Company registration number 05817535 (England and Wales)
TRELLIS ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TRELLIS ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TRELLIS ESTATES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
7,000,000
7,000,000
Current assets
Stocks
992,686
945,043
Debtors falling due after more than one year
5
3,793,997
3,709,931
Debtors falling due within one year
5
92,268
81,648
Cash at bank and in hand
22,520
24,545
4,901,471
4,761,167
Creditors: amounts falling due within one year
6
(6,379,706)
(6,009,613)
Net current liabilities
(1,478,235)
(1,248,446)
Total assets less current liabilities
5,521,765
5,751,554
Creditors: amounts falling due after more than one year
7
(3,903,000)
(3,901,536)
Provisions for liabilities
(195,718)
(195,718)
Net assets
1,423,047
1,654,300
Capital and reserves
Called up share capital
1
1
Investment property reserve
1,026,282
1,026,282
Profit and loss reserves
396,764
628,017
Total equity
1,423,047
1,654,300
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TRELLIS ESTATES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
K Pankhania
Director
Company Registration No. 05817535
TRELLIS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Trellis Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Churchill Court Station Road, North Harrow, Harrow, England, HA2 7SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, on the basis that the company will continue to receive financial support from companies under common control. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rental income receivable from investment property.
Turnover is recognised at the fair value of the consideration received or receivable from rents.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Stocks
Stocks relates to property and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
TRELLIS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TRELLIS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Investment property reserve
The investment property reserve comprises the fair value adjustment on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The company had no employees during the current or the previous year.
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
7,000,000
The directors have confirmed that as at the year-end the market value would be materially in line with the third party valuations.
If the revalued investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been £4,908,532 (2023: £4,908,532).
TRELLIS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,628
3,450
Other debtors
34,699
55,679
Prepayments and accrued income
23,941
22,519
92,268
81,648
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
3,793,997
3,709,931
Total debtors
3,886,265
3,791,579
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
5,224,416
4,990,558
Trade creditors
52,377
45,481
Corporation tax
28,471
24,793
Other creditors
943,504
881,739
Accruals and deferred income
130,938
67,042
6,379,706
6,009,613
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
3,903,000
3,901,536
The following securities are provided to the banks:
A first priority legal charge over the investment properties;
A first priority legal charge over cash in the company's bank accounts;
An assignment of lease/tenancy in respect of one of the flats;
A guarantee of £2,928,000 provided by the trustees of the trust whose settlor is one of the directors; and
A joint guarantee by the secretary and one of the directors.
TRELLIS ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
195,718
195,718
Deferred tax arising on the gain on revaluation of investment property is provided at a rate of 25% (2023: 25%).
9
Related party note
The company acquired a piece of land last year from an offshore company which is owned by a trust whose settlor is one of the directors. The transaction was carried out on an arm’s length basis.
10
Financial commitment
The company acts as Mortgagor to guarantee the borrowings of £230,000 (2023: £230,000) of a connected company.