IRIS Accounts Production v24.2.0.383 07761622 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077616222022-12-31077616222023-12-31077616222023-01-012023-12-31077616222021-12-31077616222022-01-012022-12-31077616222022-12-3107761622ns15:EnglandWales2023-01-012023-12-3107761622ns14:PoundSterling2023-01-012023-12-3107761622ns10:Director12023-01-012023-12-3107761622ns10:Consolidated2023-12-3107761622ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3107761622ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107761622ns10:Consolidatedns10:MediumEntities2023-01-012023-12-3107761622ns10:Consolidatedns10:Audited2023-01-012023-12-3107761622ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3107761622ns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3107761622ns10:Consolidated2023-01-012023-12-3107761622ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3107761622ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3107761622ns10:FullAccounts2023-01-012023-12-3107761622ns5:Subsidiary12023-01-012023-12-3107761622ns5:Subsidiary22023-01-012023-12-310776162212023-01-012023-12-3107761622ns10:OrdinaryShareClass12023-01-012023-12-3107761622ns10:OrdinaryShareClass22023-01-012023-12-3107761622ns10:OrdinaryShareClass32023-01-012023-12-3107761622ns10:Director22023-01-012023-12-3107761622ns10:Director32023-01-012023-12-3107761622ns10:Consolidated2022-01-012022-12-3107761622ns5:CurrentFinancialInstruments2023-12-3107761622ns5:CurrentFinancialInstruments2022-12-3107761622ns5:ShareCapital2023-12-3107761622ns5:ShareCapital2022-12-3107761622ns5:SharePremium2023-12-3107761622ns5:SharePremium2022-12-3107761622ns5:ShareCapital2021-12-3107761622ns5:RetainedEarningsAccumulatedLosses2021-12-3107761622ns5:SharePremium2021-12-3107761622ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3107761622ns5:RetainedEarningsAccumulatedLosses2022-12-3107761622ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3107761622ns5:RetainedEarningsAccumulatedLosses2023-12-3107761622ns10:RegisteredOffice2023-01-012023-12-3107761622ns5:NetGoodwill2023-01-012023-12-3107761622ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107761622ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-01-012023-12-3107761622ns5:PlantMachinery2023-01-012023-12-3107761622ns5:FurnitureFittings2023-01-012023-12-3107761622ns5:MotorVehicles2023-01-012023-12-3107761622ns5:ComputerEquipment2023-01-012023-12-3107761622ns5:CostValuation2022-12-31077616221ns5:Subsidiary12023-01-012023-12-3107761622ns5:Subsidiary232023-01-012023-12-3107761622ns10:OrdinaryShareClass12023-12-3107761622ns10:OrdinaryShareClass22023-12-3107761622ns10:OrdinaryShareClass32023-12-3107761622ns5:RetainedEarningsAccumulatedLosses2022-12-3107761622ns5:SharePremium2022-12-31
REGISTERED NUMBER: 07761622 (England and Wales)











TRIPAL GROUP LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Group Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

REVIEW OF BUSINESS
The results for the year and the financial position of the Group at the balance sheet date are as expected by the directors, this follows an exceptional result for the previous year which benefited in improved supplier lead times enabling some 2023 sales to be fulfilled early in 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal financial risks faced by the Group, and the Group's objectives and policies in relation to those risks are as follows:

Cash Flow Risk:
The Finance Director closely manages the Group's cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the Directors to potential future risks.

Credit Risk:
Credit risk arises if the Group is unable to recover sums due from customers. The Group has strong procedures in place with regard to credit control to minimise bad debt.

Currency Risk:
The Group faces currency risk on its net assets and earnings since, on translation of business with overseas customers and suppliers into sterling. Currency movements can affect the Group's balance sheet and profit and loss account. The Group regularly reviews its exposure in the above areas and is satisfied that no significant threat exists.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the following Key Performance Indicators when assessing the performance of the Group:

Turnover:
Turnover for the year decreased by 48.95% to £8,790,038 (2022 - £17,218,676)

Gross Profit Margin:
Gross profit margin for the year increased by 5.59% to 20.6% (2022 - 15.01%)

Profit Before Tax:
Profit before tax decreased by 82.86% to £221,012 (2022 - £1,289,475)

ON BEHALF OF THE BOARD:





S J Poole - Director


17 September 2024

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of selling safety and military footwear.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 815,000 .

