Trepidation Limited Filleted accounts for Companies House (small and micro)

TREPIDATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09855278

Trepidation Limited

Filleted Unaudited Financial Statements

Year ended

31 March 2018

Trepidation Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	4		2,010,007		1,968,567

Current assets

Debtors	5	29,835	–
Cash at bank and in hand		32,473	24,785
		--------	--------
		62,308	24,785

Creditors: Amounts Falling due Within One Year	6	853,624		807,161
		---------		---------
Net current liabilities			791,316		782,376
			------------		------------
Total assets less current liabilities			1,218,691		1,186,191

Creditors: Amounts Falling due after More than One Year	7	1,218,000	1,185,650
		------------	------------
Net assets		691	541
		------------	------------

Capital and reserves

Called up share capital	150	100
Profit and loss account	541	441
	----	----
Shareholders funds	691	541
	----	----

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 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 comprehensive income has not been delivered.

For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have 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 .

Trepidation Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 10 September 2019 , and are signed on behalf of the board by:

Mr T E M Allason Director

Company registration number: 09855278

Trepidation Limited

Notes to the Financial Statements

Year ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.

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

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.

Disclosure exemptions

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

4. Tangible assets

	Freehold property
	£
Cost
At 1st April 2017	1,968,567
Additions	41,440
	------------
At 31st March 2018	2,010,007
	------------
Depreciation
At 1st April 2017 and 31st March 2018	–
	------------
Carrying amount
At 31st March 2018	2,010,007
	------------
At 31st March 2017	1,968,567
	------------

Included within the above is investment property as follows:

	£
At 1st April 2017	1,968,567
Additions	41,440
	------------
At 31st March 2018	2,010,007
	------------

The investment property was valued by the directors at open market value as at 31st March 2018.

5. Debtors

	2018	2017
	£	£
Trade debtors	29,835	–
	--------	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	21,000	59,400
Trade creditors	–	2,241
Corporation tax	21	110
Other creditors	832,603	745,410
	---------	---------
	853,624	807,161
	---------	---------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	1,218,000	1,185,650
	------------	------------