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REGISTERED NUMBER: 11926496 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

R J TREVARTHEN LIMITED

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


R J TREVARTHEN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: M Rowe





REGISTERED OFFICE: Roskrow Abattoir
Roskrow
PENRYN
Cornwall
TR10 9AP





REGISTERED NUMBER: 11926496 (England and Wales)





AUDITORS: TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
R J Trevarthen Limited's sales turnover grew by 3.7% in FY23 (FY23; £12.05m, FY22; £11.62m) despite challenging market conditions which have persisted since the pandemic. This growth is due to the consistent provision of a quality product and reliable delivery throughout the region. Despite an increase in wholesale prices, this approach has ensured the retention of the majority of its key trade and domestic customers, and has been supported by an increased focus on effective credit control. There have been no material changes in competitor activity, which could potentially adversely affect the Company's financial performance.

As a result of increased prices from suppliers, gross profit has reduced slightly, by 2.1%, to 15.2% of turnover, but remains strong and in line with target. There has been some necessary investment in crucial assets over this financial period to safeguard productivity and logistical resilience in the medium to long term. It is expected that further investment is required over the coming years to ensure ongoing long-term profitability. The reduced gross profit along with increases in energy costs, distribution costs, repairs and renewals and depreciation charges over the year are the main reasons for the reduction in profit before taxation (FY23; £463k, FY22; £749k).

Cash balances remain strong and stable, with the company well equipped to facilitate any potential acquisition of this shareholding through its working capital, without adversely affecting the ongoing growth of the business.

The Company continues to operate effectively and efficiently well within its legal and regulatory requirements, but is aware that auditory oversight on business and operational continues to increase and evolve each year. It has in place a culture of ensuring that all processes are primarily focused on workplace safety, and has appropriate insurance for all eventualities. Its compliance with all Food Standards Agency governed laws, as well as wider health and safety and waste management regulations, is addressed with dedicated staff resource which ensures existing requirements are always exceeded, any changes proactively identified and met, and future updates pre-empted. A wider training plan for senior staff members is in place to ensure there is no reliance on a single person in the event of annual leave or sickness.

Contingency plans and risk mitigation strategies are in place for wider operational risks, however as history has proved we cannot be ready for every eventuality such as in recent years BSE and foot and mouth outbreaks. Potential supply chain disruptions and associated price volatility risks are managed through the maintenance of relations with various trusted suppliers throughout the country, to ensure there is no over-reliance on a few organisations, and to facilitate seamless switching to preferred alternatives. A strict maintenance plan is in place to minimise the risk of critical equipment failure within a wider approach to ensure that appropriate investment is made in the acquisition of modern and efficient machinery.

Towards the end of FY23, 50% shareholder Johanna Trevarthen died. Her shares were inherited by other family members who are not involved in the running of the Company, nor are they registered directors.

After the end of the year, the company entered into an agreement to acquire these shares and to settle the loan that was outstanding from the former shareholder. Further information on this is given in the notes to the financial statements under 'Post Balance Sheet Events'.

ON BEHALF OF THE BOARD:





M Rowe - Director


3 September 2024

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of processing and preserving of meat.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
M Rowe has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

J G Trevarthen - deceased 8 January 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Rowe - Director


3 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R J TREVARTHEN LIMITED

Qualified opinion
We have audited the financial statements of R J Trevarthen Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its incoming
resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
The company had not retained copies of sales order documentation and as a result of this we were not able to perform substantive testing in respect of the completeness and cut-off of sales income as the sales order documentation would be the starting point for that testing. Consequently we were unable to determine whether any adjustment would be required to the turnover figure of £12,051,282 for the year ended 31 March 2023.

