Tustain Family Investment Company Limited 31/03/2022 iXBRL

Tustain Family Investment Company Limited 31/03/2022 iXBRL

TUSTAIN FAMILY INVESTMENT COMPANY LIMITED - Company Information

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Company registration number: 09879171
Tustain Family Investment Company Limited
Unaudited filleted financial statements
for the year ended
31 March 2022
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Tustain Family Investment Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Tustain Family Investment Company Limited
Directors and other information
Directors John Bernard Tustain
Elizabeth Beatrice Tustain
Samuel Thomas Tustain
Company number 09879171
Registered office The Old Oak Barn
Clattercut Lane
Rushock, Droitwich
Worcestershire
WR9 0NN
Business address The Old Oak Barn
Clattercut Lane
Rushock, Droitwich
Worcestershire
WR9 0NN
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Tustain Family Investment Company Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Tustain Family Investment Company Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tustain Family Investment Company Limited for the year ended 31 March 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Tustain Family Investment Company Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Tustain Family Investment Company Limited and state those matters that we have agreed to state to the board of directors of Tustain Family Investment Company Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tustain Family Investment Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Tustain Family Investment Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tustain Family Investment Company Limited. You consider that Tustain Family Investment Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tustain Family Investment Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
26 September 2022
Tustain Family Investment Company Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 7 5,924,105 6,043,872
_________ _________
5,924,105 6,043,872
Current assets
Debtors 8 670,234 1,733,983
Cash at bank and in hand 310,131 128,872
_______ _______
980,365 1,862,855
Creditors: amounts falling due
within one year 9 ( 816,173) ( 1,731,181)
_______ _________
Net current assets 164,192 131,674
_________ _________
Total assets less current liabilities 6,088,297 6,175,546
Provisions for liabilities ( 11,350) ( 173,700)
_________ _________
Net assets 6,076,947 6,001,846
_________ _________
Capital and reserves
Called up share capital 10 16,010 16,010
Profit and loss account 11 6,060,937 5,985,836
_________ _________
Shareholders funds 6,076,947 6,001,846
_________ _________
For the year ending 31 March 2022 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2022 , and are signed on behalf of the board by:
John Bernard Tustain
Director
Company registration number: 09879171
Tustain Family Investment Company Limited
Statement of changes in equity
Year ended 31 March 2022
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 April 2020 16,010 5,109,920 ( 293,359) 4,832,571
Profit for the year - - 1,194,275 1,194,275
Reduction of capital - (5,109,920) 5,109,920 -
_______ _________ _________ _________
Total comprehensive income for the year - ( 5,109,920) 6,304,195 1,194,275
Dividends paid and payable - - ( 25,000) ( 25,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 25,000) ( 25,000)
_______ _________ _________ _________
At 31 March 2021 and 1 April 2021 16,010 - 5,985,836 6,001,846
Profit for the year - - 275,101 275,101
_______ _________ _________ _________
Total comprehensive income for the year - - 275,101 275,101
Dividends paid and payable - - ( 200,000) ( 200,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 200,000) ( 200,000)
_______ _______ _________ _________
At 31 March 2022 16,010 - 6,060,937 6,076,947
_______ _______ _________ _________
Tustain Family Investment Company Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Oak Barn, Clattercut Lane, Rushock, Droitwich, Worcestershire, WR9 0NN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
4. Staff costs
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
The aggregate payroll costs incurred during the year were:
2022 2021
£ £
Social security costs - 56
_______ _______
5. Tax on profit
Major components of tax (income)/expense
2022 2021
£ £
Current tax:
UK current tax expense 47,450 43,400
Adjustments in respect of previous periods ( 39) ( 9)
_______ _______
47,411 43,391
Deferred tax:
Origination and reversal of timing differences ( 162,350) 173,700
_______ _______
Tax on profit ( 114,939) 217,091
_______ _______
6. Dividends
Equity dividends
2022 2021
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 200,000 25,000
_______ _______
7. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 April 2021 6,043,872 6,043,872
Additions 5,232,606 5,232,606
Disposals ( 5,371,807) ( 5,371,807)
Revaluations 19,434 19,434
_________ _________
At 31 March 2022 5,924,105 5,924,105
_________ _________
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 5,924,105 5,924,105
_________ _________
At 31 March 2021 6,043,872 6,043,872
_________ _________
8. Debtors
2022 2021
£ £
Other debtors 670,234 1,733,983
_______ _________
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 750,191 1,654,756
Trade creditors 390 -
Corporation tax 47,450 43,400
Social security and other taxes - 56
Other creditors 18,142 32,969
_______ _________
816,173 1,731,181
_______ _________
10. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 2,610 2,610 2,610 2,610
Ordinary A to E shares of £ 1.00 each 11,500 11,500 11,500 11,500
Ordinary F shares of £ 1.00 each 1,900 1,900 1,900 1,900
_______ _______ _______ _______
16,010 16,010 16,010 16,010
_______ _______ _______ _______
11. Reserves
On 17 March 2021, the company reduced the capital through the cancellation of the share premium account to create distributable reserves.
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance carried forward
£ £ £ £
John Bernard Tustain - 99,400 ( 100,000) ( 600)
Elizabeth Beatrice Tustain - 99,400 ( 100,000) ( 600)
_______ _______ _______ _______
- 198,800 ( 200,000) ( 1,200)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance carried forward
£ £ £ £
John Bernard Tustain 1,239 36,873 ( 38,112) -
Elizabeth Beatrice Tustain 1,239 36,873 ( 38,112) -
_______ _______ _______ _______
2,478 73,746 ( 76,224) -
_______ _______ _______ _______