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REGISTERED NUMBER: 01338493















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

TREND TOOL TECHNOLOGY LTD

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Contents of the Consolidated Financial Statements
for the year ended 31 December 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 16


TREND TOOL TECHNOLOGY LTD

Company Information
for the year ended 31 December 2023







Directors: S J Phillips
N McMillan
M P Tideswell
C R Lamb
A Roberts
C J Carter
T M Simons





Secretary: C R Lamb





Registered office: Unit 6, Odhams Trading Estate
St Albans Road
Watford
Hertfordshire
WD24 7TR





Registered number: 01338493





Auditors: Haines Watts
Chartered Accountants and Statutory Auditors
3rd Floor
Marlborough House, 298 Regents Park Road
Finchley
London
N3 2SZ

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Group Strategic Report
for the year ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Principal activity

In 2023 the company continued to focus on its principal activity of selling power and hand tools, and associated accessories. It has also continued to develop and strengthen its partnerships with its network of stockists throughout the UK, Europe & USA.

Review of business
Sales have increased to £33,468,176 (2023) from £33,202,431 (2022)
Pre-tax profit of £1,146,539 has increased from the previous year of £389,774 (2022).

In 2023 our primary strategic focus was to stabilise sales and profits in the UK business. In anticipation of weaker market demand in the UK construction industry and our efforts to counteract high-inflationary pressures throughout 2023, we set a strategy to move the business away from low margin product categories and concentrate on our core competencies. This resulted in a significant increase of our GP%, despite sales YOY being relatively flat.

Looking ahead, we anticipate activity in the UK construction sector to remain subdued so the directors are confident that the performance of the company will remain steady in 2024.

Key performance indicators
The group's financial performance is assessed primarily by Turnover, Gross Profit, GP as % Turnover, EBITDA and EBITDA % of Turnover for the financial year.

Turnover Gross Profit Gross Profit % EBITDA EBITDA %
2023 £33,468,176 £13,417,855 40.1% £2,019,970 6.0%
2022 £33,202,431 £12,294,087 37.0% £1,115,528 3.4%
2021 £35,548,890 £13,178,598 37.1% £1,850,881 5.2%
2020 £28,805,778 £10,688,630 37.1% £1,168,875 4.1%
2019 £22,419,763 £8,658,156 38.6% £658,933 2.9%
CAGR% +11% +12% +32%

Principal risks and uncertainties
The key business risk and uncertainty relates to any potential downturn in the UK economy and in particular the construction and home improvement markets.

Future Developments
The company continues to focus on developing new export channels in order to diversify risk and expand outside of our principal UK market.

Research and Development activities
The company continues its research and development in the field of technologies of specialist construction tools and accessories utilised primarily in the construction and finishing of buildings.

On behalf of the board:





C R Lamb - Director


17 April 2024

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Report of the Directors
for the year ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

Principal activity
The principal activity of the group in the year under review was that of selling power and hand tools, and associated accessories.

Dividends
The total distribution of dividends for the year ended 31 December 2023 will be £230,720.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S J Phillips
N McMillan
M P Tideswell
C R Lamb
A Roberts
C J Carter
T M Simons

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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 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.

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Report of the Directors
for the year ended 31 December 2023


Auditors
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





C R Lamb - Director


17 April 2024

Report of the Independent Auditors to the Members of
Trend Tool Technology Ltd


Opinion
We have audited the financial statements of Trend Tool Technology Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 December 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
Trend Tool Technology Ltd


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.

Report of the Independent Auditors to the Members of
Trend Tool Technology Ltd


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:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
- Enquiring of management concerning actual and potential litigation and claims.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
- Reading minutes of meetings of those charged with governance.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.

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.

Whilst this is the case, our audit approach adopts a risk based approach which ensures that appropriate attention is devoted to the areas assessed as key audit risks. We performed a combination of procedures including analytical review, detailed substantive verification of transactions and balances as well as detailed test of controls, where appropriate.

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.




