REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TREDON LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TREDON LIMITED |
TREDON LIMITED (REGISTERED NUMBER: 04404077) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
TREDON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
TREDON LIMITED (REGISTERED NUMBER: 04404077) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
We can summarise 2023 by saying it was a highly frustrating year, on the journey to complete and access the funding for the project. Frustrating, for both the Board of Directors of Tredon Limited, and all investment partners. |
It remains of great concern that Tredon Limited's CEO, continues to battle with his long-term illness and that his medical treatment has weakened his immune system sufficiently enough that he is periodically prone to other ailments. |
Ultimately, we are dismayed that another year has elapsed without Tredon Limited achieving its funding completion goals and whilst we continue to retain the full faith and support of our investment partners, we are fully cognisant that there is only a finite amount of time that any investment partners can be expected to sit by without considering other less trying opportunities to invest their funding capital. |
Despite our genuine concerns and reservations that we have yet to finalise our funding plans, we are always reassured by all stakeholders that we continue to maintain a competitive advantage in competing for investment funds due to the strength and robustness of the business proposal itself, coupled with our comprehensive supporting business plans. |
With the further delays in 2023, a revised project timetable has also been drawn up, agreed, and approved by our Investment Partners. This affords us, a more achievable delivery schedule for each element of the build after the relevant planning consents have been achieved. The date for us to open the sustainable, closed loop, mixed-use development, is projected into each part of the business. This includes each cash flow projections and notes, in every business plan, plus development timetables. |
This revised date came from a second financial, viability assessment which was conducted in May 2023 by a leading cost consultant. This covered every element of the project, including project viability, planning, legal agreements, project timetables, the nine proposed buildings and the project funding for each project discipline. |
This second independent review on the whole project was conducted by a leading multi-disciplinary consulting company on behalf of our second investment partner. This process was exhaustive and took several weeks to complete with hundreds of hours, dedicated to completing this task, at the earliest opportunity, so that the investment partners were satisfied in moving forward. Thankfully, the collaborative way that both parties approached this task enabled a swift conclusion to this huge undertaking. |
The review concluded that whilst the revised opening date caused a significant margin reduction in the overall working capital and our remaining financial contingency, that we still had more than adequate capital allocations to fund each of the nine building projects. Admittedly, the project parameters are now got much tighter, with cost control, now even more important. |
Their report further confirmed that we have adequate funds to allow us to start and finish the project construction without the need, to request any additional funding from our existing or potential new shareholders. As this could, ultimately, dilute their equity interest, if we were to run over budget, by requesting additional funds. It is comforting that our prospective partners' own appointed, top ten consultants have confirmed that we are able to deliver the project, on time and on budget. Inflationary fears over the build timetable have also been taken into consideration, especially after the high inflation increases, since 2022. |
Early this year a substantial amount of work was carried out to strengthen the income streams and related costs of these particular elements. This information was obtained from existing related businesses coupled with data obtained from Statista, the Office for National Statistics, historical affiliated industry data, industry associations and affiliated trade bodies. This data was then entered into the cash flow projections of the business plans, along with updated supplementary notes. These income figures were then adjusted by inflation to get to an income and expenditure cost, for the projected opening. |
This fact-finding exercise will be implemented every March, to review and adjust all income streams and related expenditure. This updated data will then be entered into all business plans for April, each year. |
Going forward, the majority of the income and expenditure will only be updated at this time of the year. This will be implemented by the Tredon Limited senior management team, under our appointed Deputy Chief Executive (DCE). The DCE will be tasked to undertake and continue this income evaluation process, in March each year and updated every April, until turnkey. |
The UK economy remained robust despite continued tightening of financial conditions with the Bank of England elevating interest rate levels to apparently uncomfortable levels. The continued inflation fight was also supported by the Government's fiscal prudence which helped achieve a significant reduction in peak inflation that had been a major catalyst of the UK's domestic cost of living crisis. Our delayed project launch has allowed for these changes in financial conditions and the longer-term economic outlook remains positive with second round effects forecast to dissipate long before our opening date in 2029. |
TREDON LIMITED (REGISTERED NUMBER: 04404077) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
We look forward to achieving our near-term funding goals in 2024 and outlining these successes in our next report. |
Sunil Arora |
Chairman |
TREDON LIMITED (REGISTERED NUMBER: 04404077) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TREDON LIMITED (REGISTERED NUMBER: 04404077) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Tredon Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
During the period under review the company has not traded but has incurred pre-trading expenditure. |
Preparation of consolidated financial statements |
The financial statements contain information about Tredon Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TREDON LIMITED (REGISTERED NUMBER: 04404077) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Included in other debtors is £31,900 (2022: £31,900) in relation to unpaid share capital. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 32,000 | 32,000 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions. |