Registration number:
Trust Developments Notts Limited
for the Year Ended 30 September 2024
Trust Developments Notts Limited
(Registration number: 09248700)
Balance Sheet as at 30 September 2024
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2024 |
2023 |
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Fixed assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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 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.
.........................................
G Beech
Director
Trust Developments Notts Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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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
Trust Developments Notts Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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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
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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Fair value |
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Valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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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)
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Amounts owed by related undertakings |
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Prepayments |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Bank loan |
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Trade creditors |
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Amounts owed to related undertakings |
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Directors loan account |
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Taxation and social security |
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Accruals and deferred income |
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2024 |
2023 |
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Due after one year |
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Bank loan |
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2024 |
2023 |
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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.
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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.