Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Sale of door and window framestruetruetruetruetrue295299falsetruefalse2023-01-01false 10046544 2023-01-01 2023-12-31 10046544 2022-01-01 2022-12-31 10046544 2023-12-31 10046544 2022-12-31 10046544 2022-01-01 10046544 4 2023-01-01 2023-12-31 10046544 4 2022-01-01 2022-12-31 10046544 d:CompanySecretary1 2023-01-01 2023-12-31 10046544 d:Director1 2023-01-01 2023-12-31 10046544 d:Director2 2023-01-01 2023-12-31 10046544 d:Director3 2023-01-01 2023-12-31 10046544 d:Director4 2023-01-01 2023-12-31 10046544 d:Director4 2023-12-31 10046544 d:RegisteredOffice 2023-01-01 2023-12-31 10046544 e:PlantMachinery 2023-01-01 2023-12-31 10046544 e:PlantMachinery 2023-12-31 10046544 e:PlantMachinery 2022-12-31 10046544 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:MotorVehicles 2023-01-01 2023-12-31 10046544 e:MotorVehicles 2023-12-31 10046544 e:MotorVehicles 2022-12-31 10046544 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:FurnitureFittings 2023-01-01 2023-12-31 10046544 e:FurnitureFittings 2023-12-31 10046544 e:FurnitureFittings 2022-12-31 10046544 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:OfficeEquipment 2023-01-01 2023-12-31 10046544 e:OfficeEquipment 2023-12-31 10046544 e:OfficeEquipment 2022-12-31 10046544 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:ComputerEquipment 2023-01-01 2023-12-31 10046544 e:ComputerEquipment 2023-12-31 10046544 e:ComputerEquipment 2022-12-31 10046544 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10046544 e:OtherPropertyPlantEquipment 2023-12-31 10046544 e:OtherPropertyPlantEquipment 2022-12-31 10046544 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10046544 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10046544 e:Goodwill 2023-01-01 2023-12-31 10046544 e:Goodwill 2023-12-31 10046544 e:Goodwill 2022-12-31 10046544 e:CurrentFinancialInstruments 2023-12-31 10046544 e:CurrentFinancialInstruments 2022-12-31 10046544 e:CurrentFinancialInstruments 1 2023-12-31 10046544 e:CurrentFinancialInstruments 1 2022-12-31 10046544 e:Non-currentFinancialInstruments 2023-12-31 10046544 e:Non-currentFinancialInstruments 2022-12-31 10046544 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10046544 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10046544 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 10046544 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 10046544 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 10046544 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 10046544 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 10046544 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 10046544 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 10046544 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 10046544 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 10046544 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 10046544 f:UnitedKingdom 2023-01-01 2023-12-31 10046544 f:UnitedKingdom 2022-01-01 2022-12-31 10046544 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 10046544 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 10046544 e:UKTax 2023-01-01 2023-12-31 10046544 e:UKTax 2022-01-01 2022-12-31 10046544 e:ShareCapital 2023-12-31 10046544 e:ShareCapital 2022-12-31 10046544 e:ShareCapital 2022-01-01 10046544 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10046544 e:RetainedEarningsAccumulatedLosses 2023-12-31 10046544 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10046544 e:RetainedEarningsAccumulatedLosses 2022-12-31 10046544 e:RetainedEarningsAccumulatedLosses 2022-01-01 10046544 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10046544 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10046544 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10046544 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10046544 e:OtherDeferredTax 2023-12-31 10046544 e:OtherDeferredTax 2022-12-31 10046544 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10046544 d:OrdinaryShareClass1 2023-12-31 10046544 d:OrdinaryShareClass1 2022-12-31 10046544 d:FRS102 2023-01-01 2023-12-31 10046544 d:Audited 2023-01-01 2023-12-31 10046544 d:FullAccounts 2023-01-01 2023-12-31 10046544 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10046544 e:EntityControlledByKeyManagementPersonnel1 e:ManagementRechargesServices 2023-01-01 2023-12-31 10046544 e:EntityControlledByKeyManagementPersonnel1 e:ManagementRechargesServices 2022-01-01 2022-12-31 10046544 e:EntityControlledByKeyManagementPersonnel1 2022-01-01 2022-12-31 10046544 e:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 10046544 e:EntityControlledByKeyManagementPersonnel1 2023-12-31 10046544 e:EntityControlledByKeyManagementPersonnel1 2022-12-31 10046544 e:WithinOneYear 2023-12-31 10046544 e:WithinOneYear 2022-12-31 10046544 e:BetweenOneFiveYears 2023-12-31 10046544 e:BetweenOneFiveYears 2022-12-31 10046544 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 10046544 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 10046544 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 10046544 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 10046544 e:HirePurchaseContracts e:MoreThanFiveYears 2023-12-31 10046544 e:HirePurchaseContracts e:MoreThanFiveYears 2022-12-31 10046544 7 2023-01-01 2023-12-31 10046544 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-12-31 10046544 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 10046544 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 10046544 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 10046544 e:LeasedAssetsHeldAsLessee 2023-12-31 10046544 e:LeasedAssetsHeldAsLessee 2022-12-31 10046544 e:Goodwill e:OwnedIntangibleAssets 2023-01-01 2023-12-31 10046544 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10046544










