IRIS Accounts Production v23.2.0.158 06209568 director 31.1.23 1.2.22 31.1.23 31.1.23 holding company. true true false true true false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure062095682022-01-31062095682023-01-31062095682022-02-012023-01-31062095682021-01-31062095682021-02-012022-01-31062095682022-01-3106209568ns16:EnglandWales2022-02-012023-01-3106209568ns15:PoundSterling2022-02-012023-01-3106209568ns11:Director12022-02-012023-01-3106209568ns11:Consolidated2023-01-3106209568ns11:ConsolidatedGroupCompanyAccounts2022-02-012023-01-3106209568ns11:PrivateLimitedCompanyLtd2022-02-012023-01-3106209568ns11:FRS102ns11:Consolidated2022-02-012023-01-3106209568ns11:Auditedns11:Consolidated2022-02-012023-01-3106209568ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3106209568ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-02-012023-01-3106209568ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3106209568ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2022-02-012023-01-3106209568ns11:FullAccounts2022-02-012023-01-3106209568ns11:OrdinaryShareClass12022-02-012023-01-3106209568ns11:Consolidated2022-02-012023-01-3106209568ns11:CompanySecretary12022-02-012023-01-3106209568ns11:RegisteredOffice2022-02-012023-01-3106209568ns11:Director22022-02-012023-01-3106209568ns11:Consolidated2021-02-012022-01-3106209568ns6:CurrentFinancialInstruments2023-01-3106209568ns6:CurrentFinancialInstruments2022-01-3106209568ns6:ShareCapital2023-01-3106209568ns6:ShareCapital2022-01-3106209568ns6:SharePremium2023-01-3106209568ns6:SharePremium2022-01-3106209568ns6:CapitalRedemptionReserve2023-01-3106209568ns6:CapitalRedemptionReserve2022-01-3106209568ns6:RetainedEarningsAccumulatedLosses2023-01-3106209568ns6:RetainedEarningsAccumulatedLosses2022-01-3106209568ns6:CostValuation2022-01-3106209568ns11:OrdinaryShareClass12023-01-3106209568ns6:RetainedEarningsAccumulatedLosses2022-01-3106209568ns6:SharePremium2022-01-3106209568ns6:CapitalRedemptionReserve2022-01-3106209568ns6:RetainedEarningsAccumulatedLosses2022-02-012023-01-31
REGISTERED NUMBER: 06209568 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

TREMORFA GROUP LIMITED

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Statement of Cash Flows 13

Notes to the Consolidated Financial Statements 15


TREMORFA GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: M W Hosken





SECRETARY: M W Hosken





REGISTERED OFFICE: The Terrace Suite
St Mellons Hotel
Castleton
Cardiff
CF3 2XR





REGISTERED NUMBER: 06209568 (England and Wales)





AUDITORS: Xeinadin Audit Limited
(Statutory Auditor)
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023


The director presents his strategic report of the company and the group for the year ended 31 January 2023.

Tremorfa Group Limited is a leading company within South Wales offering facilities management and the installation and maintenance of the following products and services:

Electrical
Mechanical
Fire & Security
CCTV
Process Control
Information Systems

The Group also operates a Wedding Venue & Health Club through its subsidiary company Tremorfa Property Ltd.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. Our review is consistent with the size and nature of our business in the context of the risks and uncertainties we face.

We consider that our key performance indicators are those that communicate the financial performance and strength of the group, being turnover, gross and operating margin, and return on capital employed.

2023 2022
£ £
Turnover 9,578,564 8,767,490
Gross Margin 2,814,616 2,318,483
Operating Profit 595,911 359,549
Capital Employed 4,549,752 4,144,672

Return on Capital Employed 13.1% 8.67%

PRINCIPAL RISKS AND UNCERTAINTIES
As for many businesses the environment in which we operate has been and continues to be challenging.

We recognise that some of our business maybe lost due to aggressive pricing from some of our competitors seeking to advance on our market share. We therefore continue to enhance customer care, quality and service delivery in order to achieve optimum overall value for money for our customers.

We are continuously aware that any business may be subject to unforeseen events and with this in mind our business strategy and development is aimed at minimising the effects of such events.

ON BEHALF OF THE BOARD:





M W Hosken - Director


28 September 2023

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 January 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

FUTURE DEVELOPMENTS
Tremorfa Property Ltd

The Panaca Health Club continues to operate in a challenging market dealing with member retention due to the cost-of-living crisis and escalating utility costs. Our focus remains on delivering the best experience for our members possible within the tight budgets that we have available to enhance the club's overall experience.
St Mellons Country Club is now established as a premier exclusive wedding venue delivering exceptional value for money, external buildings are being developed to compliment the offering.

