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Registration number: 00222839

Trevose Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2024

 

Trevose Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 7

 

Trevose Limited

(Registration number: 00222839)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,873,295

3,808,838

Current assets

 

Stocks

187,633

199,100

Debtors

52,495

167,124

Cash at bank and in hand

 

3,540,632

3,119,823

 

3,780,760

3,486,047

Prepayments and accrued income

 

152,192

136,383

Creditors: Amounts falling due within one year

5

(1,213,903)

(1,290,759)

Net current assets

 

2,719,049

2,331,671

Total assets less current liabilities

 

6,592,344

6,140,509

Creditors: Amounts falling due after more than one year

5

(368,357)

(411,599)

Provisions for liabilities

(242,418)

(207,655)

Accruals and deferred income

 

(664,577)

(603,977)

Net assets

 

5,316,992

4,917,278

Capital and reserves

 

Allotted, called up and fully paid share capital

46,740

46,740

Capital redemption reserve

18,260

18,260

Profit and loss account

5,251,992

4,852,278

Total equity

 

5,316,992

4,917,278

 

Trevose Limited

(Registration number: 00222839)
Abridged Balance Sheet as at 30 September 2024

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 Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised for issue by the Board on 2 May 2025 and signed on its behalf by:
 

.........................................

Mr N J Gammon
Company secretary and director

 

Trevose Limited

Notes to the Abridged 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.

The address of its registered office is:
Trevose Golf Clubhouse
Constantine Bay
Padstow
Cornwall
PL28 8JB

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 abridged 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 abridged 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods, including food, drinks, golf equipment and other items, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at the point of sale.

Rendering of services and use of facilities

Turnover from accommodation, other guest services, and use of facilities is recognised when accommodation is occupied, as services are provided, and as facilities are used.

Government grants

Government grants are recognised at the fair value of the asset received or receivable, when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received, using the accrual model.

 

Trevose Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

50 years straight line basis

Freehold land

Not depreciated

Plant and Machinery

10 years straight line basis/ 4 years straight line basis

Motor vehicles

5 years straight line basis

Investments

Investments in equity shares are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods provided or services performed in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials. 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.

 

Trevose Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value including transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Trevose Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

4

Tangible assets

Total
£

Cost

At 1 October 2023

8,213,203

Additions

268,621

Disposals

(3,500)

At 30 September 2024

8,478,324

Depreciation

At 1 October 2023

4,404,365

Charge for the year

204,164

Eliminated on disposal

(3,500)

At 30 September 2024

4,605,029

Carrying amount

At 30 September 2024

3,873,295

At 30 September 2023

3,808,838

5

Creditors

Creditors: amounts falling due within one year

Creditors include loans and net obligations under finance lease and hire purchase contracts of £43,242 (2023 - £57,248), which are secured on company assets and an unlimited debenture.

Creditors: amounts falling due after more than one year

Creditors include loans and net obligations under finance lease and hire purchase contracts of £368,357 (2023 - £411,598), which are secured on company assets and an unlimited debenture.

Creditors include loans repayable by instalments of £167,788 (2023 - £222,188) due after more than five years.

6

Financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments in relation to operating leases, not included in the balance sheet are £175,607 (2023 - £122,604).

 

Trevose Limited

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

7

Related party transactions

Directors' and Participators' have advanced monies to the company on an interest free basis. These loans are unsecured and repayable on demand.

The amounts outstanding and due from the company at the balance sheet date total £39,643 (2023 - £23,885).

The company advanced monies to Participators/Directors totalling £191,144 during the year. The loans were unsecured and repaid during the year. Interest totalling £3,333 was charged at 2.25% on the balances in excess of £10,000.

The amounts outstanding and due to the company at the balance sheet date total £nil (2023 - £113,706).

8

Non adjusting events after the financial period

Redeemable Preference Shares of £1 million were issued on 9 January 2025 to a participator with an entitlement to dividend of 7% p.a.