934,280
Capital and reserves
Called up share capital
10
100
100
Other reserves
1,591,403
1,572,928
Profit and loss reserves
445,257
361,252
Total equity
2,036,760
1,934,280
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 December 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 member has 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.
TREEVIEW TRADING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr P Rayden
Director
Company registration number 02850896 (England and Wales)
TREEVIEW TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
100
1,520,403
685,569
2,206,072
Year ended 31 December 2022:
Profit for the year
-
-
199,685
199,685
Dividends
-
-
(471,477)
(471,477)
Transfers
-
52,525
(52,525)
-
Balance at 31 December 2022
100
1,572,928
361,252
1,934,280
Year ended 31 December 2023:
Profit for the year
-
-
102,480
102,480
Transfers
-
18,475
(18,475)
-
Balance at 31 December 2023
100
1,591,403
445,257
2,036,760
TREEVIEW TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Treeview Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for ground rent and services.
1.3
Investment properties
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.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and are deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
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 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
TREEVIEW TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TREEVIEW TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees
The average number of persons (including directors) employed by the company during the year.
2023
2022
Total
2
1
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
27,280
68,304
Adjustments in respect of prior periods
(2,836)
(208)
Total current tax
24,444
68,096
Deferred tax
Origination and reversal of timing differences
4,619
(57,578)
Total tax charge
29,063
10,518
5
Investment property
2023
£
Fair value
At 1 January 2023
2,480,625
Revaluations
18,475
At 31 December 2023
2,499,100
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by Paul Rayden, who is a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,710
10,011
Amounts owed by group undertakings
490,278
421,214
Other debtors
276,598
278,912
771,586
710,137
TREEVIEW TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,657
23,380
Amounts owed to group undertakings
784,307
769,307
Corporation tax
27,280
68,304
Other creditors
45,137
51,175
885,381
912,166
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
390
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
348,545
343,926
10
Called up share capital
2023
2022
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
11
Related party transactions
At the balance sheet date Onaco Corporation B.V, the parent company, was owed £15,000 (2022: £Nil) by Treeview Trading Limited.
At the balance sheet date Mensa Management Inc was owed £769,307 (2022: £769,307) by Treeview Trading Limited..
At the balance sheet date Treeview Trading Limited was owed £490,278 (2022: £421,214) by Butterglade Limited.