Company registration number 10584140 (England and Wales)
CAERUS (TRINITY LETTINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CAERUS (TRINITY LETTINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CAERUS (TRINITY LETTINGS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,600,000
3,600,000
Current assets
Debtors
4
79,315
96,259
Cash at bank and in hand
9,411
16,022
88,726
112,281
Creditors: amounts falling due within one year
5
(2,438,472)
(43,280)
Net current (liabilities)/assets
(2,349,746)
69,001
Total assets less current liabilities
1,250,254
3,669,001
Creditors: amounts falling due after more than one year
6
(881,091)
(3,281,053)
Provisions for liabilities
(100,000)
(100,000)
Net assets
269,163
287,948
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
269,063
287,848
Total equity
269,163
287,948

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CAERUS (TRINITY LETTINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 October 2024 and are signed on its behalf by:
Mr P Seaton
Mr M McLean
Director
Director
Company registration number 10584140 (England and Wales)
CAERUS (TRINITY LETTINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
239,457
239,557
Year ended 31 March 2023:
Profit and total comprehensive income
-
48,391
48,391
Balance at 31 March 2023
100
287,848
287,948
Year ended 31 March 2024:
Loss and total comprehensive income
-
(18,785)
(18,785)
Balance at 31 March 2024
100
269,063
269,163
CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Caerus (Trinity Lettings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net current liabilities of £2,349,746 at the year end, which is as a result of the bank loan being due for repayment within one year of the year end. This loan was renegotiated after the year end and therefore the company now has net current assets at the date of signing the financial statements. trueAt the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable on rental properties.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
3,600,000

Investment property comprises of 4 properties;

 

21 Thames Street, Weybridge, Surrey,

23 Thames Street, Weybridge, Surrey,

25 Thames Street, Weybridge, Surrey and,

27 Thames Street, Weybridge, Surrey.

 

The fair value of the investment properties has been arrived at on the basis of the directors valuation, who have extensive knowledge of the market conditions and as such, consider this valuation to be appropriate as at 31 March 2024.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,650
354
Other debtors
77,665
95,905
79,315
96,259
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,400,000
-
0
Other creditors
38,472
43,280
2,438,472
43,280
CAERUS (TRINITY LETTINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
2,400,000
Amounts owed to group undertakings
881,091
881,053
881,091
3,281,053

The amounts shown in long and short term loans are secured by the following:

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 21 Thames Street, Weybridge, Surrey KT13 6JG.

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 23 Thames Street, Weybridge, Surrey KT13 6JG.

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 25 Thames Street, Weybridge, Surrey KT13 6JG.

 

Paragon Bank Plc has a first priority legal charge over the freehold property known as 27 Thames Street, Weybridge, Surrey KT13 6JG.

7
Events after the reporting date

After the year end, the bank loan of £2,400,000 was refinanced with the existing lender and became repayable in over one year.

9
Reserves

£300,000 in reserves is non-distributable and distributable reserves are negative £30,937.

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