The profit for the year, after taxation, amounted to £103,783 (2022 - £1,002,866)

FUTURE DEVELOPMENTS
The Group intends to follow it's strategy of organic growth.

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

M R Burman
S J Poole
M R Turner

POST BALANCE SHEET EVENTS
he directors are taking reasonable steps to focus on driving growth in sales.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

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

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

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, CFW Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Poole - Director


17 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIPAL GROUP LIMITED


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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIPAL GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIPAL GROUP 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other members of staff requiring consultation regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (UK GAAP), pensions legislation and tax legislation.

In addition, we considered the provisions of other laws and regulations that 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.

Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management and those charged with governance concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIPAL GROUP LIMITED

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicate relevant identified laws and regulations and potential fraud risks to all engagement team members, including other members of staff consulted, and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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




David Ian Baker FCCA (Senior Statutory Auditor)
for and on behalf of CFW Accountants LLP
Chartered Accountants
& Statutory Auditors
3 Weekley Wood Close
Kettering
Northamptonshire
NN14 1UQ

18 September 2024

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 8,790,038 17,218,676

Cost of sales (6,979,287 ) (14,633,329 )
GROSS PROFIT 1,810,751 2,585,347

Administrative expenses (1,663,053 ) (1,422,077 )
147,698 1,163,270

Other operating income 5 117,906 175,060
Gain/(loss) on revaluation of investments 4,416 (15,633 )
OPERATING PROFIT 7 270,020 1,322,697

Income from fixed asset investments 2,737 1,358
Interest receivable and similar income 13,032 1,897
285,789 1,325,952

Interest payable and similar expenses 8 (64,777 ) (36,477 )
PROFIT BEFORE TAXATION 221,012 1,289,475

Tax on profit 9 (117,229 ) (286,609 )
PROFIT FOR THE FINANCIAL YEAR 103,783 1,002,866

OTHER COMPREHENSIVE INCOME
Currency translation differences 61,219 35,819
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

61,219

35,819
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

165,002

1,038,685

Profit attributable to:
Owners of the parent 103,783 1,002,866

Total comprehensive income attributable to:
Owners of the parent 165,002 1,038,685

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 45,000 357,845
Tangible assets 13 2,061,520 1,932,537
Investments 14 802,947 215,619
Investment property 15 640,000 931,648
3,549,467 3,437,649

CURRENT ASSETS
Stocks 16 429,204 426,935
Debtors 17 1,131,587 3,344,173
Cash at bank 18 1,781,300 1,861,323
3,342,091 5,632,431
CREDITORS
Amounts falling due within one year 19 807,134 2,481,910
NET CURRENT ASSETS 2,534,957 3,150,521
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,084,424

6,588,170

CREDITORS
Amounts falling due after more than one
year

20

(195,710

)

(66,445

)

PROVISIONS FOR LIABILITIES 23 (142,986 ) (125,999 )
NET ASSETS 5,745,728 6,395,726

CAPITAL AND RESERVES
Called up share capital 24 100 100
Share premium 25 2,399,900 2,399,900
Retained earnings 25 3,345,728 3,995,726
SHAREHOLDERS' FUNDS 5,745,728 6,395,726

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





S J Poole - Director


TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 5,025,000 5,025,000
Investment property 15 - -
5,025,000 5,025,000

CREDITORS
Amounts falling due within one year 19 2,625,000 2,625,000
NET CURRENT LIABILITIES (2,625,000 ) (2,625,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,400,000

