Company No:
Contents
| Note | 2025 | 2024 | ||
| $ | $ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investments | 4 |
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| 7,071,765 | 7,071,765 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 5 |
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| - due after more than one year | 5 |
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| 16,098,426 | 16,215,333 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (6,357,062) | (6,868,360) | ||
| Total assets less current liabilities | 714,703 | 203,405 | ||
| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account |
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| Total shareholder's funds |
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The notes on pages 12 to 18 form part of these financial statements
The financial statements of TRE International Limited (registered number:
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D Ofer
Director |
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.
TRE International 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 35 Ballards Lane, London, N3 1XW, 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 USD which is the functional currency of the company and rounded to the nearest $.
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
As at 31 December 2025, the Company had net current liabilities of $6,357,062. Included within creditors is an amount of $22,441,602 owed to the parent company. On 11 March 2026, the previous ultimate parent undertaking ceased control. From this date, the Company became dependent on the support of the newly appointed ultimate beneficial owner to allow it to meet its financial obligations as they fall due and also not seek repayments of existing loans made to the Company. The Directors expect this support to be forthcoming.
The Directors have a reasonable expectation that the Company has adequate resources to meet future working capital requirements and to continue in operational existence for the foreseeable future and they consider it appropriate to prepare the financial statements on a going concern basis. As a result, the Directors have prepared the financial statements on a going concern basis.
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 translated using the exchange rate when the 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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and retained earnings within finance income or costs. All other foreign exchange gains and losses are presented in profit or loss within other operating income.
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 reporting date in the countries where the Company operates and generates income.
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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The comparative information in these financial statements has been restated from the figures previously reported to reflect a presentational adjustment.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 December 2024 | $ | $ | $ | |||
| Corporation tax liability | 50,826 | (50,826) | 0 | |||
| Corporation tax expense | 50,826 | (50,826) | 0 | |||
| Deferred tax liability | 0 | 50,826 | 50,826 | |||
| Deferred tax expense | 0 | 50,826 | 50,826 |
There has been no impact on profit or net assets as a results of this presentational adjustment.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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Investments in subsidiaries
| 2025 | |
| $ | |
| Cost | |
| At 01 January 2025 |
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| At 31 December 2025 |
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| Carrying value at 31 December 2025 |
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| Carrying value at 31 December 2024 |
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| 2025 | 2024 | ||
| $ | $ | ||
| Debtors: amounts falling due within one year | |||
| Amounts owed by group undertakings |
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| Corporation tax |
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| Debtors: amounts falling due after more than one year | |||
| Amounts owed by group undertakings |
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| 2025 | 2024 | ||
| $ | $ | ||
| Amounts owed to parent undertakings |
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| Accruals |
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
| 2025 | 2024 | ||
| $ | $ | ||
| At the beginning of financial year | (
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| Credited/(charged) to the Statement of Income and Retained Earnings |
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| At the end of financial year | (
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| 2025 | 2024 | ||
| $ | $ | ||
| Allotted, called-up and fully-paid | |||
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The Company has taken advantage of the exemptions conferred by Section 33.1a of FRS 102 not to disclose transactions with related parties who are part of the same wholly-owned group.
The audit report was signed by Michael Wedge on behalf of BKL Audit LLP.
The ultimate controlling party is D Ofer.