In addition, were any adjustment to the company's turnover in respect of the year ended 31 March 2023 required, the strategic report would also need to be amended.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Other matter
The financial statements for the company for the year ended 31 March 2022 were not audited as the company met the requirements for an audit for the first time for the year ended 31 March 2023.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R J TREVARTHEN LIMITED


Other information
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning sales income amounting to £12,051,282 as we were unable to carry out substantive testing at the individual transaction level in this population. We have concluded that where the other information refers to turnover, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

Arising solely from the limitation on the scope of our work relating to sales income, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R J TREVARTHEN LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R J TREVARTHEN LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Pearce FCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditors
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

3 September 2024

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
as restated
(Unaudited)
Notes £    £   

TURNOVER 3 12,051,282 11,620,559

Cost of sales (10,219,376 ) (9,606,901 )
GROSS PROFIT 1,831,906 2,013,658

Administrative expenses (1,355,240 ) (1,268,128 )
476,666 745,530

Other operating income - 13,970
OPERATING PROFIT 6 476,666 759,500


Interest payable and similar expenses 7 (13,277 ) (10,625 )
PROFIT BEFORE TAXATION 463,389 748,875

Tax on profit 8 (111,222 ) (143,006 )
PROFIT FOR THE FINANCIAL YEAR 352,167 605,869

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

352,167

605,869

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

BALANCE SHEET
31 MARCH 2023

2023 2022
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 326,221 345,893
Tangible assets 11 1,248,255 1,213,915
1,574,476 1,559,808

CURRENT ASSETS
Stocks 12 408,461 329,300
Debtors 13 1,042,093 865,137
Cash at bank and in hand 587,433 1,136,250
2,037,987 2,330,687
CREDITORS
Amounts falling due within one year 14 1,973,614 2,566,122
NET CURRENT ASSETS/(LIABILITIES) 64,373 (235,435 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,638,849

1,324,373

CREDITORS
Amounts falling due after more than one
year

15

(194,422

)

(267,165

)

PROVISIONS FOR LIABILITIES 18 (94,001 ) (58,949 )
NET ASSETS 1,350,426 998,259

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 1,350,326 998,159
SHAREHOLDERS' FUNDS 1,350,426 998,259

The financial statements were approved by the director and authorised for issue on 3 September 2024 and were signed by:





M Rowe - Director


R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 100 392,290 392,390

Changes in equity
Total comprehensive income - 605,869 605,869
Balance at 31 March 2022 100 998,159 998,259

Changes in equity
Total comprehensive income - 352,167 352,167
Balance at 31 March 2023 100 1,350,326 1,350,426

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
as restated
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (41,747 ) 1,126,031
Interest paid (13,277 ) (10,625 )
Tax paid (138,534 ) (84,011 )
Net cash from operating activities (193,558 ) 1,031,395

Cash flows from investing activities
Purchase of tangible fixed assets (147,681 ) (99,405 )
Sale of tangible fixed assets 12,899 -
Net cash from investing activities (134,782 ) (99,405 )

Cash flows from financing activities
Loan repayments in year (71,601 ) (100,560 )
Amount introduced by directors 13,592 17,159
Amount withdrawn by directors (162,468 ) (91,834 )
Net cash from financing activities (220,477 ) (175,235 )

(Decrease)/increase in cash and cash equivalents (548,817 ) 756,755
Cash and cash equivalents at beginning of
year

2

1,136,250

379,495

Cash and cash equivalents at end of year 2 587,433 1,136,250

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
as restated
(Unaudited)
£    £   
Profit before taxation 463,389 748,875
Depreciation charges 121,662 118,330
Profit on disposal of fixed assets (1,548 ) -
Finance costs 13,277 10,625
596,780 877,830
(Increase)/decrease in stocks (79,161 ) 18,170
Increase in trade and other debtors (176,956 ) (164,359 )
(Decrease)/increase in trade and other creditors (382,410 ) 394,390
Cash generated from operations (41,747 ) 1,126,031

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 587,433 1,136,250
Year ended 31 March 2022
31/3/22 1/4/21
as restated
(Unaudited)
£    £   
Cash and cash equivalents 1,136,250 379,495


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 1,136,250 (548,817 ) 587,433
1,136,250 (548,817 ) 587,433
Debt
Debts falling due within 1 year (71,316 ) (1,140 ) (72,456 )
Debts falling due after 1 year (267,165 ) 72,743 (194,422 )
(338,481 ) 71,603 (266,878 )
Total 797,769 (477,214 ) 320,555

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

R J Trevarthen Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic life of tangible fixed assets
The Company makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that assessment of useful life, taking into account any impairment that has been identified.