Hassan Behcet (Senior Statutory Auditor)
for and on behalf of Haines Watts
Chartered Accountants and Statutory Auditors
3rd Floor
Marlborough House, 298 Regents Park Road
Finchley
London
N3 2SZ

18 April 2024

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Consolidated
Statement of Comprehensive
Income
for the year ended 31 December 2023

2023 2022
Notes £ £

Turnover 3 33,468,176 33,202,431

Cost of sales (20,050,321 ) (20,908,344 )
Gross profit 13,417,855 12,294,087

Distribution costs (1,835,832 ) (2,319,486 )
Administrative expenses (9,952,361 ) (9,277,208 )
Operating profit 6 1,629,662 697,393

Interest receivable and similar income 496 1,075
1,630,158 698,468

Interest payable and similar expenses 7 (483,621 ) (308,694 )
Profit before taxation 1,146,537 389,774

Tax on profit 8 (263,917 ) (89,100 )
Profit for the financial year 882,620 300,674

Other comprehensive income - -
Total comprehensive income for the year 882,620 300,674

Profit attributable to:
Owners of the parent 882,620 300,674

Total comprehensive income attributable to:
Owners of the parent 882,620 300,674

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 13 21,615 21,102
Tangible assets 14 767,907 998,069
Investments 15 - -
789,522 1,019,171

Current assets
Stocks 16 11,238,868 12,114,641
Debtors 17 7,935,769 7,128,993
Cash at bank 102,322 56,915
19,276,959 19,300,549
Creditors
Amounts falling due within one year 18 12,302,397 13,202,109
Net current assets 6,974,562 6,098,440
Total assets less current liabilities 7,764,084 7,117,611

Creditors
Amounts falling due after more than one year 19 (380,113 ) (328,000 )

Provisions for liabilities 23 (125,242 ) (182,782 )
Net assets 7,258,729 6,606,829

Capital and reserves
Called up share capital 24 8,000 8,000
Retained earnings 25 7,250,729 6,598,829
Shareholders' funds 7,258,729 6,606,829

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:




C R Lamb - Director



A Roberts - Director


TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Company Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 13 21,615 21,102
Tangible assets 14 767,907 998,069
Investments 15 2,793 2,793
792,315 1,021,964

Current assets
Stocks 16 11,238,868 12,114,641
Debtors 17 7,935,769 7,126,629
Cash at bank 102,322 56,915
19,276,959 19,298,185
Creditors
Amounts falling due within one year 18 12,775,366 13,531,093
Net current assets 6,501,593 5,767,092
Total assets less current liabilities 7,293,908 6,789,056

Creditors
Amounts falling due after more than one year 19 (380,113 ) (328,000 )

Provisions for liabilities 23 (125,242 ) (182,782 )
Net assets 6,788,553 6,278,274

Capital and reserves
Called up share capital 24 8,000 8,000
Retained earnings 25 6,780,553 6,270,274
Shareholders' funds 6,788,553 6,278,274

Company's profit for the financial year 740,999 232,450

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:




C R Lamb - Director



A Roberts - Director


TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 8,000 6,509,435 6,517,435

Changes in equity
Dividends - (211,280 ) (211,280 )
Total comprehensive income - 300,674 300,674
Balance at 31 December 2022 8,000 6,598,829 6,606,829

Changes in equity
Dividends - (230,720 ) (230,720 )
Total comprehensive income - 882,620 882,620
Balance at 31 December 2023 8,000 7,250,729 7,258,729

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 8,000 6,249,104 6,257,104

Changes in equity
Dividends - (211,280 ) (211,280 )
Total comprehensive income - 232,450 232,450
Balance at 31 December 2022 8,000 6,270,274 6,278,274

Changes in equity
Dividends - (230,720 ) (230,720 )
Total comprehensive income - 740,999 740,999
Balance at 31 December 2023 8,000 6,780,553 6,788,553

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,731,824 (2,119,574 )
Interest paid (394,415 ) (307,972 )
Interest element of hire purchase payments
paid

(1,459

)

(722

)
Tax paid (62,898 ) (80,049 )
Net cash from operating activities 2,273,052 (2,508,317 )

