Company registration number 00348624 (England and Wales)
R.E. TRICKER HOLDINGS LIMITED GROUP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
R.E. TRICKER HOLDINGS LIMITED GROUP
COMPANY INFORMATION
Directors
Mr M D Mason
Mr N D Barltrop
Mrs AJ Barltrop
Mr DW Jeffery
(Appointed 1 March 2022)
Secretary
Mr N D Barltrop
Company number
00348624
Registered office
56/60 St Michael's Road
Northampton
NN1 3JX
Auditor
Clifford Roberts
Pacioli House
9 Brookfield, Duncan Close
Moulton Park
Northampton
NN3 6WL
Business address
56/60 St Michael's Road
Northampton
NN1 3JX
R.E. TRICKER HOLDINGS LIMITED GROUP
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 38
R.E. TRICKER HOLDINGS LIMITED GROUP
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Fair review of the business

The principal activity of the company in the year under review was that of manufacture of footwear.

Tricker’s is an Internationally recognised luxury brand of footwear, 100% manufactured within its own factory by R E Tricker Ltd, founded in 1829 in Northampton.

The Group designs, develops, manufactures, markets, and sells its products under the Trickers brand name. Each shoe and boot is carefully crafted from the best materials to the most exacting standards. The integrity and natural authority of our products, their individuality and self-assuredness are reflected in our customers and ultimately sets us apart.

The Group exports 80% of its products to 70 different countries via wholesale or ecommerce activities

Tricker’s commitment to sustainability is at the heart of the company’s brand’s values

 

 

The Board's long-term objective is to grow Trickers into a major global luxury footwear brand, offering unique and desirable product at the best value for price, and thereby create improved shareholder value

 

The Group uses a range of performance measures to monitor and manage the business effectively. These are both financial and non-financial key performance indicators. These are reported on a weekly basis versus internal targets and prior year performance and include turnover:

Digital has now become an important part of the business and further on-line development is underway to grow sales over the next few years

We can improve our digital sales channels and the services that we provide to create an even better shopping experience by better using the latest technological innovations. We are investing in marketing to ensure better ‘automated’ customer interactions and buying recommendations.

 

Key performance indicators

The group uses a range of performance measures to monitor and manage the business effectively. These are both financial and non-financial key performance indicators. These are reported on a weekly basis versus internal targets and prior year performance and include turnover.

 

 

 

2022 2021

 

Increase/ (decrease) in turnover 31.4% 12.0%

Gross profit percentage, adjusted for CJRS 41.5% 35.5%

Net profit/(loss) percentage (5.0)% (15.3)%

Liquidity ratio (excluding stock) 0.66 0.80

R.E. TRICKER HOLDINGS LIMITED GROUP
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

Strategy

The group's long-term strategies are:

 

Principal risks and uncertainties

 

The Group does have some exposure to foreign currency, cash flow, credit, liquidity, interest rate and other price risks that arise in the normal course of the business, some of these risks are deemed to be more significant that others. These risks are limited by the Group's financial management policies described below.

 

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the reporting entity by failing to discharge an obligation. Predominantly any risks will arise from trade debtors going bad, but given the retail nature of part of the Group's trade, this is risk is partially mitigated. The wholesale element of the business, which is slightly more exposed to credit risk, is managed through sensible sales ledger management policies and historically the entity has seen very low levels of bad debt.

 

Liquidity risk/Cash Flow risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. The directors manage the Group's working capital requirements predominantly within its own resources and Cash flow is monitored on an ongoing basis to ensure obligations are met. The liquidity risk mainly arises from the level of stockholding which arise in the normal course of business. These risks are managed on a group wide basis in order to benefit from economies of scale.

 

Interest rate risk

The group is exposed to interest rate risk through the impact of rate changes on interest bearing borrowings. Apart from the bank overdraft, the Group does not have significant interest bearing assets and liabilities. By managing the facilities on a group wide basis and having a strong relationship with its bankers helps to mitigate the risk.

 

Foreign Exchange Risk

The Group trades with a large number of customers and suppliers with which foreign exchange risks arises. To mitigate this risk the company maintains both Euro and Dollar bank accounts in order to mitigate the exchange risk. The exchange rate movement is monitored regularly and this enables to the company to convert funds to sterling when the rate is deemed most favourable. However, generally they settle foreign exchange liabilities using the Euro and Dollar bank accounts.

