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REGISTERED NUMBER: 05165152 (England and Wales)











TRIPAL INTERNATIONAL LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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










Page

Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10


TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

BUSINESS REVIEW
The results for the year and the financial position of the Company 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 Company, and the Company's objectives and policies in relation to those risks are as follows:

Cash Flow Risk:
The Finance Director closely manages the Company'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 Company is unable to recover sums due from customers. The Company has strong procedures in place with regard to credit control to minimise bad debt.

Currency Risk:
The Company faces currency risk on its net assets and earnings from the translation of business with overseas customers and suppliers into sterling. Currency movements can affect the Company's balance sheet and profit and loss account. The Company 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 Company:

Turnover:
Turnover for the year decreased by 51.13% to £8,223,781 (2022 - £16,829,699)

Gross Profit Margin:
Gross profit margin for the year increased by 3.58% to 16.62% (2022 - 13.01%)

Profit Before Tax:
Profit before tax decreased by 74.68% to £379,114 (2022 - £1,497,109)

ON BEHALF OF THE BOARD:





S J Poole - Director


17 September 2024

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company 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 £275,905 (2022 - £1,222,124).

FUTURE DEVELOPMENTS
The company 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
D R G Burman
S J Poole
M J Turner
M R Turner

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

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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 INTERNATIONAL LIMITED


Opinion
We have audited the financial statements of Tripal International Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 company's affairs as at 31 December 2023 and of its 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 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 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 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 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 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 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 INTERNATIONAL LIMITED


Matters on which we are required to report by exception
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 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, or 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIPAL INTERNATIONAL 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 INTERNATIONAL 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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 8,223,781 16,829,699

Cost of sales (6,856,843 ) (14,639,894 )
GROSS PROFIT 1,366,938 2,189,805

Administrative expenses (1,060,204 ) (821,023 )
306,734 1,368,782

Other operating income 5 116,925 174,481
Gain/(loss) on revaluation of investments 4,416 (15,633 )
OPERATING PROFIT 8 428,075 1,527,630

Income from fixed asset investments 2,737 1,358
Interest receivable and similar income 9 13,032 1,897
443,844 1,530,885

Interest payable and similar expenses 10 (64,730 ) (33,776 )
PROFIT BEFORE TAXATION 379,114 1,497,109

Tax on profit 11 (103,209 ) (274,985 )
PROFIT FOR THE FINANCIAL YEAR 275,905 1,222,124

Retained earnings at beginning of year 7,583,423 7,096,299

Dividends 12 (815,000 ) (735,000 )

RETAINED EARNINGS AT END OF
YEAR

7,044,328

7,583,423

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 45,000 55,000
Tangible assets 14 1,276,848 1,183,202
Investments 15 812,402 225,074
Investment property 16 640,000 931,648
2,774,250 2,394,924

CURRENT ASSETS
Stocks 17 86,549 93,264
Debtors 18 3,684,531 6,083,530
Cash at bank 19 1,580,880 1,630,852
5,351,960 7,807,646
CREDITORS
Amounts falling due within one year 20 743,086 2,426,603
NET CURRENT ASSETS 4,608,874 5,381,043
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,383,124

7,775,967

CREDITORS
Amounts falling due after more than one
year

21

(195,710

)

(66,445

)

PROVISIONS FOR LIABILITIES 24 (142,986 ) (125,999 )
NET ASSETS 7,044,428 7,583,523

CAPITAL AND RESERVES
Called up share capital 25 100 100
Retained earnings 26 7,044,328 7,583,423
SHAREHOLDERS' FUNDS 7,044,428 7,583,523

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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


1. STATUTORY INFORMATION

Tripal International 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: 05165152

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 management to exercise judgment in applying Company's accounting policies (see note 3).

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Tripal Group Limited as at 31 December 2023 and these financial statements may be obtained from the registered office.

Preparation of consolidated financial statements
The financial statements contain information about Tripal International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Tripal Group Limited, 16 Don White Road, Ogee Business Park, Wellingborough, Northamptonshire. NN8 4FT.

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

NOTES TO THE 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 Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company 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 Company 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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

NOTES TO THE 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 the cost less estimated residual value of 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 Statement of Income and Retained Earnings.