Tremorfa Ltd

Continues to gain more contracts in traditional markets and continues to embrace new technologies to enhance the TASICCA brand and traditional systems. Customer service remains our priority together with enhanced training and safe working conditions.

DIRECTORS
M W Hosken has held office during the whole of the period from 1 February 2022 to the date of this report.

Other changes in directors holding office are as follows:

P Hopkins - resigned 16 November 2022

DISCLOSURES IN THE STRATEGIC REPORT
Disclosures required under Schedule 7 have been disclosed in the Strategic Report in accordance with
s.414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M W Hosken - Director


28 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TREMORFA GROUP LIMITED


Opinion
We have audited the financial statements of Tremorfa Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 January 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TREMORFA GROUP LIMITED


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 Director 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 Director have been prepared in accordance with applicable legal requirements.

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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TREMORFA GROUP LIMITED


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the group's principal activity which is that of mechanical and electrical engineering;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- We assessed the extent of the compliance with the laws and regulations identified above by making enquiries of management and inspecting any legal correspondence; and
- The laws and regulations identified were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquires of the directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- Understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosure to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims; and
- Reviewing correspondence relevant to tax and legal matters where available.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TREMORFA GROUP LIMITED

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.

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.




Jon Payne ACA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
(Statutory Auditor)
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

28 September 2023

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

TURNOVER 3 9,578,564 8,767,490

Cost of sales 6,763,948 6,449,007
GROSS PROFIT 2,814,616 2,318,483

Administrative expenses 2,238,890 2,227,488
575,726 90,995

Other operating income 4 20,185 268,554
OPERATING PROFIT 6 595,911 359,549

Interest receivable and similar income 1,174 39
597,085 359,588

Interest payable and similar expenses 7 81,720 56,522
PROFIT BEFORE TAXATION 515,365 303,066

Tax on profit 8 117,593 18,854
PROFIT FOR THE FINANCIAL YEAR 397,772 284,212

Retained earnings at beginning of year 1,528,287 1,244,075

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

1,926,059

1,528,287

Profit attributable to:
Owners of the parent 397,772 284,212

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 4,173,019 4,116,000
Investments 11 - -
4,173,019 4,116,000

CURRENT ASSETS
Stocks 12 1,363 1,950
Debtors 13 2,205,011 1,526,969
Cash at bank and in hand 813,894 978,389
3,020,268 2,507,308
CREDITORS
Amounts falling due within one year 14 2,643,535 2,478,636
NET CURRENT ASSETS 376,733 28,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,549,752

4,144,672

CREDITORS
Amounts falling due after more than one
year

15

(1,503,618

)

(1,576,385

)

PROVISIONS FOR LIABILITIES 19 (258,675 ) (178,600 )
NET ASSETS 2,787,459 2,389,687

CAPITAL AND RESERVES
Called up share capital 20 99,500 99,500
Revaluation reserve 21 761,400 761,400
Capital redemption reserve 21 500 500
Retained earnings 21 1,926,059 1,528,287
SHAREHOLDERS' FUNDS 2,787,459 2,389,687

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:





M W Hosken - Director


TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

COMPANY STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 697,843 697,843
697,843 697,843

CREDITORS
Amounts falling due within one year 14 90,850 90,850
NET CURRENT LIABILITIES (90,850 ) (90,850 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

606,993

606,993

CAPITAL AND RESERVES
Called up share capital 20 99,500 99,500
Share premium 21 497,843 497,843
Capital redemption reserve 21 500 500
Retained earnings 21 9,150 9,150
SHAREHOLDERS' FUNDS 606,993 606,993

Company's profit for the financial year - -

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:





M W Hosken - Director


TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (20,947 ) 423,085
Interest paid (68,108 ) (50,611 )
Interest element of hire purchase
payments paid

(13,612

)

(5,911

)
Tax paid 17,949 -
Net cash from operating activities (84,718 ) 366,563

Cash flows from investing activities
Purchase of tangible fixed assets (230,280 ) (321,427 )
Sale of tangible fixed assets 7,915 19,226
Interest received 1,174 39
Net cash from investing activities (221,191 ) (302,162 )

Cash flows from financing activities
New loans in year - 50,000
Capital repayments in year 135,963 (39,624 )
Amount withdrawn by directors (200,000 ) (60,000 )
Net cash from financing activities (64,037 ) (49,624 )

(Decrease)/increase in cash and cash equivalents (369,946 ) 14,777
Cash and cash equivalents at
beginning of year