2,400,000

CAPITAL AND RESERVES
Called up share capital 24 100 100
Share premium 25 2,399,900 2,399,900
SHAREHOLDERS' FUNDS 2,400,000 2,400,000

Company's profit for the financial year 815,000 735,000

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





S J Poole - Director


TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 100 3,692,041 2,399,900 6,092,041

Changes in equity
Profit for the year - 1,002,866 - 1,002,866
Other comprehensive income - 35,819 - 35,819
Total comprehensive income - 1,038,685 - 1,038,685
Dividends - (735,000 ) - (735,000 )
Balance at 31 December 2022 100 3,995,726 2,399,900 6,395,726

Changes in equity
Profit for the year - 103,783 - 103,783
Other comprehensive income - 61,219 - 61,219
Total comprehensive income - 165,002 - 165,002
Dividends - (815,000 ) - (815,000 )
Balance at 31 December 2023 100 3,345,728 2,399,900 5,745,728

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 100 - 2,399,900 2,400,000

Changes in equity
Dividends - (735,000 ) - (735,000 )
Total comprehensive income - 735,000 - 735,000
Balance at 31 December 2022 100 - 2,399,900 2,400,000

Changes in equity
Dividends - (815,000 ) - (815,000 )
Total comprehensive income - 815,000 - 815,000
Balance at 31 December 2023 100 - 2,399,900 2,400,000

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,342,832 2,052,051
Interest paid (49,655 ) (32,829 )
Interest element of hire purchase payments
paid

(15,122

)

(3,648

)
Government grants 1,459 1,750
Tax paid (243,837 ) (193,735 )
Net cash from operating activities 1,035,677 1,823,589

Cash flows from investing activities
Purchase of tangible fixed assets (220,295 ) (120,456 )
Purchase of fixed asset investments (1,744,694 ) (56,479 )
Sale of tangible fixed assets 57,712 44,000
Sale of fixed asset investments 1,166,437 15,428
Sale of investment property 286,719 -
Reclassification of investment - 1,970
Interest received 13,032 1,897
Dividends received 2,737 1,358
Net cash from investing activities (438,352 ) (112,282 )

Cash flows from financing activities
New finance leases 143,889 67,932
Repayment of finance leases (6,237 ) (22,605 )
Equity dividends paid (815,000 ) (735,000 )
Net cash from financing activities (677,348 ) (689,673 )

(Decrease)/increase in cash and cash equivalents (80,023 ) 1,021,634
Cash and cash equivalents at beginning of
year

2

1,861,323

839,689

Cash and cash equivalents at end of year 2 1,781,300 1,861,323

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit for the financial year 103,783 1,002,866
Depreciation charges 427,497 436,410
Profit on disposal of fixed assets (40,672 ) (20,203 )
(Gain)/loss on revaluation of fixed assets (4,416 ) 15,633
Net fair value (gains) recognised in P&L 21,113 9,386
Government grants (1,459 ) (1,750 )
Finance costs 64,777 36,477
Finance income (15,769 ) (3,255 )
Taxation 117,229 286,609
672,083 1,762,173
(Increase)/decrease in stocks (2,269 ) 288,953
Decrease/(increase) in trade and other debtors 2,212,586 (66,663 )
(Decrease)/increase in trade and other creditors (1,539,568 ) 67,588
Cash generated from operations 1,342,832 2,052,051

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,781,300 1,861,323
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,861,323 839,689


TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 1,861,323 (80,023 ) 1,781,300
1,861,323 (80,023 ) 1,781,300
Debt
Finance leases (70,506 ) (137,652 ) (208,158 )
Debts falling due within 1 year (590,731 ) 164,041 (426,690 )
(661,237 ) 26,389 (634,848 )
Total 1,200,086 (53,634 ) 1,146,452

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Tripal Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07761622

Registered office: 16 Don White Road
Ogee Business Park
Wellingborough
Northamptonshire
NN8 4FT

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 as modified by the revaluation of certain assets.