 

Other Price Risk

The Group operates in a very competitive market. In order to retain its existing customers and generate new ones, the Group continues to strive to achieve its overriding aim of building and maintaining good customer relationships and consistently producing highest quality shoes, set at a price which delivers a strong margin which enables the Group to focus on quality. The resulting strong relationships help the Group to be able to work with its customers following significant changes in the market, and by introducing the Global pricing alignment, all customers worldwide, whether online or retail will broadly pay the same price.

 

 

 

R.E. TRICKER HOLDINGS LIMITED GROUP
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Principal risks and uncertainties (cont.)

The directors of the group constantly review risks that may affect the group and its trading. Any matters that give cause to review the risk to the group are dealt with at a management level.

The group continues to face many challenges, for this year:

Corporate social responsibility

The group has an ongoing responsibility as a manufacturing group to manage environmentally related matters and to take proper care of the environment, in so far as it impacts on its business operations and other group-related activities. These duties form an essential part of how we run and maintain our business. It also reflects our support for the principle of sustainable development.

There are many benefits such as improved profits, increased sales, improved image, and protection of the natural environment.

The group's approach is based on a simple principle: that it will make a positive difference to its people, the environment, and the communities in which it works.

Employees are actively encouraged to find new ways of meeting our wider responsibilities, and as such have focused our initiatives in the following key areas:

We continue to do our best to improve our sustainability processes and procedures across all of Tricker’s, and we’re always looking at how we can do even better. We know that we won’t get it right every time, but we will continue to try to achieve the best outcome that we can. 

R.E. TRICKER HOLDINGS LIMITED GROUP
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Future prospects

Looking ahead to FY2023 and FY2024, we continue our gradual recovery from the global pandemic and focus on embedding our vision for a full recovery into the business.

We are building on solid foundations and are fully focused on successfully delivering our multi-year strategic plan and delivering sustainable long-term value, despite the unprecedented setbacks of 2020 and 2021

E-commerce is a crucial channel for keeping sales up, communicating with our customers, and forging a sense of community around our brand. We have accelerated our digital investments and shifted all media spending to the online channels, with a focus on customer activation.

We increased our prices from May 1st, 2023, as we focus more on margin and quality. Global pricing alignment will ensure customers anywhere in the world pay broadly the same price online and in market

A successful launch of Tricker’s in China, has enabled us to take advantage of the recovery they have made since the pandemic

Strategy is constantly reviewed by the Board considering the group's performance and changing market conditions, to ensure it remains appropriate to achieve the company's objectives.

The Board is confident that the group's strategy will deliver the results that meet our expectations in the years to come.

I would like to personally thank all members of staff for their extraordinary commitment and considerable application during this last year. Our culture of discipline, flexibility, and co-operation has enabled the business to weather the pandemic, in the face of such adversity.

 

On behalf of the board

Mr M D Mason
Director
14 August 2023
R.E. TRICKER HOLDINGS LIMITED GROUP
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company and group continued to be that of manufacture and sale of footwear.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M D Mason
Mr N D Barltrop
Mrs AJ Barltrop
Mr DW Jeffery
(Appointed 1 March 2022)
Auditor

Clifford Roberts were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure in the Strategic Report

Research and development, future developments and financial risk management in respect of exposure to credit, liquidity, Interest rate, foreign currency and other price risks are set out in the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

 

 

On behalf of the board
Mr M D Mason
Director
14 August 2023
R.E. TRICKER HOLDINGS LIMITED GROUP
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

R.E. TRICKER HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R.E. TRICKER HOLDINGS LIMITED GROUP
- 7 -
Opinion

We have audited the financial statements of R.E. Tricker Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty related to Going Concern

We draw your attention to note 11 in the financial statements, which indicates that the group incurred a net loss during the year ended 31st December, 2022. As of that date, the group’s net current assets exceeded its total liabilities. As stated in 1.4, these events alongside the other matters as explained in detail in the Strategic Report, indicate that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

R.E. TRICKER HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.E. TRICKER HOLDINGS LIMITED GROUP
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

R.E. TRICKER HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.E. TRICKER HOLDINGS LIMITED GROUP
- 9 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

 

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries through our review of all relevant available audit information.