2

978,389

963,612

Cash and cash equivalents at end of
year

2

608,443

978,389

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 515,365 303,066
Depreciation charges 173,261 143,194
Profit on disposal of fixed assets (7,915 ) (3,463 )
Amounts recoverable on contracts 78,237 82,378
Government grants - (266,658 )
Finance costs 81,720 56,522
Finance income (1,174 ) (39 )
839,494 315,000
Decrease/(increase) in stocks 587 (360 )
Increase in trade and other debtors (584,805 ) (787,463 )
(Decrease)/increase in trade and other creditors (276,223 ) 895,908
Cash generated from operations (20,947 ) 423,085

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 813,894 978,389
Bank overdrafts (205,451 ) -
608,443 978,389
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 978,389 963,612


TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 978,389 (164,495 ) 813,894
Bank overdrafts - (205,451 ) (205,451 )
978,389 (369,946 ) 608,443
Debt
Finance leases (230,269 ) (135,963 ) (366,232 )
Debts falling due within 1 year (215,887 ) (7,738 ) (223,625 )
Debts falling due after 1 year (1,411,131 ) 182,044 (1,229,087 )
(1,857,287 ) 38,343 (1,818,944 )
Total (878,898 ) (331,603 ) (1,210,501 )

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Tremorfa Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The Directors have reviewed and considered the financial position of the Group, taking account of reserves and cash, the 2023-2024 Budget, agreed future contract work and longer term plans, together with its financial and risk management systems. The Directors believe that the Company has sufficient working capital resources to continue to operate for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the Financial Statements.

Basis of consolidation
These group accounts are prepared using the acquisition method.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the group obtains the right to consideration.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the asset to its working condition for intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property,excluding freehold land which is not depreciated, is depreciated at 2% per annum on cost when brought into use.

Plant and machinery etc -33%, 20% and 10% on cost
Fixtures and fittings -10% on cost
Motor vehicles -20% on cost

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

Financial instruments
Financial Instruments are recognised initially at transaction price, adjusted for transaction costs.

Subsequent measurement is at amortised cost. All financial instruments are classified as basic.


TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The 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.

Amounts recoverable under contracts
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Building Services 8,937,954 8,454,886
Wedding Venue & Health Club 640,610 312,604
9,578,564 8,767,490

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts 20,185 1,896
Government grants - 266,658
20,185 268,554

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,623,076 2,660,472
Social security costs 262,704 263,313
Other pension costs 48,204 63,464
2,933,984 2,987,249

The average number of employees during the year was as follows:
2023 2022

Management 2 2
Administration 32 24
Direct labour 82 72
116 98

2023 2022
£    £   
Directors' remuneration 36,441 50,049
Directors' pension contributions to money purchase schemes - 477

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 98,726 115,240
Depreciation - owned assets 173,261 143,195
Profit on disposal of fixed assets (7,915 ) (3,463 )
Auditors' remuneration 4,000 4,000
Auditors' remn - subsidiaries 9,000 9,000

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 26,130 6,060
Loan 41,978 44,551
Hire purchase 13,612 5,911
81,720 56,522

8. 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 54,659 18,854
Adjustment for prior years (17,141 ) -
Total current tax 37,518 18,854

Deferred tax 80,075 -
Tax on profit 117,593 18,854

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 515,365 303,066
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

97,919

57,583

Effects of:
Expenses not deductible for tax purposes 259 158
Income not taxable for tax purposes (1,504 ) (665 )
Capital allowances in excess of depreciation (24,643 ) (19,445 )
Utilisation of tax losses (17,372 ) (18,777 )
Adjustments to tax charge in respect of previous periods (17,141 ) -
Deferred tax 80,075 -
Total tax charge 117,593 18,854

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 February 2022 3,715,490 302,116 565,870 526,721 5,110,197
Additions 8,500 219 2,381 219,180 230,280
Disposals - - - (114,741 ) (114,741 )
At 31 January 2023 3,723,990 302,335 568,251 631,160 5,225,736
DEPRECIATION
At 1 February 2022 62,406 263,859 371,916 296,016 994,197
Charge for year 20,480 22,277 50,142 80,362 173,261
Eliminated on disposal - - - (114,741 ) (114,741 )
At 31 January 2023 82,886 286,136 422,058 261,637 1,052,717
NET BOOK VALUE
At 31 January 2023 3,641,104 16,199 146,193 369,523 4,173,019
At 31 January 2022 3,653,084 38,257 193,954 230,705 4,116,000

Included in cost or valuation of land and buildings is freehold land of £1,179,778 (2022 - £1,179,778) which is not depreciated.