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 following principal accounting policies have been applied:

Basis of consolidation
The consolidated financial statements present the results of Company and its own subsidiaries ("the Group") as they formed 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 Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


2. ACCOUNTING POLICIES - continued

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:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Group has transferred the significant risks and rewards of ownership to the buyer;

- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Commissions Receivable
Commissions receivable is recognised in the period in which the payment criteria has been met in order for the commission to be earned.

Rental Income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquire 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 Statement of Income and Retained Earnings over its useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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.

Land is not depreciated.

The assets' residual values, useful life 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 the Consolidated Statement of Comprehensive Income.

Government grants
Government grants are recognised on an accrual basis and are classified as either ‘revenue-based’ grant or a ‘capital-based’ grant.

The grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. The grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period that it become receivable.

Investment property
Investments property is carried at fair value determined annually by the directors and derived from the current market rents and investments 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 the Consolidated Statement of Comprehensive Income.

Investments

Unlisted investments are stated at their fair value. Unrealised gains on the revaluation of investments are recognised in the Consolidated Statement of Comprehensive Income.for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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.

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid of received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loans that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and Group operate and generate income.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


2. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency

The Group'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 the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Pension costs and other post-retirement benefits
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 the Statement of Income and Retained Earnings 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.

Interest income
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

Finance costs
Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


2. ACCOUNTING POLICIES - continued

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.

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 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.

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.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from their sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 the period of the revision and future periods if the revision affects both the current and future periods.

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


4. TURNOVER

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

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of footwear 8,065,364 16,504,497
Commission receivable 724,674 714,179
8,790,038 17,218,676

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 2,303,605 5,882,155
Europe 6,439,864 11,309,919
Rest of the world 46,569 26,602
8,790,038 17,218,676

5. OTHER OPERATING INCOME
2023 2022
£    £   
Discounts received 5,698 4,693
Rents received 52,724 67,374
Management charges 53,370 102,285
Government grants 1,459 1,750
Profit/(loss) on sale of investment 4,655 (1,042 )
117,906 175,060

The government grants of £1,459 (2022 - £1,750) consists entirely of Plug In Grants.

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 491,640 590,054
Social security costs 54,111 64,050
Other pension costs 227,630 157,507
773,381 811,611

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


6. EMPLOYEES AND DIRECTORS - continued

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

Administrative Staff 22 24
Directors 5 5
27 29

2023 2022
£    £   
Directors' remuneration 49,875 42,342
Directors' pension contributions to money purchase schemes 180,000 120,000

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

Money purchase schemes 3 3

There were no employees considered to be key management personnel, other than the directors of the Group

7. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 114,651 97,571
Profit on disposal of fixed assets (40,672 ) (20,203 )
Goodwill amortisation 312,845 338,840
Auditors' remuneration 15,150 14,450
Foreign exchange differences 142,370 (111,798 )
Research and development 49,776 50,179
Defined contribution pension costs 227,630 157,507
Vehicle leasing costs 66,250 26,333

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 109
Other interest payable 47 2,701
Corporation tax interest 353 -
PAYE Interest 171 39
Other loan interest 49,084 29,980
Hire purchase 15,122 3,648
64,777 36,477

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 72,308 280,187
UK corporation tax from prior 27,934 -
Total current tax 100,242 280,187

Deferred tax:
Deferred tax 24,446 6,422
Effect on changes of tax rate on opening liability (7,459 ) -
Total deferred tax 16,987 6,422

Tax on profit 117,229 286,609

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
£    £   
Profit before tax 221,012 1,289,475
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

51,982

245,000

Effects of:
Expenses not deductible for tax purposes 998 591
Income not taxable for tax purposes (643 ) (258 )
Capital allowances in excess of depreciation (19,819 ) -
Depreciation in excess of capital allowances - 1,275
Adjustments to tax charge in respect of previous periods 27,934 -
Adjustment in research and development tax credit (10,697 ) (18,420 )
Changes in provisions 320 (8 )
Deferred tax charge 24,446 6,422
Non-tax deductible amortisation of goodwill and impairment 71,229 64,380
Other timing differences leading to a decrease in tax (20,023 ) (15,343 )
Unrealised gain on investment (1,039 ) 2,970
Effect of changes on tax rate on deferred tax opening position (7,459 ) -
Total tax charge 117,229 286,609

