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REGISTERED NUMBER: 01290401 (England and Wales)


















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 January 2023

for

Trevails of Truro Limited

Trevails of Truro Limited (Registered number: 01290401)

Contents of the Financial Statements
for the Year Ended 31 January 2023










Page

Company Information 1

Report of the Directors 2

Income Statement 3

Statement of Financial Position 4

Notes to the Financial Statements 6


Trevails of Truro Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Nicholas John Trevail
Oliver Benjamin Trevail





REGISTERED OFFICE: 31-32 River Street
Truro
Cornwall





REGISTERED NUMBER: 01290401 (England and Wales)





ACCOUNTANTS: Southshore Accounting Services
66, Biscovey Road
St Blazey Gate
Par
Cornwall
PL24 2HW

Trevails of Truro Limited (Registered number: 01290401)

Report of the Directors
for the Year Ended 31 January 2023


The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the retail of Mens and Womenswear.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

Nicholas John Trevail
Oliver Benjamin Trevail

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Nicholas John Trevail - Director


2 October 2023

Trevails of Truro Limited (Registered number: 01290401)

Income Statement
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   

TURNOVER 1,494,595 1,063,428

Cost of sales 754,336 534,657
GROSS PROFIT 740,259 528,771

Administrative expenses 416,187 318,709
324,072 210,062

Other operating income - 58,324
OPERATING PROFIT 4 324,072 268,386


Interest payable and similar
expenses

14,256

8,881
PROFIT BEFORE TAXATION 309,816 259,505

Tax on profit 58,560 46,200
PROFIT FOR THE FINANCIAL YEAR 251,256 213,305

Trevails of Truro Limited (Registered number: 01290401)

Statement of Financial Position
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 212,500 225,000
Tangible assets 6 30,394 23,616
242,894 248,616

CURRENT ASSETS
Stocks 380,145 258,531
Debtors 7 9,370 2,850
Cash at bank and in hand 491,984 412,661
881,499 674,042
CREDITORS
Amounts falling due within one year 8 236,156 161,653
NET CURRENT ASSETS 645,343 512,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

888,237

761,005

CREDITORS
Amounts falling due after more than
one year

9

348,019

418,043
NET ASSETS 540,218 342,962

Trevails of Truro Limited (Registered number: 01290401)

Statement of Financial Position - continued
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 520,218 322,962
SHAREHOLDERS' FUNDS 540,218 342,962

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by:




Nicholas John Trevail - Director



Oliver Benjamin Trevail - Director


Trevails of Truro Limited (Registered number: 01290401)

Notes to the Financial Statements
for the Year Ended 31 January 2023


1. STATUTORY INFORMATION

Trevails of Truro 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.

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

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of nil 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.

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


Trevails of Truro Limited (Registered number: 01290401)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


2. ACCOUNTING POLICIES - continued
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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 22 ) .

Trevails of Truro Limited (Registered number: 01290401)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


4. OPERATING PROFIT

The operating profit is stated after charging:

31.1.23 31.1.22
£    £   
Depreciation - owned assets 11,858 10,438
Goodwill amortisation 12,500 12,500

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 250,000
AMORTISATION
At 1 February 2022 25,000
Charge for year 12,500
At 31 January 2023 37,500
NET BOOK VALUE
At 31 January 2023 212,500
At 31 January 2022 225,000

Trevails of Truro Limited (Registered number: 01290401)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 45,227
Additions 18,636
At 31 January 2023 63,863
DEPRECIATION
At 1 February 2022 21,611
Charge for year 11,858
At 31 January 2023 33,469
NET BOOK VALUE
At 31 January 2023 30,394
At 31 January 2022 23,616

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other debtors 9,370 2,850

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade creditors 89,848 51,247
Taxation and social security 113,978 85,262
Other creditors 32,330 25,144
236,156 161,653

Trevails of Truro Limited (Registered number: 01290401)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans 339,142 406,568
Hire purchase contracts 8,877 11,475
348,019 418,043

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 339,142 406,568