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Registration number: 13426270

Tresooth Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Tresooth Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tresooth Ltd

(Registration number: 13426270)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,403

9,603

Tangible assets

5

454,118

553,873

Investments

6

100

100

 

462,621

563,576

Current assets

 

Stocks

7

14,482

-

Debtors

8

1,079,946

852,099

Cash at bank and in hand

 

28,853

29,478

 

1,123,281

881,577

Creditors: Amounts falling due within one year

9

(1,036,543)

(839,963)

Net current assets

 

86,738

41,614

Net assets

 

549,359

605,190

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

549,259

605,090

Shareholders' funds

 

549,359

605,190

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

 

Tresooth Ltd

(Registration number: 13426270)
Statement of Financial Position as at 30 September 2024 (continued)


A Symington
Director

 

Tresooth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tresooth Cottages
Penwarne Road
Mawnan Smith
Falmouth
Cornwall
TR11 5PF

Principal activity

The principal activity of the company is development of building projects.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Tresooth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

10% straight line

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Tresooth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Tresooth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

12,004

12,004

At 30 September 2024

12,004

12,004

Amortisation

At 1 October 2023

2,401

2,401

Amortisation charge

1,200

1,200

At 30 September 2024

3,601

3,601

Carrying amount

At 30 September 2024

8,403

8,403

At 30 September 2023

9,603

9,603

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

470,795

103,848

574,643

Additions

-

3,999

3,999

Disposals

(81,621)

(16,212)

(97,833)

At 30 September 2024

389,174

91,635

480,809

Depreciation

At 1 October 2023

-

20,770

20,770

Charge for the year

-

9,164

9,164

Eliminated on disposal

-

(3,243)

(3,243)

At 30 September 2024

-

26,691

26,691

Carrying amount

At 30 September 2024

389,174

64,944

454,118

At 30 September 2023

470,795

83,078

553,873

Included within the net book value of land and buildings above is £389,174 (2023 - £470,795) in respect of freehold land and buildings.
 

 

Tresooth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Investments

2024
£

2023
£

Investments in associates

100

100

Associates

£

Cost

At 1 October 2023

100

Provision

Carrying amount

At 30 September 2024

100

At 30 September 2023

100

7

Stocks

2024
£

2023
£

Work in progress

14,482

-

8

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

1,079,946

837,474

Prepayments

 

-

14,625

 

1,079,946

852,099

 

Tresooth Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

42,753

26,043

Other creditors

993,790

813,920

1,036,543

839,963

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.