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


9. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Currency translation differences 61,219 - 61,219

2022
Gross Tax Net
£    £    £   
Currency translation differences 35,819 - 35,819

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

2023 2022
£    £   

Dividends paid 815,000 744,000

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 4,798,814
AMORTISATION
At 1 January 2023 4,440,969
Amortisation for year 312,845
At 31 December 2023 4,753,814
NET BOOK VALUE
At 31 December 2023 45,000
At 31 December 2022 357,845

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 1,980,171 46,041 69,340
Additions - 12,087 -
Disposals - - (473 )
Exchange differences 43,417 - 1,541
At 31 December 2023 2,023,588 58,128 70,408
DEPRECIATION
At 1 January 2023 212,538 16,838 57,501
Charge for year 39,693 14,533 1,986
Eliminated on disposal - - (473 )
Exchange differences 3,945 - 908
At 31 December 2023 256,176 31,371 59,922
NET BOOK VALUE
At 31 December 2023 1,767,412 26,757 10,486
At 31 December 2022 1,767,633 29,203 11,839

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 189,902 48,602 2,334,056
Additions 205,505 2,703 220,295
Disposals (57,490 ) - (57,963 )
Exchange differences - - 44,958
At 31 December 2023 337,917 51,305 2,541,346
DEPRECIATION
At 1 January 2023 72,833 41,809 401,519
Charge for year 54,139 4,300 114,651
Eliminated on disposal (40,724 ) - (41,197 )
Exchange differences - - 4,853
At 31 December 2023 86,248 46,109 479,826
NET BOOK VALUE
At 31 December 2023 251,669 5,196 2,061,520
At 31 December 2022 117,069 6,793 1,932,537

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


14. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST OR VALUATION
At 1 January 2023 215,619
Additions 1,744,694
Disposals (1,161,782 )
Revaluations 4,416
At 31 December 2023 802,947
NET BOOK VALUE
At 31 December 2023 802,947
At 31 December 2022 215,619

Cost or valuation at 31 December 2023 is represented by:

Unlisted
investments
£   
Valuation in 2020 1,906
Valuation in 2021 14,421
Valuation in 2022 (15,633 )
Valuation in 2023 4,416
Cost 797,837
802,947

If unlisted investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 797,837 214,925

The unlisted investments were valued on an open market value basis on 31 December 2023 by OCM Wealth Management .

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


14. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 5,025,000
NET BOOK VALUE
At 31 December 2023 5,025,000
At 31 December 2022 5,025,000

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

Subsidiaries

Tripal International Limited
Registered office: 16 Don White Road, Ogee Business Park, Wellingborough, Northamptonshire. NN8 4FT
Nature of business: Sale of safety and military footwear
%
Class of shares: holding
Ordinary 100.00

Zephyr Polska Sp.zo.o
Registered office: 62-020 Swarzedz, Graby, ul. Transportowa 1, Poland.
Nature of business: Sale of safety footwear
%
Class of shares: holding
Ordinary 100.00


15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 931,648
Disposals (291,648 )
At 31 December 2023 640,000
NET BOOK VALUE
At 31 December 2023 640,000
At 31 December 2022 931,648

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


15. INVESTMENT PROPERTY - continued

Group

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2016 (89,567 )
Cost 729,567
640,000

If the Investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 729,567 1,021,215
Aggregate depreciation (145,677 ) (154,418 )

The Investment properties were valued on on a fair value basis on 31 December 2023 by the directors .

Fair value is based on active market prices adjusted, if necessary, for differences in the nature, location or condition of the specific asset.

