Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01No description of principal activityfalse11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12693182 2023-04-01 2024-03-31 12693182 2022-04-01 2023-03-31 12693182 2024-03-31 12693182 2023-03-31 12693182 c:Director1 2023-04-01 2024-03-31 12693182 d:CurrentFinancialInstruments 2024-03-31 12693182 d:CurrentFinancialInstruments 2023-03-31 12693182 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12693182 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12693182 d:ShareCapital 2024-03-31 12693182 d:ShareCapital 2023-03-31 12693182 d:RevaluationReserve 2023-04-01 2024-03-31 12693182 d:RevaluationReserve 2024-03-31 12693182 d:RevaluationReserve 2023-03-31 12693182 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 12693182 d:RetainedEarningsAccumulatedLosses 2024-03-31 12693182 d:RetainedEarningsAccumulatedLosses 2023-03-31 12693182 c:FRS102 2023-04-01 2024-03-31 12693182 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12693182 c:FullAccounts 2023-04-01 2024-03-31 12693182 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12693182 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 12693182 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 12693182 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 12693182 2 2023-04-01 2024-03-31 12693182 5 2023-04-01 2024-03-31 12693182 6 2023-04-01 2024-03-31 12693182 1 2024-03-31 12693182 1 2023-03-31 12693182 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12693182









TRISTAN REAL ESTATE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
TRISTAN REAL ESTATE LIMITED
REGISTERED NUMBER: 12693182

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
9,061,364
11,018,736

  
9,061,364
11,018,736

Current assets
  

Debtors: amounts falling due within one year
 5 
91,859
11,018

Cash at bank and in hand
 6 
170,182
9,177

  
262,041
20,195

Creditors: amounts falling due within one year
 7 
(9,630,999)
(11,827,413)

Net current liabilities
  
 
 
(9,368,958)
 
 
(11,807,218)

Total assets less current liabilities
  
(307,594)
(788,482)

  

Net liabilities
  
(307,594)
(788,482)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 8 
434,515
-

Profit and loss account
 8 
(742,209)
(788,582)

  
(307,594)
(788,482)


Page 1

 
TRISTAN REAL ESTATE LIMITED
REGISTERED NUMBER: 12693182
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 December 2024.




M Sharpe
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Tristan Real Estate Limited is a private company, limited by shares, domiciled in England and Wales registration number 12693182. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL. The nature of the company's operations and principal activity is that of an investment company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has recorded a net profit of £480,888 for the current year and has net liabilities of
£307,594 as at 31 March 2024. The Company's position has improved compared to last years net liabilities of £788,482 due to the value of its investments which have strengthened during the year.
The Director remains committed to supporting and financing the activities of the Company. Going concern has therefore been applied on the basis that the Company will continue to receive financial support 12 months from the date the accounts are signed.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover comprises income derived from the investments held by the company.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 5

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including the director, during the period was as follows:


        2024
        2023
            No.
            No.







Number of employees
1
1


4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2023
11,866,644


Additions
2,465,868


Disposals
(5,106,653)



At 31 March 2024

9,225,859



Impairment


At 1 April 2023
847,908


Charge for the period
(854,231)


Impairment on disposals
170,818



At 31 March 2024

164,495



Net book value



At 31 March 2024
9,061,364



At 31 March 2023
11,018,736

Page 7

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
767
11,018

Prepayments and accrued income
91,092
-

91,859
11,018



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
170,182
9,177

170,182
9,177



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,298,204
1,790,633

Corporation tax
29,746
-

Other creditors
8,290,029
10,024,300

Accruals and deferred income
13,020
12,480

9,630,999
11,827,413


The following liabilities were secured:

2024
2023
£
£



Bank loans
1,298,204
-

1,298,204
-

Details of security provided:

The bank loan is secured by way of a fixed charge held over the assets of the company.

Page 8

 
TRISTAN REAL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


9.


Related party transactions

At the year end the following amounts were due from/(to) related parties:


2024
2023
£
£

Key management personnel
(8,277,459)
(10,011,730)
(8,277,459)
(10,011,730)


10.


Controlling party

Karen Sharpe Discretionary Trust is the controlling party by virtue of their 100% holding of the issued share capital.

 
Page 9