TRUFRAME LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRUFRAME LIMITED
 
 
COMPANY INFORMATION


Directors
D P Firmager 
P D Firmager 
J A Hall 
N I Monger (resigned 24 November 2023)




Company secretary
P D Firmager



Registered number
10046544



Registered office
Unit 3 K,L,M
Hudson Road

Melton Mowbray

Leicestershire

LE13 1BS




Independent auditor
MHA
Chartered Accountants & Statutory Auditor

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ





 
TRUFRAME LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Profit and Loss Account
 
10
Balance Sheet
 
11 - 12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 34

 
TRUFRAME LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report on the Company for the year ended 31 December 2023.
The principal activity of the Company is that of the manufacture and supply of uPVC window and doors.

Business review
 
The Company continues to be 100% owned by Stamford Holdings Limited, who is the Company's immediate parent. The Company's ultimate parent is Aether Holdings Limited. 
Trading Performance 
The results for the year were considered satisfactory by the directors who expect continued growth for the foreseeable future.
The Company continued to increase its customer base during the year and made further capital investments in order to increase capacity and satisfy demand.
Tight cost control and continued improvements have ensured the Company has been able to maintain a strong gross profit margin of 30.1% for the year, and decrease of 3.4% on the previous year. The Company is affected by the market price of Glass, hardware and uPVC inputs which are core to the manufacture and supply of its products.

Page 1

 
TRUFRAME LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The directors consider effective risk management to be key to the future success of the Company and continually monitor systems and structure in order to measure, and limit risk. A key control is the day-to-day supervision of the business by the directors.
Price risk
The business may be affected by fluctuations in the price and supply of key materials driven by the devaluing sterling currency although purchasing practices seek to mitigate this risk where possible. 
Loss of key customers and suppliers
There is a risk over retaining the loyalty of key customers and suppliers. Considerable emphasis is devoted to maintaining service levels with customers and working closely with suppliers on logistical and quality issues to ensure that high levels of performance is achieved.
Credit risk
The inability of customers to pay amounts owing to the Company due to financial difficulties is a risk. To minimise this risk, the Company employs pro-active credit control techniques, such as applying appropriate credit limits and monitoring payment patterns and debt levels on a regular basis.
Economic Risk
The current uncertainty surrounding the economic climate makes future predictions difficult and presents a risk to all business. 
Going concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information.
No known additional bad debts have been identified relating to 2023.
Please refer to the basis of preparation of financial statements accounting policy at note 2.1 for further information. 

Financial key performance indicators
 
The key performance indicators of the Company are turnover, gross profit margin and net profits of which all can be evidenced on the face of the Profit and Loss Account.

Other key performance indicators
 
The directors consider the non-financial key performance indicators of the Company to be customer and staff retention and customer service levels including deliveries and quality control.

Page 2

 
TRUFRAME LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.





................................................
P D Firmager
Director

Date: 18 September 2024
Page 3

 
TRUFRAME LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £869,692 (2022 - £1,212,029).

During the year the directors recommended dividends amounting to £49,717 (2022 - £Nil).

Directors

The directors who served during the year were:

D P Firmager 
P D Firmager 
J A Hall 
N I Monger (resigned 24 November 2023)

Future developments

The directors are confident that with continued investment and strong customer relationships, further growth can be achieved in the coming year. 

Engagement with employees

During the year, the policy of providing employees with information about the Company has been continued through internal media methods through which employee’s views can be sought on issues which concern them. Throughout the Company there is close consultation between management and other employees on appropriate matters of concern, with a view to keeping employees informed about the progress of the Company’s business and the economic factors affecting it.

Disabled employees

The Company gives full consideration to applications from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disable person. Where existing employees become disabled, it is the Company’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees where appropriate. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
TRUFRAME LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

This report was approved by the board and signed on its behalf.
 