16. STOCKS

Group
2023 2022
£    £   
Stocks 429,204 426,935

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

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 733,079 2,499,956
Other debtors 363,965 575,354
Prepayments and accrued income 34,543 268,863
1,131,587 3,344,173

18. CASH AT BANK
Group
2023 2022
£    £   
Bank account 1,781,300 1,861,323

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 21) 12,448 4,061 - -
Trade creditors 238,016 1,603,865 - -
Amounts owed to group undertakings - - 2,625,000 2,625,000
Corporation tax 27,165 170,760 - -
Social security and other taxes 14,589 12,313 - -
VAT 22,975 44,138 - -
Other creditors 270,688 298,416 - -
Directors' current accounts 183,304 310,437 - -
Accruals and deferred income 37,949 37,920 - -
807,134 2,481,910 2,625,000 2,625,000

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 21) 195,710 66,445

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 12,448 4,061
Between one and five years 195,710 66,445
208,158 70,506

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 208,158 70,506

There is a fixed and floating charge over the undertaking and all property and assets.

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


23. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 142,986 125,999

Group
Deferred
tax
£   
Balance at 1 January 2023 125,999
Provided during year 16,987
Balance at 31 December 2023 142,986

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51 Ordinary A £1 51 51
25 Ordinary B £1 25 25
24 Ordinary C £1 24 24
100 100

The classes of ordinary shares rank pari passu in all respects for their entitlement to dividends.

25. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,995,726 2,399,900 6,395,626
Profit for the year 103,783 103,783
Dividends (815,000 ) (815,000 )
Exchange rate differences 61,219 - 61,219
At 31 December 2023 3,345,728 2,399,900 5,745,628

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


25. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 - 2,399,900 2,399,900
Profit for the year 815,000 815,000
Dividends (815,000 ) (815,000 )
At 31 December 2023 - 2,399,900 2,399,900

Share premium account

Includes any premiums received on issue of share capital. Any associated costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior period retained profits and losses.

26. PENSION COMMITMENTS

The Group operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the Group.

Contributions payable in the year amounted to £227,630 (2022 - £157,507)

At the balance sheet date there were outstanding contributions of £4,735 (2022 - £2,466).

27. CONTINGENT LIABILITIES

The group has, in the normal course of business, given warranties to its customers for any faulty products. At the balance sheet date the estimate of the financial effect for any future warranty claim cannot be determined with reasonable certainty. This is due to the uncertainties relating to the amount and timing of any potential future claim. Based on the historical evidence and lack of previous claims, the possibility of any future settlement for any claims is improbable.

28. OTHER FINANCIAL COMMITMENTS

At 31 December 2023 the Group had future minimum lease payments under non-cancellable operating leases as follow:


2023 2022
£    £   
Not later than 1 year 24,427 10,800
Later than 1 year and not later than 5 years 40,215 4,195
64,642 14,995

TRIPAL GROUP LIMITED (REGISTERED NUMBER: 07761622)

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


29. FUTURE RENTALS UNDER OPERATING LEASES AS LESSOR

At 31 December 2023 the Group had future minimum lease receipts under non-cancellable operating leases as follows:

2023 2022
£    £   

Not later than 1 year 42,504 33,754
Later than 1 year and not later than 5 years - 25,004
42,504 58,758

30. RELATED PARTY DISCLOSURES

At 31 December 2023 balances of £259,602 (2022 - £284,816) were due to close family members of the directors of the Group. Interest was charged on any balances at a rate of 8% (2022 - 4%) and there is no fixed date for repayment.

At 31 December 2023 balances of £183,304 (2022 - £310,437) were due to the directors of the Group. Interest was charged on any balances at a rate of 8% (2022 - 4%) and there is no fixed date for repayment.

During the year ended 31 December 2023 the Group made sales of £217,591 (2022 - £734,789) to entities under common control and charged management charges of £52,389 (2022 - £101,706) to entities under common control. At 31 December 2023 balances of £15,615 (2022 - £450,070) were due from entities under common control.

31. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling party.