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Registered number: 15974020
TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Unaudited
Financial statements
Information for filing with the registrar
For the 15 month Period Ended 31 December 2025
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Registered number: 15974020
Balance sheet
As at 31 December 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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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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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Registered number: 15974020
Balance sheet (continued)
As at 31 December 2025
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 period 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 on 24 June 2026.
The notes on pages 4 to 10 form part of these financial statements.
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Statement of changes in equity
For the 15 month Period Ended 31 December 2025
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Comprehensive loss for the period
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Shares issued during the period
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Total transactions with owners
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The notes on pages 4 to 10 form part of these financial statements.
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
TREC Capital Propco Limited (formerly: PH Glasgow Limited) is a private limited company, limited by shares and incorporated and domiciled in the UK. The Company's registered office is provided on the Company information page.
The principal activity of the Company is that of an investment holding company.
On 16 April 2025, the Company changed its name from PH Glasgow Limited to TREC Capital Propco Limited.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The Company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts, as the Group is small. Therefore, the financial statements present the results of the Company only and not its Group.
The Directors have undertaken an assessment of the ability of the Company to continue as a going concern for the next 12 months from the date of approval of these financial statements.
The Directors consider that the Company will have adequate financial resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.
The Directors have assessed the going concern status of the Company and concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern.
Accordingly, the financial statements are prepared on the going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
2.Accounting policies (continued)
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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
2.Accounting policies (continued)
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.
Called up share capital
Called up share capital is the nominal amount of the Company’s ordinary shares in issue.
Profit and loss account
Profit and loss account represent the retained profits or losses of the Company.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related
actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.
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The Company has no employees other than the Directors, who did not receive any remuneration during the period.
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Rockford Portfolio Limited
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DWF (NI) LlP, Jefferson House, Queen Street, Belfast, United Kingdom, BT1 6HL
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TREC Capital Glasgow Limited
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10 Queen Street Place, London, United Kingdom, EC4R 1AG
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TREC Capital Crawley Limited
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10 Queen Street Place, London, United Kingdom, EC4R 1AG
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TREC Capital Fairacre Limited
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10 Queen Street Place, London, United Kingdom, EC4R 1AG
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Rockford Forest Gate Limited*
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DWF (NI) LlP, Jefferson House, Queen Street, Belfast, United Kingdom, BT1 6HL
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DWF (NI) LlP, Jefferson House, Queen Street, Belfast, United Kingdom, BT1 6HL
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DWF (NI) LlP, Jefferson House, Queen Street, Belfast, United Kingdom, BT1 6HL
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Rockford Phoenix Limited*
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DWF (NI) LlP, Jefferson House, Queen Street, Belfast, United Kingdom, BT1 6HL
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Rockford Trilogy Limited*
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DWF (NI) LlP, Jefferson House, Queen Street, Belfast, United Kingdom, BT1 6HL
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
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Due after more than one year
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Loans to group undertakings
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Interest receivable on loans to group undertakings
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Loans to group undertakings
On 24 July 2025, the Company entered into an interest bearing loan facility agreement of £800,000 with TREC Capital Glasgow Limited, a subsidiary company. The Company drew down £540,638 of the loan as at 31 December 2025. The loan incurs interest at the Bank of England Base Rate plus 2% per annum and is repayable on 30 September 2028. Interest receivable at 31 December 2025 amounted to £8,318.
On 27 November 2025, the Company entered into an interest bearing loan facility of £6,500,000 with subsidiary companies. The amount of £340,314 with TREC Capital Glasgow Limited, £473,604 with TREC Capital Fairacre Limited, £2,126,963 with TREC Capital Crawley Limited and £3,559,119 with Rockford Portfolio Limited. The loan incurs interest at the Bank of England Base Rate plus 4.5% per annum and is repayable on 30 September 2028. Interest receivable at 31 December 2025 amounted to £52,356.
In addition, the Company had short-term interest-free loans outstanding at 31 December 2025 of £1,000 with TREC Capital Crawley Limited and £297,950 with Rockford Portfolio Limited. These balances are unsecured and repayable on demand. No interest is charged on these balances as the net intercompany positions with the respective subsidiaries are below the threshold for interest charging under the terms of the intercompany loan agreements.
Note provides additional information and the corresponding interest relating to the loans.
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Prepayments and accrued income
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Cash and cash equivalents
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Interest payable on bank loans
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Accruals and deferred income
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The Company had short-term interest-free loans outstanding at 31 December 2025 of £25,000 with TREC Capital Fairacre Limited, £773,899 with Rockford Portfolio Limited and £110,000 with TREC Crawley Limited. These balances are unsecured and repayable on demand.
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Creditors: amounts falling due after more than one year
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Interest payable on bank loans
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Unamortised finance costs
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Bank loans
On 28 November 2025, the Company entered into an interest bearing facility of £10,085,000 with Mizrahi Tefahot Bank Ltd. The loan incurs interest of the Bank of England base rate + 4.5% margin per annum and is repayable on 28 November 2028. The loan is secured by a fixed charge and negative pledge over the Company's shares (note 5). Interest payable at 31 December 2025 amounted to £78,884 (note 8).
On 5 June 2025, the Company entered into an unsecured interest bearing facility of £685,464 with Tunstall Real Estate Credit II Hoco S.À R.L. The loan incurs interest of the Bank of England base rate + 2% margin per annum and is repayable on 30 September 2028. Interest payable at 31 December 2025 amounted to £23,597 (note 8).
Note provides additional information and the corresponding interest relating to the loans.
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TREC CAPITAL PROPCO LIMITED (FORMERLY: PH GLASGOW LIMITED)
Notes to the financial statements
For the 15 month Period Ended 31 December 2025
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Allotted, called up and fully paid
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1 Ordinary share of £1.00
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On 24 September 2024, the Company issued 1 ordinary share of £1, for a total consideration of £1.
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Post balance sheet events
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There were no material events after the balance sheet date that have a bearing on the understanding of these financial statements.
The Company’s immediate parent is TREC Capital LLP (formerly: Grey Cat Capital V LLP), a company registered in the United Kingdom. There is no ultimate controlling party of TREC Capital LLP (formerly: Grey Cat Capital V LLP).
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