Tregarron Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02720881 (England and Wales)

Financial Statements

for the Year Ended 31 May 2020

for

Tregarron Limited

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

Fixed assets

Intangible assets

4

1

1

Tangible assets

5

12,895

14,845

Investments

6

53

53

12,949

14,899

Current assets

Debtors

7

359,589

423,751

Cash at bank

2,146,954

1,774,723

2,506,543

2,198,474

Creditors

Amounts falling due within one year

8

38,825

55,949

Net current assets

2,467,718

2,142,525

Total assets less current liabilities

2,480,667

2,157,424

Capital and reserves

Called up share capital

153

153

Retained earnings

2,480,514

2,157,271

2,480,667

2,157,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2020 and were signed on its behalf by:

J. C. Knighton - Director

1.	Statutory information

Tregarron Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02720881

Registered office:

4-5 Rectory Lane

Loughton

Essex

IG10 2QZ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A " Small Entities" and the Companies Act 2006.The financial statements have been prepared under the historical cost convention.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied in all years presented, unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about Tregarron Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the commission received or receivable for provision of agent services in the ordinary course of the company's activities. Turnover excludes discounts, rebates, and value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 4 (2019 - 3 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 June 2019

and 31 May 2020

300,000

Amortisation

At 1 June 2019

and 31 May 2020

299,999

Net book value

At 31 May 2020

1

At 31 May 2019

1

5.	Tangible fixed assets

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 June 2019

14,480

33,389

4,539

52,408

Additions

-

-

2,000

2,000

At 31 May 2020

14,480

33,389

6,539

54,408

Depreciation

At 1 June 2019

11,862

21,608

4,093

37,563

Charge for year

393

2,945

612

3,950

At 31 May 2020

12,255

24,553

4,705

41,513

Net book value

At 31 May 2020

2,225

8,836

1,834

12,895

At 31 May 2019

2,618

11,781

446

14,845

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 June 2019

and 31 May 2020

53

Net book value

At 31 May 2020

53

At 31 May 2019

53

The company holds 100% of ordinary share capital at the Statement of Financial Position date following a reorganisation in two wholly owned subsidairy companies both registered in England & Wales as follows:

Ikon Footwear Limited.

Base London International Limited ( Dormant).

7.

Debtors: amounts falling due within one year

31.5.20

31.5.19

£

£

Trade debtors

142,991

141,259

Other loan debtor

210,000

278,898

VAT

6,598

3,594

359,589

423,751

Other debtors

Loans brought forward from earlier years have all been been settled. This year the company made a loan of £210,000 at an interest rate of 7.75% repayable on demand.

8.

Creditors: amounts falling due within one year

31.5.20

31.5.19

£

£

Trade creditors

1,670

3,752

Tax

7,879

1,882

Social security and other taxes

200

3,721

Accrued expenses

29,076

46,594

38,825

55,949

9.	Related party disclosures

The company occupied premises at Hemdale Business Park, Nuneaton which were owned by the David Conibere's Children's Trust, of which a director is the principal settlor. Rent is not charged .The company has relocated since the year end.

10.	Ultimate controlling party

The controlling party is D. E. Conibere.