Registration number:
Trinity Land and Estates Limited
Filleted
for the
Year Ended 31 July 2019
Trinity Land and Estates Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Trinity Land and Estates Limited
Company Information
Director |
M.R. Hutchinson |
Company secretary |
A.C. Hutchinson |
Registered office |
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Bankers |
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Accountants |
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Trinity Land and Estates Limited
(Registration number: 05514984)
Statement of Financial Position as at 31 July 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
Trinity Land and Estates Limited
(Registration number: 05514984)
Statement of Financial Position as at 31 July 2019 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Trinity Land and Estates Limited
Notes to the Financial Statements for the Year Ended 31 July 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Trinity Land and Estates Limited
Notes to the Financial Statements for the Year Ended 31 July 2019 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Office equipment |
25% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Trinity Land and Estates Limited
Notes to the Financial Statements for the Year Ended 31 July 2019 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2019 |
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Depreciation |
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Charge for the year |
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At 31 July 2019 |
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Carrying amount |
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At 31 July 2019 |
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Investment properties |
2019 |
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At 1 August |
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At 31 July |
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The directors have reviewed the carrying value of investment properties and do not consider the fair value to be materially different to cost.
Trinity Land and Estates Limited
Notes to the Financial Statements for the Year Ended 31 July 2019 (continued)
Debtors |
2019 |
2018 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Other loans |
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Trade creditors |
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Other creditors |
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Corporation tax liability |
- |
225 |
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Directors loan accounts |
697 |
783 |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings are secured over the company's investment properties.
Trinity Land and Estates Limited
Notes to the Financial Statements for the Year Ended 31 July 2019 (continued)
Related party transactions |
Transactions with directors |
2019 |
At 1 August 2018 |
Advances to directors |
At 31 July 2019 |
M.R. Hutchinson |
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Loan account |
(783) |
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( |
2018 |
At 1 August 2017 |
Advances to directors |
Repayments by director |
At 31 July 2018 |
M.R. Hutchinson |
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Loan account |
1,510 |
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( |
( |