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REGISTERED NUMBER: 00621178 (England and Wales)




















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

T.R.SUTERWALLA & SONS LIMITED

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Income Statement 3

Statement of Financial Position 4

Statement of Changes in Equity 6

Notes to the Financial Statements 7


T.R.SUTERWALLA & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: F T Suterwalla
H T Suterwalla
S T Suterwalla
M T Suterwalla
I T Suterwalla



SECRETARY: H T Suterwalla



REGISTERED OFFICE: 29 Welbeck street
London
W1G 8DA



REGISTERED NUMBER: 00621178 (England and Wales)



ACCOUNTANTS: Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA



BANKERS: National Westminster Bank Plc
St James' & Piccadilly Branch
PO Box 2DG
208 Piccadilly
London
W1J 9HE



HOLDING COMPANY: The Company is a 100% subsidiary of TRS
Group (UK) Limited.

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of letting the properties.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

F T Suterwalla
H T Suterwalla
S T Suterwalla
M T Suterwalla
I T Suterwalla

POLITICAL AND CHARITABLE DONATIONS
During the year, the company has contributed £120 (2022: £321) to UK registered charities.

INTEREST OF DIRECTORS IN CONTRACTS
During the period ended 31st December 2023 no director had any material interest in any significant contract to which the Company was a party.

TAXATION STATUS
The company is a close company within the provision of Corporation Taxes Act 2010.
.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





H T Suterwalla - Director


13 August 2024

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 99,130 4,390,406

Cost of sales - 3,550,000
GROSS PROFIT 99,130 840,406

Administrative expenses 1,244,450 573,093
(1,145,320 ) 267,313

Other operating income - 7,631
OPERATING (LOSS)/PROFIT 4 (1,145,320 ) 274,944

Pension scheme sanction charge 5 - 4,706,723
(1,145,320 ) (4,431,779 )

Interest receivable and
similar income 1,127,565 540,251
(17,755 ) (3,891,528 )
Gain/loss on revaluation of investment
property

-

(900,000

)
(17,755 ) (4,791,528 )

Interest payable and similar expenses 6 1,073 -
LOSS BEFORE TAXATION (18,828 ) (4,791,528 )

Tax on loss 7 (137,546 ) 90,842
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

118,718

(4,882,370

)

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 555 739
Investment property 9 25,025,000 25,025,000
25,025,555 25,025,739

CURRENT ASSETS
Debtors 10 191,540 168,810
Cash at bank 22,802,225 27,386,638
22,993,765 27,555,448
CREDITORS
Amounts falling due within one year 11 10,278,830 14,959,415
NET CURRENT ASSETS 12,714,935 12,596,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,740,490

37,621,772

PROVISIONS FOR LIABILITIES 12 771,088 771,088
NET ASSETS 36,969,402 36,850,684

CAPITAL AND RESERVES
Called up share capital 13 500,000 500,000
Fair value reserve 14 13,486,551 13,486,551
Retained earnings 22,982,851 22,864,133
SHAREHOLDERS' FUNDS 36,969,402 36,850,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





H T Suterwalla - Director


T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 500,000 26,910,408 14,322,646 41,733,054

Changes in equity
Total comprehensive income - (4,046,275 ) (836,095 ) (4,882,370 )
Balance at 31 December 2022 500,000 22,864,133 13,486,551 36,850,684

Changes in equity
Total comprehensive income - 118,718 - 118,718
Balance at 31 December 2023 500,000 22,982,851 13,486,551 36,969,402

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

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


1. STATUTORY INFORMATION

T.R.Suterwalla & Sons 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 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 as modified by the revaluation of certain fixed assets and applicable Accounting Standards in the United Kingdom.

The financial statements are presented in UK Pound Sterling.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the invoiced value of rent receivable in ordinary course of business, net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant and machinery - 25% straight line basis

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.


T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Sections 12 'Other Financial Instrument 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 sell 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.

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets
Basic financial assets, which include debtor 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 and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognized 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligation 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 ar presented as non-current liabilities. Trade creditor are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 250,000 250,000
Social security costs 38,640 38,118
288,640 288,118

The average number of employees during the year was as follows:
2023 2022

Administration 5 5

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 184 246

5. EXCEPTIONAL ITEMS

As the administrator of TRS Executive Pension Scheme, the company voluntarily paid sanction charge, due to certain unauthorised borrowings by the scheme. The company intend to claim relief under Section 268 of the Finance Act 2004.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 1,073 -

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 154,747
Under/ over provision
for tax for previous periods (137,546 ) -
Total current tax (137,546 ) 154,747

Deferred tax - (63,905 )
Tax on loss (137,546 ) 90,842

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (18,828 ) (4,791,528 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(4,707

)

(910,390

)

Effects of:
Expenses not deductible for tax purposes 46 1,065,277
Adjustments to tax charge in respect of previous periods (137,546 ) -
Deferred taxation 34 (63,905 )
Others 4,627 (140 )
Total tax (credit)/charge (137,546 ) 90,842

8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 985
DEPRECIATION
At 1 January 2023 246
Charge for year 184
At 31 December 2023 430
NET BOOK VALUE
At 31 December 2023 555
At 31 December 2022 739

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 25,025,000
NET BOOK VALUE
At 31 December 2023 25,025,000
At 31 December 2022 25,025,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 14,298,609
Valuation in 2023 (900,000 )
Cost 11,626,391
25,025,000

Fair value of investment properties were determined by external, independent valuer 'Matthews and Goodman LLP' on 15 May 2023.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,024 22,937
Other debtors 15,631 -
Corporation tax - 110,622
VAT 28,384 -
Prepayments and accrued income 122,501 35,251
191,540 168,810

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 104,531 4,436
Amounts owed to group undertakings 10,000,000 10,000,000
Corporation tax - 154,747
Social security and other taxes 12,373 12,721
VAT - 2,606
Other creditors 22,400 27,160
Accruals and deferred income 139,526 4,757,745
10,278,830 14,959,415

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Revaluation reserve 771,088 771,088

Deferred
tax
£   
Balance at 1 January 2023 771,088
Balance at 31 December 2023 771,088

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500,000 Ordinary shares £1 500,000 500,000

14. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 13,486,551

T.R.SUTERWALLA & SONS LIMITED (REGISTERED NUMBER: 00621178)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. PARENT COMPANY

TRS Group (UK) Ltd registered in England and Wales is the parent company due to 100% shareholding.