REGISTERED NUMBER: 01128575 (England and Wales) |
TREVOR ILES LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: 01128575 (England and Wales) |
TREVOR ILES LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
TREVOR ILES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
Turnover for the year ended 31 March 2023 was £10,631,214 which was an increase of £1,036,852 compared with last year (2022: £9,594,362). The operating profit for the year ended 31 March 2023 was £198,437 which is an increase of £148,713 compared with the prior year (2022 Operating profit: £49,724). |
The growth in sales has largely been driven by the global rise in prices brought about by Russia's invasion of Ukraine. The impact of the conflict on the UK economy has driven up domestic energy prices as well as food and other commodities which has increased the UK overall cost-of-living. This in turn has fuelled wage inflation and interest rate rises which have both been at historically low levels in recent years. The sluggish UK economy in the wake of the COVID pandemic has also impeded any significant real growth in the economy as the government tries to control public spending. The challenge in these tightening financial conditions to companies further down the supply chain is to pass on rising costs which cannot be absorbed or mitigated elsewhere without turning customers away. |
Good supplier relationships are vital to the success of our business which is why we work with our suppliers to manage the impact of global supply chain issues and keep rising costs under control by buying and selling in the most economical way but with consideration of the environmental impact of our business activities. We aim to provide our customers with the best service possible which means offering the right goods & services at the right price at the right time, so we offer good availability and range of products, excellent pre and after sales support from our sales teams and helping our customers to achieve their own goals and objectives which increasingly focus on sustainability and social responsibility. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Liquidity risk |
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
Credit risk |
The principal credit risk arises from the group's trade debtors. In order to manage the credit risk, the company uses third party credit references and customer payment history to establish the correct credit limit for each customer. These credit limits are reviewed on a regular basis and take into account the most recent collection history and spend. |
ON BEHALF OF THE BOARD: |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the manufacture and supply of cleaning and hygiene products, floorcare machines and waste containers. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2023. |
FUTURE DEVELOPMENTS |
The directors remain confident that the business will continue to maintain profitability in the next financial year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
The group uses various financial instruments; these include loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The existence of these financial intruments exposes the company to a number of financial risks which are reviewed regularly by the directors. In reviewing these risks the directors take into account all available information covering current and future interest rates and exchange rates. They then set the policy to be adhered to for a set period, at which time they will review the situation and set a new policy if required. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, DSC Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVOR ILES LIMITED |
Opinion |
We have audited the financial statements of Trevor Iles Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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. |
Conclusions relating to going concern |
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. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVOR ILES LIMITED |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and the inspection of other regulatory and legal correspondence. We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud and the completeness of incoming resources by testing from sales order. We did not identify any key audit matters relating to irregularities, including fraud. |
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. This 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVOR ILES LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 10,631,214 | 9,594,362 |
Cost of sales | 7,612,188 | 6,823,480 |
GROSS PROFIT | 3,019,026 | 2,770,882 |
Distribution costs | 1,449,149 | 1,353,727 |
Administrative expenses | 1,371,440 | 1,391,293 |
2,820,589 | 2,745,020 |
198,437 | 25,862 |
Other operating income | - | 23,862 |
OPERATING PROFIT | 4 | 198,437 | 49,724 |
Interest receivable and similar income | 9 | 9 |
PROFIT BEFORE TAXATION | 198,446 | 49,733 |
Tax on profit | 5 | 43,055 | 15,798 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
155,391 |
33,935 |
Profit attributable to: |
Owners of the parent | 155,391 | 33,935 |
Total comprehensive income attributable to: |
Owners of the parent | 155,391 | 33,935 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | 193,120 | 224,681 |
Tangible assets | 8 | 458,278 | 392,067 |
Investments | 9 | - | - |
651,398 | 616,748 |
CURRENT ASSETS |
Stocks | 10 | 1,168,814 | 1,185,933 |
Debtors | 11 | 2,126,660 | 1,736,642 |
Cash at bank | 1,665,226 | 1,689,140 |
4,960,700 | 4,611,715 |
CREDITORS |
Amounts falling due within one year | 12 | 1,685,082 | 1,456,505 |
NET CURRENT ASSETS | 3,275,618 | 3,155,210 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,927,016 |
3,771,958 |
PROVISIONS FOR LIABILITIES | 14 | 29,074 | 29,407 |
NET ASSETS | 3,897,942 | 3,742,551 |
CAPITAL AND RESERVES |
Called up share capital | 15 | 17,831 | 17,831 |
Share premium | 16 | 11 | 11 |