 

We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included:

 

Identifying and assessing the design and effectiveness of controls management has in place to

prevent and detect fraud;

Understanding of how senior management considered and addressed the potential for override of

controls or other inappropriate influence over the financial reporting process;

Challenging assumptions and judgements made by management in its significant accounting

estimates;

•Performing audit work over the risk of management override of controls, including testing of journal

entries and other adjustments for appropriateness, evaluating the business rationale of significant

transactions outside the normal course of business and reviewing accounting estimates for bias; and,

Assessing the extent of compliance with relevant laws and regulations.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Adam Billingham BA (Hons) BFP FCA Mr Adam Billingham BA (Hons) BFP FCA
For and on behalf of Clifford Roberts
14 August 2023
Chartered Accountants
Statutory Auditor
Pacioli House
9 Brookfield, Duncan Close
Moulton Park
Northampton
NN3 6WL
R.E. TRICKER HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.E. TRICKER HOLDINGS LIMITED GROUP
- 10 -
R.E. TRICKER HOLDINGS LIMITED GROUP
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
Notes
£
£
Turnover
3
6,259,054
4,764,792
Cost of sales
(3,659,665)
(3,469,826)
Gross profit
2,599,389
1,294,966
Distribution costs
(675,682)
(528,897)
Administrative expenses
(2,105,653)
(1,947,756)
Other operating income
-
396,958
Operating loss
4
(181,946)
(784,729)
Interest receivable and similar income
8
6,776
4,901
Interest payable and similar expenses
9
(109,106)
(49,632)
Amounts written off investments
10
(26,989)
102,696
Loss before taxation
(311,265)
(726,764)
Tax on loss
11
25,561
19,418
Loss for the financial year
25
(285,704)
(707,346)
Loss for the financial year is all attributable to the owners of the parent company.
R.E. TRICKER HOLDINGS LIMITED GROUP
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
2022
2021
£
£
Loss for the year
(285,704)
(707,346)
Other comprehensive income
Tax relating to other comprehensive income
(300,578)
-
Total comprehensive income for the year
(586,282)
(707,346)
Total comprehensive income for the year is all attributable to the owners of the parent company.
R.E. TRICKER HOLDINGS LIMITED GROUP
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 13 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
12
12,335
15,691
Tangible assets
13
5,400,014
5,548,985
5,412,349
5,564,676
Current assets
Stocks
17
4,610,534
3,786,010
Debtors
18
986,371
688,641
Investments
19
42,556
516,813
Cash at bank and in hand
1,820,355
856,248
7,459,816
5,847,712
Creditors: amounts falling due within one year
20
(4,334,840)
(2,563,799)
Net current assets
3,124,976
3,283,913
Total assets less current liabilities
8,537,325
8,848,589
Provisions for liabilities
Deferred tax liability
22
1,226,850
951,832
(1,226,850)
(951,832)
Net assets
7,310,475
7,896,757
Capital and reserves
Called up share capital
24
6,000
6,000
Fair Value reserve
25
3,680,552
4,057,807
Profit and loss reserves
25
3,623,923
3,832,950
Total equity
7,310,475
7,896,757
The financial statements were approved by the board of directors and authorised for issue on
14 August 2023
14 August 2023
and are signed on its behalf by:
Mr M D Mason
Director
R.E. TRICKER HOLDINGS LIMITED GROUP
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 14 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,015,317
5,120,982
Investments
14
33,277
33,277
5,048,594
5,154,259
Current assets
Stocks
17
503,012
437,667
Debtors
18
1,515,869
1,803,274
Cash at bank and in hand
2,314
1,757
2,021,195
2,242,698
Creditors: amounts falling due within one year
20
(8,868)
(4,392)
Net current assets
2,012,327
2,238,306
Total assets less current liabilities
7,060,921
7,392,565
Provisions for liabilities
Deferred tax liability
22
1,226,850
951,832
(1,226,850)
(951,832)
Net assets
5,834,071
6,440,733
Capital and reserves
Called up share capital
24
6,000
6,000
Fair Value reserve
25
3,680,552
4,057,807
Profit and loss reserves
25
2,147,519
2,376,926
Total equity
5,834,071
6,440,733

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £306,084 (2021 - £411,136 loss).

