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Registration number: 09248700

Trust Developments Notts Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Trust Developments Notts Limited

(Registration number: 09248700)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment properties

3

4,512,699

4,512,699

Current assets

 

Debtors

4

483,511

477,963

Cash at bank and in hand

 

6,940

12,904

 

490,451

490,867

Creditors: Amounts falling due within one year

5

(2,590,332)

(2,600,920)

Net current liabilities

 

(2,099,881)

(2,110,053)

Total assets less current liabilities

 

2,412,818

2,402,646

Creditors: Amounts falling due after more than one year

5

(1,975,623)

(1,984,032)

Provisions for liabilities

(101,091)

(96,445)

Net assets

 

336,104

322,169

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

309,413

314,059

Retained earnings

26,689

8,108

Shareholders' funds

 

336,104

322,169

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 Developments Notts Limited

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

1

Accounting policies

Statutory information

Trust Developments Notts Limited is a private company, limited by shares, domiciled in England and Wales, company number 09248700. 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.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current 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.

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Trust Developments Notts Limited

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

1

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of 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.

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 0 (2023 - 0).

3

Investment properties

Fair value
£

Valuation

At 1 October 2023

4,512,699

At 30 September 2024

4,512,699

The investment properties were valued by the directors on 30 September 2024. The basis of this valuation was existing use basis. This class of assets has a historical cost of £4,102,195 (2023 - £4,102,195).

 

Trust Developments Notts Limited

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

4

Debtors

2024
£

2023
£

Trade debtors

-

384

Amounts owed by related undertakings

482,284

463,058

Prepayments

1,227

14,521

 

483,511

477,963

5

Creditors

2024
£

2023
£

Due within one year

Bank loan

8,409

8,409

Trade creditors

12,620

24,328

Amounts owed to related undertakings

1,150,263

1,159,765

Directors loan account

1,399,881

1,396,231

Taxation and social security

1,176

536

Accruals and deferred income

17,983

11,651

2,590,332

2,600,920

2024
£

2023
£

Due after one year

Bank loan

1,975,623

1,984,032

2024
£

2023
£

After more than five years not by instalments

1,975,623

1,984,032

Bank loan after five years

The bank loan represents an amount due to Cambridge and Counties Bank. This is repayable in line with the terms for the loan. The loan is interest only over 10 years with interest charged on a monthly basis at 6.79% per annum. The loan is repayable on 17 March 2033.

The bank borrowings are secured on 21-23 Exchange Street, Retford, DN22 6BL and 23-24 The Square.

6

Related party transactions

During the year the directors had a loan account with the company. At the balance sheet date the amount owing to the directors was £1,399,881 (2023 : £1,396,231). The loan was interest free.