0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 434,998 291,749 143,249 143,249 434,998 xbrli:pure xbrli:shares iso4217:GBP 01446648 2023-01-01 2023-12-31 01446648 2023-12-31 01446648 2022-12-31 01446648 2022-01-01 2022-12-31 01446648 2022-12-31 01446648 2021-12-31 01446648 bus:Director2 2023-01-01 2023-12-31 01446648 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 01446648 core:WithinOneYear 2023-12-31 01446648 core:WithinOneYear 2022-12-31 01446648 core:AfterOneYear 2023-12-31 01446648 core:AfterOneYear 2022-12-31 01446648 core:ShareCapital 2023-12-31 01446648 core:ShareCapital 2022-12-31 01446648 core:SharePremium 2023-12-31 01446648 core:SharePremium 2022-12-31 01446648 core:CapitalRedemptionReserve 2023-12-31 01446648 core:CapitalRedemptionReserve 2022-12-31 01446648 core:RetainedEarningsAccumulatedLosses 2023-12-31 01446648 core:RetainedEarningsAccumulatedLosses 2022-12-31 01446648 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 01446648 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 01446648 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 01446648 core:Non-currentFinancialInstruments 2023-12-31 01446648 core:Non-currentFinancialInstruments 2022-12-31 01446648 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 01446648 bus:Director2 2022-12-31 01446648 bus:Director2 2023-12-31 01446648 bus:Director2 2021-12-31 01446648 bus:Director2 2022-12-31 01446648 bus:SmallEntities 2023-01-01 2023-12-31 01446648 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01446648 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01446648 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01446648 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 01446648
Sinclair Montrose Trust Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Sinclair Montrose Trust Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
35,400
35,400
Investments
5
143,249
434,998
---------
---------
178,649
470,398
Current assets
Debtors
6
273,593
273,593
Cash at bank and in hand
256,218
3,429
---------
---------
529,811
277,022
Creditors: amounts falling due within one year
7
2,329,539
2,538,840
------------
------------
Net current liabilities
1,799,728
2,261,818
------------
------------
Total assets less current liabilities
( 1,621,079)
( 1,791,420)
Creditors: amounts falling due after more than one year
8
2,300,000
2,300,000
------------
------------
Net liabilities
( 3,921,079)
( 4,091,420)
------------
------------
Capital and reserves
Called up share capital
1,454,100
1,454,100
Share premium account
477,000
477,000
Capital redemption reserve
950,000
950,000
Profit and loss account
( 6,802,179)
( 6,972,520)
------------
------------
Shareholders deficit
( 3,921,079)
( 4,091,420)
------------
------------
These 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 statement of income and retained earnings has not been delivered.
For the 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 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 financial statements .
Sinclair Montrose Trust Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Dr M J Sinclair
Director
Company registration number: 01446648
Sinclair Montrose Trust Limited
Notes to the Financial Statements
Year ended 31 December 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 Flat 1, 55 Wimpole Street, London, W1B 1QL.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for at cost less any accumulated impairment losses.
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.
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.
4. Tangible assets
Long leasehold property
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
44,922
74,701
119,623
--------
--------
---------
Depreciation
At 1 January 2023 and 31 December 2023
9,522
74,701
84,223
--------
--------
---------
Carrying amount
At 31 December 2023
35,400
35,400
--------
--------
---------
At 31 December 2022
35,400
35,400
--------
--------
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
434,998
Disposals
( 291,749)
---------
At 31 December 2023
143,249
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
143,249
---------
At 31 December 2022
434,998
---------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
208,037
208,037
Other debtors
65,556
65,556
---------
---------
273,593
273,593
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
15,314
Social security and other taxes
2,856
2,857
Other creditors
2,311,369
2,535,983
------------
------------
2,329,539
2,538,840
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,300,000
2,300,000
------------
------------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr M J Sinclair
( 874,930)
224,614
( 650,316)
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr M J Sinclair
( 874,930)
( 874,930)
---------
----
---------