Cost or valuation at 31 January 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2018 940,000 - - - 940,000
Cost 2,783,990 302,335 568,251 631,160 4,285,736
3,723,990 302,335 568,251 631,160 5,225,736

Included in fixed assets are assets held under hire purchase contracts. The net book value of these assets is £383,162 (2022: £186,229). The depreciation charge for the year for assets on hire purchase was £35,640 (2022: £21,574)

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 697,843
NET BOOK VALUE
At 31 January 2023 697,843
At 31 January 2022 697,843

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Tremorfa Limited
Registered office: The Terrace Suite, St Mellons Hotel, Castleton, Cardiff CF3 2XR
Nature of business: Electrical Installation and maintenance
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,002,970 1,582,399
Profit for the year 420,571 247,753

Tremorfa Property Limited
Registered office: The Terrace Suite, St Mellons Hotel, Castleton, Cardiff CF3 2XR
Nature of business: Hotel
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 875,341 898,143
(Loss)/profit for the year (22,799 ) 36,460


12. STOCKS

Group
2023 2022
£    £   
Goods for resale 1,363 1,950

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 1,801,700 1,234,180
Bad debt provision - (15,420 )
Amounts recoverable on contract 374,858 296,621
Other debtors 116 -
Directors' current accounts 15,000 -
Prepayments 13,337 11,588
2,205,011 1,526,969

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 215,362 9,666 - -
Other loans (see note 16) 213,714 206,221 - -
Hire purchase contracts (see note 17) 91,701 65,015 - -
Trade creditors 952,529 849,154 - -
Amounts owed to group undertakings - - 90,850 90,850
Tax 74,321 18,854 - -
Social security and other taxes 68,865 73,167 - -
VAT 137,346 238,289 - -
Other creditors 104,878 104,570 - -
Directors' current accounts - 185,000 - -
Accruals and deferred income 138,768 32,195 - -
Accrued expenses 646,051 696,505 - -
2,643,535 2,478,636 90,850 90,850

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 24,112 34,035
Other loans (see note 16) 1,204,975 1,377,096
Hire purchase contracts (see note 17) 274,531 165,254
1,503,618 1,576,385

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 205,451 -
Bank loans 9,911 9,666
Other loans 137,788 137,788
Other loans < 1 year 75,926 68,433
429,076 215,887
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,162 9,911
Other loans - 1-2 years 222,187 213,462
232,349 223,373
Amounts falling due between two and five years:
Bank loans - 2-5 years 13,950 24,124
Other loans - 2-5 years 490,170 573,838
504,120 597,962
Amounts falling due in more than five years:
Repayable by instalments
Other loans more 5yrs instal 492,618 589,796

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 91,701 65,015
Between one and five years 274,531 165,254
366,232 230,269

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 17,199 32,009
Between one and five years 17,999 17,999
35,198 50,008

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 366,232 230,269
Bank loans 1,215,580 1,278,734
Funding Circle loan 237,132 304,582
1,818,944 1,813,585

The bank loan with HSBC is secured by a debenture creating a fixed and floating charge over the assets of the company both present and future. In addition there is a first legal charge over St Mellons Hotel & Country Club, Marshfield, Newport and an unlimited multilateral guarantee given by Tremorfa Property Limited, Tremorfa Limited, Tremorfa Group Limited and Tasicca Limited.

The Funding Circle Loan is secured via a personal guarantee from Mr M Hosken, who is a director of the company.

Obligations under hire purchase contracts are secured on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 258,675 178,600

Group
Deferred
tax
£   
Balance at 1 February 2022 178,600
Charge to Income Statement during year 80,075
Balance at 31 January 2023 258,675

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
99,500 Ordinary £1 99,500 99,500

21. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2022 1,528,287 761,400 500 2,290,187
Profit for the year 397,772 397,772
At 31 January 2023 1,926,059 761,400 500 2,687,959

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 February 2022 9,150 497,843 500 507,493
Profit for the year - -
At 31 January 2023 9,150 497,843 500 507,493


22. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £48,204 (2022: £63,464).

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
M W Hosken
Balance outstanding at start of year - -
Amounts advanced 15,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,000 -

TREMORFA GROUP LIMITED (REGISTERED NUMBER: 06209568)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


24. RELATED PARTY DISCLOSURES

At the balance sheet date £nil (2022: £185,000) was owed to Mr M Hosken. No interest was
charged on this loan.

During the year, a total of key management personnel compensation of £ 80,930 (2022 - £ 32,920 ) was paid.

25. ULTIMATE CONTROLLING PARTY

The group is controlled by Mr M Hosken, director and majority shareholder.

26. EXEMPTION FROM AUDIT BY PARENT GUARANTEE

The following subsidiaries, included in the consolidated accounts, are exempt from the requirements of Companies Act 2006 relating to audit of individual accounts, by virtue of guarantee provided by the parent company, Tremorfa Group Limited under Section 479A of the Companies Act 2006.

Company Name Registered Number

Tremorfa Property Limited 09094834