Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302023-11-3022022-12-01falseNo description of principal activity2falsefalsefalse OC371038 2022-12-01 2023-11-30 OC371038 2021-12-01 2022-11-30 OC371038 2023-11-30 OC371038 2022-11-30 OC371038 2021-12-01 OC371038 c:Buildings c:LongLeaseholdAssets 2022-12-01 2023-11-30 OC371038 c:PlantMachinery 2022-12-01 2023-11-30 OC371038 c:MotorVehicles 2022-12-01 2023-11-30 OC371038 c:FurnitureFittings 2022-12-01 2023-11-30 OC371038 c:OfficeEquipment 2022-12-01 2023-11-30 OC371038 c:ComputerEquipment 2022-12-01 2023-11-30 OC371038 c:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 OC371038 c:Goodwill 2022-12-01 2023-11-30 OC371038 c:CurrentFinancialInstruments 2023-11-30 OC371038 c:CurrentFinancialInstruments 2022-11-30 OC371038 c:Non-currentFinancialInstruments 2023-11-30 OC371038 c:Non-currentFinancialInstruments 2022-11-30 OC371038 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 OC371038 c:CurrentFinancialInstruments c:WithinOneYear 2022-11-30 OC371038 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 OC371038 c:Non-currentFinancialInstruments c:AfterOneYear 2022-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-11-30 OC371038 c:OtherMiscellaneousReserve 2023-11-30 OC371038 c:OtherMiscellaneousReserve 2021-12-01 2022-11-30 OC371038 c:OtherMiscellaneousReserve 2022-11-30 OC371038 c:OtherMiscellaneousReserve 2021-12-01 OC371038 d:FRS102 2022-12-01 2023-11-30 OC371038 d:Audited 2022-12-01 2023-11-30 OC371038 d:FullAccounts 2022-12-01 2023-11-30 OC371038 d:LimitedLiabilityPartnershipLLP 2022-12-01 2023-11-30 OC371038 c:Subsidiary1 2022-12-01 2023-11-30 OC371038 c:Subsidiary1 1 2022-12-01 2023-11-30 OC371038 c:Subsidiary2 2022-12-01 2023-11-30 OC371038 c:Subsidiary2 1 2022-12-01 2023-11-30 OC371038 c:Subsidiary6 2022-12-01 2023-11-30 OC371038 c:Subsidiary6 1 2022-12-01 2023-11-30 OC371038 c:Subsidiary7 2022-12-01 2023-11-30 OC371038 c:Subsidiary7 1 2022-12-01 2023-11-30 OC371038 d:Consolidated 2023-11-30 OC371038 d:ConsolidatedGroupCompanyAccounts 2022-12-01 2023-11-30 OC371038 2 2022-12-01 2023-11-30 OC371038 6 2022-12-01 2023-11-30 OC371038 c:Associate1 2022-12-01 2023-11-30 OC371038 c:Associate1 1 2022-12-01 2023-11-30 OC371038 c:Associate2 2022-12-01 2023-11-30 OC371038 c:Associate2 1 2022-12-01 2023-11-30 OC371038 d:PartnerLLP1 2022-12-01 2023-11-30 OC371038 d:PartnerLLP2 2022-12-01 2023-11-30 OC371038 d:PartnerLLP3 2022-12-01 2023-11-30 OC371038 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-11-30 OC371038 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-01 2023-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2023-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2021-12-01 2022-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2022-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2021-12-01 OC371038 c:Non-controllingInterests 2023-11-30 OC371038 c:Non-controllingInterests 2022-11-30 OC371038 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: OC371038









