Company registration number 00409591 (England and Wales)
INVESTMENT AND SECURITIES TRUST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
INVESTMENT AND SECURITIES TRUST LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
INVESTMENT AND SECURITIES TRUST LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
288,853
66,686
Investment property
5
13,524,478
14,320,178
13,813,331
14,386,864
Current assets
Trade and other receivables
6
831,357
783,466
Investments
7
15,124
11,205
Cash and cash equivalents
374,921
169,351
1,221,402
964,022
Current liabilities
8
(13,126,104)
(12,263,571)
Net current liabilities
(11,904,702)
(11,299,549)
Total assets less current liabilities
1,908,629
3,087,315
Non-current liabilities
9
(218,137)
-
0
Provisions for liabilities
10
(937,000)
(1,000,000)
Net assets
753,492
2,087,315
Equity
Called up share capital
100
100
Retained earnings
753,392
2,087,215
Total equity
753,492
2,087,315

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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.

INVESTMENT AND SECURITIES TRUST LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
L F Voice
Director
Company registration number 00409591 (England and Wales)
INVESTMENT AND SECURITIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Investment and Securities Trust Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, 46 Crawford Street, London, W1H 1JU.

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 to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents amounts receivable from tenants of UK properties and the sale of UK properties held as trading stock. All amounts exclude value added tax.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values on a straight line basis over their useful lives as follows:

Fixtures, fittings and equipment
4 years
Motor vehicles
4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

1.5
Investment property

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. The surplus or deficit on revaluation is recognised in the income statement.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

INVESTMENT AND SECURITIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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 trade and other receivables 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. 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

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

INVESTMENT AND SECURITIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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 income statement 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.

 

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 income statement, 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

INVESTMENT AND SECURITIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

As detailed in note 5 to the financial statements, the investment properties have been valued by the directors and are included in the statement of financial position at what they consider to be their fair value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
4
Property, plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
31,753
100,030
131,783
Additions
-
0
336,880
336,880
Disposals
-
0
(100,030)
(100,030)
At 31 March 2023
31,753
336,880
368,633
Depreciation and impairment
At 1 April 2022
31,753
33,344
65,097
Depreciation charged in the year
-
0
66,782
66,782
Eliminated in respect of disposals
-
0
(52,099)
(52,099)
At 31 March 2023
31,753
48,027
79,780
Carrying amount
At 31 March 2023
-
0
288,853
288,853
At 31 March 2022
-
0
66,686
66,686
INVESTMENT AND SECURITIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Investment property
2023
£
Fair value
At 1 April 2022
14,320,178
Disposals
(795,700)
At 31 March 2023
13,524,478

The investment properties have been valued by the directors and are included in the statement of financial position at what they consider to be their fair value.

6
Trade and other receivables
2023
2022
£
£
Amounts falling due within one year:
Trade receivables
57,068
27,834
Amount owed by parent undertaking
759,991
740,533
Other receivables
14,298
15,099
831,357
783,466
7
Current asset investments
2023
2022
£
£
Cost
Other investments
15,124
11,205
8
Current liabilities
2023
2022
£
£
Trade payables
84,016
75,227
Amounts due to group undertaking
11,711,366
11,225,049
Corporation tax
418,539
-
0
Other taxation and social security
35,211
29,807
Other payables
876,972
933,488
13,126,104
12,263,571
9
Non-current liabilities
2023
2022
£
£
Other payables
218,137
-
0
INVESTMENT AND SECURITIES TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
937,000
1,000,000

The deferred tax liability above is a provision for the tax that would become payable if the investment properties were sold at their fair value at the reporting date as detailed in note 5 of the financial statements.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

 

Management fees receivable of £250,000 (2022 - £250,000) from Central Town Properties Limited, a company under common ownership.

 

Current liabilities include £11,711,366 (2022 - £11,235,339) due to Central Town Properties Limited. The amount is unsecured, interest free and is repayable on demand.

 

Current liabilities include £44,926 (2022 - £80,784) and £3,736 (2022 - £4,763) due to K L Voice and M S Voice respectively. These amounts are unsecured, interest free and repayable on demand.

12
Parent company

The company is a wholly owned subsidiary of Woolcastle Limited whose registered office address is Suite 3, 46 Crawford Street, London W1H 1JU.

2023-03-312022-04-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityL F VoiceD M A RubinM W LeeRedford Secretarial Services Limitedfalsefalse004095912022-04-012023-03-31004095912023-03-31004095912022-03-3100409591core:FurnitureFittings2023-03-3100409591core:MotorVehicles2023-03-3100409591core:FurnitureFittings2022-03-3100409591core:MotorVehicles2022-03-3100409591core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100409591core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100409591core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100409591core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3100409591core:Non-currentFinancialInstruments2023-03-3100409591core:CurrentFinancialInstruments2022-03-3100409591core:ShareCapital2023-03-3100409591core:ShareCapital2022-03-3100409591core:RetainedEarningsAccumulatedLosses2023-03-3100409591core:RetainedEarningsAccumulatedLosses2022-03-3100409591bus:Director12022-04-012023-03-3100409591core:FurnitureFittings2022-04-012023-03-3100409591core:MotorVehicles2022-04-012023-03-31004095912021-04-012022-03-3100409591core:FurnitureFittings2022-03-3100409591core:MotorVehicles2022-03-31004095912022-03-3100409591core:CurrentFinancialInstruments2023-03-3100409591core:WithinOneYear2023-03-3100409591core:WithinOneYear2022-03-3100409591core:Non-currentFinancialInstruments2022-03-3100409591bus:PrivateLimitedCompanyLtd2022-04-012023-03-3100409591bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3100409591bus:FRS1022022-04-012023-03-3100409591bus:AuditExemptWithAccountantsReport2022-04-012023-03-3100409591bus:Director22022-04-012023-03-3100409591bus:Director32022-04-012023-03-3100409591bus:CompanySecretary12022-04-012023-03-3100409591bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP