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Registration number: 08526842

TRS Apartments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

TRS Apartments Ltd

Company Information

Directors

Mr Fakhruddin Taherally Suterwalla

Mr Hatim Taherally Suterwalla

Mr Siraj Taherally Suterwalla

Mr Mansoor Taherally Suterwalla

Mr Iqbal Taherally Suterwalla

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

TRS Apartments Ltd

(Registration number: 08526842)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

136,462

126,710

Cash at bank and in hand

 

2,750,980

5,996,036

 

2,887,442

6,122,746

Creditors: Amounts falling due within one year

6

(586,670)

(363,691)

Total assets less current liabilities

 

2,300,772

5,759,055

Creditors: Amounts falling due after more than one year

6

-

(3,897,304)

Net assets

 

2,300,772

1,861,751

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

2,300,672

1,861,651

Shareholders' funds

 

2,300,772

1,861,751

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................
Mr Hatim Taherally Suterwalla
Director

 

TRS Apartments Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

1,861,651

1,861,751

Profit for the year

-

439,021

439,021

At 31 December 2023

100

2,300,672

2,300,772

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

1,552,047

1,552,147

Profit for the year

-

309,604

309,604

At 31 December 2022

100

1,861,651

1,861,751

 

TRS Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the Board on 14 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rental services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

TRS Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from estate agents for rent collected and performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

135,016

72,623

 

TRS Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

101,415

86,538

Prepayments

32,457

35,556

Accrued income

2,590

4,616

 

136,462

126,710

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

156,770

-

Taxation and social security

 

135,016

70,004

Accruals and deferred income

 

131,766

117,850

Other creditors

 

11,050

12,350

Rent deposit

 

152,068

163,487

 

586,670

363,691

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loan from related party

 

-

3,897,304

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

TRS Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Summary of transactions with parent

TRS Asset Management Limited
 

Expenditure with and payables to related parties

2023

Parent
£

Rent paid

1,972,369

2022

Parent
£

Rent paid

1,750,657

Loans from related parties

2023

Parent
£

Total
£

At start of period

3,897,304

3,897,304

Advanced

2,097,466

2,097,466

Repaid

(5,838,000)

(5,838,000)

At end of period

156,770

156,770

2022

Parent
£

Total
£

At start of period

2,455,397

2,455,397

Advanced

1,811,907

1,811,907

Repaid

(370,000)

(370,000)

At end of period

3,897,304

3,897,304

Terms of loans from related parties

Due on demand
 

9

Parent and ultimate parent undertaking

The company's immediate parent is TRS Asset Management Limited, incorporated in the United Kingdom.

 The ultimate parent is TRS Asset Management (Holdings) Limited, incorporated in the United Kingdom.