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REGISTERED NUMBER: 02861619 (England and Wales)












Financial Statements

for the Year Ended 28 February 2022

for

Truvelo (UK) Limited

Truvelo (UK) Limited (Registered number: 02861619)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Truvelo (UK) Limited

Company Information
for the Year Ended 28 February 2022







DIRECTORS: R D H Gebert
C J Hutt
L F Korcz





REGISTERED OFFICE: 14 Brentford Business Centre
Commerce Road
Brentford
Middlesex
TW8 8LG





REGISTERED NUMBER: 02861619 (England and Wales)





AUDITORS: PB Associates
Chartered Accountants and Chartered Tax Advisers
2 Castle Business Village
Station Road
Hampton
Middlesex
TW12 2BX

Truvelo (UK) Limited (Registered number: 02861619)

Balance Sheet
28 February 2022

28.2.22 28.2.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 134,000 167,500
Tangible assets 5 810,918 841,234
944,918 1,008,734

CURRENT ASSETS
Stocks 451,554 485,363
Debtors 6 339,738 375,711
Cash at bank 333,817 238,381
1,125,109 1,099,455
CREDITORS
Amounts falling due within one year 7 228,873 258,374
NET CURRENT ASSETS 896,236 841,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,841,154

1,849,815

CREDITORS
Amounts falling due after more than one
year

8

9,595

19,377
NET ASSETS 1,831,559 1,830,438

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 350,190 350,190
Retained earnings 10 1,481,269 1,480,148
SHAREHOLDERS' FUNDS 1,831,559 1,830,438

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 23 August 2022 and were signed on its behalf by:



R D H Gebert - Director


Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

Truvelo (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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 and other post-retirement benefits
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.

Going concern
At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company and have taken into account the impact of the coronavirus on the company as well as the expected support to businesses available from the government measures in place through the period of disruption caused by coronavirus. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2021 - 15 ) .

Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2021
and 28 February 2022 335,000
AMORTISATION
At 1 March 2021 167,500
Charge for year 33,500
At 28 February 2022 201,000
NET BOOK VALUE
At 28 February 2022 134,000
At 28 February 2021 167,500

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2021 725,000 216,852 97,921 1,039,773
Additions - 8,547 - 8,547
Disposals - (13,548 ) - (13,548 )
At 28 February 2022 725,000 211,851 97,921 1,034,772
DEPRECIATION
At 1 March 2021 - 159,245 39,294 198,539
Charge for year - 17,734 19,585 37,319
Eliminated on disposal - (12,004 ) - (12,004 )
At 28 February 2022 - 164,975 58,879 223,854
NET BOOK VALUE
At 28 February 2022 725,000 46,876 39,042 810,918
At 28 February 2021 725,000 57,607 58,627 841,234

The directors have not depreciated freehold property as the property is maintained in good order. The original cost of construction in 1989 was £123,500. If the building had been depreciated over 50 years the annual depreciation charge would be £2,470 and the cumulative depreciation would be £81,510.

The property was professionally revalued in 2019 by Messrs Kempton Carr Croft at £725,000 with a building reinstatement value of £360,000.

Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2022 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2019 350,190 - - 350,190
Cost 374,810 211,851 97,921 684,582
725,000 211,851 97,921 1,034,772

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Trade debtors 270,152 321,785
Other debtors 68,086 52,426
Directors' current accounts 1,500 1,500
339,738 375,711

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Hire purchase contracts 11,626 11,626
Trade creditors 106,724 102,756
Corporation tax (16,011 ) -
Social security and other taxes 53,974 124,780
Other creditors 72,560 19,212
228,873 258,374

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
28.2.22 28.2.21
£    £   
Hire purchase contracts 9,595 19,377

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 28.2.22 28.2.21
value: £    £   
100 Ordinary £1 100 100

Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2021 1,480,148 350,190 1,830,338
Profit for the year 1,121 1,121
At 28 February 2022 1,481,269 350,190 1,831,459

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashfaq Sharif (Senior Statutory Auditor)
for and on behalf of PB Associates

12. RELATED PARTY DISCLOSURES

At the balance sheet date Truvelo (UK) Limited were owed £ Nil (£29,640 in 2021) by Gebert Holdings (PTY) Limited.

13. ULTIMATE CONTROLLING PARTY

The Company is 100% owned by The Measurement Private Foundation, a trust which is registered in Curacao. On 17 August 2017 Mrs H E Gebert transferred her interest in The Measurement Private Foundation to The Truvelo Manufacturers Share Trust, a trust which is registered in South Africa. Mr R-D H Gebert is the controlling trustee of The Truvelo Manufacturers Share Trust.