Registration number:
Trust Tegg Limited
for the Period from 3 February 2023 to 31 March 2024
Trust Tegg Limited
Contents
Company Information |
|
Directors' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Trust Tegg Limited
Company Information
Directors |
Mr Phillip Tegg Kirsty Tegg |
Registered office |
|
Accountants |
|
Trust Tegg Limited
Directors' Report for the Period from 3 February 2023 to 31 March 2024
The directors present their report and the financial statements for the period from 3 February 2023 to 31 March 2024.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is Activities of head offices
Going concern
The company has incurred costs without generating any direct sales during the financial period, resulting in a position of negative equity. However, the financial statements have been prepared on a going concern basis for the following reasons:
The company operates as the head office of the group, managing certain administrative and operational expenses on behalf of its subsidiaries. Where appropriate, these expenditures have been recharged to the subsidiaries. The company’s main creditor is its parent company, which has provided financial support to cover the company’s operational expenses. The parent company has confirmed that it will continue to provide funding as required and will not demand repayment of any outstanding balances for the foreseeable future.
With this ongoing financial support, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the company is considered a going concern.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Trust Tegg Limited
(Registration number: 14638084)
Balance Sheet as at 31 March 2024
Note |
2024 |
|
Fixed assets |
||
Tangible assets |
|
|
Current assets |
||
Cash at bank and in hand |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
100 |
|
Retained earnings |
(69,601) |
|
Shareholders' deficit |
(69,501) |
Trust Tegg Limited
(Registration number: 14638084)
Balance Sheet as at 31 March 2024
For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Trust Tegg Limited
Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet 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:
Trust Tegg Limited
Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Trust Tegg Limited
Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024
Tangible assets |
Office equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
Charge for the period |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
||
No. |
£ |
|
|
|
100 |
Related party transactions |
Trust Tegg Limited
Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024
Directors' remuneration
The directors' remuneration for the period was as follows:
2024 |
|
Remuneration |
|
Contributions paid to money purchase schemes |
|
26,760 |
Summary of transactions with parent
Summary of transactions with subsidiaries
New Forest Car Sales Limited
During the period, the company, acting as the head office, received funds from a fellow subsidiary to cover
shared administrative and operational expenses for the group. These amounts are recorded as an intercompany
loan, with a balance of £11,415 owed to the subsidiary at the period end. This loan is interest-free, unsecured,
and repayable on demand.
This transaction is classified as a related party transaction under accounting standards due to the common
control within the group.
Tegg Motor Company Limited
During the period, the company, acting as the head office, received funds from a fellow subsidiary to cover
shared administrative and operational expenses for the group. These amounts are recorded as an intercompany
loan, with a balance of £5,132 owed to the subsidiary at the period end. This loan is interest-free, unsecured, and
repayable on demand.
This transaction is classified as a related party transaction under accounting standards due to the common
control within the group.
Loans from related parties
2024 |
Parent |
Subsidiary |
Total |
Advanced |
|
|
|
At end of period |
|
|
|
|
Trust Tegg Limited
Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024
Parent and ultimate parent undertaking |
The company's immediate parent is