................................................
P D Firmager
Director

Date: 18 September 2024

Unit 3 K,L,M
Hudson Road
Melton Mowbray
Leicestershire
LE13 1BS

Page 5

 
TRUFRAME LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUFRAME LIMITED
 

Opinion


We have audited the financial statements of Truframe Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
TRUFRAME LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUFRAME LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 5, 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 is 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.


Page 7

 
TRUFRAME LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUFRAME LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance around actual, potential and suspected litigation and claims, non-compliance with applicable laws and regulations and fraud;
Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
Performing other audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.
Page 8

 
TRUFRAME LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUFRAME LIMITED (CONTINUED)


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 2006Our 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 an Auditor's Report 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.





Shelley Harvey FCCA (Senior Statutory Auditor)
  
for and on behalf of MHA, Statutory Auditor
 
Leicester
United Kingdom
  

Date:
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 
18 September 2024
Page 9

 
TRUFRAME LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
33,391,292
32,797,566

Cost of sales
  
(23,343,963)
(21,824,781)

Gross profit
  
10,047,329
10,972,785

Administrative expenses
  
(8,424,475)
(9,000,643)

Other operating income
 5 
110,657
46,321

Operating profit
 6 
1,733,511
2,018,463

Interest payable and similar expenses
 10 
(156,706)
(189,144)

Profit before tax
  
1,576,805
1,829,319

Tax on profit
 11 
(707,113)
(617,290)

Profit for the financial year
  
869,692
1,212,029

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 14 to 34 form part of these financial statements.

Page 10

 
TRUFRAME LIMITED
REGISTERED NUMBER: 10046544

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
2,743,462
4,239,896

Tangible assets
 14 
4,039,515
4,047,917

  
6,782,977
8,287,813

Current assets
  

Stocks
 15 
1,304,873
1,289,682

Debtors: amounts falling due within one year
 16 
5,013,176
3,930,366

Cash at bank and in hand
 17 
287,375
98,228

  
6,605,424
5,318,276

Creditors: amounts falling due within one year
 18 
(7,706,858)
(8,426,199)

Net current liabilities
  
 
 
(1,101,434)
 
 
(3,107,923)

Total assets less current liabilities
  
5,681,543
5,179,890

Creditors: amounts falling due after more than one year
 19 
(1,081,256)
(1,491,912)

Provisions for liabilities
  

Deferred tax
 22 
(533,649)
(441,315)

  
 
 
(533,649)
 
 
(441,315)

Net assets
  
4,066,638
3,246,663


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
4,066,538
3,246,563

  
4,066,638
3,246,663

Page 11

 
TRUFRAME LIMITED
REGISTERED NUMBER: 10046544
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P D Firmager
Director

Date: 18 September 2024

The notes on pages 14 to 34 form part of these financial statements.
Page 12

 
TRUFRAME LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
2,034,534
2,034,634


Comprehensive income for the year

Profit for the year
-
1,212,029
1,212,029



At 1 January 2023
100
3,246,563
3,246,663


Comprehensive income for the year

Profit for the year
-
869,692
869,692


Distributions to owners

Dividends: Equity capital
-
(49,717)
(49,717)


At 31 December 2023
100
4,066,538
4,066,638


The notes on pages 14 to 34 form part of these financial statements.

Profit and loss account
Includes all current year and prior period retained profits and losses. All amounts are distributable. 

Page 13

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

1.


General information

Truframe Limited is a private company, limited by shares, domiciled in England and Wales, registration number 10046544. The registered office is Unit 3 K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.
The principal activity of the entity is that of the manufacture and supply of uPVC windows and doors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company remains profitable and continues to be profitable post year end. The Company has confirmed it's intention to support Aether Holdings Limited and other Group Companies for a period of 12 months from the signing of the financial statements. The support given to the Group Companies will not have a detrimental effect on the Company's ability to continue as a going concern. Based on continued profitability of the Company and access to working capital, the directors consider the Company has the ability to continue as a going concern for the next 12 months therefore continuing to adopt the going concern basis in preparing its financial statements. 

 
2.3

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Aether Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.

Page 14

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

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 Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

 
2.5

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.

Page 15

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

2.Accounting policies (continued)

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Finance costs

Finance costs are charged to the Profit and Loss Account 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.9

Pensions

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 Profit or Loss Account 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.

Page 16

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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree 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 Profit and Loss Account over its useful economic life.
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 seven years.

Page 17

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

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Profit and Loss Account during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line or reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
21% reducing balance per annum
Motor vehicles
-
33% reducing balance per annum
Fixtures and fittings
-
25% reducing balance per annum
Office equipment
-
25% straight line per annum
Computer equipment
-
50% straight line per annum
Assets under construction
-
not depreciated

The assets' residual values, useful lives 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 Profit and Loss Account.