Useful economic life of goodwill
The Company makes an estimate for the useful economic life of goodwill taking into account the initial assessment of the future cash flows arising from the goodwill acquired on incorporation and any revisions to those expectations, and applies a policy to charge amortisation on a systematic basis over that assessment of useful life.

Stock valuation
The company applies a policy of valuing stock at the lower of cost and net realisable value which involves making an assessment of cost, based on prices of raw materials and ingredients from a range of suppliers, and any processing involved, and assessing the net realisable value of the goods taking into account the selling prices of those goods to a range of customers.

Critical judgments
The director does not believe there are any critical judgments that have been made in applying the company's accounting policies.

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

Revenue is recognised for the sale of meat products, when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This typically occurs at the point when goods are dispatched to customers.

Revenue for the provision of slaughter and butchery services is recognised when it is probable that the economic benefits will flow to the entity and can be reliably measured. This will typically occur at the point when the service has been completed and resulting product is dispatched to the customer.

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Goodwill
Goodwill arising from the incorporation of the partnership known as R J Trevarthen in 2019, to form the company R J Trevarthen Limited, is amortised on a straight line basis over a period of 20 years, based on the directors assessment of the useful economic life of the goodwill and the cash flows arising from the brand and reputation of the former R J Trevarthen partnership which was first established during the 1980's.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and property - 2% on cost and not depreciated
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are reviewed annually for indicators of impairment and any impairment losses arising from the difference between the carrying amount and the recoverable amount are recognised in profit or loss for the period.

Stocks
Stocks are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

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

Invoice discounting
The company had entered into an invoice discounting arrangement. The gross amount of invoice debtors are included within current assets, and the liabilities include an amount in respect of proceeds received from the finance provider. The provider's service charge is recognised as it accrues and included in the profit and loss account as bank charges.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled. or they expire.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. TURNOVER

The turnover and profit before tax in the current and previous year arises from the principal activity of the company being the processing and preserving of meat.

4. EMPLOYEES AND DIRECTORS

2023 2022
£    £   
Wages and salaries 1,314,053 1,291,157
Social security costs 122,350 120,218
Other pension costs 73,572 63,057
1,509,975 1,474,432

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

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

2023 2022

Directors 2 2
Factory and office workers 56 60
58 62

5. DIRECTORS' EMOLUMENTS
2023 2022
as restated
(Unaudited)
£    £   
Directors' remuneration 33,171 17,303

6. OPERATING PROFIT

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

2023 2022
as restated
(Unaudited)
£    £   
Hire of plant and machinery 76,498 71,542
Depreciation - owned assets 101,990 98,659
Profit on disposal of fixed assets (1,548 ) -
Goodwill amortisation 19,672 19,672
Auditor's remuneration - audit 4,500 -
Auditor's remuneration - other services 12,600 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
(Unaudited)
£    £   
Bank loan interest 13,384 10,474
Other interest (107 ) 151
13,277 10,625

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
(Unaudited)
£    £   
Current tax:
UK corporation tax 76,170 138,534

Deferred tax 35,052 4,472
Tax on profit 111,222 143,006

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
(Unaudited)
£    £   
Profit before tax 463,389 748,875
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

88,044

142,286

Effects of:
Capital allowances in excess of depreciation (11,874 ) (3,752 )
Deferred tax 35,052 4,472
Total tax charge 111,222 143,006

9. PRIOR YEAR ADJUSTMENT

Loans made by the current and former directors have been reclassified from liabilities falling due after more than one year, to current liabilities, in order to better reflect the nature of the arrangements that were in place at the previous year end.

The amount reclassified in the comparative period is £1,055,000 and there is no impact on profit or loss for either period.

