Company registration number 14746686 (England and Wales)
TELLON TWO TREASURY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TELLON TWO TREASURY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
TELLON TWO TREASURY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Trade and other receivables
3
11,763,542
Cash and cash equivalents
68,953
11,832,495
Current liabilities
4
(8,528)
Net current assets
11,823,967
Non-current liabilities
5
(11,960,277)
Net liabilities
(136,310)
Equity
Called up share capital
100
Retained earnings
(136,410)
Total equity
(136,310)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial Period ended 31 December 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 Period 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.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
B Hamburger
Director
Company registration number 14746686 (England and Wales)
TELLON TWO TREASURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Tellon Two Treasury Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.
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. 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 interest and fees receivable on loans and advances. Revenue is recognised to the extent that it is probable that economic benefits will flow into the company and arises solely in the United Kingdom.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and deposits held at call with banks.
1.5
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.
TELLON TWO TREASURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. .
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
3
Trade and other receivables
2023
£
Amounts falling due within one year:
Other receivables
11,763,542
4
Current liabilities
2023
£
Other payables
8,528
5
Non-current liabilities
2023
£
Other payables
11,960,277
TELLON TWO TREASURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
5
Non-current liabilities
(Continued)
- 4 -
The loan facility with Cogito Capital Fund II Management Limited is for total amount of £13,000,000. The loan is secured on the properties held by Carter Victoria Ltd, Carter Victoria Freehold Ltd, 50 HSS Ltd and Cassio Watford Ltd. It accrues interest at the rate of 6.0% p.a. + the higher of the Bank of England base rate and 3.0%. The loan facility is repayable on the date which is 24 months after the signing date being 28 June 2025, unless the company exercises the maturity extension, which could potentially extend the loan repayment date up to 28 June 2026. The finance costs are amortised over the term of the loan. |
6
Related party transactions
The company has taken advantage of the exemption available in accordance with Section 1AC.35 of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
7
Parent company
In the opinion of the directors there is no ultimate controlling party.