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The Crescent Trust Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2023

Registration number: 01202832

 

The Crescent Trust Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

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

Lee Ford
Budleigh Salterton
Devon
EX9 7AJ

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

The Crescent Trust Company Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,705

9,503

Investment property

5

8,307,098

8,977,098

 

8,316,803

8,986,601

Current assets

 

Debtors

7

30,293

25,459

Other financial assets

6

916,900

492,536

Cash at bank and in hand

 

292,536

197,916

 

1,239,729

715,911

Creditors: Amounts falling due within one year

8

(237,953)

(292,047)

Net current assets

 

1,001,776

423,864

Total assets less current liabilities

 

9,318,579

9,410,465

Creditors: Amounts falling due after more than one year

8

(3,234,295)

(3,234,295)

Provisions for liabilities, deferred tax

10

(1,108,000)

(1,157,000)

Net assets excluding pension asset/(liability)

 

4,976,284

5,019,170

Net pension asset

805,000

726,000

Net assets

 

5,781,284

5,745,170

Capital and reserves

 

Called up share capital

1,245,125

1,245,125

Profit and loss account

4,536,159

4,500,045

Total equity

 

5,781,284

5,745,170

 

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:

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 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 Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr N Lindsay-Fynn
Director

Company Registration Number: 01202832

 

The Crescent Trust Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

1

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:
Lee Ford
Budleigh Salterton
Devon
EX9 7AJ

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 - '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

Investment property is carried at fair value equivalent to the current market prices for comparable real estate determined annually by the Directors. Changes in fair value are recognised in profit or loss.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

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

 

The Crescent Trust Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

54,775

54,775

Additions

4,089

4,089

At 31 December 2023

58,864

58,864

Depreciation

At 1 January 2023

45,272

45,272

Charge for the year

3,887

3,887

At 31 December 2023

49,159

49,159

Carrying amount

At 31 December 2023

9,705

9,705

At 31 December 2022

9,503

9,503

5

Investment properties

2023
£

At 1 January

8,977,098

Disposals

(670,000)

At 31 December

8,307,098

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

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

7

Debtors

2023
£

2022
£

Trade debtors

10,833

-

Prepayments

10,954

21,749

Other debtors

8,506

3,710

30,293

25,459

8

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

194

1,992

Social security and other taxes

38,265

1,815

Other creditors

187,148

230,344

Accrued expenses

12,346

57,896

237,953

292,047

 

The Crescent Trust Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,234,295

3,234,295

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Loans from Shareholders

3,234,295

3,234,295

10

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 January 2023

1,157,000

1,157,000

Provisions used

(49,000)

(49,000)

At 31 December 2023

1,108,000

1,108,000

11

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.

12

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,245,125

1,245,125

1,245,125

1,245,125

         
 

The Crescent Trust Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2023

13

Pension and other schemes

Defined benefit pension schemes

Crescent Group Pension Fund

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 31 December 2020. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return on investments, the rate of increase in salaries and pensions and the rate of discount. It was assumed that the investment returns would be 2.40% per year, that there would be no salary increases, that present and future pensions would increase at the rate of 2.40% per year and that the rate of discount would be 3.5%.

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
£

Fair value of scheme assets

7,026,000

7,158,000

Present value of defined benefit obligation

(6,221,000)

(6,432,000)

Defined benefit pension scheme surplus

805,000

726,000

 

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
£

Present value at start of year

6,432,000

Current service cost

8,000

Interest cost

154,000

Benefits paid

(373,000)

Present value at end of year

6,221,000

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

2023
£

Fair value at start of year

7,158,000

Return on plan assets, excluding amounts included in interest income/(expense)

172,000

Actuarial gains and losses

69,000

Benefits paid

(373,000)

Fair value at end of year

7,026,000

 

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
£

Cash and cash equivalents

59,000

77,000

Investment funds

6,967,000

7,081,000

7,026,000

7,158,000

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.

14

Related party transactions

Summary of transactions with other related parties

During the current and previous year directors provided funding to 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 £3,094,998 (2022 - £2,816,404).

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).