Registered number: 07986865
TRADECO 123R LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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CONTENTS
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Notes to the financial statements
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TRADECO 123R LIMITED
REGISTERED NUMBER:07986865
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BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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1
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TRADECO 123R LIMITED
REGISTERED NUMBER:07986865
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 by:
The notes on pages 3 to 7 form part of these financial statements.
2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Tradeco 123R Limited is a private limited company, limited by shares, registered in England and Wales, registration number 07986865. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. The principal place of business is 17 Grosvenor Hill, Mayfair, London, W1K 3QB.
The principal activity of the company continued to be that of property trading.
2.Accounting policies
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Basis of preparation of financial statements
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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 company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Investments in jointly controlled entities are held at cost less impairment.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in the statement of comprehensive income, 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.
Investment income represents allocated profit shares due from investments in jointly controlled entities.
The company has entered into LLP agreements with its partners in various LLP investments. In accordance with each LLP agreement, the profits of each LLP investment are formally allocated to the members at the end of the financial quarter in which the profits were generated. The company recognises these profits in its income when formal allocation takes place. Drawings received, if any, in advance of formal profit allocation are shown as a liability until such time as the formal allocation of LLP profits is made.
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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The average monthly number of employees, including the directors, during the year was 4 (2023 - 4).
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4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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During the year, the company held a 22.5% profit allocation in the following LLPs:
Royale Wharf Properties LLP
Canning Town Properties 2 LLP
The principal activity of the LLPs was that of property trading and they have an accounting reference date of 31 March.
All the LLPs have a distribution of reserves restriction. Profits for a financial year are allocated to members on a quarterly basis in line with the partnership agreements. Cumulative losses are not subject to allocation and are held in a reserve account.
The company's share of trading results based on profit share for year ended 31 March 2024 was as follows:
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Canning Town Properties 2 LLP
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Royale Wharf Properties LLP
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Amounts owed by joint ventures and associated undertakings
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5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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Allotted, called up and fully paid
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100 Ordinary shares of £1.00 each
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6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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The company is a designated member for all of the LLPs in which it has an investment.
Other debtors includes amounts due from related parties in which the directors have an interest, totalling £4,381,613 (2023 - £4,417,387). The loans are interest free and repayable on demand.
Other creditors includes amounts due to related parties in which the directors have an interest totalling £1,472,120 (2023 - £1,362,013). The loans are interest free and repayable on demand.
At the year end the company owed the directors a total of £104,406 (2023 - £242,013). This is an interest free loan and repayable on demand.
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7
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