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.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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 Statement of Income and Retained Earnings.

Investments

Unlisted investments are stated at their fair value. Changes in fair value are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The company 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, unless it qualifies as a loan from a director in the case of a small company, or a public benefit concessionary loan.

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 Statement of Income and Retained Earnings.

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 Statement of Income and Retained Earnings, 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 operates and generates income.


TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


2. ACCOUNTING POLICIES - continued
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.


Foreign currency translation
Functional and presentation currency

The Company'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 Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Pension costs and other post-retirement benefits
Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Finance costs
Finance costs are charged to the Statement of Income and Retained Earnings 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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


2. ACCOUNTING POLICIES - continued

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.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Statement of Income and Retained Earnings in the year that the Company 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 Company'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.

Stock Provision - management apply judgement in evaluating stock for obsolescence. This judgement is based on management knowledge of the stock and customer demand. At each Balance Sheet date, stocks are assessed for impairment and written down where appropriate.

Warranty Provision - management apply judgement in evaluating a suitable method to estimate the provision. This judgement is based on management knowledge of their customer terms and likelihood of a claim. At each Balance Sheet date, warranty provisions are assessed to ensure they are accurate.

Investment Property Valuation - management apply fair value to all investments properties held within the accounts and make an appropriate judgement on its value at the end of each financial year. This judgement is based on management knowledge of the local area and assessment of the rental income they are receiving.

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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

NOTES TO THE 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 company.

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

2023 2022
£    £   
Sale of footwear 7,499,107 16,115,520
Commissions receivable 724,674 714,179
8,223,781 16,829,699

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 2,303,605 5,882,155
Europe 5,873,607 10,920,942
Rest of the world 46,569 26,602
8,223,781 16,829,699

5. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry income 5,698 4,693
Rents received 52,724 67,374
Management charges 52,389 101,706
Government grants 1,459 1,750
Profit/(loss) on sale of investments 4,655 (1,042 )
116,925 174,481

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

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 345,922 454,737
Social security costs 25,334 37,553
Other pension costs 227,630 157,507
598,886 649,797

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

NOTES TO THE 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 13 15
Directors 5 5
18 20

7. DIRECTORS' EMOLUMENTS
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 Company.

8. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 91,267 76,845
Profit on disposal of fixed assets (10,960 ) (20,203 )
Goodwill amortisation 10,000 10,000
Auditors' remuneration 15,150 14,450
Foreign exchange differences 140,937 (112,994 )
Research and development 49,776 50,179
Defined contribution pension cost 227,630 157,507
Vehicle leasing costs 20,222 15,177

9. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Bank interest 240 -
Other interest received 7,949 1,342
Investment income received 4,843 555
13,032 1,897

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


10. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 109
Corporation tax interest 353 -
Interest due on late tax 171 39
Other loan interest 49,084 29,980
Hire purchase 15,122 3,648
64,730 33,776

11. 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 58,288 268,563
UK corporation tax from prior years 27,934 -
Total current tax 86,222 268,563

Deferred tax:
Origination and reversal of timing differences 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 103,209 274,985

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


11. TAXATION - continued

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 379,114 1,497,109
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

89,168

284,451

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 ) (763 )
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
Unrealised loss/(gain) on investment (1,039 ) 2,970
Effect of changes on tax rate on deferred tax opening position (7,459 ) -
Total tax charge 103,209 274,985

12. DIVIDENDS

20232022
£   £   

Dividends paid815,000735,000

13. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,140,042
AMORTISATION
At 1 January 2023 1,085,042
Amortisation for year 10,000
At 31 December 2023 1,095,042
NET BOOK VALUE
At 31 December 2023 45,000
At 31 December 2022 55,000

