REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
TRUSTEE PROPERTIES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
TRUSTEE PROPERTIES LTD |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TRUSTEE PROPERTIES LTD |
COMPANY INFORMATION |
for the Year Ended 30 NOVEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Five Ways |
57-59 Hatfield Road |
Potters Bar |
Hertfordshire |
EN6 1HS |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
BALANCE SHEET - continued |
30 NOVEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Trustee Properties Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Motor vehicles | - |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2010 | 747,989 |
Valuation in 2011 | 60,000 |
Valuation in 2012 | 450,000 |
Valuation in 2016 | 692,011 |
Valuation in 2018 | 82,950 |
Valuation in 2019 | 231,098 |
Valuation in 2020 | 585,952 |
Valuation in 2021 | 614,793 |
Valuation in 2022 | 46,913 |
Valuation in 2023 | 64,000 |
3,575,706 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
As at the year ending 30th November 2022, there was a directors loan account balance of £1,307,397 (2021: £1,292,557) owed to Mr J Bolton. No interest was charged in respect of this loan and all transactions took place at an arms length basis. |
TRUSTEE PROPERTIES LTD (REGISTERED NUMBER: 03874677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 NOVEMBER 2023 |
10. | RELATED PARTY DISCLOSURES |
Intercompany loans were made in the year ending 30 November 2023 to and from the company from Look Sharp Properties Limited, Bolton Property Group Limited, Bolton Partnership and Phoenix Properties. |
The Board Resolutions granted the loans on the following terms; |
2.5% interest, floating £500,000 loan facility available to be drawn down at any time in any amounts over a period of ten years, repayment in full on tenth year. |
All interest is to be charged annually in arrears and added to the capital balance. Final repayment at the end of term of capital balance and all accrued interest. |
As at the year end 30 November 2023, the company had a balance of £1,510,000 owed to Look Sharp Properties Limited and Bolton Property Group Limited. At the same time the company was owed £40,000 from Phoenix Properties and £675,000 from Bolton Partnership. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is J P Bolton. |