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COMPANY REGISTRATION NUMBER: 10453748
Treetop Secrets Ltd
Filleted Unaudited Abridged Financial Statements
30 November 2023
Treetop Secrets Ltd
Abridged Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
230,355
243,286
Current assets
Debtors
25,085
18,684
Cash at bank and in hand
9,471
32,290
--------
--------
34,556
50,974
Creditors: amounts falling due within one year
296,136
300,252
---------
---------
Net current liabilities
261,580
249,278
---------
---------
Total assets less current liabilities
( 31,225)
( 5,992)
Creditors: amounts falling due after more than one year
9,566
13,903
--------
--------
Net liabilities
( 40,791)
( 19,895)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 40,793)
( 19,897)
--------
--------
Shareholders deficit
( 40,791)
( 19,895)
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Treetop Secrets Ltd
Abridged Statement of Financial Position (continued)
30 November 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
F Schofield
Director
Company registration number: 10453748
Treetop Secrets Ltd
Notes to the Abridged Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elder Heath Barn, Elderoth, Austwick, Lancaster, LA2 8AQ, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Going concern
A key risk to the future continued going concern of the company are the risks and uncertainties as to the impact of Covid-19 outbreak in the UK. As at the date of approving these accounts, the directors have assessed the impact of Covid-19 and are satisfied that these accounts continue to be prepared on a going concern basis, given that the company continues to be supported by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rental income receivable, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
5% reducing balance
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 December 2022 and 30 November 2023
340,864
---------
Depreciation
At 1 December 2022
97,578
Charge for the year
12,931
---------
At 30 November 2023
110,509
---------
Carrying amount
At 30 November 2023
230,355
---------
At 30 November 2022
243,286
---------
5. Directors' advances, credits and guarantees
The directors loan account remained in credit throughout the year.