TRAD PROPERTIES LLP









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
TRAD PROPERTIES LLP
 

INFORMATION




Designated Members

C H Smith
J Walker
The Trustees of the TRAD Scaffolding Co (H F Smith) FURBS

LLP registered number

OC371038

Registered office

HaslersOld Station RoadLoughtonIG10 4PL

Independent auditors

HaslersOld Station RoadLoughtonEssexIG10 4PL


 
TRAD PROPERTIES LLP
 

CONTENTS



Page
Members' report
 
1
Members' responsibilities statement
 
2
Independent auditors' report
 
3 - 6
Consolidated statement of comprehensive income
 
7
Consolidated balance sheet
 
8 - 9
LLP balance sheet
 
10 - 11
Consolidated statement of changes in equity
 
12 - 13
LLP statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 42


 
TRAD PROPERTIES LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The members present their annual report together with the audited financial statements of Trad Properties LLP (the "LLP and the Group") for the year ended 30 November 2023
 

Principal activities
 
 
The LLP and the Group have various principal activities including property investment, engineering and construction; manufacturing of metal products; provision of modular accommodation and accommodation services to oil and gas; renewables and infrastructure sectors. 
Texo Group Limited have achieved good impact with our target markets recording some high profile contract wins.  A strategy of building extensive business infrastructure to deliver the growth has impacted the profitability as expected.  The strategy is that of consolidation and to continue to build upon this growth whilst improving overall profitability.  
 
 
Designated Members
 
 
C H Smith, J Walker and The Trustees of the TRAD Scaffolding Co (H F Smith) FURBS were designated members of the LLP and the Group throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 30 November 2023 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
 

This report was approved by the members on 29 August 2024 and signed on their behalf by:
 
 


C H Smith


Page 1

 
TRAD PROPERTIES LLP
 
 
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The members are responsible for preparing the annual report and theconsolidated financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members 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 LLP and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the members are required to:

select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and the Group and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP
 

Opinion
 

We have audited the financial statements of Trad Properties LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the LLP Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the LLP Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 LLP's affairs as at 30 November 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 United Kingdom, including the Financial Reporting Council'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 members' 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 or the parent LLP'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 members with respect to going concern are described in the relevant sections of this report.


Page 3

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the parent LLP financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement on page 2, the members 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 members determine is 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 members are responsible for assessing the Group's and the parent LLP'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 members either intend to liquidate the Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP (CONTINUED)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained and understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that: 
- had a direct effect on the determination of material amounts and disclosures in the financial statements.  These included the UK Companies Act and tax legislation etc. 
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. 
We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries through our review of documentation generated and assessing the extent of compliance with relevant laws and regulations. 
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.  We also reviewed the assessment which had been made by the component auditors.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: 
The principal risks related to inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. 
Procedures performed to address these were as follows:
 - Identifying and assessing the design effectiveness of controls management has in place to prevent and     detect frraud;
 - Understanding how those charged with governance considered and addressed the potential for override     of controls or other inappropriate influence over the financial reporting process. 
 - Challenging assumptions and judgements made by management in its significant accounting estimates 
 - Identifying and testing journal entries, in particular any unusual journal entries posted around the year      end, including a review of testing completed by component auditors. 
 


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.

Page 5

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP (CONTINUED)



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 Auditors' report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Matthew Wells ACA (Senior statutory auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

29 August 2024
Page 6

 
TRAD PROPERTIES LLP
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
49,158,228
24,987,175

Cost of sales
  
(36,316,233)
(13,657,147)

Gross profit
  
 
12,841,995
 
11,330,028

Administrative expenses
  
(13,237,866)
(13,355,729)

Other operating income
 5 
288,091
-

Operating loss
 6 
 
(107,780)
 
(2,025,701)

Interest receivable and similar income
 11 
300,116
234,465

Interest payable and similar expenses
 12 
(70,610)
(11,577)

Profit/(loss) before tax
  
 
121,726
 
(1,802,813)

Tax on profit/(loss)
  
177,842
-

Profit/(loss) before members' remuneration and profit shares available for discretionary division among members
  
 
299,568
 
(1,802,813)

Profit/(loss) for the year before members' remuneration and profit shares
  
299,568
(1,802,813)

Non-controlling interests
  
346,645
-

Profit/(loss) for the financial year available for discretionary division among members
  
 
646,213
 
(1,802,813)

Profit for the year attributable to:
  

Non-controlling interest
  
(346,645)
-

Owners of the parent LLP
  
646,213
(1,802,813)

  
 
299,568
 
(1,802,813)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023(2022:£NIL).

The notes on pages 17 to 42 form part of these financial statements.

Page 7

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,388,446
1,298,103

Tangible assets
 15 
3,009,980
3,018,920

Investments
 16 
57,817
57,817

Investment property
 17 
25,182,000
25,182,000

  
29,638,243
29,556,840

Current assets
  

Stocks
 18 
150,964
130,587

Debtors: amounts falling due within one year
 19 
24,001,674
14,796,532

Cash at bank and in hand
 20 
3,209,522
7,787,805

  
27,362,160
22,714,924

Creditors: amounts falling due within one year
 21 
(21,347,586)
(16,380,005)

Net current assets
  
 
 
6,014,574
 
 
6,334,919

Total assets less current liabilities
  
35,652,817
35,891,759

  

Creditors: amounts falling due after more than one year
  
(11,004,672)
(10,975,471)

Provisions for liabilities
  

Deferred taxation
 25 
(2,964,786)
(3,142,628)

  
 
 
(2,964,786)
 
 
(3,142,628)

  

Net assets
  
21,683,359
21,773,660

Page 8

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

  

Members' other interests
  

Members' capital classified as equity
  
13,513,560
13,513,542

Revaluation reserve classified as equity
  
9,427,884
9,427,884

Other reserves classified as equity
  
(830,460)
(1,167,766)

  
 
22,110,984
 
21,773,660

Non-controlling interest
  
(427,625)
-

  
21,683,359
21,773,660

  
21,683,359
21,773,660


Total members' interests
  

Members' other interests
  
22,110,984
21,773,660

  
22,110,984
21,773,660


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 August 2024.




C H Smith
Designated member

The notes on pages 17 to 42 form part of these financial statements.

Page 9

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038

LLP BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
25,000,000
25,000,000

  
25,000,000
25,000,000

Current assets
  

Debtors: amounts falling due within one year
 19 
1,018,656
980,234

Cash at bank and in hand
 20 
-
38,404

  
1,018,656
1,018,638

Creditors: amounts falling due within one year
 21 
(1,730,296)
(1,730,296)

Net current liabilities
  
 
 
(711,640)
 
 
(711,658)

Total assets less current liabilities
  
24,288,360
24,288,342

  

Creditors: amounts falling due after more than one year
  
(10,774,800)
(10,774,800)

  

  

Net assets
  
13,513,560
13,513,542

Page 10

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038
    
LLP BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£


Represented by:
  


Members' other interests
  

Members' capital classified as equity
  
13,513,560
13,513,542

Proft/(loss) for the year available for discretionary division among members
  
18
(30)

Other movements in other reserves
  
(18)
30

  
 
 
13,513,560
 
 
13,513,542

  
13,513,560
13,513,542


Total members' interests
  

Members' other interests
  
13,513,560
13,513,542

  
13,513,560
13,513,542


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 August 2024.


C H Smith
Designated member

The notes on pages 17 to 42 form part of these financial statements.

Page 11

 

 
TRAD PROPERTIES LLP


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023



Members capital (classified as equity)
Revaluation reserve
Other reserves
Equity attributable to members
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 December 2022
13,513,542
9,427,884
(1,167,766)
21,773,660
-
21,773,660



Comprehensive income for the year


Profit for year for discretionary division among members
-
-
646,213
646,213
(494,275)
151,938


Allocated profit
18
-
(18)
-
-
-

Total comprehensive income for the year
18
-
646,195
646,213
(494,275)
151,938



Contributions by and distributions to members


Transfer to/from profit and loss account
-
-
(308,891)
(308,891)
-
(308,891)


Acquired on acquisition
-
-
-
-
66,650
66,650



Total transactions with members
-
-
(308,891)
(308,891)
66,650
(242,241)



At 30 November 2023
13,513,560
9,427,884
(830,462)
22,110,982
(427,625)
21,683,357

The notes on pages 17 to 42 form part of these financial statements.

