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Company No: 03308516 (England and Wales)

TRENGWAINTON DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

TRENGWAINTON DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TRENGWAINTON DEVELOPMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
TRENGWAINTON DEVELOPMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Colonel E T Bolitho OBE
Mrs A L M Bolitho
SECRETARY Colonel E T Bolitho OBE
REGISTERED OFFICE The Chyandour Office
Chyandour
Penzance
TR18 3LW
United Kingdom
COMPANY NUMBER 03308516 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
TRENGWAINTON DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
TRENGWAINTON DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 20,382 0
Investment property 4 635,120 707,900
Investments 5 158 34,938
655,660 742,838
Current assets
Debtors 6 56,648 70,633
Cash at bank and in hand 7 37,693 64,593
94,341 135,226
Creditors: amounts falling due within one year 8 ( 19,154) ( 37,311)
Net current assets 75,187 97,915
Total assets less current liabilities 730,847 840,753
Net assets 730,847 840,753
Capital and reserves
Called-up share capital 9 355,002 355,002
Revaluation reserve 72,780 0
Profit and loss account 303,065 485,751
Total shareholders' funds 730,847 840,753

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Trengwainton Developments Limited (registered number: 03308516) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Colonel E T Bolitho OBE
Director
TRENGWAINTON DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TRENGWAINTON DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Trengwainton Developments 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 The Chyandour Office, Chyandour, Penzance, TR18 3LW, United Kingdom.

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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Rental revenue is generated from land and residential property held as investment property.

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, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, 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.

Basic 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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 April 2023 0 0
Additions 20,382 20,382
At 31 March 2024 20,382 20,382
Accumulated depreciation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 20,382 20,382
At 31 March 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 707,900
Fair value movement (72,780)
As at 31 March 2024 635,120

Investment property comprises land at Chyenhal purchased on 1 January 2023.

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 34,938 34,938
At 31 March 2024 34,938 34,938
Provisions for impairment
At 01 April 2023 0 0
Change in cash balance held 34,780 34,780
At 31 March 2024 34,780 34,780
Carrying value at 31 March 2024 158 158
Carrying value at 31 March 2023 34,938 34,938

6. Debtors

2024 2023
£ £
Trade debtors 0 13,985
Other debtors 56,648 56,648
56,648 70,633

The other debtor amount of £56,648 represents balance owed from Lanisley Ltd.

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 37,633 64,533
Short-term deposits 60 60
37,693 64,593

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,056 15,079
Other taxation and social security 2,717 20,141
Other creditors 15,381 2,091
19,154 37,311

Other creditors include a £10,000 loan from the Edward Thomas Bolitho Children's Settlement.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
355,002 ORDINARY shares of £ 1.00 each 355,002 355,002