Cash flows from investing activities
Purchase of intangible fixed assets (6,224 ) (6,919 )
Purchase of tangible fixed assets (118,595 ) (340,147 )
Sale of tangible fixed assets 62,658 29,799
Interest received 496 1,075
Net cash from investing activities (61,665 ) (316,192 )

Cash flows from financing activities
Amount introduced by shareholders 625,763 95,990
Amount withdrawn by shareholders (1,428,497 ) -
New hire purchase contracts - 21,245
Hire purchase capital repayments in year (14,229 ) (8,458 )
Equity dividends paid - (211,280 )
Net cash from financing activities (816,963 ) (102,503 )

Increase/(decrease) in cash and cash equivalents 1,394,424 (2,927,012 )
Cash and cash equivalents at beginning of
year

2

(6,206,560

)

(3,279,548

)

Cash and cash equivalents at end of year 2 (4,812,136 ) (6,206,560 )

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023


1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£ £
Profit before taxation 1,146,537 389,774
Depreciation charges 390,308 418,135
Profit on disposal of fixed assets (62,658 ) (28,978 )
Finance costs 483,621 308,694
Finance income (496 ) (1,075 )
1,957,312 1,086,550
Decrease in stocks 875,773 1,210,668
Increase in trade and other debtors (693,187 ) (1,059,783 )
Increase/(decrease) in trade and other creditors 591,926 (3,357,009 )
Cash generated from operations 2,731,824 (2,119,574 )

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 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 102,322 56,915
Bank overdrafts (4,914,458 ) (6,263,475 )
(4,812,136 ) (6,206,560 )
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 56,915 55,033
Bank overdrafts (6,263,475 ) (3,334,581 )
(6,206,560 ) (3,279,548 )


TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023


3. Analysis of changes in net debt

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank 56,915 45,407 102,322
Bank overdrafts (6,263,475 ) 1,349,017 (4,914,458 )
(6,206,560 ) 1,394,424 (4,812,136 )
Debt
Finance leases (17,049 ) (21,611 ) (38,660 )
(17,049 ) (21,611 ) (38,660 )
Total (6,223,609 ) 1,372,813 (4,850,796 )

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023


1. Statutory information

Trend Tool Technology Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 01338493.

The presentation currency of the financial statement 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.

The financial statements have been prepared on a going concern basis.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. A review of stock is carried out at the year end. Whilst every attempt is made to ensure that the stock provision is as accurate as possible, there remains a risk that the provision does not match the level of stock which ultimately prove to be obsolete.

There is estimation uncertainty in calculating the sales rebates payable accrual. Whilst every attempt is made to ensure that the accrual is as accurate as possible, there remains a risk that the accrual does not match the level of sales rebates that ultimately prove to be payable.

There is estimation uncertainty in calculating the supplier rebates receivable provision. Whilst every attempt is made to ensure that the provision is as accurate as possible, there remains a risk that the accrual does not match the level of supplier rebates that ultimately prove to be receivable.

There is estimation uncertainty in calculating amortisation. A full line by line review of intangible assets is carried out by management regularly. Whilst every attempt is made to ensure that the amortisation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

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

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

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 length of the lease
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% 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 assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

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.

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

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

Patents and licences
Expenditure on patents and licences are written off over their commercial life of five years.

Investment in subsidiaries
Investment in subsidiary undertakings are recognised at cost.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

3. Turnover

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

An analysis of turnover by geographical market is given below:

2023 2022
£ £
UK 28,790,374 28,176,831
Europe 2,447,261 2,779,727
Rest of World 2,230,541 2,245,873
33,468,176 33,202,431

4. Employees and directors
2023 2022
£ £
Wages and salaries 5,374,184 4,884,764
Social security costs 552,564 520,910
Other pension costs 371,763 336,072
6,298,511 5,741,746

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


4. Employees and directors - continued

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

Management and office 42 43
Selling and distribution 49 51
91 94

5. Directors' emoluments
2023 2022
£ £
Directors' remuneration 1,645,178 1,257,743
Directors' pension contributions to money purchase schemes 72,967 70,841