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 393,434
AMORTISATION
At 1 April 2022 47,541
Amortisation for year 19,672
At 31 March 2023 67,213
NET BOOK VALUE
At 31 March 2023 326,221
At 31 March 2022 345,893

11. TANGIBLE FIXED ASSETS
Land and Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2022 897,000 336,904 213,329 1,447,233
Additions - 44,696 102,985 147,681
Disposals - (6,942 ) (17,342 ) (24,284 )
At 31 March 2023 897,000 374,658 298,972 1,570,630
DEPRECIATION
At 1 April 2022 33,669 114,317 85,332 233,318
Charge for year 13,940 48,177 39,873 101,990
Eliminated on disposal - (3,408 ) (9,525 ) (12,933 )
At 31 March 2023 47,609 159,086 115,680 322,375
NET BOOK VALUE
At 31 March 2023 849,391 215,572 183,292 1,248,255
At 31 March 2022 863,331 222,587 127,997 1,213,915

Included in cost of land and buildings is freehold land of £ 200,000 (2022 - £ 65,000 ) which is not depreciated.

12. STOCKS
2023 2022
as restated
(Unaudited)
£    £   
Stocks 408,461 329,300

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Trade debtors 956,981 800,705
VAT 50,141 32,858
Prepayments 34,971 31,574
1,042,093 865,137

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Bank loans and overdrafts (see note 16) 72,456 71,316
Trade creditors 610,273 575,725
Tax 76,170 138,534
Other creditors 735,686 35,001
Invoice discounting account 54,334 498,216
Directors' current accounts 295,957 1,145,518
Accrued expenses 128,738 101,812
1,973,614 2,566,122

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
(Unaudited)
£    £   
Bank loans (see note 16) 194,422 267,165

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
as restated
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 72,456 71,316

Amounts falling due between one and two years:
Bank loans - 1-2 years 194,422 267,165

The company has four bank loans which are repayable by instalments, all of which are ending on various dates in 2026.

Three of the loans are on variable interest rates of between 1.89% and 3% above the base rate, and the fourth loan carries a fixed interest rate of 3.02%

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
(Unaudited)
£    £   
Bank loans 266,878 338,481
Invoice discounting 54,334 498,216
321,212 836,697

Bank loans and invoice discounting liabilities are secured on the property and other assets of the company by way of fixed and floating charges.

18. PROVISIONS FOR LIABILITIES
2023 2022
as restated
(Unaudited)
£    £   
Deferred tax 94,001 58,949

Deferred
tax
£   
Balance at 1 April 2022 58,949
Accelerated capital allowances 35,052
Balance at 31 March 2023 94,001

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions charged to the profit and loss account in the period amounted to £73,572 (2022: £63,057). An amount of £748 (2022: £599) is included in accruals in respect of employer contributions.

21. RELATED PARTY DISCLOSURES

At the end of the year the company owed £996,641 (2022: £1,145,519) to its current and former directors. No interest was charged on the loans in either period.

The company considers its directors to be the key management personnel and their remuneration is disclosed in the notes to the financial statements.

R J TREVARTHEN LIMITED (REGISTERED NUMBER: 11926496)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

22. POST BALANCE SHEET EVENTS

On 23 August 2024 the company completed the buy-back of the shares in the company previously owned by the late Mrs J Trevarthen, from the beneficiaries of her estate in the sum of £125,000. The share transfers and payment will be made in two tranches.

The company also agreed to the repayment of the former shareholder's loan account in the sum of £575,000, comprising of an initial lump sum, and the balance payable by 8 quarterly instalments.

At the same time, the company also acquired land adjacent to their premises at Roskrow and entered into a new 5 year lease for the site at Penhalvean.

23. ULTIMATE CONTROLLING PARTY

The company was controlled by Mr M Rowe (director) and the estate of the late Mrs J Trevarthen, each owning 50% of the issued share capital at the year end date. As of 23 August 2024, the company is controlled by Mr M Rowe.