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Registration number: 05879064

Trust Property Solutions Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Trust Property Solutions Limited

(Registration number: 05879064)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

8,171

16,735

Current assets

 

Stocks

74,692

58,692

Debtors

4

719,768

664,471

Cash at bank and in hand

 

20,801

56,691

 

815,261

779,854

Creditors: Amounts falling due within one year

5

(824,758)

(756,334)

Net current (liabilities)/assets

 

(9,497)

23,520

Total assets less current liabilities

 

(1,326)

40,255

Creditors: Amounts falling due after more than one year

5

(21,208)

(61,672)

Provisions for liabilities

-

(5,247)

Net liabilities

 

(22,534)

(26,664)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(22,536)

(26,666)

Shareholders' deficit

 

(22,534)

(26,664)

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 25 June 2025 and signed on its behalf by:
 

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

G Beech

Director

 

Trust Property Solutions Limited

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

1

Accounting policies

Statutory information

Trust Property Solutions Limited is a private company, limited by shares, domiciled in England and Wales, company number 05879064. The registered office is at Agility House, Rose Lane, Mansfield Woodhouse, Nottinghamshire, NG19 8BA.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised at the point of sale of goods or upon delivery of services to customers.

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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Trust Property Solutions Limited

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

1

Accounting policies (continued)

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

Fixtures and fittings

15% straight line basis

Plant and machinery

20% straight line basis

Motor vehicles

20% straight line basis

Office equipment

20% straight line basis

Leases

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 9).

 

Trust Property Solutions Limited

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

3

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 October 2023

16,229

81,236

56,230

47,455

201,150

Additions

2,375

-

3,955

-

6,330

Disposals

-

-

-

(47,455)

(47,455)

At 30 September 2024

18,604

81,236

60,185

-

160,025

Depreciation

At 1 October 2023

15,791

75,381

49,412

43,831

184,415

Charge for the year

594

5,037

5,639

1,740

13,010

Eliminated on disposal

-

-

-

(45,571)

(45,571)

At 30 September 2024

16,385

80,418

55,051

-

151,854

Carrying amount

At 30 September 2024

2,219

818

5,134

-

8,171

At 30 September 2023

438

5,855

6,818

3,624

16,735

 

Trust Property Solutions Limited

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

4

Debtors

2024
£

2023
£

Trade debtors

77,269

77,270

Amounts due from related undertakings

536,679

383,951

Other debtors

-

1,132

Directors' loan account

97,618

12,302

Prepayments and accrued income

8,202

189,816

 

719,768

664,471

5

Creditors

2024
£

2023
£

Due within one year

Bank loan

36,357

32,250

Obligations under finance lease and hire purchase agreements

-

8,470

Trade creditors

17,627

43,179

Amounts owed to related undertakings

734,598

639,817

Taxation and social security

3,489

3,857

Other creditors

23,597

24,761

Accruals

9,090

4,000

824,758

756,334

2024
£

2023
£

Due after one year

Bank loan

21,208

61,672

6

Related party transactions

During the year the director had a loan account with the company. At the balance sheet date the amount due from the director was £97,618 (2023: £12,302). The loan is interest free.