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Registration number: 02490912

Trust Inheritance Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Trust Inheritance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Trust Inheritance Limited

Company Information

Directors

S W Jenkins

J M Dickson

C Grant

Company secretary

K Channon

Registered office

Crown House
1 Stafford Place
Weston-super-Mare
North Somerset
BS23 2QZ

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Trust Inheritance Limited

(Registration number: 02490912)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,048

8,066

Tangible assets

5

317,493

325,686

Investments

6

5,001

5,001

 

328,542

338,753

Current assets

 

Stocks

7

1,000

1,000

Debtors

8

567,523

273,647

Cash at bank and in hand

 

158,317

48,353

 

726,840

323,000

Creditors: Amounts falling due within one year

9

(559,350)

(221,533)

Net current assets

 

167,490

101,467

Total assets less current liabilities

 

496,032

440,220

Creditors: Amounts falling due after more than one year

9

(30,882)

(37,255)

Provisions for liabilities

(6,915)

(6,796)

Net assets

 

458,235

396,169

Capital and reserves

 

Called up share capital

10

250,000

250,000

Capital redemption reserve

500

500

Revaluation reserve

138,691

142,497

Retained earnings

69,044

3,172

Shareholders' funds

 

458,235

396,169

 

Trust Inheritance Limited

(Registration number: 02490912)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 year 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 17 November 2024 and signed on its behalf by:
 

.........................................
S W Jenkins
Director

.........................................
J M Dickson
Director

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Crown House
1 Stafford Place
Weston-super-Mare
North Somerset
BS23 2QZ
United Kingdom

These financial statements were authorised for issue by the Board on 17 November 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.

The presentation currency of the financial statements is Pound Sterling (£).

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Revenue recognition

The turnover shown in the profit and loss account is calculated using the following basis.

The policy on revenue recognition for will writing business where payments are received as part of a will plan, is to recognise the payments as received as the company has no legal redress to amounts unpaid in the event of customer cancellations. It is therefore considered appropriate to recognise income on a receipts basis.

Will writing business not part of any will plan or received from finance companies is recognised as received. Refunded credit agreements related to cancelled plans are adjusted at the date of actual cancellation.

Fees for other services are recognised as work is done during the year, exclusive of VAT.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

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 set out in the table below.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Fixtures and fittings

25% on reducing balance

Computer equipment

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

Straight line over 10 years

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisation value, after making due allowance for obsolete and slow moving items. Stocks are valued on a first in first out basis.

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.

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 year, was 25 (2023 - 27).

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

20,176

20,176

At 30 April 2024

20,176

20,176

Amortisation

At 1 May 2023

12,110

12,110

Amortisation charge

2,018

2,018

At 30 April 2024

14,128

14,128

Carrying amount

At 30 April 2024

6,048

6,048

At 30 April 2023

8,066

8,066

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Computer equipment
 £

Improvements to property
 £

Total
£

Cost or valuation

At 1 May 2023

385,000

42,582

49,711

18,990

496,283

Additions

-

-

6,614

-

6,614

At 30 April 2024

385,000

42,582

56,325

18,990

502,897

Depreciation

At 1 May 2023

96,700

36,551

35,447

1,899

170,597

Charge for the year

7,700

1,507

5,220

380

14,807

At 30 April 2024

104,400

38,058

40,667

2,279

185,404

Carrying amount

At 30 April 2024

280,600

4,524

15,658

16,711

317,493

At 30 April 2023

288,300

6,031

14,264

17,091

325,686

Included within the net book value of land and buildings above is £280,600 (2023 - £288,300) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 30 April 2010 by an independent valuer. The name and qualification of the independent valuer are Messers Stephen & Co., Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £89,565 (2023 - £93,459).

6

Investments

2024
£

2023
£

Investments in subsidiaries

5,001

5,001

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 May 2023

5,001

Provision

Carrying amount

At 30 April 2024

5,001

At 30 April 2023

5,001

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

TI EOT Limited

Crown House, 1 Stafford Place, Weston-super-Mare, BS23 2QZ

United Kingdom

Ordinary

100%

100%

Red Apple Law Ltd

Crown House, 1 Stafford Place, Weston-super-Mare, BS23 2QZ

United Kingdom

Ordinary

76%

76%

Toolboxx Limited

Crown House, 1 Stafford Place, Weston-super-Mare, BS23 2QZ

United Kingdom

Ordinary

53%

53%

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Trust Inheritance Group Limited

Crown House, 1 Stafford Place, Weston-super-Mare, BS23 2QZ

United Kingdom

Ordinary

53%

53%

TI Law Ltd

Crown House, 1 Stafford Place, Weston-super-Mare, BS23 2QZ

United Kingdom

Ordinary

70%

70%

Executor Toolkit Ltd

Top Floor, 1 Stafford Place, Weston-Super-Mare, North Somerset, BS23 2QZ

Ordinary

100%

100%

Wills for Life Limited

Crown House, 1 Stafford Place, Weston-super-Mare, BS23 2QZ

Ordinary

100%

100%

7

Stocks

2024
£

2023
£

Other inventories

1,000

1,000

8

Debtors

2024
£

2023
£

Trade debtors

 

432,961

181,533

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

106,727

49,312

Prepayments and accrued income

 

10,085

24,841

Other debtors

 

17,750

17,961

 

567,523

273,647

 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Debtors (continued)

Details of non-current trade and other debtors

£17,750 (2023 -£17,750) of other debtors is classified as non current.

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

73,211

5,882

Trade creditors

 

23,376

36,648

Taxation and social security

 

164,706

165,531

Accruals and deferred income

 

13,705

4,149

Other creditors

 

284,352

9,323

 

559,350

221,533

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

30,882

37,255

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

250,000

250,000

250,000

250,000

       
 

Trust Inheritance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Distribution to Employee Ownership Trust

During the year under review the company made a contribution to the Trust Inheritance Employee Ownership Trust to facilitate the repayment of loan notes in the Employee Ownership Trust. This contribution is not repayable and is not a distribution to shareholders as the Employee Ownership Trust is not the sole shareholder in Trust Inheritance Limited.

12

Parent and ultimate parent undertaking

Trust Inheritance Limited is owned by an Employee Ownership Trust with the sole trustee being TI EOT Limited, a company registered in England and Wales.
 

13

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,882

37,255

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,882

5,882

Other borrowings

67,329

-

73,211

5,882