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Troynorth Limited
Registered Number:01332152
For the year ended 31 July 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 July 2023
Troynorth Limited
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
01332152
As at 31 July 2023
Troynorth Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
92,257
90,181
2
92,257
90,181
Current assets
Inventories
82,419
46,484
3
Trade and other receivables
105,529
80,112
4
1,552
Cash and cash equivalents
1,634
128,230
189,500
Trade and other payables: amounts falling due within one
year
(181,111)
(146,001)
5
8,389
(17,771)
Net current liabilities
Total assets less current liabilities
74,486
98,570
Trade and other payables: amounts falling due after more
than one year
(87,092)
(47,583)
6
(976)
(499)
Provisions for liabilities
25,927
Net assets
10,979
Capital and reserves
Called up share capital
1,000
1,000
Retained earnings
24,927
9,979
25,927
10,979
Shareholders' funds
For the year ended 31 July 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mrs Rachel Francis Director
These financial statements were approved and authorised for issue by the Board on 05 March 2024 and were signed by:
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4
Registered Number :
01332152
For the year ended 31 July 2023
Troynorth Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 31 July 2023
Troynorth Limited
Notes to the Financial Statements
Statutory Information
Troynorth Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
01332152.
Registered address:
High Ardley
Hexham
Northumberland
NE46 2LG
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings
1% Reducing balance
Plant and Machinery
25% Reducing balance
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
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 at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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6
For the year ended 31 July 2023
Troynorth Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Plant and
Machinery
Land and
Buildings
£
£
£
Cost or
valuation
At 01 August 2022
232,500
120,713
111,787
4,717
4,717
-
Additions
At 31 July 2023
111,787
125,430
237,217
Provision for depreciation and impairment
At 01 August 2022
142,319
117,720
24,599
Charge for year
2,641
1,769
872
At 31 July 2023
144,960
119,489
25,471
At 31 July 2023
Net book value
86,316
5,941
92,257
At 31 July 2022
87,188
2,993
90,181
3. Inventories
2022
2023
£
£
Stocks
46,484
82,419
4. Trade and other receivables
2022
2023
£
£
Trade debtors
31,957
53,346
Other debtors
48,155
52,183
105,529
80,112
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7
For the year ended 31 July 2023
Troynorth Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft (secured)
-
8,694
Bank loans and overdraft
56,434
54,732
Trade creditors
47,239
61,774
Taxation and social security
28,896
34,296
Other creditors
13,432
21,615
146,001
181,111
The bank overdrafts are secured by HSBC PLC under a single debenture dated 13th August 2010 incorporating a fixed and floating charge over all current and future assets of the company. The company also has a £80,000 agreed overdraft facility secured under the above charge. All banking liabilities of the company are secured under a guarantee given by Mrs R Francis, director of the company, supported by a Second Legal Mortgage over her freehold property. All amounts owed to, or to become owed to, HSBC Invoice Finance (UK) Limited are secured by HSBC Invoice Finance Limited under a fixed charge over the non-vesting debts and a floating charge over all of the assets or undertaking of the company by way of a charge dated 26th October 2016.
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
47,583
87,092
7. Directors advances and guarantees
At 01/08/2022
Loaned
Repaid
At 31/07/2023
£
£
£
£
Mrs Rachel Francis
Loan
37,085
37,570
39,515
40,000
37,085
37,570
39,515
40,000
Dividends totalling £32,000 (2022 : £24,000) were paid in the year in respect of shares held by the company's
directors.
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8
For the year ended 31 July 2023
Troynorth Limited
Notes to the Financial Statements Continued
8. Guarantees and other financial commitments
Lease commitments
At 31 July 2023 the company had annual commitments under non-cancellable operating leases as set out below:
2022
£
2023
£
Operating leases which expire:
6,244
6,244
Within 1 year
10,927
4,683
Within 2 to 5 years
10,927
17,171
The above represent the total commitments analysed by the time period in which the leases are due to expire.
9. Average number of persons employed
During the year the average number of employees was 8 (2022 : 7)
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