The financial statements were approved by the board of directors and authorised for issue on 14 August 2023 and are signed on its behalf by:
Mr M D Mason
Director
Company Registration No. 00348624
R.E. TRICKER HOLDINGS LIMITED GROUP
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
Share capital
Fair Value reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
6,000
4,140,620
4,457,483
8,604,103
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(707,346)
(707,346)
Transfers
-
(82,813)
82,813
-
Balance at 31 December 2021
6,000
4,057,807
3,832,950
7,896,757
Year ended 31 December 2022:
Loss for the year
-
-
(285,704)
(285,704)
Other comprehensive income:
Tax relating to other comprehensive income
-
(300,578)
-
(300,578)
Total comprehensive income for the year
-
(300,578)
(285,704)
(586,282)
Transfers
-
(76,677)
76,677
-
Balance at 31 December 2022
6,000
3,680,552
3,623,923
7,310,475
R.E. TRICKER HOLDINGS LIMITED GROUP
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
6,000
4,140,620
2,705,249
6,851,869
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(411,136)
(411,136)
Transfers
-
(82,813)
82,813
-
Balance at 31 December 2021
6,000
4,057,807
2,376,926
6,440,733
Year ended 31 December 2022:
Loss for the year
-
-
(306,084)
(306,084)
Other comprehensive income:
Tax relating to other comprehensive income
-
(300,578)
-
(300,578)
Total comprehensive income for the year
-
(300,578)
(306,084)
(606,662)
Transfers
-
(76,677)
76,677
-
Balance at 31 December 2022
6,000
3,680,552
2,147,519
5,834,071
R.E. TRICKER HOLDINGS LIMITED GROUP
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(706,870)
(750,076)
Interest paid
(109,106)
(49,632)
Income taxes (paid)/refunded
(6)
52,909
Net cash outflow from operating activities
(815,982)
(746,799)
Investing activities
Purchase of tangible fixed assets
(29,794)
(21,797)
Proceeds on disposal of fixed asset investments
727,055
1,042,608
Proceeds from investments
-
86,125
Interest received
2,450
542
Dividends received
4,326
(89,838)
Purchase of investments
(279,787)
(479,699)
Net cash generated from investing activities
424,250
537,941
Net decrease in cash and cash equivalents
(391,732)
(208,858)
Cash and cash equivalents at beginning of year
(1,030,890)
(822,032)
Cash and cash equivalents at end of year
(1,422,622)
(1,030,890)
Relating to:
Cash at bank and in hand
1,820,355
856,248
Bank overdrafts included in creditors payable within one year
(3,242,977)
(1,887,138)
R.E. TRICKER HOLDINGS LIMITED GROUP
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(3,798)
(52,549)
Income taxes refunded
1
52,909
Net cash (outflow)/inflow from operating activities
(3,797)
360
Net (decrease)/increase in cash and cash equivalents
(3,797)
360
Cash and cash equivalents at beginning of year
(109)
(469)
Cash and cash equivalents at end of year
(3,906)
(109)
Relating to:
Cash at bank and in hand
2,314
1,757
Bank overdrafts included in creditors payable within one year
(6,220)
(1,866)
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
1
Accounting policies
Company information

R.E. Tricker Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 56/60 St Michael's Road, Northampton, NN1 3JX.

 

The group consists of R.E. Tricker Holdings Limited and all of its subsidiaries.

 

The group has two principle places of business, being the registered office and 67 Jermyn Street, St. James’s, London, SW1Y 6NY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal account policies are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company R.E. Tricker Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The significant judgements, as more fully detailed in the Strategic report, which underpin the directors’ continued assessment that the entity is a going concern are:

 

 

 

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
Patents & licences
various

Amortisation is included within 'Administrative expenses' of the Profit and Loss Account.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over 50 years
Leasehold land and buildings
various
Plant and equipment
various
Fixtures and fittings
various
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 22 -

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

In determining the valuation of stock a degree of judgement and estimation is applied to the calculation of finished goods and work in progress. A 12 month average of factory labour cost per unit produced plus a 12 month average of leather and consumables purchased per unit produced is applied to final stock units to value finished goods.

 

A further application of a percentage is applied to work in progress stock, reasonably reflecting the products stage of completion at the year-end cut-off.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 23 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 24 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 25 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

The company received government grants in respect of Covid support through the furlough scheme. These grants are recognised as other income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis.

