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Registration number: 13014035

Treloar Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

 

Treloar Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 5

 

Treloar Ltd

(Registration number: 13014035)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,044

4,059

Tangible assets

5

4,409,246

2,426,263

 

4,412,290

2,430,322

Current assets

 

Stocks

60,578

6,484

Debtors

1,393,763

1,263,207

Cash at bank and in hand

 

263,003

13,602

 

1,717,344

1,283,293

Creditors: Amounts falling due within one year

6

(3,351,811)

(3,415,694)

Net current liabilities

 

(1,634,467)

(2,132,401)

Total assets less current liabilities

 

2,777,823

297,921

Creditors: Amounts falling due after more than one year

7

(877,964)

(16,000)

Provisions for liabilities

(628,836)

(60,627)

Net assets

 

1,271,023

221,294

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,270,923

221,194

Total equity

 

1,271,023

221,294

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its 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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 29 August 2024
 

Mr Sam Browning

Director

 

Treloar Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 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:
51 Central Way
Walworth Business Park
Andover
SP10 5AN

These financial statements were authorised for issue by the director on 29 August 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Treloar Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Plant and machinery

15% on the reducing balance

Long leasehold land and buildings

2% straight line basis

Office equipment

30% on the reducing balance

Motor vehicles

25% on the reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licenses

20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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 13 (2022 - 1).

 

Treloar Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

5,074

At 30 November 2023

5,074

Amortisation

At 1 December 2022

1,015

Amortisation charge

1,015

At 30 November 2023

2,030

Carrying amount

At 30 November 2023

3,044

At 30 November 2022

4,059

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

18,211

2,746,543

21,779

7,447

2,793,980

Additions

-

2,191,522

5,707

324,407

2,521,636

At 30 November 2023

18,211

4,938,065

27,486

331,854

5,315,616

Depreciation

At 1 December 2022

364

359,520

5,971

1,862

367,717

Charge for the year

364

490,918

5,586

41,785

538,653

At 30 November 2023

728

850,438

11,557

43,647

906,370

Carrying amount

At 30 November 2023

17,483

4,087,627

15,929

288,207

4,409,246

At 30 November 2022

17,847

2,387,023

15,808

5,585

2,426,263

Included within the net book value of land and buildings above is £17,483 (2022 - £17,847) in respect of long leasehold land and buildings.
 

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £547,345 (2022 - £6,400).

 

Treloar Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £877,964 (2022 - £16,000).

8

Related party transactions

Summary of transactions with other related parties

Included within other creditors is a loan to EJ Browning Partnership £210,729 (2022 - £164,455) which is a related party owned by the shareholders of the company.

Included within other creditors is a loan to Edgar J Browning Limited £Nil (2022 - £23,134) which is a related party owned by the shareholders of the company.

Included within other creditors is a loan to EJ Browning & CT Browning Partnership £77,318 (2022 - £77,318) which is a related party owned by the shareholders of the company.

 

9

Exceptional income and expenditure

During the year an intercompany loan account was written off which resulted in exceptional expenditure of £41,150.