Company registration number 08910031 (England and Wales)
TREGUNTER ROAD (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TREGUNTER ROAD (UK) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
TREGUNTER ROAD (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment property
6
43,000,000
43,000,000
Investments
7
2
2
43,000,002
43,000,002
Current assets
Trade and other receivables
8
47,582
146,827
Current liabilities
9
(47,151,919)
(47,162,818)
Net current liabilities
(47,104,337)
(47,015,991)
Total assets less current liabilities
(4,104,335)
(4,015,989)
Provisions for liabilities
(807,500)
Net liabilities
(4,104,335)
(4,823,489)
Equity
Called up share capital
100
100
Revaluation reserve
4,250,000
3,442,500
Retained earnings
(8,354,435)
(8,266,089)
Total equity
(4,104,335)
(4,823,489)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 December 2023 and are signed on its behalf by:
D Cotter
Director
Company registration number 08910031 (England and Wales)
TREGUNTER ROAD (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Fair value reserve
Retained earnings
Total
£
£
£
£
Balance at 1 April 2021
100
3,442,500
(8,188,836)
(4,746,236)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(77,253)
(77,253)
Balance at 31 March 2022
100
3,442,500
(8,266,089)
(4,823,489)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
719,154
719,154
Tax relating to other comprehensive income
-
807,500
(807,500)
Balance at 31 March 2023
100
4,250,000
(8,354,435)
(4,104,335)
TREGUNTER ROAD (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Company information
Tregunter Road (UK) Limited is a private company limited by shares incorporated in England and Wales with registration number 08910031. The registered office is One Fleet Place, London EC4M 7WS.
2
Compliance with accounting standard
The financial statements have been prepared in accordance with the provision of FRS 102 Section 1A for small entities. There were no material departures from the standard.
3
Accounting policies
3.1
Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
3.2
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the net liability position of the company and have received confirmation from the parent company that loans will not be called in until the company has sufficient resources to meet these obligations.true
3.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement and deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net unrealised gains for the period are transferred to fair value reserve. When the gains are realised on disposal, the net realised gain is transferred to retained earnings.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
3.4
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
3.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
TREGUNTER ROAD (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
3.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing difference.
During the year, the provision for deferred tax has been reversed since the fair value of the investment property is lower than its cost. Therefore, as at the year end, provision for deferred tax amounted to £NIL (2022: £807,500).
4
Corresponding amounts
In certain cases, the directors have reanalysed the corresponding amounts in order to make their disclosure more meaningful.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
TREGUNTER ROAD (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
43,000,000
Investment property comprises of a residential dwelling in the U.K. The fair value of the investment property as at 31 March 2023 has been arrived at £43,000,000 (2022: £43,000,000) by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
On a historical cost bases these would have been included at an original cost of £47,091,098 (2022: £47,091,098).
7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
8
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
103,557
Corporation tax recoverable
25
24
Other receivables
47,557
43,246
47,582
146,827
9
Current liabilities
2023
2022
£
£
Amounts owed to group undertakings
47,111,641
47,157,238
Other payables
40,278
5,580
47,151,919
47,162,818
Amounts due to Group undertakings are interest free and repayable on demand. The loan is repayable on demand so long as the resources of the company permit.
The amounts due to Group undertakings are secured on the property of the company.
10
Related party transactions
The directors, Danielle Cotter, Anthony Daly and Robert Syvret are employees of Cititrust (Jersey) Limited, the corporate service provider of the reporting company.
TREGUNTER ROAD (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
11
Parent company
The ultimate controlling party is Fleur Resources Limited, a company registered in BVI whose registered office is at Simmonds Building, Wickams Cay, 1, PO Box 4519, Road Town, Tortola, British Virgin Islands, who owns 100% of the share capital.