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

Money purchase schemes 6 6

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 581,270 330,400

6. Operating profit

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

2023 2022
£ £
Hire of plant and machinery 21,778 28,008
Depreciation - owned assets 369,242 405,213
Depreciation - assets on hire purchase contracts 15,355 7,082
Profit on disposal of fixed assets (62,658 ) (28,978 )
Patents and licences amortisation 5,711 5,839
Auditors' remuneration 28,439 25,000
Foreign currency exchange (gains)/losses 9,563 46,712
Operating lease rentals - Land and buildings 531,068 530,848

7. Interest payable and similar expenses
2023 2022
£ £
Bank interest 394,415 249,320
Other interest 87,747 58,652
Hire purchase 1,459 722
483,621 308,694

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


8. Taxation

Analysis of the tax charge
The tax charge on the profit on ordinary activities for the year was as follows:
31.12.23 31.12.22
£ £
Current tax:
UK corporation tax 269,098 56,194
Adjustment in respect of prior years (56,315 )

USA corporation tax 52,359 9,700
Total current tax 321,457 9,579

Deferred tax (57,540) 79,521
Tax on profit on ordinary activities 263,917 89,100
UK corporation tax has been charged at 19% and 25% (2022 - 19%). USA corporation tax has been charged at 21% (2022 - 21%).

Factors affecting the tax charge
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:
31.12.23 31.12.22
£ £
Profit on ordinary activities before tax 1,146,538 389,774
Profit on ordinary activities multiplied by the standard rate of corporation tax
UK profit on ordinary activities £952,558 (2022 - £311,849) 224,046 59,252
USA profit on ordinary activities £193,980 (2022- £77,925) 52,359 9,700

Effects of:
Expenses not deductible for tax purposes 1,825 (28,362 )
Profit on disposal of assets (14,737 ) -
Depreciation in excess of capital allowances 57,964 25,304
Deferred tax (57,540 ) 79,521
Timing differences - -
Adjustment in relation to prior years (56,315 )
Current tax charge 263,917 89,100

9. 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.


10. Dividends

An interim dividend of £28.84 per share was declared on the 30 April 2023.

11. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in and independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £371,763 (2022: £336,072)

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


12. Auditors remuneration

Auditors remuneration for 2023 was £28,439 (2022: £25,000).

13. Intangible fixed assets

Group
Patents and
licences
£
Cost
At 1 January 2023 133,476
Additions 6,224
At 31 December 2023 139,700
Amortisation
At 1 January 2023 112,374
Amortisation for year 5,711
At 31 December 2023 118,085
Net book value
At 31 December 2023 21,615
At 31 December 2022 21,102

Company
Patents and
licences
£
Cost
At 1 January 2023 133,476
Additions 6,224
At 31 December 2023 139,700
Amortisation
At 1 January 2023 112,374
Amortisation for year 5,711
At 31 December 2023 118,085
Net book value
At 31 December 2023 21,615
At 31 December 2022 21,102

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


14. Tangible fixed assets

Group
Fixtures
Improvements and Motor Computer
to property fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 January 2023 913,488 814,684 203,262 1,481,735 3,413,169
Additions 7,024 16,857 92,635 37,919 154,435
Disposals - - (154,765 ) - (154,765 )
Reclassification/transfer - 4,551 - (4,551 ) -
At 31 December 2023 920,512 836,092 141,132 1,515,103 3,412,839
Depreciation
At 1 January 2023 585,978 542,182 188,899 1,098,041 2,415,100
Charge for year 54,365 107,694 22,521 200,017 384,597
Eliminated on disposal - - (154,765 ) - (154,765 )
At 31 December 2023 640,343 649,876 56,655 1,298,058 2,644,932
Net book value
At 31 December 2023 280,169 186,216 84,477 217,045 767,907
At 31 December 2022 327,510 272,502 14,363 383,694 998,069

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 January 2023 155,564
Additions 49,640
Disposals (128,616 )
At 31 December 2023 76,588
Depreciation
At 1 January 2023 141,201
Charge for year 15,355
Eliminated on disposal (128,616 )
At 31 December 2023 27,940
Net book value
At 31 December 2023 48,648
At 31 December 2022 14,363