1.19
Foreign exchange

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. Forward foreign currency purchases are initially recognised at fair value on the date they are entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in the income statement with the corresponding entry being a derivative asset or liability in the balance sheet.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining the fair value and depreciation of Freehold Land and Buildings

The fair value of the Freehold Land and Buildings is based on the valuation performed by an independent professional valuer, CS2 Chartered Surveyors in December 2020. The directors consider the value of Freehold Land and Buildings to be the fair value at the date of revaluation less any subsequent depreciation. The useful life used to depreciate the Freehold Land and Buildings is management's estimate of the period over which economic benefit will be derived from it.

 

The NBV of freehold land and buildings can be identified at both a group and company level within note 13, the judgement and key source of estimation uncertainty identified is applicable to the whole of this asset category.

Determining net realisable values of stocks

In determining the valuation of stock a degree of judgement and estimation is applied to the calculation of finished goods and work in progress. A 12 month average of factory labour cost per unit produced plus a 12 month average of leather and consumables purchased per unit produced is applied to final stock units to value finished goods.

 

A further application of a percentage is applied to work in progress stock, reasonably reflecting the products stage of completion at the year-end cut-off.

 

The judgement and key source of estimation identified is applicable to the full balance of finished goods at an individual company level and the full balance of finished goods and work in progress at a group level. The balances of these two stock categories as at the year-end date are identifiable within note 17 of the accounts.

3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Wholesale sales
4,063,777
3,003,797
Retail sales
2,195,277
1,760,995
6,259,054
4,764,792
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 27 -
2022
2021
£
£
Turnover analysed by geographical market
UK
2,840,371
2,802,199
EU
2,955,803
1,378,922
Rest of the world
462,880
583,671
6,259,054
4,764,792
2022
2021
£
£
Other revenue
Interest income
2,450
(7,833)
Dividends received
4,326
12,734
Grants received
-
396,958
4
Operating loss
2022
2021
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
11,028
12,871
Government grants
(25,159)
(396,958)
Depreciation of owned tangible fixed assets
178,765
186,525
Amortisation of intangible assets
3,356
3,476
Operating lease charges
193,385
158,830
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,250
500
Audit of the financial statements of the company's subsidiaries
4,200
3,500
7,450
4,000
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Directors and office staff
12
15
6
5
Sales and shop staff
5
7
-
-
Factory staff
71
60
-
-
Total
88
82
6
5

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
2,931,706
2,612,515
335,699
311,844
Social security costs
253,135
218,716
67,301
62,006
Pension costs
70,663
69,701
29,637
29,443
3,255,504
2,900,932
432,637
403,293
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
504,849
425,973
Company pension contributions to defined contribution schemes
68,227
50,078
573,076
476,051
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2021 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
233,932
216,207
Company pension contributions to defined contribution schemes
22,464
21,180
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Other interest income
2,450
542
Other income from investments
Dividends received
4,326
12,734
Gains on financial instruments measured at fair value through profit or loss
-
(8,375)
Total income
6,776
4,901

Investment income includes the following:

Interest on financial assets measured at fair value through profit or loss
-
(8,375)
Dividends from financial assets measured at fair value through profit or loss
4,326
12,734
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
109,106
49,632
10
Gain/(Loss) on disposal of Investments
2022
2021
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
(70,222)
-
Other gains/(losses)
Gain on disposal of current asset investments
43,233
102,696
(26,989)
102,696
11
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
-
7
Deferred tax
Origination and reversal of timing differences
(25,561)
(19,425)
Total tax credit
(25,561)
(19,418)
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Taxation
(Continued)
- 30 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Loss before taxation
(311,265)
(726,764)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(59,141)
(138,085)
Tax effect of income not taxable in determining taxable profit
(1,287)
(2,523)
Gains not taxable
5,128
(17,922)
Tax effect of utilisation of tax losses not previously recognised
(13,353)
-
Unutilised tax losses carried forward
42,975
128,592
Adjustments in respect of prior years
-
7
Permanent capital allowances in excess of depreciation
25,678
29,938
Deferred tax adjustments in respect of prior years
(25,561)
(19,425)
Taxation credit
(25,561)
(19,418)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2022
2021
£
£
Deferred tax arising on:
Revaluation of property
300,578
-

The company has tax losses unrelieved and carried forward of £584,547 (2021 - £358,361).