Page 12

 

 
TRAD PROPERTIES LLP


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022



Members capital (classified as equity)
Revaluation reserve
Other reserves
Equity attributable to members
Total equity


£
£
£
£
£


At 1 December 2021
13,513,572
9,427,884
635,017
23,576,473
23,576,473



Comprehensive income for the year


Loss for year for discretionary division among members

-
-
(1,802,813)
(1,802,813)
(1,802,813)


Allocated profit
(30)
-
30
-
-



Other comprehensive income for the year
(30)
-
30
-
-



Total comprehensive income for the year
(30)
-
(1,802,783)
(1,802,813)
(1,802,813)



Total transactions with members
-
-
-
-
-



At 30 November 2022
13,513,542
9,427,884
(1,167,766)
21,773,660
21,773,660



The notes on pages 17 to 42 form part of these financial statements.

Page 13

 
TRAD PROPERTIES LLP
 

LLP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Members' capital (classified as equity)
Other reserves
Total equity

£
£
£

At 1 December 2022
13,513,542
-
13,513,542


Comprehensive income for the year

Profit for year for discretionary division among members
-
18
18

Allocated profit
18
(18)
-
Total comprehensive income for the year
18
-
18


At 30 November 2023
13,513,560
-
13,513,560


LLP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Members' capital (classified as equity)
Other reserves
Total equity

£
£
£

At 1 December 2021
13,513,572
-
13,513,572


Comprehensive income for the year

Loss for year for discretionary division among members

-
(30)
(30)

Allocated profit
(30)
30
-


Other comprehensive income for the year
(30)
30
-


Total comprehensive income for the year
(30)
-
(30)


At 30 November 2022
13,513,542
-
13,513,542


The notes on pages 17 to 42 form part of these financial statements.

Page 14

 
TRAD PROPERTIES LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
646,213
(1,802,813)

Adjustments for:

Amortisation of intangible assets
331,015
299,597

Depreciation of tangible assets
621,914
720,097

Loss on disposal of tangible assets
(30,638)
(15,850)

Interest paid
70,610
11,577

Interest received
(300,116)
(234,465)

Taxation charge
(177,842)
-

(Increase) in stocks
(20,375)
(6,000)

(Increase) in debtors
(8,844,743)
(968,531)

(Increase)/decrease in amounts owed by associates
(671,531)
-

Increase in creditors
4,431,633
6,523,398

Corporation tax received/(paid)
-
(29,679)

Net cash generated from operating activities before transactions with members

(3,943,860)
4,497,331


Cash flows from investing activities

Purchase of intangible fixed assets
(2,221)
-

Purchase of tangible fixed assets
(787,159)
(1,220,259)

Sale of tangible fixed assets
-
21,756

Purchase of fixed asset investments
-
(500,000)

Purchase of share in associates
-
(7,777)

Interest received
300,116
234,465

HP interest paid
(13,785)
(11,577)

Net cash from investing activities

(503,049)
(1,483,392)

Cash flows from financing activities

Repayment of/new finance leases
(74,549)
54,638

Interest paid
(56,825)
-

Net cash used in financing activities
(131,374)
54,638

Net (decrease)/increase in cash and cash equivalents
(4,578,283)
3,068,577

Cash and cash equivalents at beginning of year
7,787,805
4,719,228

Cash and cash equivalents at the end of year
3,209,522
7,787,805


Cash and cash equivalents at the end of year comprise:
Page 15

 
TRAD PROPERTIES LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£


Cash at bank and in hand
3,209,522
7,787,805

3,209,522
7,787,805


The notes on pages 17 to 42 form part of these financial statements.

