REGISTERED NUMBER: |
TRIPAL INTERNATIONAL LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
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 £ |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
3 Weekley Wood Close |
Kettering |
Northamptonshire |
NN14 1UQ |
TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
306,734 | 1,368,782 |
Other operating income | 5 |
Gain/(loss) on revaluation of investments | 4,416 | (15,633 | ) |
OPERATING PROFIT | 8 |
Income from fixed asset investments |
Interest receivable and similar income | 9 |
443,844 | 1,530,885 |
Interest payable and similar expenses | 10 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 11 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 12 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
Investment property | 16 |
CURRENT ASSETS |
Stocks | 17 |
Debtors | 18 |
Cash at bank | 19 |
CREDITORS |
Amounts falling due within one year | 20 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
21 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 24 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 25 |
Retained earnings | 26 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
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 |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
Rest of the world | 46,569 | 26,602 |
5. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Sundry income | 5,698 | 4,693 |
Rents received |
Management charges | 52,389 | 101,706 |
Government grants |
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 |
Social security costs |
Other pension costs |
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 |
7. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Research and development |
Defined contribution pension cost |
Vehicle leasing costs |
9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£ | £ |
Bank interest |
Other interest received |
Investment income received |
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 |
Corporation tax interest |
Interest due on late tax |
Other loan interest |
Hire purchase |
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 |
UK corporation tax from prior years | 27,934 | - |
Total current tax |
Deferred tax: |
Origination and reversal of timing differences |
Effect on changes of tax rate on opening liability | (7,459 | ) | - |
Total deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
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 |
2023 | 2022 |
£ | £ |
Dividends paid | 815,000 | 735,000 |
13. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 | 225,074 |
Additions | 1,744,694 |
Disposals | ( |
) | (1,161,782 | ) |
Revaluations | 4,416 |
At 31 December 2023 | 812,402 |
NET BOOK VALUE |
At 31 December 2023 | 812,402 |
At 31 December 2022 | 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 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
18. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
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) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 3,671 | 29,501 |
Other creditors |
Directors' current accounts | 183,304 | 310,437 |
Accruals and deferred income |
21. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 22) |
22. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Provided during year |
Balance at 31 December 2023 |
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: | £ | £ |
A Ordinary | £1 | 25 | 25 |
B Ordinary | £1 | 25 | 25 |
C Ordinary | £1 | 36 | 36 |
D Ordinary | £1 | 12 | 12 |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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: |
2023 | 2022 |
£ | £ |
Not later than 1 year | 11,186 | 10,047 |
Later than 1 year and not later than 5 years | 9,321 | 4,195 |
20,507 | 14,242 |
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: |
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 |
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. |