Losses in the subsidiary undertaking carried forward for tax purposes total £2,032,787 (2021 - £2,120,678).

 

 

12
Intangible fixed assets
Group
Software
Patents & licences
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
5,900
20,565
26,465
Amortisation and impairment
At 1 January 2022
4,032
6,742
10,774
Amortisation charged for the year
1,180
2,176
3,356
At 31 December 2022
5,212
8,918
14,130
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Intangible fixed assets
(Continued)
- 31 -
Carrying amount
At 31 December 2022
688
11,647
12,335
At 31 December 2021
1,868
13,823
15,691
RE Ticker Holdings Ltd had no intangible fixed assets at 31 December 2022 or 31 December 2021.
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2022
5,224,000
309,210
945,121
340,990
15,325
6,834,646
Additions
-
9,847
18,695
1,252
-
29,794
At 31 December 2022
5,224,000
319,057
963,816
342,242
15,325
6,864,440
Depreciation and impairment
At 1 January 2022
104,480
101,635
755,985
308,236
15,325
1,285,661
Depreciation charged in the year
104,480
8,604
49,178
16,503
-
178,765
At 31 December 2022
208,960
110,239
805,163
324,739
15,325
1,464,426
Carrying amount
At 31 December 2022
5,015,040
208,818
158,653
17,503
-
5,400,014
At 31 December 2021
5,119,520
207,575
189,136
32,754
-
5,548,985
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 January 2022 and 31 December 2022
5,224,000
32,853
5,256,853
Depreciation and impairment
At 1 January 2022
104,480
31,391
135,871
Depreciation charged in the year
104,480
1,185
105,665
At 31 December 2022
208,960
32,576
241,536
Carrying amount
At 31 December 2022
5,015,040
277
5,015,317
At 31 December 2021
5,119,520
1,462
5,120,982
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13
Tangible fixed assets
(Continued)
- 32 -

The carrying value of land and buildings comprises:

 

The buildings and land at 56-60 St Michaels Road, Northampton NN1 3JX, including the car parks and walls pertaining to this and including all of the integral fixtures and fittings within the buildings.

Group
Company
2022
2021
2022
2021
£
£
£
£
Freehold
5,015,040
5,119,520
5,015,040
5,119,520

Land and buildings with a carrying amount of £5,015,040 were revalued at 31/12/2020 by CS2 chartered Surveyors, who are independent valuers not connected with the company on the basis of reinstatement cost. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors believe the valuation is still appropriate.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £104,883 (2021 - £108,503), being cost £181,021 (2021 - £181,021) and depreciation £76,138 (2021 - £72,518).

14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
15
-
-
33,277
33,277
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
33,277
Carrying amount
At 31 December 2022
33,277
At 31 December 2021
33,277
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
RE Tricker Ltd, 56-60 St Michaels Road, Northampton, NN1 3JX
UK
Whosale of Hand Made Shoes
Ordinary Shares
100.00
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
15
Subsidiaries
(Continued)
- 33 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
RE Tricker Ltd, 56-60 St Michaels Road, Northampton, NN1 3JX
1,509,681
20,380

The investment in the subsidiary is held at cost less accumulated impairment losses.

16
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
42,556
516,813
-
-
Measured at undiscounted amount receivable
986,371
688,641
1,515,870
1,803,274
Carrying amount of financial liabilities
Measured at undiscounted amount payable
Creditors due within 1 year
(1,091,863)
(676,661)
(2,648)
(2,526)
Bank loans and overdrafts and other loans
(3,242,977)
(1,887,138)
(6,220)
(1,866)
Financial gains/(losses) measured at fair value
Total expense for assets measured at fair value
70,222
8,375
17
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
1,511,453
1,348,693
-
-
Work in progress
677,733
658,470
-
-
Finished goods and goods for resale
2,421,348
1,778,847
503,012
437,667
4,610,534
3,786,010
503,012
437,667
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 34 -
18
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
893,019
608,401
-
-
Corporation tax recoverable
7
-
-
-
Amounts owed by group undertakings
-
-
1,477,614
1,768,258
Prepayments and accrued income
93,345
80,240
38,255
35,016
986,371
688,641
1,515,869
1,803,274
19
Current asset investments
Group
Company
2022
2021
2022
2021
£
£
£
£
Listed investments
42,556
516,813
-
-
20
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
21
3,242,977
1,887,138
6,220
1,866
Trade creditors
738,609
307,591
-
-
Other taxation and social security
111,145
94,610
-
-
Other creditors
46,028
95,475
-
-
Accruals and deferred income
196,081
178,985
2,648
2,526
4,334,840
2,563,799
8,868
4,392
21
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank overdrafts
3,242,977
1,887,138
6,220
1,866
Payable within one year
3,242,977
1,887,138
6,220
1,866

