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Company registration number: SC135731
Trireme Associates Limited
Unaudited filleted financial statements
31 March 2024
Trireme Associates Limited
Contents
Statement of financial position
Notes to the financial statements
Trireme Associates Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 511,743 511,846
_______ _______
511,743 511,846
Current assets
Debtors 5 2,920 3,327
Cash at bank and in hand 75,275 58,941
_______ _______
78,195 62,268
Creditors: amounts falling due
within one year 6 ( 173,487) ( 162,463)
_______ _______
Net current liabilities ( 95,292) ( 100,195)
_______ _______
Total assets less current liabilities 416,451 411,651
_______ _______
Net assets 416,451 411,651
_______ _______
Capital and reserves
Called up share capital 11,000 11,000
Revaluation reserve 309,260 309,260
Capital redemption reserve 11,000 11,000
Profit and loss account 85,191 80,391
_______ _______
Shareholder funds 416,451 411,651
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Ronald A McCreath
Director
Company registration number: SC135731
Trireme Associates Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Upper Hawthorn House, 12a Inverleith Row, Edinburgh, EH3 5LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short term highly liquid investments.
Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Computer and Office Equipment Total
£ £ £ £
Cost
At 1 April 2023 and 31 March 2024 511,640 8,906 309 520,855
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 8,906 103 9,009
Charge for the year - - 103 103
_______ _______ _______ _______
At 31 March 2024 - 8,906 206 9,112
_______ _______ _______ _______
Carrying amount
At 31 March 2024 511,640 - 103 511,743
_______ _______ _______ _______
At 31 March 2023 511,640 - 206 511,846
_______ _______ _______ _______
5. Debtors
2024 2023
£ £
Trade debtors 2,622 2,622
Other debtors 298 705
_______ _______
2,920 3,327
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 1,457 3,853
Other creditors 172,030 158,610
_______ _______
173,487 162,463
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Ronald A McCreath ( 146,530) ( 10,891) ( 157,421)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Ronald A McCreath ( 134,348) ( 12,182) ( 146,530)
_______ _______ _______
Loans from the director to the company are repayable on demand and attract interest at a rate of 6. 75% per annum.