Company No:
Contents
DIRECTOR | Mr A E Slater |
REGISTERED OFFICE | 264 Banbury Road |
Oxford | |
OX2 7DY | |
United Kingdom |
COMPANY NUMBER | 07837884 (England and Wales) |
ACCOUNTANT | Shaw Gibbs Limited |
264 Banbury Road | |
Oxford | |
OX2 7DY |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 4 |
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237,098 | 221,605 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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10,626 | 7,555 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 7,032 | 3,826 | ||
Total assets less current liabilities | 244,130 | 225,431 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Revaluation reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Trout Investments Limited (registered number:
Mr A E Slater
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Trout Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 264 Banbury Road, Oxford, OX2 7DY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
These financial statements for the period ended 30 November 2024 are the first financial statements of Trout Investments Limited prepared in accordance with FRS 102 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 1A was 1 December 2023. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 2.
The adoption of FRS102 1A for this accounting period has meant the prior period has been restated to show the comparatives as they would have been had the accounts to 30th November 2023 been prepared under FRS 102 1A. The changes resulting from the restatement are laid out in note 2.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
The Company has adopted FRS 102 for the year ended 30 November 2024 and has restated the comparative year amounts.
Reconciliation of equity
01.12.2022 | 30.11.2023 | |||
£ | £ | |||
Capital and reserves (as previously stated) | 218,273 | 219,913 | ||
Unrealised gains on investments | 9,279 | 5,518 | ||
Provision for deferred tax | (1,763) | (1,048) | ||
Capital and reserves (as restated) | 225,789 | 224,383 |
Reconciliation of profit or loss
30.11.2023 | ||||
£ | ||||
Profit for the year (as previously stated) | 1,640 | |||
Unrealised gains on investments | (3,761) | |||
Provision for deferred tax | 715 | |||
Loss for the year (as restated) | (1,406) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 December 2023 |
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Movement in fair value |
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At 30 November 2024 |
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Carrying value at 30 November 2024 |
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Carrying value at 30 November 2023 |
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2024 | 2023 | ||
£ | £ | ||
Prepayments |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to director |
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Accruals |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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225,001 | 225,001 |
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Amounts owed to directors | 1,779 | 1,779 |
No interest is charged on the loan payable to the director and there are no repayment terms.