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Company registration number: 07520010
Trevose Partners Limited
Trading as Trevose Partners Limited
Unaudited filleted financial statements
30 April 2024
Trevose Partners Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The following pages do not form part of the statutory accounts
Detailed income statement
Trevose Partners Limited
Directors and other information
Director R J Herring
Company number 07520010
Registered office Level 5, Salisbury House
30 Finsbury Circus
LONDON
EC2M 5AQ
Business address Level 5, Salisbury House
30 Finsbury Circus
LONDON
EC2M 5AQ
Accountants Harding Redmans
Bridge House
Court Road
SWANAGE
BH19 1DX
Trevose Partners Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Trevose Partners Limited
Year ended 30 April 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Bridge House Harding Redmans
Court Road Accountants
SWANAGE
BH19 1DX
16 October 2024
Trevose Partners Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 13,246 13,817
Investments 6 42,856 42,856
_______ _______
56,102 56,673
Current assets
Debtors 7 427,438 623,366
Cash at bank and in hand 39,931 130,974
_______ _______
467,369 754,340
Creditors: amounts falling due
within one year 8 ( 472,224) ( 244,837)
_______ _______
Net current (liabilities)/assets ( 4,855) 509,503
_______ _______
Total assets less current liabilities 51,247 566,176
Provisions for liabilities ( 3,312) ( 3,454)
_______ _______
Net assets 47,935 562,722
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 46,935 561,722
_______ _______
Shareholders funds 47,935 562,722
_______ _______
For the 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.
Director's responsibilities:
- The members have 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
R J Herring
Director
Company registration number: 07520010
Trevose Partners Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 1,000 568,478 569,478
(Loss)/profit for the year 280,107 280,107
_______ _______ _______
Total comprehensive income for the year - 280,107 280,107
Dividends paid and payable ( 286,863) ( 286,863)
_______ _______ _______
Total investments by and distributions to owners - ( 286,863) ( 286,863)
_______ _______ _______
At 30 April 2023 and 1 May 2023 1,000 561,722 562,722
(Loss)/profit for the year ( 292,249) ( 292,249)
_______ _______ _______
Total comprehensive income for the year - ( 292,249) ( 292,249)
Dividends paid and payable ( 222,538) ( 222,538)
_______ _______ _______
Total investments by and distributions to owners - ( 222,538) ( 222,538)
_______ _______ _______
At 30 April 2024 1,000 46,935 47,935
_______ _______ _______
Trevose Partners Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Level 5, Salisbury House, 30 Finsbury Circus, LONDON, EC2M 5AQ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Fittings fixtures and equipment - 25 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 12 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2023 38,968 38,968
Additions 3,845 3,845
_______ _______
At 30 April 2024 42,813 42,813
_______ _______
Depreciation
At 1 May 2023 25,151 25,151
Charge for the year 4,416 4,416
_______ _______
At 30 April 2024 29,567 29,567
_______ _______
Carrying amount
At 30 April 2024 13,246 13,246
_______ _______
At 30 April 2023 13,817 13,817
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 - -
Additions 42,856 42,856
_______ _______
At 30 April 2024 42,856 42,856
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 42,856 42,856
_______ _______
At 30 April 2023 - -
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 250,698 387,411
Amounts owed by group undertakings and undertakings in which the company has a participating interest 78,173 166,445
Other debtors 98,567 69,510
_______ _______
427,438 623,366
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 8,532 20,539
Trade creditors 163,185 23,165
Amounts owed to group undertakings and undertakings in which the company has a participating interest 225,497 71,803
Corporation tax - 69,889
Social security and other taxes 43,065 33,075
Other creditors 31,945 26,366
_______ _______
472,224 244,837
_______ _______
9. Related party transactions
Trevose Partners Limited owns 200 no par value shares in Trevose Partners, Inc. a company registered under the laws of the state of New York, USA. This represents the entire issued share capital of Trevose Partners, Inc. At 30 April 2024 Trevose Partners Limited owed Trevose Partners Inc. £225,497 (2023 - £71,803). During the year Trevose Partners Limited recharged expenses amounting to £55,223 (2023 - £40,529). Trevose Partners Limited owns 10,000 ordinary shares in Trevose Partners Executive Pte. Limited a company registered under the laws of Singapore and incorporated on 23rd February 2021 (See Note 7). This represents the entire issued share capital of Trevose Partners Executive Pte. Limited. At the 30th April 2024 Trevose Partners Executive Pte. Limited owed Trevose Partners Limited £78,173 (2023 - £166,445). During the year Trevose Partners Limited recharged expenses amounting to £52,751 (2023 - £38,133). During the year Trevose Partners Executive Pte recharged expenses amounting to £126,055 (2023 - £26,896)
10. Controlling party
The controlling party is R J Herring by virtue of his 90% ownership of the issued ordinary share capital of the company.
11. Charges
There is a fixed charge on non-vesting debts and floating charge in relation to an agreement for the purchase of debts.