Revaluation reserve | 16 | 135,131 | 138,846 |
Capital redemption reserve | 16 | 11,171 | 11,171 |
Retained earnings | 16 | 3,726,976 | 3,567,870 |
SHAREHOLDERS' FUNDS | 3,891,120 | 3,735,729 |
NON-CONTROLLING INTERESTS | 6,822 | 6,822 |
TOTAL EQUITY | 3,897,942 | 3,742,551 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by: |
S T Iles - Director |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Share premium | 16 |
Revaluation reserve | 16 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 22,650 | 8,882 |
The financial statements were approved by the Board of Directors and authorised for issue on |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Share | Revaluation |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 April 2021 | 17,831 | 3,530,220 | 11 | 142,561 |
Changes in equity |
Total comprehensive income | - | 37,650 | - | (3,715 | ) |
Balance at 31 March 2022 | 17,831 | 3,567,870 | 11 | 138,846 |
Changes in equity |
Total comprehensive income | - | 159,106 | - | (3,715 | ) |
Balance at 31 March 2023 | 17,831 | 3,726,976 | 11 | 135,131 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 11,171 | 3,701,794 | 6,822 | 3,708,616 |
Changes in equity |
Total comprehensive income | - | 33,935 | - | 33,935 |
Balance at 31 March 2022 | 11,171 | 3,735,729 | 6,822 | 3,742,551 |
Changes in equity |
Total comprehensive income | - | 155,391 | - | 155,391 |
Balance at 31 March 2023 | 11,171 | 3,891,120 | 6,822 | 3,897,942 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | ( |
) |
Balance at 31 March 2023 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 154,572 | 50,887 |
Tax paid | (15,869 | ) | (62,681 | ) |
Net cash from operating activities | 138,703 | (11,794 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (179,876 | ) | (57,784 | ) |
Sale of tangible fixed assets | 17,250 | 12,750 |
Interest received | 9 | 9 |
Net cash from investing activities | (162,617 | ) | (45,025 | ) |
Decrease in cash and cash equivalents | (23,914 | ) | (56,819 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,689,140 |
1,745,959 |
Cash and cash equivalents at end of year | 2 | 1,665,226 | 1,689,140 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 198,446 | 49,733 |
Depreciation charges | 145,226 | 126,800 |
Profit on disposal of fixed assets | (17,250 | ) | (12,750 | ) |
Finance income | (9 | ) | (9 | ) |
326,413 | 163,774 |
Decrease/(increase) in stocks | 17,119 | (24,307 | ) |
Increase in trade and other debtors | (390,018 | ) | (235,513 | ) |
Increase in trade and other creditors | 201,058 | 146,933 |
Cash generated from operations | 154,572 | 50,887 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,665,226 | 1,689,140 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,689,140 | 1,745,959 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,689,140 | (23,914 | ) | 1,665,226 |
1,689,140 | (23,914 | ) | 1,665,226 |
Total | 1,689,140 | (23,914 | ) | 1,665,226 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Trevor Iles Limited is a |
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" and the Companies Act 2006. The financial statments have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Basis of consolidation |
The group's financial statements consolidate those of the company and it subsidiary undertakings drawn up to 31 March 2023. Profits or losses on intra-group transactions are eliminated in full. Inter-company balances and unrealised gains on transactions between group companies are eliminated on consolidation. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company'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: |
Depreciation |
The depreciation policy has been set according to management' experience of the useful lives of a typical asset in each category, something that is reviewed annually. |
Provision for obsolete or slow-moving stock |
A provision for obsolete or slow-moving stock has been included within the financial statements. The estimate is supported by management's review of stock that has not been issued for sale recently and their assessment based on experience of whether this should give rise to a provision. |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Changes in accounting policies |
Investments in subsidiaries in the company balance sheet are recognised at cost. Any permanent diminution in the value of the investment below cost is taken to the income statement. |
This is a change in accounting policy as previously, share in subsidiary undertakings were valued at the company's share of the net assets of each subsidiary undertaking at the year end with differences between these attributable values and costs of the investment transferred to the revaluation reserve. |
The policy has been changed as it now provides reliable and more relevant information. |
The change in policy has reduced the shares in group undertakings and revaluation reserve in the company balance sheet as previously reported for the comparative period by £1,593,174. It has had no effect on the consolidated balance sheet or the reported profit for both the current and comparative year. |
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 arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired. Goodwill arising on acquisitions has been capitalised and is being amortised over the twenty years expected to benefit. The company evaluates the carrying value of goodwill in each financial year to determine if there has been impairment in value, which would result in the inability to recover the carrying amount. When it is determined that the carrying value exceeds the recoverable amount, the excess is written off to the profit and loss account. |
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 buildings over 50 years |
Leasehold improvements over the lease term |
Plant and machinery over 2 to 10 years |