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


14. Tangible fixed assets - continued

Company
Fixtures
Improvements and Motor Computer
to property fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 January 2023 913,488 814,684 203,262 1,481,735 3,413,169
Additions 7,024 16,857 92,635 37,919 154,435
Disposals - - (154,765 ) - (154,765 )
Reclassification/transfer - 4,551 - (4,551 ) -
At 31 December 2023 920,512 836,092 141,132 1,515,103 3,412,839
Depreciation
At 1 January 2023 585,978 542,182 188,899 1,098,041 2,415,100
Charge for year 54,365 107,694 22,521 200,017 384,597
Eliminated on disposal - - (154,765 ) - (154,765 )
At 31 December 2023 640,343 649,876 56,655 1,298,058 2,644,932
Net book value
At 31 December 2023 280,169 186,216 84,477 217,045 767,907
At 31 December 2022 327,510 272,502 14,363 383,694 998,069

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 January 2023 155,564
Additions 49,640
Disposals (128,616 )
At 31 December 2023 76,588
Depreciation
At 1 January 2023 141,201
Charge for year 15,355
Eliminated on disposal (128,616 )
At 31 December 2023 27,940
Net book value
At 31 December 2023 48,648
At 31 December 2022 14,363

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


15. Fixed asset investments

Company
Unlisted
investments
£
Cost
At 1 January 2023
and 31 December 2023 2,793
Net book value
At 31 December 2023 2,793
At 31 December 2022 2,793

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Trend Tool Technology Inc
Registered office: 7351 West Friendly Avenue, Greensboro, NC 27410, USA
Nature of business: Cutting tool specialists
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 472,969 331,348
Profit for the year 141,621 68,223

Trend Tool Technology Limited
Registered office: Trend Tool Technology Limited, 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1
Nature of business: Wholesale of machine tools
%
Class of shares: holding
Ordinary 100.00

This is a dormant subsidiary.


16. Stocks

Group Company
2023 2022 2023 2022
£ £ £ £
Finished goods 11,238,868 12,114,641 11,238,868 12,114,641

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


17. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 7,265,231 6,587,752 7,265,231 6,587,752
Directors' loan accounts 127,306 - 127,306 -
Prepayments 543,232 541,241 543,232 538,877
7,935,769 7,128,993 7,935,769 7,126,629

18. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (see note 20) 4,914,458 6,263,475 4,914,458 6,263,475
Hire purchase contracts (see note 21) 16,170 9,049 16,170 9,049
Trade creditors 3,631,034 3,192,176 3,631,033 3,192,176
Corporation tax 321,049 52,802 278,507 43,102
Social security and other taxes 272,848 211,498 272,243 211,498
VAT 548,665 472,190 548,665 472,190
Other creditors 380,872 482,398 380,872 482,398
Amounts due to subsidiary - - 523,972 338,684
Directors' loan accounts - 278,840 - 278,840
Accrued expenses 2,217,301 2,239,681 2,209,446 2,239,681
12,302,397 13,202,109 12,775,366 13,531,093

19. Creditors: amounts falling due after more than one year

Group Company
2023 2022 2023 2022
£ £ £ £
Hire purchase contracts (see note 21) 22,490 8,000 22,490 8,000
Other creditors 357,623 320,000 357,623 320,000
380,113 328,000 380,113 328,000

20. Loans

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due within one year or on demand:
Bank overdrafts 4,914,458 6,263,475 4,914,458 6,263,475

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


21. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£ £
Gross obligations repayable:
Within one year 18,130 9,816
Between one and five years 25,995 8,621
44,125 18,437

Finance charges repayable:
Within one year 1,960 767
Between one and five years 3,505 621
5,465 1,388

Net obligations repayable:
Within one year 16,170 9,049
Between one and five years 22,490 8,000
38,660 17,049

Company
Hire purchase contracts
2023 2022
£ £
Gross obligations repayable:
Within one year 18,130 9,816
Between one and five years 25,995 8,621
44,125 18,437

Finance charges repayable:
Within one year 1,960 767
Between one and five years 3,505 621
5,465 1,388

Net obligations repayable:
Within one year 16,170 9,049
Between one and five years 22,490 8,000
38,660 17,049

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


21. Leasing agreements - continued

Group
Non-cancellable
operating leases
2023 2022
£ £
Within one year 551,446 531,429
Between one and five years 1,349,602 1,561,211
In more than five years 499,061 686,209
2,400,109 2,778,849

Company
Non-cancellable
operating leases
2023 2022
£ £
Within one year 501,710 501,710
Between one and five years 1,246,649 1,561,211
In more than five years 499,061 686,209
2,247,420 2,749,130

The company had total commitments under non-cancellable operating leases as detailed above.