Page 16

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Trad Properties LLP is a limited liability partnership incorporated in England and Wales, United Kingdom, with a registration number OC371038. The address of the registered office is Old Station Road, Loughton, Essex, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP 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.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

Page 17

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Rental Income 
Turnover represents amounts receivable from rental of property net of VAT.  Turnover is recognised in the period in which the rents relate. 

Page 18

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the LLP and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Division and distribution of profits

A division of profits is the mechanism by which the profits of a Group become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the Group does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the Group, which it has the unconditional right to avoid making.

The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Consolidated statement of comprehensive income.

In the event of the Group making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

The Group classifies distributions of profits as operating cash flows in the Statement of cash flows

Page 20

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
6 - 25% straight line
Plant and machinery
-
6 - 20% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line
Computer equipment
-
33% straight line
Other fixed assets
-
not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 21

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Page 23

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)


Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 24

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amount of assets and liabilities.  The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable.  Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Management considers that there are no judgemtns that have been made in the processof applying the entity's accounting policies that have a significant effect on the financial statements.  Furthermore, management considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
47,757,338
23,634,879

Rent received
1,400,890
1,352,296

49,158,228
24,987,175


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

R&D tax credits
288,091
-

288,091
-


Page 25

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
11,674
126

Other operating lease rentals
539,919
490,594


7.


Auditors' remuneration

During the year, the Group obtained the following services from the LLP's auditors:


2023
2022
£
£

Fees payable to the LLP's auditors for the audit of the consolidated and parent LLP's financial statements
9,250
11,000


8.


Employees

Staff costs, including members' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
6,894,200
9,564,369

Social security costs
765,068
522,166

Cost of defined contribution scheme
666,467
347,936

8,325,735
10,434,471


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:



Group
Group
LLP
LLP
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Sales and administration
108
108
2
2

Page 26

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Information in relation to members

2023
2022
Number
Number


The average number of members during the year was
3
3

2023
2022
£
£







The amount of profit attributable to the member with the largest entitlement was
(30)
(30)



10.


Members' remuneration

During the year, no member received remuneration from the LLP.






11.


Interest receivable

2023
2022
£
£


Other interest receivable
300,116
234,465

300,116
234,465


12.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
18,926
-

Other loan interest payable
37,899
-

Finance leases and hire purchase contracts
13,785
11,577

70,610
11,577

Page 27

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(177,842)
-

Total deferred tax
(177,842)
-


Tax on profit/(loss)
(177,842)
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
299,569
(1,802,813)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
68,901
(342,534)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
112,388

Unrelieved tax losses carried forward
(424,585)
230,146

Tax losses carried forward
177,842
-

Total tax charge for the year
(177,842)
-

The main corporation tax rate increased from 19% to 25% with effect from 1 April 2023 with a marginal rate applicable when taxable profits are between £50,000 to £250,000. This results in the increase in tax rate shown above. 
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Intangible assets

Group and LLP





Weld Procedures
Goodwill
Total

£
£
£



Cost


At 1 December 2022
131,242
3,962,431
4,093,673


Additions
2,221
419,137
421,358



At 30 November 2023

133,463
4,381,568
4,515,031



Amortisation


At 1 December 2022
-
2,795,570
2,795,570


Charge for the year on owned assets
-
331,015
331,015



At 30 November 2023

-
3,126,585
3,126,585



Net book value



At 30 November 2023
133,463
1,254,983
1,388,446



At 30 November 2022
131,242
1,166,861
1,298,103



Page 29

 


 
TRAD PROPERTIES LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


15.


