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Registered number: 12823516
Treecard Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Focus Accountancy Ltd
Chartered Certified Accountants
1 Lindsay Road
Horfield
Bristol
BS7 9NP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12823516
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,352 1,625
Investments 5 1,039,848 1,039,848
1,041,200 1,041,473
CURRENT ASSETS
Debtors 6 162,704 55,341
Cash at bank and in hand 212,519 555,451
375,223 610,792
Creditors: Amounts Falling Due Within One Year 7 (60,852 ) (74,173 )
NET CURRENT ASSETS (LIABILITIES) 314,371 536,619
TOTAL ASSETS LESS CURRENT LIABILITIES 1,355,571 1,578,092
Creditors: Amounts Falling Due After More Than One Year 8 (4,217,015 ) (1,753,016 )
NET LIABILITIES (2,861,444 ) (174,924 )
CAPITAL AND RESERVES
Called up share capital 10 3 3
Share premium account 2,672,396 2,672,396
Profit and Loss Account (5,533,843 ) (2,847,323 )
SHAREHOLDERS' FUNDS (2,861,444) (174,924)
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Dugan
Director
07/03/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Treecard Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12823516 . The registered office is 114 Victoria Drive, London, SW19 6PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on the going concern basis. The company is
dependent on the directors and shareholders for financial support, which the directors are confident
will continue for a period of at least another 12 months following the approval of these financial
statements.
The directors and shareholders have indicated their present intention to provide adequate finance to
enable the company to continue in operational existence, and on this basis the director considers it
appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of
financial support by the directors and shareholders.
2.3. Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
  • the Company has transferred the significant risks and rewards of ownership to the buyer;
  • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; 
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the transaction; and
  • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
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2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
2.5. Foreign Currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange
rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary
items measured at historical cost are translated using the exchange rate at the date of the
transaction and non-monetary items measured at fair value are measured using the exchange rate
when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss except when deferred in other comprehensive income as
qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the Profit and Loss Account within 'foreign exchange gains or losses'.
2.6. Valuation of Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are
remeasured to market value at each balance sheet date. Gains and losses on remeasurement are
recognised in the Profit and Loss Account for the period. Where market value cannot be reliably
determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date.
Gains and losses on remeasurement are recognised in profit or loss for the period.
2.7. Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method, less any impairment.
2.8. Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently
at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 7)
8 7
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 7,089
Additions 3,009
As at 31 December 2023 10,098
Depreciation
As at 1 January 2023 5,464
Provided during the period 3,282
As at 31 December 2023 8,746
Net Book Value
As at 31 December 2023 1,352
As at 1 January 2023 1,625
5. Investments
Unlisted
£
Cost
As at 1 January 2023 1,039,848
As at 31 December 2023 1,039,848
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1,039,848
As at 1 January 2023 1,039,848
Page 5
Page 6
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 18,697 30,597
Other debtors 1,821 1,439
VAT 27,847 23,305
48,365 55,341
Due after more than one year
Amounts owed by subsidiaries 114,339 -
114,339 -
162,704 55,341
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 18,498
Other taxes and social security 42,352 33,618
Other creditors - 2,057
Accruals and deferred income 18,500 20,000
60,852 74,173
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to subsidiaries - 44,576
Amounts owed to parent undertaking 4,217,015 1,708,440
4,217,015 1,753,016
9. Deferred Taxation
A deferred tax asset has not been recognised in respect of the trading losses carried forward of £5,537,513.
This is due to the fact that it is not probable that future taxable profits will be available in the forseeable future which the entity can utilise them against.
A deferred tax asset has not been recognised in regards to temporary differences on capital allowances of £3,415. This is due to the fact that it is not probable that future taxable profits will be available in the forseeable future which the entity can utilise them against.
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 3 3
11. Related Party Transactions
Included in debtors amounts falling due after more than one year is £114,339 due from a subsidiary company
Included in creditors amounts falling due after more than one year is £4,217,015 owed to a parent company
Also included in other debtors is £1,439 (December 2022 - £1,439) owed by a company owned and controlled
by the directors.
Page 7