ACCOUNTS - Final Accounts preparation

Registered number: 12095665

TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

REGISTERED NUMBER: 12095665

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		3,769		3,970
Current assets
Debtors: amounts falling due within one year	5	125,964		130,964
Cash at bank and in hand		42,239		37,031
		168,203		167,995
Creditors: amounts falling due within one year	6	(251,185)		(235,220)
Net current liabilities			(82,982)		(67,225)
Total assets less current liabilities			(79,213)		(63,255)

Net liabilities			(79,213)		(63,255)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(79,214)	(63,256)
	(79,213)	(63,255)

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

REGISTERED NUMBER: 12095665

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

Mr P McCartie

Director

Date: 29 September 2025

The notes on pages 3 to 8 form part of these financial statements.

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Trojan Property Investments 1 Limited (formerly known as Lightsource Property Investments 1 Ltd) (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office are given in the Company information.
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

2.1

Basis of preparation of financial statement

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon an improvement in the company's trading position and continued financial support from its directors and shareholders. The financial statements do not include any adjustments that would result if such support is not continuing.

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 4).

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Fixed asset investments

		Investments
		£
	Valuation
	At 1 January 2024	5,000
	At 31 December 2024	5,000
	Impairment
	At 1 January 2024	1,030
	Charge for the period	201
	At 31 December 2024	1,231
	Net book value
	At 31 December 2024	3,769
	At 31 December 2023	3,970

The investment above represents the Company's 0.01% interest as a Limited Partner of Trojan UK Property Investments 1 LP (formerly Lightsource UK Property Investments 1 LP), a Private Fund Limited Partneship, registered on 30 July 2019. The remaining 99.99% interest is held outside the Trojan group.
The Company, together with Trojan Property Investment Holdings Ltd (its immediate parent undertaking), is a 50% corporate member of Trojan Property Investment Management (LPIM) LLP, the General Partner of Trojan UK Property Investments 1 LP.

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	125,964	130,964
	125,964	130,964

Amounts owed by group undertakings are unsecured, are interest free and repayable on demand.

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TROJAN PROPERTY INVESTMENTS 1 LIMITED (FORMERLY KNOWN AS LIGHTSOURCE PROPERTY INVESTMENTS 1 LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Amounts owed to group undertakings	235,221	235,220
Accruals and deferred income	15,964	-
	251,185	235,220

Amounts owed by group undertakings are unsecured, bear interest of 6.75% (2023: 6.75%) and repayable on demand.

7.	Related party transactions
	Included within accruals and deferred income are interest amounts charged totalling £15,964 by the Company's immediate parent undertaking Trojan Property Investment Holdings Limited.

8.	Controlling party

Since 24th October 2024, the Company's immediate parent undertaking is Trojan Property Investment Holdings Ltd (formerly Lightsource Property Investment Holdings Ltd), a company incorporated in England and Wales and holds all of the issued shares in the Company. The registered office of Trojan Property Investment Holdings Ltd is 1 The Forum, Minerva Business Park, Peterborough, England, PE2 6FT.
The ultimate controlling party is Mr N Boyle through his 72% shareholding in the Company's immediate parent undertaking Trojan Property Investment Holdings Limited.

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