Company No: 05395213 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	11,826		14,782
		11,826		14,782
Current assets
Stocks	5	2,000		1,000
Debtors	6	18,354		17,527
Cash at bank and in hand		3,786		4,157
		24,140		22,684
Creditors: amounts falling due within one year	7	( 12,748)		( 12,130)
Net current assets		11,392		10,554
Total assets less current liabilities		23,218		25,336
Provision for liabilities		( 2,956)		( 3,696)
Net assets		20,262		21,640
Capital and reserves
Called-up share capital	8	1,000		1,000
Profit and loss account		19,262		20,640
Total shareholders' funds		20,262		21,640

For the financial year ending 31 March 2025 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Truscotts (Newquay) Limited (registered number: 05395213) were approved and authorised for issue by the Board of Directors on 05 September 2025. They were signed on its behalf by:

A J Thain Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Truscotts (Newquay) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised at the point of sale in the shop.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Vehicles	4 years straight line
Fixtures and fittings	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		5

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	68,000		68,000
At 31 March 2025	68,000		68,000
Accumulated amortisation
At 01 April 2024	68,000		68,000
At 31 March 2025	68,000		68,000
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	66,989		4,615		162,866		234,470
At 31 March 2025	66,989		4,615		162,866		234,470
Accumulated depreciation
At 01 April 2024	66,989		4,615		148,084		219,688
Charge for the financial year	0		0		2,956		2,956
At 31 March 2025	66,989		4,615		151,040		222,644
Net book value
At 31 March 2025	0		0		11,826		11,826
At 31 March 2024	0		0		14,782		14,782

5. Stocks

	2025		2024
	£		£
Stocks	2,000		1,000

6. Debtors

	2025		2024
	£		£
Other debtors	18,354		17,527

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	1,580		2,717
Taxation and social security	7,447		2,009
Other creditors	3,721		7,404
	12,748		12,130

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each	1,000		1,000

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
A & D Thain	16,576		16,220

During the year, there were advances made to the directors of £22,922 (2024 - £25,849) and repayments made by them of £23,000 (2024 - £31,836). Interest was charged at 2.5% in the year totalling £434. At the balance sheet date the amount due to the company is £16,576 (2024 - £16,220).