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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: S T Iles
R S Iles
G S Iles
Mrs A L Iles
Mrs C Iles





SECRETARY: G S Iles





REGISTERED OFFICE: Valley Mills
Valley Road
Bradford
West Yorkshire
BD1 4RU





REGISTERED NUMBER: 01128575 (England and Wales)





AUDITORS: DSC Accountants Ltd
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:





G S Iles - Director


23 October 2023

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.

S T Iles
R S Iles
G S Iles
Mrs A L Iles
Mrs C Iles

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:





G S Iles - Director


23 October 2023

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.




Graham French (Senior Statutory Auditor)
for and on behalf of DSC Accountants Ltd
Chartered Accountants
Statutory Auditors
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

23 October 2023

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 155,391 33,935

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 8 436,528 377,982
Investments 9 1,168,341 1,168,341
1,604,869 1,546,323

CURRENT ASSETS
Stocks 10 723,227 704,268
Debtors 11 1,136,714 1,017,742
Cash at bank 561,738 690,825
2,421,679 2,412,835
CREDITORS
Amounts falling due within one year 12 2,050,028 2,004,955
NET CURRENT ASSETS 371,651 407,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,976,520

1,954,203

PROVISIONS FOR LIABILITIES 14 29,074 29,407
NET ASSETS 1,947,446 1,924,796

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 1,783,302 1,756,937
SHAREHOLDERS' FUNDS 1,947,446 1,924,796

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 23 October 2023 and were signed on its behalf by:





S T Iles - Director


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 17,831 1,744,340 11

Changes in equity
Total comprehensive income - 12,597 -
Balance at 31 March 2022 17,831 1,756,937 11

Changes in equity
Total comprehensive income - 26,365 -
Balance at 31 March 2023 17,831 1,783,302 11
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   

Balance at 1 April 2021 142,561 11,171 1,915,914

Changes in equity
Total comprehensive income (3,715 ) - 8,882
Balance at 31 March 2022 138,846 11,171 1,924,796

Changes in equity
Total comprehensive income (3,715 ) - 22,650
Balance at 31 March 2023 135,131 11,171 1,947,446

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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
106 109

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 471,561 75,243 1,067,310 1,614,114
Additions - - 158,277 158,277
Disposals - - (174,845 ) (174,845 )
At 31 March 2023 471,561 75,243 1,050,742 1,597,546
DEPRECIATION
At 1 April 2022 237,657 75,243 923,232 1,236,132
Charge for year 7,216 - 92,515 99,731
Eliminated on disposal - - (174,845 ) (174,845 )
At 31 March 2023 244,873 75,243 840,902 1,161,018
NET BOOK VALUE
At 31 March 2023 226,688 - 209,840 436,528
At 31 March 2022 233,904 - 144,078 377,982

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 1,440,941
PROVISIONS
At 1 April 2022
and 31 March 2023 272,600
NET BOOK VALUE
At 31 March 2023 1,168,341
At 31 March 2022 1,168,341

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

Thomas Owen & Sons (Newcastle-upon-Tyne) Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Industrial clothing and cleaning materials
%
Class of shares: holding
Ordinary 100.00
Ordinary A 100.00

MTM Environment Care Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Contract cleaning and maintenance
%
Class of shares: holding
Ordinary 100.00

Brimaid Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Supply of hygiene bins
%
Class of shares: holding
Ordinary 100.00

Iles Floorcare Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 91.00

Focus Hygiene Supplies Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Iles Glassware Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

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

Iles Hygiene Supplies Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Iles Waste Systems Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Springclean Northern Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Murada Supplies Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Red Oak (Yorkshire) Limited
Registered office: Valley Mills, Valley Road, Bradford, BD1 4RU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


10. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 1,168,814 1,185,933 723,227 704,268

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 1,411,036 863,998 799,744
Other debtors 2,475 753 1,675 711
Prepayments 468,859 324,853 271,041 217,287
2,126,660 1,736,642 1,136,714 1,017,742

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 1,229,389 1,102,996 725,642 682,884
Amounts owed to group undertakings - - 1,079,946 1,154,451
Tax 43,388 15,869 3,181 826
Social security and other taxes 229,300 191,461 149,572 108,196
Other creditors 82,262 76,454 3,850 3,425
Accruals and deferred income 100,743 69,725 87,837 55,173
1,685,082 1,456,505 2,050,028 2,004,955

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 134,033 107,561
Between one and five years 149,597 61,092
283,630 168,653

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 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 29,407
Credit to Statement of Comprehensive Income during year (333 )
Balance at 31 March 2023 29,074

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,831 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 1,756,937 11 138,846 11,171 1,906,965
Profit for the year 22,650 22,650
Transfer between reserves 3,715 - (3,715 ) - -
At 31 March 2023 1,783,302 11 135,131 11,171 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.