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


14. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 1,168,966 46,041 40,543
Additions - 12,087 -
Disposals - - -
At 31 December 2023 1,168,966 58,128 40,543
DEPRECIATION
At 1 January 2023 138,829 16,838 40,543
Charge for year 19,846 14,533 -
Eliminated on disposal - - -
At 31 December 2023 158,675 31,371 40,543
NET BOOK VALUE
At 31 December 2023 1,010,291 26,757 -
At 31 December 2022 1,030,137 29,203 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 189,902 48,602 1,494,054
Additions 186,889 2,703 201,679
Disposals (57,490 ) - (57,490 )
At 31 December 2023 319,301 51,305 1,638,243
DEPRECIATION
At 1 January 2023 72,833 41,809 310,852
Charge for year 52,588 4,300 91,267
Eliminated on disposal (40,724 ) - (40,724 )
At 31 December 2023 84,697 46,109 361,395
NET BOOK VALUE
At 31 December 2023 234,604 5,196 1,276,848
At 31 December 2022 117,069 6,793 1,183,202

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


15. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 9,455 215,619 225,074
Additions - 1,744,694 1,744,694
Disposals - (1,161,782 ) (1,161,782 )
Revaluations - 4,416 4,416
At 31 December 2023 9,455 802,947 812,402
NET BOOK VALUE
At 31 December 2023 9,455 802,947 812,402
At 31 December 2022 9,455 215,619 225,074

Cost or valuation at 31 December 2023 is represented by:

Shares in
group Unlisted
undertakings investments Totals
£    £    £   
Valuation in 2020 - 1,906 1,906
Valuation in 2021 - 14,421 14,421
Valuation in 2022 - (15,633 ) (15,633 )
Valuation in 2023 - 4,416 4,416
Cost 9,455 797,837 807,292
9,455 802,947 812,402

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

2023 2022
£    £   
Cost 797,837 214,925

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

The company owns 100% of the issued share capital of Zephyr Polska Sp.zo.o, a company incorporated in Poland, registered office Garby, ul. Transportowa 1, 62-020 Swarzedz, Poland. The principal activity of Zephyr Polska Sp.zo.o is the sale of safety footwear.

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


16. INVESTMENT PROPERTY
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

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 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.

17. STOCKS
2023 2022
£    £   
Stocks 86,549 93,264

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 616,724 2,404,034
Amounts owed by group undertakings 2,671,397 2,839,548
Other debtors 363,965 573,838
Prepayments and accrued income 32,445 266,110
3,684,531 6,083,530

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


19. CASH AT BANK
2023 2022
£    £   
Bank account 1,580,880 1,630,852

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 22) 12,448 4,061
Trade creditors 201,756 1,570,470
Corporation tax 26,159 170,452
Social security and other taxes 7,111 6,930
VAT 3,671 29,501
Other creditors 270,688 296,832
Directors' current accounts 183,304 310,437
Accruals and deferred income 37,949 37,920
743,086 2,426,603

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 22) 195,710 66,445

22. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

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

23. SECURED DEBTS

The following secured debts are included within creditors:

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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


24. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 142,986 125,999

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

The provision for deferred taxation represents accelerated capital allowances.

25. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25 A Ordinary £1 25 25
25 B Ordinary £1 25 25
36 C Ordinary £1 36 36
12 D Ordinary £1 12 12
2 E Ordinary £1 2 2
100 100

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

26. RESERVES
Retained
earnings
£   

At 1 January 2023 7,583,423
Profit for the year 275,905
Dividends (815,000 )
At 31 December 2023 7,044,328

27. PENSION COMMITMENTS

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

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).

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


28. ULTIMATE PARENT COMPANY

Tripal Group Limited (incorporated in England ) is regarded by the directors as being the company's ultimate parent company.

Tripal Group Limited heads the smallest group for which consolidated accounts including the results of Tripal International Limited are prepared.

Copies of the accounts of the Group can be obtained from the parent undertaking's registered office at Tripal House, 16 Don White Road, Wellingborough, Northamptonshire, NN8 4FT.

29. CONTINGENT LIABILITIES

The company 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.

30. COMMITMENTS UNDER OPERATING LEASES

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


20232022
£   £   
Not later than 1 year11,18610,047
Later than 1 year and not later than 5 years9,3214,195
20,50714,242

31. FUTURE RENTALS UNDER OPERATING LEASES AS LESSOR

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

20232022
£   £   

Not later than 1 year42,50433,754
Later than 1 year and not later than 5 years-25,004
42,50458,758

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

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


32. 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 Company. 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 company. 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 Company 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.

33. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling party.