Tregarron Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02720881 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Tregarron Limited

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

4

1

1

Tangible assets

5

2,140

7,609

Investments

6

53

53

2,194

7,663

Current assets

Debtors

7

223,392

262,986

Investments

8

2,588,574

2,613,829

Cash at bank and in hand

950,029

794,539

3,761,995

3,671,354

Creditors

Amounts falling due within one year

9

806,211

820,070

Net current assets

2,955,784

2,851,284

Total assets less current liabilities

2,957,978

2,858,947

Capital and reserves

Called up share capital

153

153

Fair value reserve

10

22,309

22,309

Retained earnings

10

2,935,516

2,836,485

Shareholders' funds

2,957,978

2,858,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 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 Statement of Income and Retained Earnings, 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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Managed investment portfolio held

These assets are subsequently measured at fair value at each year end. Net gains and losses, including any interest or dividend income and expense and foreign exchange gains and losses, are recognised in the income statement.

3.	Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 June 2022

and 31 May 2023

300,000

Amortisation

At 1 June 2022

and 31 May 2023

299,999

Net book value

At 31 May 2023

1

At 31 May 2022

1

5.	Tangible fixed assets

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 June 2022

14,480

33,389

6,539

54,408

Disposals

-

(33,389

)

-

(33,389

)

At 31 May 2023

14,480

-

6,539

21,019

Depreciation

At 1 June 2022

12,873

28,419

5,507

46,799

Charge for year

241

1,242

258

1,741

Eliminated on disposal

-

(29,661

)

-

(29,661

)

At 31 May 2023

13,114

-

5,765

18,879

Net book value

At 31 May 2023

1,366

-

774

2,140

At 31 May 2022

1,607

4,970

1,032

7,609

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 June 2022

and 31 May 2023

53

Net book value

At 31 May 2023

53

At 31 May 2022

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

31.5.23

31.5.22

£

£

Trade debtors

199,635

251,084

Other loan debtor

7,547

-

VAT

4,270

-

Prepayments and accrued income

11,940

11,902

223,392

262,986

Other debtors

Loans brought forward from earlier years have all been been settled.

8.	Current asset investments

31.5.23

31.5.22

£

£

Managed investment portfolio

2,588,574

2,613,829

9.

Creditors: amounts falling due within one year

31.5.23

31.5.22

£

£

Trade creditors

5,930

45,166

Amounts owed to group undertakings

758,087

750,000

Tax

27,869

3,806

Social security and other taxes

6,125

-

VAT

-

598

Accrued expenses

8,200

20,500

806,211

820,070

10.

Reserves

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 June 2022

2,836,485

22,309

2,858,794

Profit for the year

169,431

169,431

Dividends

(70,400

)

(70,400

)

At 31 May 2023

2,935,516

22,309

2,957,825

11.	Other financial commitments

A new 5 year lease was taken out on 1st June 2020, at a rent of £17,941 per annum. The property is Unit 5 Salisbury House, Wheatfield Way, Hinckley LE10 1YG being the companies new business premises. At 31st May 2022 the company had total commitments over the the remaining life of the lease of £35,882 (2022 £53,823).

12.	Ultimate controlling party

The controlling party is D. E. Conibere.