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Company No: 05395213 (England and Wales)

TRUSCOTTS (NEWQUAY) LIMITED

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

TRUSCOTTS (NEWQUAY) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TRUSCOTTS (NEWQUAY) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
TRUSCOTTS (NEWQUAY) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS A J Thain
D Thain
SECRETARY D Thain
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 05395213 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
TRUSCOTTS (NEWQUAY) LIMITED

BALANCE SHEET

As at 31 March 2024
TRUSCOTTS (NEWQUAY) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 14,782 17,146
14,782 17,146
Current assets
Stocks 5 1,000 300
Debtors 6 17,527 26,153
Cash at bank and in hand 4,157 12,695
22,684 39,148
Creditors: amounts falling due within one year 7 ( 12,130) ( 14,159)
Net current assets 10,554 24,989
Total assets less current liabilities 25,336 42,135
Provision for liabilities ( 3,696) ( 4,286)
Net assets 21,640 37,849
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 20,640 36,849
Total shareholders' funds 21,640 37,849

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 Truscotts (Newquay) Limited (registered number: 05395213) were approved and authorised for issue by the Board of Directors on 20 August 2024. They were signed on its behalf by:

A J Thain
Director
TRUSCOTTS (NEWQUAY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TRUSCOTTS (NEWQUAY) 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

Truscotts (Newquay) 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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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. Turnover from the sale of goods is recognised at the point of sale in the shop.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
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:

Leasehold improvements 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 3 years straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 68,000 68,000
At 31 March 2024 68,000 68,000
Accumulated amortisation
At 01 April 2023 68,000 68,000
At 31 March 2024 68,000 68,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 66,989 4,615 161,637 233,241
Additions 0 0 1,229 1,229
At 31 March 2024 66,989 4,615 162,866 234,470
Accumulated depreciation
At 01 April 2023 66,989 4,615 144,491 216,095
Charge for the financial year 0 0 3,593 3,593
At 31 March 2024 66,989 4,615 148,084 219,688
Net book value
At 31 March 2024 0 0 14,782 14,782
At 31 March 2023 0 0 17,146 17,146

5. Stocks

2024 2023
£ £
Stocks 1,000 300

6. Debtors

2024 2023
£ £
Other debtors 17,527 26,153

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,717 3,573
Taxation and social security 2,009 2,436
Other creditors 7,404 8,150
12,130 14,159

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
A & D Thain 16,220 22,207

During the year, there were advances made to the directors of £25,849 (2023 - £22,529) and repayments made by them of £ 31,836 (2023 - £41,000). This resulted in a loan balance repayable on demand to the company of £ 16,220 (2023 - £22,207).