Hire purchase contracts relate to motor vehicles in both group and company.

The group has options to purchase the motor vehicles for a nominal amount at the conclusion of the agreements. Interest rates underlying all obligations under hire purchase agreements are fixed at respective contract rates ranging from 0% to 7.37% (2022: 0% to 3.32%).

The hire purchase agreements are secured upon the assets to which they relate. The assets have a carrying value of £48,648 (2022: £14,363).

The directors consider that the carrying amount of the obligations under hire purchase agreements is approximate to their fair value.

22. Secured debts

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts 4,914,458 6,263,475 4,914,458 6,263,475

Advances under invoice discounting of £4,914,458 (2022: £6,263,475).

Advances under invoice discounting are also secured by way of a fixed and floating charge, dated September 2009, over all current and future assets of the company.

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


23. Provisions for liabilities

Group Company
2023 2022 2023 2022
£ £ £ £
Deferred tax 125,242 182,782 125,242 182,782

Group
Deferred tax
£
Balance at 1 January 2023 182,782
Provided during year (57,540 )
Balance at 31 December 2023 125,242

Company
Deferred tax
£
Balance at 1 January 2023 182,782
Provided during year (57,540 )
Balance at 31 December 2023 125,242

24. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
8,000 Ordinary 1 8,000 8,000

25. Reserves

Group
Retained
earnings
£

At 1 January 2023 6,598,829
Profit for the year 882,620
Dividends (230,720 )
At 31 December 2023 7,250,729

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


25. Reserves - continued

Company
Retained
earnings
£

At 1 January 2023 6,270,274
Profit for the year 740,999
Dividends (230,720 )
At 31 December 2023 6,780,553


26. Related party disclosures

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.

At the balance sheet date, creditors include loans from shareholders and their close family members amounting to £380,872 (2022: £761,238).

During the year, a loan was taken and fully repaid to a close family member of a shareholder totalling £400k.

During the year, interest amounting to £87,747 (2022: £58,652) was paid to shareholders and their close family members.

At the balance sheet date, debtors included a loan to a shareholder amounting to £127,307 (2022: £(278,839)). A balance of £278,839 was owed to the shareholder at the start of the year. £788,954 was advanced to the shareholder during the year and £382,808 was repaid. The outstanding loan will be repaid within 9 months of the year end.

During the year, interest amounting to £427 (2022: £Nil) was charged on loans to shareholders and their close family members.

During the year, key management personnel emoluments amounted to £1,645,178 (2022: £1,257,743)

27. Ultimate controlling party

The group was controlled by S J Phillips throughout the year.

TREND TOOL TECHNOLOGY LTD (REGISTERED NUMBER: 01338493)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


28. Share-based payment transactions

The 2021 EMI scheme is for the benefit of certain directors and long serving employees. The
scheme has a minimum vesting period of 3 years and a maximum of 10 years, and is equity settled by granting options to acquire £1 Ordinary B shares, at an exercise price of £1.00.

5,800 options were granted at the start of the scheme. During the period, 267 options were forfeited and 267 granted. No options were excerised or expired during the year. Accordingly, 5,800 options were outstanding at the balance sheet date, of which none were exercisable.

Given the nature and size of the group, no market value for its shares is readily available. Therefore, fair value of these options is calculated as the average EBITDA for the two financial years immediately proceeding the date of exercise multiplied by 5.

As a result of the above valuation methodology, no change was recognised (2022: £122,605 income) in the statement of comprehensive income for the year and therefore no liability in the balance sheet for the year ending 31-Dec-2023.