The overdraft is secured by fixed charges over the assets of the company and its subsidiary. There are 3 charges in the company and 1 charge in the subsidiary , all in favour of HSBC Bank Plc.

 

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 35 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2022
2021
Group
£
£
Revaluations
1,226,850
951,832
Liabilities
Liabilities
2022
2021
Company
£
£
Revaluations
1,226,850
951,832
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
951,832
951,832
Credit to profit or loss
(25,560)
(25,560)
Effect of change in tax rate - equity
300,578
300,578
Liability at 31 December 2022
1,226,850
1,226,850
23
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,663
69,701

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The amount owed to the pension schemes at the year end was £18,074 (2021 - £13,994).

24
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,000
6,000
6,000
6,000

Called Up Share Capital - represents the nominal value of shares that have been issued

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 36 -
25
Reserves
Fair Value reserve

This comprises of the fair value adjustment on the revaluation of the company's freehold property less the potential deferred tax payable on the increased value. The reserve is not distributable.

Profit and loss reserves

Profit and Loss Reserve - includes all current and prior period retained profits and losses

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
75,208
53,250
-
-
Between two and five years
283,264
90,000
-
-
In over five years
60,000
82,500
-
-
418,472
225,750
-
-
Reduction in rent payments recognised in profit or loss arising from the COVID-19 pandemic
-
30,000
-
30,000
27
Financial commitments, guarantees and contingent liabilities

There is a contingent liability to the bank, in the form of a unlimited multilateral guarantee, dated 4th November 2021. This guarantee has been given by R E Tricker Limited and R E Tricker Holdings Limited. Prior to the year end the group entered an agreement to convert £1m of the overdraft into long term debt, in the form of a 6 year and 15 year loan. The loans were not drawn down until post year end and therefore at the balance sheet date these long term loans are not reflected on the balance sheet.

28
Related party transactions
Remuneration of key management personnel

Key management are considered the directors of R E Tricker (Holdings) Limited. Details of their remuneration can be identified within note 7. No further related party transactions have arisen during the year. Furthermore, there are no outstanding related party balances at the balance sheet date.

R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 37 -
29
Cash absorbed by group operations
2022
2021
£
£
Loss for the year after tax
(285,704)
(707,346)
Adjustments for:
Taxation credited
(25,561)
(19,418)
Finance costs
109,106
49,632
Investment income
(6,776)
(4,901)
Amortisation and impairment of intangible assets
3,356
3,476
Depreciation and impairment of tangible fixed assets
178,765
186,525
Gain on sale of investments
(43,233)
(102,696)
Gains on financial instruments measured at Fair value
70,222
-
Movements in working capital:
Increase in stocks
(824,524)
(247,950)
(Increase)/decrease in debtors
(297,723)
42,117
Increase in creditors
415,202
50,485
Cash absorbed by operations
(706,870)
(750,076)
30
Cash absorbed by operations - company
2022
2021
£
£
Loss for the year after tax
(306,084)
(411,136)
Adjustments for:
Taxation credited
(25,561)
(19,425)
Depreciation and impairment of tangible fixed assets
105,665
106,530
Movements in working capital:
Increase in stocks
(65,345)
(10,712)
Decrease in debtors
287,405
287,187
Increase/(decrease) in creditors
122
(4,993)
Cash absorbed by operations
(3,798)
(52,549)
31
Analysis of changes in net debt - group
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
856,248
964,107
1,820,355
Bank overdrafts
(1,887,138)
(1,355,839)
(3,242,977)
(1,030,890)
(391,732)
(1,422,622)
R.E. TRICKER HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 38 -
32
Analysis of changes in net debt - company
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
1,757
557
2,314
Bank overdrafts
(1,866)
(4,354)
(6,220)
(109)
(3,797)
(3,906)
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