Trust Tegg Limited 14638084 false 2023-02-03 2024-03-31 2024-03-31 The principal activity of the company is Activities of head offices Digita Accounts Production Advanced 6.30.9574.0 true true true 14638084 2023-02-03 2024-03-31 14638084 2024-03-31 14638084 bus:Director1 2024-03-31 14638084 bus:Director2 2024-03-31 14638084 bus:OrdinaryShareClass1 2024-03-31 14638084 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14638084 core:OfficeEquipment 2024-03-31 14638084 core:AllSubsidiaries 2024-03-31 14638084 core:ParentEntities 2024-03-31 14638084 bus:SmallEntities 2023-02-03 2024-03-31 14638084 bus:AuditExemptWithAccountantsReport 2023-02-03 2024-03-31 14638084 bus:FilletedAccounts 2023-02-03 2024-03-31 14638084 bus:SmallCompaniesRegimeForAccounts 2023-02-03 2024-03-31 14638084 bus:RegisteredOffice 2023-02-03 2024-03-31 14638084 bus:Director1 2023-02-03 2024-03-31 14638084 bus:Director2 2023-02-03 2024-03-31 14638084 bus:OrdinaryShareClass1 2023-02-03 2024-03-31 14638084 bus:PrivateLimitedCompanyLtd 2023-02-03 2024-03-31 14638084 core:OfficeEquipment 2023-02-03 2024-03-31 14638084 core:AllSubsidiaries 2023-02-03 2024-03-31 14638084 core:ParentEntities 2023-02-03 2024-03-31 14638084 1 2023-02-03 2024-03-31 14638084 countries:EnglandWales 2023-02-03 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14638084

Trust Tegg Limited

Unaudited Filleted Financial Statements

for the Period from 3 February 2023 to 31 March 2024

 

Trust Tegg Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Trust Tegg Limited

Company Information

Directors

Mr Phillip Tegg

Kirsty Tegg

Registered office

Jubilee Hall The Square
Fawley
Southampton
Hampshire
SO45 1DD

Accountants

Crunchwise
18 Elgin Close
Hythe
Southampton
Hampshire
SO45 6JG

 

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 3 February 2023.

Directors of the company

The directors who held office during the period were as follows:

Mr Phillip Tegg (appointed 3 February 2023)

Kirsty Tegg (appointed 3 February 2023)

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 Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr Phillip Tegg
Director

 

Trust Tegg Limited

(Registration number: 14638084)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

703

Current assets

 

Cash at bank and in hand

 

412

Creditors: Amounts falling due within one year

5

(70,616)

Net current liabilities

 

(70,204)

Net liabilities

 

(69,501)

Capital and reserves

 

Called up share capital

6

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 members have not required the company to obtain an audit of its accounts for the period 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 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 Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr Phillip Tegg
Director

 

Trust Tegg Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jubilee Hall The Square
Fawley
Southampton
Hampshire
SO45 1DD

These financial statements were authorised for issue by the Board on 30 October 2024.

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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Trust Tegg Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

824

824

At 31 March 2024

824

824

Depreciation

Charge for the period

121

121

At 31 March 2024

121

121

Carrying amount

At 31 March 2024

703

703

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Trade creditors

 

1,483

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

64,047

Taxation and social security

 

2,715

Other creditors

 

2,371

 

70,616

6

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary Share of £1 each

100

100

   

7

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

26,006

Contributions paid to money purchase schemes

754

26,760

Summary of transactions with parent

During the period the company received a loan of £47,500 from its parent company, Trust Tegg Group Limited. The loan is interest-free and repayable on demand. This transaction is classified as a related party transaction under accounting standards, as it involves a company that has control or significant influence over the subsidiary. The loan reflects the parent company’s commitment to providing ongoing financial support to assist the subsidiary in meeting its operational needs.


 

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

47,500

16,547

64,047

At end of period

47,500

16,547

64,047

 

Trust Tegg Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024

8

Parent and ultimate parent undertaking

The company's immediate parent is Trust Tegg Group Limited, incorporated in England and Wales.