 
2.13

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 the Profit and Loss Account.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

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

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Profit or Loss Account.

 
2.19

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 transaction price, net of transaction costs 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 or 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 loan 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 entity 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 Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 19

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. 
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.

 
2.20

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.

Page 20

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of intangible fixed assets
The directors consider the useful economic life of the goodwill included within these financial statements to be 7 years. The useful economic life and residual value are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and the economic utilisation of the business.
(ii) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(iii) Work in progress
The Company estimates work in progress on the basis of the level of completion at the year end. A fixed percentage is applied to the total expected job costs of each job based on the level of completion assessed to determine the value of work in progress. The percentages applied are reassessed annually.
(iv) Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers facts including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 21

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Management charge
15,000
15,000

Manufacture of uPVC windows and doors
33,376,292
32,782,566

33,391,292
32,797,566


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
32,921,991
32,291,536

Rest of Europe
469,301
506,030

33,391,292
32,797,566



5.


Other operating income

2023
2022
£
£

Sundry income
110,657
46,321

110,657
46,321



6.


Operating profit

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

2023
2022
£
£

Amortisation of intangible assets
1,496,434
1,496,433

Depreciation of fixed assets
- owned by the Company
412,026
278,641

- held under hire purchase agreements
618,883
699,250

Exchange differences
(1,346)
(25)

Loss/(profit) on sale of tangible assets
8,487
(18,390)

Operating lease rentals
7,140
12,035

Page 22

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

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
20,000
18,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the ultimate parent company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
7,539,129
7,650,827

Social security costs
662,765
729,686

Cost of defined contribution scheme
149,254
130,737

8,351,148
8,511,250


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
234
230



Administration
58
57



Management
7
8

299
295

Page 23

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
59,561
701,060

Company contributions to defined contribution pension schemes
10,304
7,142

69,865
708,202


During the year retirement benefits were accruing to 3 directors (2022 - 4) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
32,825
49,970

Finance leases and hire purchase contracts
123,881
139,174

156,706
189,144


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
614,779
534,643


Total current tax
614,779
534,643

Deferred tax


Origination and reversal of timing differences (note 22)
92,334
82,647

Total deferred tax
92,334
82,647


Tax on profit
707,113
617,290
Page 24

 
TRUFRAME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,576,805
1,829,319


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
394,201
347,571

Effects of:


Non-tax deductible amortisation of goodwill and impairment
376,171
284,322

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
18,512
5,203

Capital allowances for year in excess of depreciation
(130,935)
(105,177)

Qualifying loss/(profit) on disposal of fixed assets
2,122
(3,495)

Changes in provisions leading to an increase in the tax charge
(38,670)
105

Other differences leading to an increase in the tax charge
118,432
99,152

Group relief
(32,720)
(10,391)

Total tax charge for the year
707,113
617,290


Factors that may affect future tax charges

From 1 April 2023, the corporation tax main rate increased to 25% for profits over £250,000. A small profits rate has also been introduced for profits of £50,000 or less, charging corporation tax at 19%. Profits between £50,000 and £250,000 will be taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.
There are no further factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Ordinary dividends
49,717
-

49,717
-

Page 25

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

13.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
10,475,035



At 31 December 2023

10,475,035



Amortisation


At 1 January 2023
6,235,139


Charge for the year
1,496,434



At 31 December 2023

7,731,573



Net book value



At 31 December 2023
2,743,462



At 31 December 2022
4,239,896


Page 26

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

14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
6,190,014
1,212,983
13,377
140,376
255,068


Additions
816,946
119,571
-
44,198
46,724


Disposals
-
(33,238)
-
-
-



At 31 December 2023

7,006,960
1,299,316
13,377
184,574
301,792



Depreciation


At 1 January 2023
3,068,704
394,437
6,479
73,661
220,620


Charge for the year on owned assets
317,560
20,524
177
29,704
44,061


Charge for the year on financed assets
409,259
209,624
-
-
-


Disposals
-
(15,053)
-
-
-



At 31 December 2023

3,795,523
609,532
6,656
103,365
264,681



Net book value



At 31 December 2023
3,211,437
689,784
6,721
81,209
37,111



At 31 December 2022
3,121,310
818,546
6,898
66,715
34,448
Page 27

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

           14.Tangible fixed assets (continued)


Assets under construction
Total

£
£



Cost or valuation


At 1 January 2023
-
7,811,818


Additions
13,253
1,040,692


Disposals
-
(33,238)



At 31 December 2023

13,253
8,819,272



Depreciation


At 1 January 2023
-
3,763,901


Charge for the year on owned assets
-
412,026


Charge for the year on financed assets
-
618,883


Disposals
-
(15,053)



At 31 December 2023

-
4,779,757



Net book value



At 31 December 2023
13,253
4,039,515



At 31 December 2022
-
4,047,917

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,705,837
2,176,820

Motor vehicles
394,813
546,975

2,100,650
2,723,795

Page 28

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

15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,081,390
1,101,380

Work in progress (goods to be sold)
223,483
188,302

1,304,873
1,289,682



16.


