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Registration number: 06400243

Trizo Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Trizo Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Trizo Limited

(Registration number: 06400243)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

418,524

380,809

Current assets

 

Stocks

5

720,000

813,500

Debtors

6

1,010,734

915,676

Cash at bank and in hand

 

309,518

49,938

 

2,040,252

1,779,114

Creditors: Amounts falling due within one year

7

(1,179,624)

(1,089,335)

Net current assets

 

860,628

689,779

Total assets less current liabilities

 

1,279,152

1,070,588

Creditors: Amounts falling due after more than one year

7

(138,882)

(176,019)

Provisions for liabilities

(84,136)

(68,281)

Net assets

 

1,056,134

826,288

Capital and reserves

 

Called up share capital

500,155

500,155

Capital redemption reserve

55

55

Revaluation reserve

-

11,590

Retained earnings

555,924

314,488

Shareholders' funds

 

1,056,134

826,288

 

Trizo Limited

(Registration number: 06400243)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 March 2024
 

Mr M P Nicholson
Director

   
     
 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Woodlands Business Park
Bristol Road
Bridgwater
Somerset
TA6 4FJ

These financial statements were authorised for issue by the director on 6 March 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The director considers that the company will have sufficient resources to pay its debts as they fall due. Therefore, the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

Where the grant relates to an assets, this shall be recognised in income on a systematic basis over the expected useful life of the asset.

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property improvements

Straight line over the life of the 15 year lease

Plant and machinery

5% - 10% straight line

Motor vehicles

20% reducing balance

Computer and office equipment

10 - 33.33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 23 (2022 - 22).

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Short leasehold property improvements
£

Plant and machinery
 £

Computer and office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

130,098

622,968

55,344

10,973

819,383

Additions

-

90,055

3,951

-

94,006

At 31 October 2023

130,098

713,023

59,295

10,973

913,389

Depreciation

At 1 November 2022

55,236

327,418

48,542

7,378

438,574

Charge for the year

9,206

38,590

7,776

719

56,291

At 31 October 2023

64,442

366,008

56,318

8,097

494,865

Carrying amount

At 31 October 2023

65,656

347,015

2,977

2,876

418,524

At 31 October 2022

74,862

295,550

6,802

3,595

380,809

The comparable amounts of plant and machinery included above at deemed cost determined under the transitional arrangements, according to the historical cost accounting are cost £594,848 (2022 - £504,792), accumulated depreciation £256,525 (2022 - £217,934).

5

Stocks

2023
£

2022
£

Other inventories

720,000

813,500

6

Debtors

2023
£

2022
£

Trade debtors

887,045

697,272

Other debtors

30,501

99,575

Prepayments

28,188

23,829

Gross amount due from customers for contract work

65,000

95,000

1,010,734

915,676

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

551,198

453,671

Trade creditors

 

351,321

295,994

Amounts due to related parties

11

20,632

124,800

Social security and other taxes

 

119,443

117,487

Other creditors

 

2,637

7,674

Accruals

 

25,857

29,447

Corporation tax liability

103,856

60,262

Deferred income

 

4,680

-

 

1,179,624

1,089,335

Due after one year

 

Loans and borrowings

8

138,882

176,019

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

120,854

170,846

Hire purchase contracts

18,028

5,173

138,882

176,019

2023
£

2022
£

Current loans and borrowings

Bank borrowings

49,992

49,992

Hire purchase contracts

11,780

9,257

Other borrowings

489,426

394,422

551,198

453,671

The invoice discounting facility is secured by way of a fixed and floating charge over all assets of the company.

Finance lease liabilities are secured against tangible assets of the company.

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

11,590

11,590

Surplus/deficit on revaluation of other assets

(11,590)

-

(11,590)

(11,590)

11,590

-

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

13,901

13,901

Surplus/deficit on revaluation of other assets

(13,901)

-

(13,901)

(13,901)

13,901

-

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

60,831

56,871

Later than one year and not later than five years

314,277

346,728

375,108

403,599

The amount of non-cancellable operating lease payments recognised as an expense during the year was £51,012 (2022 - £46,252).

 

Trizo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

96,890

96,890

Advanced

30,434

30,434

Repaid

(96,890)

(96,890)

At end of period

30,434

30,434

2022

Key management
£

Total
£

At start of period

15,161

15,161

Advanced

241,223

241,223

Repaid

(159,494)

(159,494)

At end of period

96,890

96,890

Terms of loans to related parties

During the year the director received a loan from the company. Interest has been charged at HMRC's official rate of interest and is repayable on demand.
 

Loans from related parties

2023

Key management
£

Total
£

At start of period

124,800

124,800

Repaid

(110,000)

(110,000)

Interest transactions

5,833

5,833

At end of period

20,633

20,633

2022

Key management
£

Total
£

Advanced

240,000

240,000

Repaid

(120,000)

(120,000)

Interest transactions

4,800

4,800

At end of period

124,800

124,800

Terms of loans from related parties

During the year the director provided the company with a loan. Interest has been charged by the director at 8.1% per annum. This loan is repayable on demand.