IRIS Accounts Production v23.4.0.336 03825912 Board of Directors Board of Directors 1.9.22 31.8.23 31.8.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038259122022-08-31038259122023-08-31038259122022-09-012023-08-31038259122021-08-31038259122021-09-012022-08-31038259122022-08-3103825912ns15:EnglandWales2022-09-012023-08-3103825912ns14:PoundSterling2022-09-012023-08-3103825912ns10:Director12022-09-012023-08-3103825912ns10:Director22022-09-012023-08-3103825912ns10:PrivateLimitedCompanyLtd2022-09-012023-08-3103825912ns10:SmallEntities2022-09-012023-08-3103825912ns10:AuditExempt-NoAccountantsReport2022-09-012023-08-3103825912ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3103825912ns10:SmallCompaniesRegimeForAccounts2022-09-012023-08-3103825912ns10:FullAccounts2022-09-012023-08-310382591212022-09-012023-08-3103825912ns10:Director32022-09-012023-08-3103825912ns10:Director42022-09-012023-08-3103825912ns10:Director52022-09-012023-08-3103825912ns10:Director62022-09-012023-08-3103825912ns10:Director72022-09-012023-08-3103825912ns10:Director82022-09-012023-08-3103825912ns10:Director92022-09-012023-08-3103825912ns10:Director102022-09-012023-08-3103825912ns10:Director112022-09-012023-08-3103825912ns10:Director122022-09-012023-08-3103825912ns10:Director132022-09-012023-08-3103825912ns10:CompanySecretary12022-09-012023-08-3103825912ns10:RegisteredOffice2022-09-012023-08-3103825912ns5:CurrentFinancialInstruments2023-08-3103825912ns5:CurrentFinancialInstruments2022-08-3103825912ns5:Non-currentFinancialInstruments2023-08-3103825912ns5:Non-currentFinancialInstruments2022-08-3103825912ns5:ShareCapital2023-08-3103825912ns5:ShareCapital2022-08-3103825912ns5:RetainedEarningsAccumulatedLosses2023-08-3103825912ns5:RetainedEarningsAccumulatedLosses2022-08-310382591212022-09-012023-08-3103825912ns5:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-3103825912ns5:LeaseholdImprovements2022-09-012023-08-3103825912ns5:PlantMachinery2022-09-012023-08-3103825912ns5:ComputerEquipment2022-09-012023-08-3103825912ns5:IntangibleAssetsOtherThanGoodwill2022-08-3103825912ns5:IntangibleAssetsOtherThanGoodwill2023-08-3103825912ns5:IntangibleAssetsOtherThanGoodwill2022-08-3103825912ns5:LeaseholdImprovements2022-08-3103825912ns5:PlantMachinery2022-08-3103825912ns5:ComputerEquipment2022-08-3103825912ns5:LeaseholdImprovements2023-08-3103825912ns5:PlantMachinery2023-08-3103825912ns5:ComputerEquipment2023-08-3103825912ns5:LeaseholdImprovements2022-08-3103825912ns5:PlantMachinery2022-08-3103825912ns5:ComputerEquipment2022-08-3103825912ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-08-3103825912ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-09-012023-08-3103825912ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-08-3103825912ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-08-3103825912ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3103825912ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3103825912ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-08-3103825912ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-08-3103825912ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-3103825912ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-08-3103825912ns5:Non-currentFinancialInstruments2022-09-012023-08-3103825912ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3103825912ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3103825912ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3103825912ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-08-3103825912ns5:HirePurchaseContracts2023-08-3103825912ns5:HirePurchaseContracts2022-08-3103825912ns5:WithinOneYear2023-08-3103825912ns5:WithinOneYear2022-08-3103825912ns5:BetweenOneFiveYears2023-08-3103825912ns5:BetweenOneFiveYears2022-08-3103825912ns5:AllPeriods2023-08-3103825912ns5:AllPeriods2022-08-3103825912ns5:Secured2023-08-3103825912ns5:Secured2022-08-31
REGISTERED NUMBER: 03825912 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2023

for

TRP Research Ltd

TRP Research Ltd (Registered number: 03825912)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRP Research Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mr D Raybould
Miss L Piper
Miss R Smith
Mrs L Carroll
Mr J Gray
Mr J Robinson
Miss S Chambers
Mrs J Tingay
Mrs H Selley
Mr J T Aspinall
Mrs S Law
Ms J Murray-Smith
Mr M P Davey


SECRETARY: Mrs H Selley


REGISTERED OFFICE: Wellington House
Queen Street
Taunton
Somerset
TA1 3UF


REGISTERED NUMBER: 03825912 (England and Wales)