Debtors

2023
2022
£
£


Trade debtors
1,573,799
1,301,650

Amounts owed by group undertakings
2,759,416
1,943,439

Amounts owed by related parties
-
33,501

Other debtors
-
35

Prepayments and accrued income
679,961
651,741

5,013,176
3,930,366



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
287,375
98,228

287,375
98,228


Page 29

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

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans (note 20)
87,538
77,311

Trade creditors
3,529,858
3,286,328

Amounts owed to group undertakings
1,174
1,483,356

Amounts owed to related parties
308,660
283,000

Corporation tax
625,961
545,825

Other taxation and social security
757,913
546,951

Obligations under finance lease and hire purchase contracts
752,227
970,552

Proceeds of factored debts
1,184,836
830,224

Other creditors
30,617
28,691

Accruals and deferred income
428,074
373,961

7,706,858
8,426,199


Lombard North Central PLC hold a debenture dated 6 October 2020 over all the assets of the Company.
Aldermore Bank PLC hold a debenture dated 26 February 2021 over all the assets of the Company.
Santander UK PLC hold a debenture dated 28 October 2022 over all the assets of the Company. 
Bank loans of £87,538 (2022 - £77,311) and invoice discounting of £1,184,836 (2022 - £830,224) are secured against the assets of the Company. 
Hire purchase contracts of £752,227 (2022 - £970,552) are secured against the assets to which they relate.

Page 30

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

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (note 20)
128,672
218,164

Obligations under finance leases and hire purchase contracts
952,584
1,273,748

1,081,256
1,491,912


Lombard North Central PLC hold a debenture dated 6 October 2020 over all the assets of the Company.
Aldermore Bank PLC hold a debenture dated 26 February 2021 over all the assets of the Company.
Santander UK PLC hold a debenture dated 28 October 2022 over all the assets of the Company. 
Bank loans of £128,672 (2022 - £218,864) are secured against the assets of the Company. 
Hire purchase contracts of £952,584 (2022 - £1,273,748) are secured against the assets to which they relate.


20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
87,538
77,311

Amounts falling due 1-2 years

Bank loans
128,672
89,492

Amounts falling due 2-5 years

Bank loans
-
128,672


216,210
295,475


Page 31

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

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
752,227
970,552

Between 1-2 years
468,373
680,107

Between 2-5 years
484,211
593,641

1,704,811
2,244,300


22.


Deferred taxation




2023


£






At beginning of year
(441,315)


Charged to profit or loss (note 11)
(92,334)



At end of year
(533,649)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
538,708
444,035

Tax losses carried forward
(1,034)
-

Provisions
(6,093)
(2,720)

533,649
441,315


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 32

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

24.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
287,154
400,000

287,154
400,000


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £149,254 (2022 - £130,737). Contributions totalling £29,413 (2022 - £27,439) were payable to the fund at the balance sheet date and are included in other creditors. 


26.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,528
7,140

Later than 1 year and not later than 5 years
2,639
5,167

5,167
12,307

Page 33

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

27.


Related party transactions

The wholly owned subsidiaries of the Group are exempt from the requirements of Financial Reporting Standard 102, 33.1A, to disclose transactions with other members of the Group.
All transactions are considered to be at arms length.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, 1AC.35.


2023
2022
£
£

Balances due from other related parties
-
33,501
Balances due to other related parties
308,660
283,000
Management charges received from other related parties
15,000
15,000
Management charges paid to other related parties
27,780
29,381
Sales made to other related parties
116,913
148,666
Purchases made from other related parties
275,400
182,625

All transactions are considered to be at arms length.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, 1AC.35.


28.


Controlling party

The ultimate parent undertaking of this Company is Aether Holdings Limited. The immediate parent company is Stamford Holdings Limited, a company incorporated in England and Wales. The registered office for which is Unit 3 K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS. The parent preparing the consolidated financial statements for the smallest group of which the Company is a member is Aether Holdings Limited. The registered office for which is Unit 3 J,K,L,M, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.
The ultimate controlling party is P D Firmager by virtue of his directorship and majority shareholding of the ultimate parent company.

 
Page 34