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No description of principal activities is disclosed
2024-01-01
Sage Accounts Production 24.0 - FRS102_2024
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00209787
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00209787
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Company registration number:
00209787
Federated Trust Corporation Ltd
Unaudited filleted financial statements
31 December 2024
Federated Trust Corporation Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Federated Trust Corporation Ltd
Directors and other information
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Directors |
Lord G R J Borwick |
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Hon. T Borwick |
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Company number |
00209787 |
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Registered office |
15 Great College Street |
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London |
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SW1P 3RX |
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Accountants |
J D McDavitt Accountants Ltd |
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4 Cornhouse Buildings |
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Claydons Lane |
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Rayleigh |
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Essex |
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SS6 7UP |
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Bankers |
C Hoare & Co |
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37 Fleet Street |
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London |
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EC4P 4DQ |
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Federated Trust Corporation Ltd
Statement of financial position
31 December 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
1 |
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1 |
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Investments |
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6 |
353,000 |
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353,000 |
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_______ |
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_______ |
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353,001 |
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353,001 |
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Current assets |
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Debtors |
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7 |
1,384,909 |
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1,566,102 |
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Cash at bank and in hand |
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14,524 |
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10,956 |
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_______ |
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_______ |
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1,399,433 |
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1,577,058 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
496,219) |
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(
499,094) |
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_______ |
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_______ |
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Net current assets |
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903,214 |
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1,077,964 |
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_______ |
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_______ |
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Total assets less current liabilities |
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1,256,215 |
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1,430,965 |
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_______ |
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_______ |
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Net assets |
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1,256,215 |
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1,430,965 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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15,000 |
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15,000 |
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Profit and loss account |
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1,241,215 |
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1,415,965 |
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_______ |
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_______ |
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Shareholders funds |
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1,256,215 |
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1,430,965 |
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_______ |
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_______ |
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For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 June 2025
, and are signed on behalf of the board by:
Hon. T Borwick
Director
Company registration number:
00209787
Federated Trust Corporation Ltd
Notes to the financial statements
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Great College Street, London, SW1P 3RX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5.
Tangible assets
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Plant and machinery |
Total |
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£ |
£ |
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Cost |
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At 1 January 2024 and 31 December 2024 |
1,959 |
1,959 |
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_______ |
_______ |
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Depreciation |
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At 1 January 2024 and 31 December 2024 |
1,958 |
1,958 |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2024 |
1 |
1 |
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_______ |
_______ |
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At 31 December 2023 |
1 |
1 |
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_______ |
_______ |
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6.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost |
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At 1 January 2024 and 31 December 2024 |
417,000 |
417,000 |
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_______ |
_______ |
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Impairment |
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At 1 January 2024 and 31 December 2024 |
64,000 |
64,000 |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2024 |
353,000 |
353,000 |
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_______ |
_______ |
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At 31 December 2023 |
353,000 |
353,000 |
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_______ |
_______ |
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Listed investments consist of :- The listed investments are debenture holdings which consist of non bearing debentures of the Rugby Football Union. The debentures will be redeemed at cost and are not therefore written off. The cost of the debentures was £65,000 and are redeemable in 2078/88 and have been retained at cost. However, since the company took the decision not to meet the current Debenture call, the directors have revalued the Debenture at £1,000. Unlisted Investments (stated at cost) consist of :- The company is a partner in Federated Investments LLP, a partnership registered in England. The directors are of the opinion that the value of this unlisted investment at the balance sheet date of £1,000 is not less than cost. Also included in unlisted investments are paintings held for their investment potential costing £37,000. The company has a debenture which confers the right to venue seats at a cost of £314,000, at the balance sheet date; the value is not considered to be less than cost.
7.
Debtors
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2024 |
2023 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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1,382,799 |
1,560,868 |
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Other debtors |
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2,110 |
5,234 |
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_______ |
_______ |
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1,384,909 |
1,566,102 |
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_______ |
_______ |
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8.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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473,054 |
473,054 |
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Other creditors |
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23,165 |
26,040 |
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_______ |
_______ |
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496,219 |
499,094 |
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_______ |
_______ |
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9.
Related party transactions
The company was under the control of Lord Borwick and
Hon. T Borwick
during the year who are also members of Poore Ltd and Federated Investments LLP both organisations are registered in England and Wales. Bicester Lane Ltd, registered in England and Wales is a wholly owned subsidiary of Federated Investments LLP During the year Federated Trust Corporation Ltd
had an interest free loan from Federated Investments LLP. The balance outstanding at 31 December included with 'Creditor Amounts Due Within One Year' was £473,054 (2023 : £473,054) During the year Federated Trust Corporation Ltd
had made an interest free loan to Bicester Lane Ltd. The balance outstanding at 31 December included with 'Debtors Amounts Due Within One Year' was £1,372,799 (2023 : £1,550,868) During the year, Federated Trust Ltd had made an unsecured interest free loan to Poore Ltd. The balance outstanding at 31 December included with 'Debtors Amounts Due Within One Year' was £10,000 (2023 : £10,000)
10.
Controlling party
The company's ultimate and immediate parent undertaking and controlling party is Second Poore Ltd, a company registered and incorporated in England and Wales. The registered office of Second Poore Ltd is 15 Great College Street, London, SW1P 3RX.