ACCOUNTANTS: A C Mole
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX


BANKERS: Lloyds Bank
31 Fore Street
Taunton
Somerset
TA1 1HN

TRP Research Ltd (Registered number: 03825912)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,350 15,592
Tangible assets 5 78,216 126,895
90,566 142,487

CURRENT ASSETS
Debtors 6 746,730 744,303
Cash at bank and in hand 989,568 1,074,043
1,736,298 1,818,346
CREDITORS
Amounts falling due within one year 7 637,922 672,318
NET CURRENT ASSETS 1,098,376 1,146,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,188,942

1,288,515

CREDITORS
Amounts falling due after more than one
year

8

(150,333

)

(244,332

)

PROVISIONS FOR LIABILITIES (16,866 ) (28,512 )
NET ASSETS 1,021,743 1,015,671

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,021,741 1,015,669
SHAREHOLDERS' FUNDS 1,021,743 1,015,671

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TRP Research Ltd (Registered number: 03825912)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by:




Mrs H Selley - Director



Mr D Raybould - Director


TRP Research Ltd (Registered number: 03825912)

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

1. STATUTORY INFORMATION

TRP Research Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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, and certain assets and liabilities measured at fair value through the income statement.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors are of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Revenue is recognised in the accounting period in which the service is provided. Where payment has been received in advance of services being provided and to the extent that costs have not been incurred this income is deferred and is shown on the balance sheet as payments in advance within creditors.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Development costs are amortised at the point the asset is brought into use.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the lease term
Office equipment - 20% on cost
Computer equipment - 50% on cost, 33% on cost, 25% on cost and 20% on cost

Financial instruments
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price and subsequently measured at amortised cost.


TRP Research Ltd (Registered number: 03825912)

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Fixed assets investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Dividends
Dividends to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 70 ) .

TRP Research Ltd (Registered number: 03825912)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022
and 31 August 2023 97,973
AMORTISATION
At 1 September 2022 82,381
Charge for year 3,242
At 31 August 2023 85,623
NET BOOK VALUE
At 31 August 2023 12,350
At 31 August 2022 15,592

5. TANGIBLE FIXED ASSETS
Improvements
to Office Computer
property equipment equipment Totals
£    £    £    £   
COST
At 1 September 2022 23,853 59,361 662,369 745,583
Additions - - 7,140 7,140
Disposals - - (16,652 ) (16,652 )
At 31 August 2023 23,853 59,361 652,857 736,071
DEPRECIATION
At 1 September 2022 16,076 59,327 543,285 618,688
Charge for year 2,368 34 53,417 55,819
Eliminated on disposal - - (16,652 ) (16,652 )
At 31 August 2023 18,444 59,361 580,050 657,855
NET BOOK VALUE
At 31 August 2023 5,409 - 72,807 78,216
At 31 August 2022 7,777 34 119,084 126,895

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Computer
equipment
£   
COST
At 1 September 2022
and 31 August 2023 120,000
DEPRECIATION
At 1 September 2022 48,000
Charge for year 24,000
At 31 August 2023 72,000
NET BOOK VALUE
At 31 August 2023 48,000
At 31 August 2022 72,000

TRP Research Ltd (Registered number: 03825912)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 522,754 617,506
Other debtors 223,976 126,797
746,730 744,303

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 70,000 70,000
Hire purchase contracts (see note 9) 24,000 24,000
Trade creditors 207,521 136,631
Amounts owed to group undertakings 88,470 88,470
Tax - 56,173
Social security and other taxes 73,459 63,562
VAT 47,742 52,788
Other creditors 850 8,218
Payments in advance 88,688 90,128
Accrued expenses 37,192 82,348
637,922 672,318

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 70,000 70,000
Bank loans - 2-5 years 58,334 128,333
Hire purchase contracts (see note 9) 21,999 45,999
150,333 244,332

The bank loan was drawn down in June 2020 under the CBILS provisions due to the Covid-19 pandemic. The loan, which includes a 12 month interest and capital repayment holiday, carries interest at a rate of 2.09% above Lloyds Bank plc's base rate and is repayable in 60 monthly instalments from June 2021. The loan is repayable by May 2026.

The loan is secured by Lloyds Bank plc with an all asset debenture.

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 24,000 24,000
Between one and five years 21,999 45,999
45,999 69,999

Non-cancellable operating leases
2023 2022
£    £   
Within one year 99,292 99,292
Between one and five years 101,599 200,890
200,891 300,182

TRP Research Ltd (Registered number: 03825912)

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

9. LEASING AGREEMENTS - continued

Included in the lease commitments above are leases relating to Land & Buildings totalling £170,100 (2022: £243,000)

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 198,334 268,333
Hire purchase 45,999 69,999
244,333 338,332

The hire purchase liability is secured over the asset to which it relates.