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COMPANY REGISTRATION NUMBER: 09538340

Trefusis Dean Limited

Filleted Unaudited Financial Statements

31 March 2025

Trefusis Dean Limited

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Investments | 4 | 9,547,109 | 9,429,726

Current assets

Cash at bank and in hand | 182,176 | 453,578

Creditors: amounts falling due within one year | 5 | 3,407,503 | 3,665,132
| ------------ | ------------
Net current liabilities | 3,225,327 | 3,211,554
| ------------ | ------------
Total assets less current liabilities | 6,321,782 | 6,218,172
| ------------ | ------------
Net assets | 6,321,782 | 6,218,172
| ------------ | ------------

Capital and reserves

Called up share capital | 10 | 10
Profit and loss account | 6,321,772 | 6,218,162
| ------------ | ------------
Shareholder funds | 6,321,782 | 6,218,172
| ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 March 2026 , and are signed on behalf of the board by:

E J A fforde
Director

Company registration number: 09538340

Trefusis Dean Limited

Notes to the Financial Statements

Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements have been prepared in compliance with FRS 102 section 1a, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents income earned on investments held. Dividends are recognised in the period in which they are received. Interest is recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are stated at fair value with changes in fair value being recognised in profit or loss in accordance with paragraph 11.14(b)(ii) of FRS102.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments

| Other investments other than loans
| £
Valuation |
At 1 April 2024 | 9,429,726
Additions | 500,596
Disposals | ( 549,792)
Revaluations | 166,579
| ------------
At 31 March 2025 | 9,547,109
| ------------
Impairment |
At 1 April 2024 and 31 March 2025 | –
| ------------

Carrying amount |
At 31 March 2025 | 9,547,109
| ------------
At 31 March 2024 | 9,429,726
| ------------

5. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Corporation tax | 80,481 | 40,891
Other creditors | 3,327,022 | 3,624,241
| ------------ | ------------
| 3,407,503 | 3,665,132
| ------------ | ------------

6. Financial instruments
The carrying amount for each category of financial instrument is as follows:

| 2025 | 2024
| £ | £

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss | 9,547,109 | 9,429,726
| ------------ | ------------

7. Directors' advances, credits and guarantees
At the year end, the company owed the directors £3,314,422 (2024: £3,616,441). The loan was on interest free terms and repayable on demand.