Year Ended
Registration number:
The Crescent Trust Company Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Crescent Trust Company Limited
Company Information
Directors |
Mr N Lindsay-Fynn Mr P Lindsay-Fynn Ms M Lindsay-Fynn Mr C Lindsay-Fynn |
Company secretary |
Mr S Glover |
Registered office |
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Accountants |
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The Crescent Trust Company Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Other financial assets |
916,900 |
492,536 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities, deferred tax |
( |
( |
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Net assets excluding pension asset/(liability) |
4,976,284 |
5,019,170 |
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Net pension asset |
805,000 |
726,000 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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The Crescent Trust Company Limited
Balance Sheet
31 December 2023
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:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 01202832
The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.
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.
Revenue recognition
Turnover represents the proceeds from the sale of investments, gross dividends received, rental income and the net invoiced value of services provided in the ordinary course of the company's business (excluding Value Added Tax). Turnover is recognised on the following basis:
Sale of investments - income is recognised in the period in which the sale occurs.
Trading in derivatives - income is recognised immediately when shares have been sold short. At the balance sheet date, an adjustment is made to recognise the profit or loss relating to open transactions.
Dividends - dividends from listed investments are recognised on receipt.
Rental income - income is recognised evenly over the rental period.
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 Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
20% and 33.3% reducing balance |
Investment property
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The asset recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Listed investments; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and no longer recognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Other than listed investments, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Listed investments are recognised at fair value through the profit and loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
2023 |
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At 1 January |
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Disposals |
( |
At 31 December |
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There has been no valuation of investment property by an independent valuer.
The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 January 2023 |
492,537 |
492,537 |
Fair value adjustments |
89,483 |
89,483 |
Additions |
722,207 |
722,207 |
Disposals |
(387,327) |
(387,327) |
At 31 December 2023 |
916,900 |
916,900 |
Debtors |
2023 |
2022 |
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Trade debtors |
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- |
Prepayments |
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Other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Loans from Shareholders |
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Deferred tax and other provisions |
Deferred tax |
Total |
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At 1 January 2023 |
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Provisions used |
( |
( |
At 31 December 2023 |
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Reserves |
As at 31 December 2023 the profit and loss account included £1,158,175 (2022: £1,137,120) of non-distributable reserves. This relates to the revaluation surplus on investment properties.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,245,125 |
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1,245,125 |
The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Pension and other schemes |
Defined benefit pension schemes
Retirement and death benefits are provided for eligible company employees in the United Kingdom by the Crescent Group Pension Fund, a defined benefit scheme. Members of this scheme are contracted out of the state earnings related pension scheme. The assets of the Crescent Group Pension Fund are held separately from those of the company. The scheme has no active members, 42 pensioners and 10 deferred members (2022:1 active member, 46 pensioners and 11 deferred members). The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method.
The date of the most recent comprehensive actuarial valuation was
The contributions of the company were £Nil (2022: £Nil). During the year, the interest cost on obligations exceeded the returns on assets amounting to £18,000 (2022: £34,000).
The defined benefit scheme is closed to new members.
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the statement of financial position are as follows:
2023 |
2022 |
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Fair value of scheme assets |
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Present value of defined benefit obligation |
( |
( |
Defined benefit pension scheme surplus |
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The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
2023 |
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Present value at start of year |
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Current service cost |
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Interest cost |
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Benefits paid |
( |
Present value at end of year |
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Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
2023 |
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Fair value at start of year |
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Return on plan assets, excluding amounts included in interest income/(expense) |
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Actuarial gains and losses |
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Benefits paid |
( |
Fair value at end of year |
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The Crescent Trust Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Analysis of assets
The major categories of scheme assets are as follows:
2023 |
2022 |
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Cash and cash equivalents |
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Investment funds |
6,967,000 |
7,081,000 |
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The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Related party transactions |
Summary of transactions with other related parties
The immediate family of the directors have subscribed to loan notes in the company. These amounts are provided interest free and are repayable by the company upon 12 months notice or earlier, as agreed by both parties. At the balance sheet date the amount due was £139,297 (2022 - £417,891).