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Registration number: 11378973

Trafalgar Estates Budleigh Limited

Annual Report and Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 30 May 2024

 

Trafalgar Estates Budleigh Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Trafalgar Estates Budleigh Limited

Company Information

Director

Mr J Tiernan

Registered office

Sky End Sky End
Templeton
Tiverton
Devon
EX16 8BT

Accountants

Manningtons
Victoria House The Moor
Hawkhurst
Cranbrook
Kent
TN18 4NR

 

Trafalgar Estates Budleigh Limited

(Registration number: 11378973)
Balance Sheet as at 30 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,310

37,791

Investments

5

2

2

 

28,312

37,793

Current assets

 

Stocks

6

-

30,000

Debtors

7

25,098

-

Cash at bank and in hand

 

556,669

760,974

 

581,767

790,974

Creditors: Amounts falling due within one year

8

(291,531)

(464,684)

Net current assets

 

290,236

326,290

Net assets

 

318,548

364,083

Capital and reserves

 

Called up share capital

2

2

Retained earnings

318,546

364,081

Shareholders' funds

 

318,548

364,083

For the financial period ending 30 May 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 May 2025
 

.........................................
Mr J Tiernan
Director

 

Trafalgar Estates Budleigh Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

1

General information

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

The address of its registered office is:
Sky End Sky End
Templeton
Tiverton
Devon
EX16 8BT
England

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

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 sales/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.

Tax

The tax expense for the period comprises 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Trafalgar Estates Budleigh Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33.33% Straight Line

Plant and Machinery

10% Reducing Balance

Motor Vehicle

25% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 on hand and call deposits, 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.

Trade debtors

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

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Trafalgar Estates Budleigh Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

Stocks

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2023 - 2).

 

Trafalgar Estates Budleigh Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

2,371

61,663

2,684

66,718

At 30 May 2024

2,371

61,663

2,684

66,718

Depreciation

At 1 June 2023

1,440

26,977

510

28,927

Charge for the period

592

8,672

217

9,481

At 30 May 2024

2,032

35,649

727

38,408

Carrying amount

At 30 May 2024

339

26,014

1,957

28,310

At 31 May 2023

931

34,686

2,174

37,791

5

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 June 2023

2

Provision

Carrying amount

At 30 May 2024

2

At 31 May 2023

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Trafalgar Estates Budleigh Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Trafalgar Estates Limited

Sky End
Templeton
Tiverton
Devon
EX16 8BT

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Trafalgar Estates Limited

The principal activity of Trafalgar Estates Limited is Property development .

6

Stocks

2024
£

2023
£

Work in progress

-

30,000

7

Debtors

2024
£

2023
£

Director loan account

25,098

-

25,098

-

 

Trafalgar Estates Budleigh Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

615

2,827

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

277,614

357,907

Taxation and social security

 

11,500

100,919

Accruals and deferred income

 

1,802

1,803

Director loan account

 

-

1,228

 

291,531

464,684

9

Related party transactions

Summary of transactions with subsidiaries

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 " The
Financial reporting applicable in the UK and Republic of Ireland", not to disclose related party transactions or
balances with wholly owned subsidiaries within the group.