Tangible fixed assets


Group







Buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 December 2022
1,564,061
2,868,592
-
-
-
-
-
4,432,653


Additions
391,676
161,080
160,447
51,751
3,276
93,927
-
862,157


Disposals
-
(315)
(24,211)
-
-
(532)
(247,859)
(272,917)


Transfers between classes
-
(1,209,173)
95,682
178,064
36,008
517,778
381,641
-



At 30 November 2023

1,955,737
1,820,184
231,918
229,815
39,284
611,173
133,782
5,021,893



Depreciation


At 1 December 2022
343,637
1,070,096
-
-
-
-
-
1,413,733


Charge for the year on owned assets
110,604
349,492
30,357
31,547
557
46,627
-
569,184


Charge for the year on financed assets
23,104
13,750
15,876
-
-
-
-
52,730


Disposals
-
-
(23,202)
-
-
(532)
-
(23,734)


Transfers between classes
443,661
(632,275)
26,139
126,987
35,488
-
-
-



At 30 November 2023

921,006
801,063
49,170
158,534
36,045
46,095
-
2,011,913



Net book value
Page 30

 


 
TRAD PROPERTIES LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           15.Tangible fixed assets (continued)




At 30 November 2023
1,034,731
1,019,121
182,748
71,281
3,239
565,078
133,782
3,009,980



At 30 November 2022
1,220,424
1,798,496
-
-
-
-
-
3,018,920

Page 31

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Land and buildings
240,660
263,763

Plant and machinery
53,854
67,604

Motor vehicles
105,851
46,728

400,365
378,095


16.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 December 2022
57,817



At 30 November 2023
57,817




LLP





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
25,000,000



At 30 November 2023
25,000,000




Page 32

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

Gapsun Properties Limited
Hawke House, Station Road, Loughton, Essex
Ordinary
100%
Texo Group Limited
8 Stepfield, Witham, Essex
Ordinary
100%
Texo Recruitment Limited
8 Stepfield, Witham, Essex
Ordinary
75%
Airport Capacity Solutions Limited
8 Stepfield, Witham, Essex
Ordinary
60%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Gapsun Properties Limited
44,199,650
1,393,074

Texo Group Limited
3,662,503
79,847

Texo Recruitment Limited
89,749
107,371

Airport Capacity Solutions Limited
(1,222,637)
(1,299,515)


Associates


The following were associates of the LLP:


Name

Registered office

Class of shares

Holding

Texo Livestream
Texo House, Venture Drive, Westhill, Scotland
Ordinary
40%
Kite Technology Limited
2 Smithycroft, Bourtie, Inverurie, Scotland.
Ordinary
25%

Page 33

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 December 2022
25,182,000



At 30 November 2023
25,182,000

The 2023 valuations were made by directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
12,611,488
12,611,488

12,611,488
12,611,488


18.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
150,964
130,587

150,964
130,587


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 34

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


Debtors

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£


Trade debtors
9,350,570
4,966,594
-
-

Amounts owed by group undertakings
-
-
1,016,812
978,390

Amounts owed by joint ventures and associated undertakings
671,531
-
-
-

Other debtors
5,167,395
6,090,221
1,844
1,844

Prepayments and accrued income
1,094,689
765,320
-
-

Amounts recoverable on long-term contracts
7,717,488
2,923,384
-
-

Tax recoverable
-
51,013
-
-

24,001,673
14,796,532
1,018,656
980,234



20.


Cash and cash equivalents

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,209,522
7,787,805
-
38,404

3,209,522
7,787,805
-
38,404


Page 35

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

21.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Bank loans
60,565
-
-
-

Trade creditors
5,676,335
1,684,928
-
-

Other taxation and social security
834,988
563,077
-
-

Obligations under finance lease and hire purchase contracts
172,057
78,997
-
-

Other creditors
10,599,531
10,605,695
1,706,296
1,706,296

Accruals and deferred income
4,004,110
3,447,308
24,000
24,000

21,347,586
16,380,005
1,730,296
1,730,296



The following liabilities were secured:
Group
Group
2023
2022
£
£

Obligations under finance lease and hire purchase contracts
172,057
78,997

172,057
78,997

Details of security provided:

The liabilities under obligations under finance lease and hire purchase contracts are secured against the assets for which they were used to purchase.

Page 36

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

22.


