Company Registration No. 06952991 (England and Wales)
Treehouse Digital Limited
Unaudited financial statements
for the year ended 31 July 2024
Pages for filing with the registrar
Treehouse Digital Limited
Contents
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 9
Treehouse Digital Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Treehouse Digital Limited for the year ended 31 July 2024
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Treehouse Digital Limited for the year ended 31 July 2024 set out on pages 2 to 9 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.

This report is made solely to the Board of Directors of Treehouse Digital Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Treehouse Digital Limited and state those matters that we have agreed to state to the Board of Directors of Treehouse Digital Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Treehouse Digital Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Treehouse Digital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Treehouse Digital Limited. You consider that Treehouse Digital Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Treehouse Digital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
21 May 2025
Treehouse Digital Limited
Statement of financial position
As at 31 July 2024
31 July 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
246,901
292,276
Investments
6
1
-
0
246,902
292,276
Current assets
Debtors
8
43,047
40,873
Cash at bank and in hand
426,540
631,104
469,587
671,977
Creditors: amounts falling due within one year
9
(626,841)
(760,691)
Net current liabilities
(157,254)
(88,714)
Total assets less current liabilities
89,648
203,562
Creditors: amounts falling due after more than one year
10
(13,041)
(23,254)
Provisions for liabilities
(11,417)
(11,417)
Net assets
65,190
168,891
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
11
65,185
168,886
Total equity
65,190
168,891

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Treehouse Digital Limited
Statement of financial position (continued)
As at 31 July 2024
31 July 2024
3
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Mr Christopher Musselwhite
Director
Company Registration No. 06952991
Treehouse Digital Limited
Notes to the financial statements
For the year ended 31 July 2024
4
1
Accounting policies
Company information

Treehouse Digital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, ECV4 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the term of the lease
Plant and equipment
33% on cost
Fixtures and fittings
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Treehouse Digital Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies (continued)
5

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.

Classification of financial liabilities

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.

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.

Treehouse Digital Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies (continued)
6
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Treehouse Digital Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
7
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
41
21
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
69,048
68,856
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 August 2023
97,011
334,649
57,383
489,043
Additions
-
0
143,800
6,566
150,366
Disposals
-
0
(250)
-
0
(250)
At 31 July 2024
97,011
478,199
63,949
639,159
Depreciation and impairment
At 1 August 2023
34,160
148,047
14,560
196,765
Depreciation charged in the year
62,851
117,859
14,783
195,493
At 31 July 2024
97,011
265,905
29,342
392,258
Carrying amount
At 31 July 2024
-
0
212,294
34,607
246,901
At 31 July 2023
62,851
186,602
42,823
292,276
Treehouse Digital Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
8
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023
-
Additions
1
At 31 July 2024
1
Carrying amount
At 31 July 2024
1
At 31 July 2023
-
7
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Treehouse VFX Limited
UK
Dormant
Ordinary
100
-

The company was incorporated on 29 July 2024 and was dormant as at 31 July 2024.

 

 

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41,747
-
0
Corporation tax recoverable
427
-
0
Other debtors
873
40,873
43,047
40,873
Treehouse Digital Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
9
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,626
8,413
Trade creditors
43,424
26,440
Corporation tax
103,701
38,495
Other taxation and social security
46,436
64,869
Other creditors and deferred income
424,654
622,474
626,841
760,691
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,041
23,254
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
168,886
188,537
Profit for the year
237,985
305,369
Dividends declared and paid in the year
(341,686)
(325,020)
At the end of the year
65,185
168,886
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