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COMPANY REGISTRATION NUMBER: 05284328
TRC REALTY LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2024
TRC REALTY LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
1,820,115
2,021,484
Investments
7
142
142
-------------
-------------
1,820,257
2,021,626
Current assets
Stocks
43,263
49,662
Debtors
8
178,524
262,723
Cash at bank and in hand
1,061,105
637,183
-------------
----------
1,282,892
949,568
Creditors: amounts falling due within one year
9
1,409,719
1,145,659
-------------
-------------
Net current liabilities
126,827
196,091
-------------
-------------
Total assets less current liabilities
1,693,430
1,825,535
Creditors: amounts falling due after more than one year
10
739,058
900,015
Provisions
Taxation including deferred tax
235,523
233,642
-------------
-------------
Net assets
718,849
691,878
-------------
-------------
Capital and reserves
Called up share capital
12
1,100
1,100
Profit and loss account
717,749
690,778
----------
----------
Shareholders funds
718,849
691,878
----------
----------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
TRC REALTY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
T R Choudhary
Director
Company registration number: 05284328
TRC REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a wholly owned subsidiary undertaking and its immediate parent undertaking is not established under the law of an EEA State.
Turnover and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Takeaway food service income is recognised when customers' orders are completed and accepted by the customer. Rental income is recognised as accommodation is provided to tenants.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over lease term
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 104 (2023: 121 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
250,000
----
----------
6. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 April 2023
108,969
2,560,228
2,669,197
Additions
105,289
105,289
----------
-------------
-------------
At 31 March 2024
108,969
2,665,517
2,774,486
----------
-------------
-------------
Depreciation
At 1 April 2023
12,445
635,268
647,713
Charge for the year
5,320
301,338
306,658
----------
-------------
-------------
At 31 March 2024
17,765
936,606
954,371
----------
-------------
-------------
Carrying amount
At 31 March 2024
91,204
1,728,911
1,820,115
----------
-------------
-------------
At 31 March 2023
96,524
1,924,960
2,021,484
----------
-------------
-------------
Land & buildings represents short leasehold properties.
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
142
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
142
----
At 31 March 2023
142
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Ozland Limited
Ordinary
100
8. Debtors
2024
2023
£
£
Trade debtors
41,653
41,427
Amounts owed by group undertakings
34,136
129,536
Prepayments and accrued income
60,388
46,693
Other debtors
42,347
45,067
----------
----------
178,524
262,723
----------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
224,817
262,777
Trade creditors
293,915
280,371
Amounts owed to group undertakings
509,701
525,587
Accruals and deferred income
173,397
13,000
Social security and other taxes
171,582
63,624
Amounts owed to related parties
249
249
Other creditors
36,058
51
-------------
-------------
1,409,719
1,145,659
-------------
-------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
739,058
900,015
----------
----------
The bank loans are secured by fixed and floating charges over the assets of the company.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
235,523
233,642
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
292,707
362,284
Unused tax losses
( 57,184)
( 128,642)
----------
----------
235,523
233,642
----------
----------
12. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,100
1,100
1,100
1,100
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,100
1,100
1,100
1,100
-------
-------
-------
-------
13. Contingencies
The company has given guarantees for the bank borrowings of group companies, which amounted to £437,240 (2023: £451,870), as at 31 March 2024.
14. Summary audit opinion
The auditor's report dated 20 September 2024 was unqualified .
The senior statutory auditor was Charles Homan , for and on behalf of UHY Hacker Young (S.E.) Limited .
15. Related party transactions
At 31 March 2024, creditors, amounts falling due within one year, included a director's loan of £249 (2023: £249). The loan is interest free, unsecured and repayable on demand. The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
16. Controlling party
The company is a 100% subsidiary of Ozland Group Limited, a company incorporated in England & Wales. The registered office of Ozland Group Limited is 168 Church Road, Hove, East Sussex BN3 2DL.