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 Consolidated Statement of Comprehensive Income, 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. |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
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. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,061,538 | 2,053,149 |
Social security costs | 178,913 | 99,671 |
Other pension costs | 66,273 | 58,235 |
2,306,724 | 2,211,055 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 15 | 18 |
Operations | 70 | 70 |
Sales | 21 | 21 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
2023 | 2022 |
£ | £ |
Directors' remuneration | 227,816 | 229,856 |
Directors' pension contributions to money purchase schemes | 14,033 | 21,310 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 4 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 72,043 | 70,400 |
Pension contributions to money purchase schemes | 5,721 | 6,172 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 5,461 | 5,781 |
Operating leases | 273,786 | 260,946 |
Depreciation - owned assets | 113,665 | 95,239 |
Profit on disposal of fixed assets | (17,250 | ) | (12,750 | ) |
Goodwill amortisation | 31,561 | 31,561 |
Auditors' remuneration | 17,982 | 16,370 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 43,388 | 15,869 |
Deferred tax | (333 | ) | (71 | ) |
Tax on profit | 43,055 | 15,798 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 198,446 | 49,733 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
37,705 |
9,449 |
Effects of: |
Expenses not deductible for tax purposes | 6,673 | 5,997 |
Other small adjustments | (1,323 | ) | 352 |
Total tax charge | 43,055 | 15,798 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | TAXATION - continued |
In April 2023, the main rate of corporation tax in the UK rises to 25% with a small profits rate for companies with profits under £50,000 of 19%. Profits between £50,000 and £250,000 will be taxed at a marginal rate. |
6. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
7. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 631,215 |
AMORTISATION |
At 1 April 2022 | 406,534 |
Amortisation for year | 31,561 |
At 31 March 2023 | 438,095 |
NET BOOK VALUE |
At 31 March 2023 | 193,120 |
At 31 March 2022 | 224,681 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 471,561 | 75,243 | 892,853 | 274,977 | 1,714,634 |
Additions | - | - | 59,281 | 120,595 | 179,876 |
Disposals | - | - | (140,345 | ) | (34,500 | ) | (174,845 | ) |
At 31 March 2023 | 471,561 | 75,243 | 811,789 | 361,072 | 1,719,665 |
DEPRECIATION |
At 1 April 2022 | 237,657 | 75,243 | 802,188 | 207,479 | 1,322,567 |
Charge for year | 7,216 | - | 56,849 | 49,600 | 113,665 |
Eliminated on disposal | - | - | (140,345 | ) | (34,500 | ) | (174,845 | ) |
At 31 March 2023 | 244,873 | 75,243 | 718,692 | 222,579 | 1,261,387 |
NET BOOK VALUE |
At 31 March 2023 | 226,688 | - | 93,097 | 138,493 | 458,278 |
At 31 March 2022 | 233,904 | - | 90,665 | 67,498 | 392,067 |
Company |
Freehold | Short | Plant and |
property | leasehold | machinery | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 110,000 (2022 - £ 110,000 ) which is not depreciated. |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Cost or valuation at 31 March 2023 is represented by: |
Freehold | Short | Plant and |
property | leasehold | machinery | Totals |
£ | £ | £ | £ |
Valuation in 1989 | 268,210 | - | - | 268,210 |
Cost | 203,351 | 75,243 | 1,050,742 | 1,329,336 |
471,561 | 75,243 | 1,050,742 | 1,597,546 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 203,351 | 203,351 |
Aggregate depreciation | 125,335 | 121,834 |
On transition to FRS102, the revaluation of the freehold property became its deemed cost. |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
PROVISIONS |
At 1 April 2022 |
and 31 March 2023 | 272,600 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU |
Nature of business: |
% |
Class of shares: | holding |
10. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 1,168,814 | 1,185,933 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,655,326 | 1,411,036 |
Other debtors | 2,475 | 753 |
Prepayments | 468,859 | 324,853 | 271,041 | 217,287 |
2,126,660 | 1,736,642 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 1,229,389 | 1,102,996 |
Amounts owed to group undertakings | - | - |
Tax | 43,388 | 15,869 |
Social security and other taxes | 229,300 | 191,461 |
Other creditors | 82,262 | 76,454 |
Accruals and deferred income | 100,743 | 69,725 |
1,685,082 | 1,456,505 |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 250,306 | 214,944 |
Between one and five years | 391,353 | 389,591 |
641,659 | 604,535 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 29,074 | 29,407 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 29,407 |
Credit to Statement of Comprehensive Income during year | (333 | ) |
Balance at 31 March 2023 | 29,074 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 March 2023 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 17,831 | 17,831 |
16. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 3,567,870 | 11 | 138,846 | 11,171 | 3,717,898 |
Profit for the year | 155,391 | 155,391 |
Transfer between reserves | 3,715 | - | (3,715 | ) | - | - |
At 31 March 2023 | 3,726,976 | 11 | 135,131 | 11,171 | 3,873,289 |
TREVOR ILES LIMITED (REGISTERED NUMBER: 01128575) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | RESERVES - continued |
Company |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 1,906,965 |
Profit for the year |
Transfer between reserves | 3,715 | - | (3,715 | ) | - | - |
At 31 March 2023 | 1,929,615 |
17. | RELATED PARTY DISCLOSURES |
The showroom on Valley Road which the company has occupied since 1 March 1995 is owned by a partnership, Valley Properties, in which three of the directors are three of the five partners. The rent paid in respect of these premises for the year ended 31 March 2023 amounted to £26,334. |
The directors are the only key management personnel of the group. |