Creditors: Amounts falling due after more than one year

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Bank loans
121,812
-
-
-

Other loans
10,774,800
10,774,800
10,774,800
10,774,800

Net obligations under finance leases and hire purchase contracts
108,059
200,671
-
-

11,004,671
10,975,471
10,774,800
10,774,800



The following liabilities were secured:
Group
Group
2023
2022
£
£


Obligations under finance lease and hire purchase contracts
108,059
200,671

108,059
200,671

Details of security provided:

The liabilities under obligations under finance lease and hire purchase contracts are secured against the assets for which they were used to purchase.



Page 37

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
60,565
-
-
-

Amounts falling due 1-2 years

Bank loans
66,972
-
-
-

Amounts falling due 2-5 years

Bank loans
54,840
-
-
-

Other loans
10,774,800
10,774,800
10,774,800
10,774,800


10,829,640
10,774,800
10,774,800
10,774,800


10,957,177
10,774,800
10,774,800
10,774,800



24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
172,057
78,997

Between 1-5 years
108,059
200,671

280,116
279,668

Page 38

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

25.


Deferred taxation


Group



2023


£






At beginning of year
(3,142,628)


Charged to profit or loss
177,842



At end of year
(2,964,786)

LLP


2023






At end of year
-
Group
Group
2023
2022
£
£

Revaluation of investment properties
(3,142,628)
(3,142,628)

Tax losses carried forward
177,842
-

(2,964,786)
(3,142,628)

Page 39

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

26.


Reconciliation of members' interests (Group)






EQUITY
Members' other interests
Members' capital (classified as equity)
Revaluation reserve
Other reserves
Total

£
£
£
£

Profit for the year available for discretionary division among members
 
-
-
646,215
646,215

Members' interests after profit for the year
13,513,542
9,427,884
(521,551)
22,419,875

Other division of profits
18
-
(18)
-

Movement in reserves
-
-
(308,891)
(308,891)

Balance at 30 November 2023 
13,513,560
9,427,884
(830,460)
22,110,984


26.


Reconciliation of members' interests (LLP)






EQUITY
Members' other interests

Members' capital (classified as equity)
Other reserves
Total

£
£
£

Profit for the year available for discretionary division among members 

-
18
18

Members' interests after profit for the year 
13,513,542
18
13,513,560

Other division of profits 
18
(18)
-

Balance at 30 November 2023

13,513,560
-
13,513,560

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 40

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

27.


Analysis of net debt (Group)






At 1 December 2022
Arising from cash flows
New finance leases
Acquisition or disposal of subsidiaries
At 30 November 2023
£

£

£

£

£

Cash at bank and in hand

7,787,805

(4,578,283)

-

-

3,209,522

Borrowings due within 1 year

-

-

-

(60,565)

(60,565)

Borrowings due after 1 year

(10,774,800)

-

-

(121,812)

(10,896,612)

Finance leases

(279,668)

74,548

(74,996)

-

(280,116)

Net debt (before members' debt)
(3,266,663)
(4,503,735)
(74,996)
(182,377)
(8,027,771)
Net debt


(3,266,663)
(4,503,735)
(74,996)
(182,377)
(8,027,771)


28.


Pension commitments

The Group operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the Group in an independently administered fund.  The pension cost charge represents contributions payable by the Group to the fund amounted to £283,922 (2022: £343,037).  Contributions totalling £62,790 (2022: £nil) are payable to the fund at the balance sheet date.


29.


Commitments under operating leases

At 30 November 2023 the Group and the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
292,219
363,731

Later than 1 year and not later than 5 years
1,126,257
1,154,998

Later than 5 years
-
195,102

1,418,476
1,713,831
Page 41

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.


Related party transactions

During the year the group entered into the following transactions with related parties 


Amounts due to
Amounts due from
£
£

Other related parties
5,431,370
3,126,646
Key management personnel
4,999,046
-
10,430,416
3,126,646


31.


Controlling party

The controlling party of Trad Properties LLP is the Trustees of the Trad Scaffolding Co. Limited (H F Smith) FURBS, and H F Smith is the controlling trustee. 

Page 42