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REGISTERED NUMBER: 06172161 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Treethorpe Limited

Treethorpe Limited (Registered number: 06172161)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Treethorpe Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: N E Graham
R C Mohabaty





SECRETARY: Best4Business Limited (Corporate)





REGISTERED OFFICE: 44 Beaufort Court
Admirals Way
London
E14 3QY





REGISTERED NUMBER: 06172161 (England and Wales)





ACCOUNTANTS: Taylor Keeble LLP
Chartered Accountants
9 Caxton House
Broad Street
Cambourne
Cambridgeshire
CB23 6JN

Treethorpe Limited (Registered number: 06172161)

Balance Sheet
31 May 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Tangible assets 4 810 844
Investments 5 91 91
901 935

CURRENT ASSETS
Debtors 6 171 475
Cash at bank 267 8
438 483
CREDITORS
Amounts falling due within one year 7 (338 ) (418 )
NET CURRENT ASSETS 100 65
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,001

1,000

CREDITORS
Amounts falling due after more than one year 8 (447 ) (487 )

PROVISIONS FOR LIABILITIES (17 ) (24 )
NET ASSETS 537 489

CAPITAL AND RESERVES
Called up share capital 10 - -
Share premium 11 10 10
Retained earnings 11 527 479
SHAREHOLDERS' FUNDS 537 489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:



R C Mohabaty - Director


Treethorpe Limited (Registered number: 06172161)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Treethorpe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There are no transitional adjustments, accordingly the comparative figures have not been restated and no need to disclose a reconciliation of equity in these financial statements.

Going concern

The directors have reviewed the company's financial performance and position and have prepared forecasts based on historic trends and assumptions about future sales, cost levels and the timing of cashflows.

The directors have given consideration to the risks for the business, however current forecasts have been prepared to 31 December 2025 that show the company as having sufficient cash resources to realise its assets and discharge its liabilities in the normal course of business for the foreseeable future and as a minimum for a period of at least 12 months from the date of approval of the financial statements.

From a cashflow perspective, the company is projected as being able to withstand a sustained reduction in normal workflows. Based on these forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Thus, they continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover consists of invoiced sales net of returns, trade discounts and value added tax,derived from the provision of goods and services. Unbilled work at the year end has been accrued for based on first disclosure having been made to the client, with an adjustment for possible future costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on cost and 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Treethorpe Limited (Registered number: 06172161)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is not recognised wjen fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the asset has been revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Research and development
Research expenditure is written off as incurred. Development expenditure is also written off, except where the company is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is deferred and amortised over the period during which the group is expected to benefit.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Client monies
Monies collected on behalf of clients are held on trust in a separately administered bank account not shown in the balance sheet.

Investments
The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the investment is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity, determined using the weighted average cost method, is included in the net profit or loss for the period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 14 ) .

Treethorpe Limited (Registered number: 06172161)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£'000 £'000 £'000
COST
At 1 June 2023 712 292 1,004
Additions - 27 27
At 31 May 2024 712 319 1,031
DEPRECIATION
At 1 June 2023 - 160 160
Charge for year - 61 61
At 31 May 2024 - 221 221
NET BOOK VALUE
At 31 May 2024 712 98 810
At 31 May 2023 712 132 844

5. FIXED ASSET INVESTMENTS
Other
investments
£'000
COST
At 1 June 2023
and 31 May 2024 91
NET BOOK VALUE
At 31 May 2024 91
At 31 May 2023 91

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Trade debtors 52 28
Other debtors 119 447
171 475

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Bank loans and overdrafts 38 24
Trade creditors 7 38
Taxation and social security 171 135
Other creditors 122 221
338 418

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£'000 £'000
Bank loans 447 487

Treethorpe Limited (Registered number: 06172161)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£'000 £'000
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 372 394

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£'000 £'000
Bank loans 479 511

At 31 May 2024, the company has a bank loan of £478,799 outstanding (2023: £510,613), which is secured by way of a floating charge over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,000 A Ordinary 0.01 41 41
48,000 B Ordinary 0.01 480 480
2,626 C Ordinary 0.01 42 42
563 563

11. RESERVES
Retained Share
earnings premium Totals
£'000 £'000 £'000

At 1 June 2023 479 10 489
Profit for the year 111 111
Dividends (63 ) (63 )
At 31 May 2024 527 10 537

12. PENSION COMMITMENTS

The Company operates a defined contribution benefit scheme for its employees. The assets of the scheme are held separately from those of the company in independently administered funds

The pensions cost charges represent contributions payable by the company to the funds and amounted to £12,308 (2023: £13,192)

13. FINANCIAL COMMITMENTS

At 31 May 2024 the company was committed to making the following payments under non-cancellable operating leases:
20242023
£'000£'000
Operating leases which expire:
Between 1 and 2 years45
Between 2 and 5 years -4
49

Treethorpe Limited (Registered number: 06172161)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

14. RELATED PARTY DISCLOSURES

The company purchases, on normal commercial terms, management, accounting, bookkeeping and payroll services from Best4business Accountants & Company Limited, a company registered in England number 4331988, of which Mr RC Mohabaty is majority shareholder and director.

The value of such purchases during the financial year ended 31 May 2024 was £246,895 (excluding disbursement's and VAT) [2023: £119,005], and the total balance due to Best4business Accountants & Company Limited at the end of the year was £3,195 [2023: £20,529].

The company purchases, on normal commercial terms, IT support from Best4business (Technology Partners) Limited, a company registered in England number 10859135, of which Mr RC Mohabaty is director.

The value of such purchases during the financial year ended 31 May 2024 was £67,125 (excluding disbursement's and VAT) [2023: £54,587], and the total balance due to Best4business (Technology Partners) Limited at the end of the year £1,584 [2023: £6,057].

The company purchases, on normal commercial terms accountancy services from Taylor Keeble LLP, a limited liability partnership registered in England with number OC412705, of which Mr RC Mohabaty is a designated member.

The value of such purchases during the period being reported was £3,250 [2023: £3,013] excluding VAT. The total balance due from Taylor Keeble LLP at the end of the period was £nil [2023: £nil].

Dividends of £56,832 [2023: £37,777] were paid to family members of R C Mohabaty, a director.

15. ULTIMATE CONTROLLING PARTY

The ultimate Controlling party is RC Mohabaty, who owns and controls 91.75% of the issued ordinary share capital of the Company.

16. EMPLOYEE SHARE OPTION SCHEME

During the year, the company continued operating an approved Enterprise Management Incentive share option scheme (the “Scheme”) for key members of staff.

Participants in the scheme are granted a conditional award of ordinary shares in the company. Options over shares may be exercised by participants over a ten year period, provided that specific performance targets have been achieved. The Scheme provides for a proportion of options over shares to be exercised if the targets are only partially met. Participants in the Scheme are required to contribute towards their share entitlements if and when they are exercised.

At 31 May 2024, there were 3 participants in the Scheme, and (after accounting for lapses) options over:

- 1,000 C ordinary shares in total had been awarded with an exercise price of 305p each

No new options have been awarded since the end of the financial period. No shares options were exercised since the end of the financial period.

Expected future share transfers to participants, based on the information presently available, are as follows:

· 31 December 2024 up to 300 C Ordinary shares, at 305p each
· 31 December 2025 up to 300 C Ordinary shares, at 305p each
· 31 December 2026 up to 200 C Ordinary shares, at 305p each
· 31 December 2027 up to 200 C Ordinary shares, at 305p each

The latest actual market valuation (discounted, for Scheme purposes) agreed on 30 November 2020, set the actual market value price of shares under option at 305p each