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Registration number: 07115948

Trumeter Technologies Limited

Financial Statements

for the Year Ended 31 December 2023

 

Trumeter Technologies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 14

 

Trumeter Technologies Limited

Company Information

Directors

Mr JC Smith

Mr J Carr

Mr G Copitch

Mr D Weidenbaum

Company secretary

Mr D Weidenbaum

Registered office

Pilot Mill
Alfred Street
Bury
Lancashire
BL9 9JR

Auditors

Alextra Audit Limited
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Trumeter Technologies Limited

(Registration number: 07115948)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,445,685

1,221,734

Tangible assets

6

313,219

9,053

 

1,758,904

1,230,787

Current assets

 

Stocks

7

226,096

302,805

Debtors

8

1,936,828

1,799,197

Cash at bank and in hand

 

29,278

20,569

 

2,192,202

2,122,571

Creditors: Amounts falling due within one year

9

(919,586)

(963,072)

Net current assets

 

1,272,616

1,159,499

Total assets less current liabilities

 

3,031,520

2,390,286

Creditors: Amounts falling due after more than one year

9

(316,506)

(231,667)

Net assets

 

2,715,014

2,158,619

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

2,615,014

2,058,619

Shareholders' funds

 

2,715,014

2,158,619

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr JC Smith
Director

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pilot Mill
Alfred Street
Bury
Lancashire
BL9 9JR
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 September 2024 was Matthew Geoffrey Price FCCA, who signed for and on behalf of Alextra Audit Limited.

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Any amounts outstanding at the year end will be included within other debtors.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Furniture, fittings and equipment

25% straight line

Leasehold improvements

10% straight line

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is possible that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development Costs

3-5 years straight line

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any), Where is is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets note yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company’s statement of financial position when the company
becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose
of the financial assets and is determined at the time of recognition.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally 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.

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

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or
joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that
investments in equity instruments that are not publicly traded and whose fair values cannot be measured
reliably are measured at cost less impairment.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies
and preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 27).

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Auditors' remuneration

The company has taken advantage of not disclosing auditors' remuneration in the individual financial statements as they are disclosed in the consolidated financial statements of the parent company Trumeter Group Limited.

5

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 January 2023

3,996,857

3,996,857

Additions - internally developed

941,544

941,544

At 31 December 2023

4,938,401

4,938,401

Amortisation

At 1 January 2023

2,775,123

2,775,123

Amortisation charge

717,593

717,593

At 31 December 2023

3,492,716

3,492,716

Carrying amount

At 31 December 2023

1,445,685

1,445,685

At 31 December 2022

1,221,734

1,221,734

Intangible assets as at 31 December 2023 represent development costs capitalised during the year. These costs have been capitalised as the directors are satisfied as to the technical, commercial and financial viability of the individual projects to which they relate. Capitalised development costs are being amortised over expected product life. Amortisation rates can be found in the accounting policies.
 

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

-

18,932

18,454

37,386

Additions

302,391

6,888

572

309,851

At 31 December 2023

302,391

25,820

19,026

347,237

Depreciation

At 1 January 2023

-

10,624

17,711

28,335

Charge for the year

-

4,800

883

5,683

At 31 December 2023

-

15,424

18,594

34,018

Carrying amount

At 31 December 2023

302,391

10,396

432

313,219

At 31 December 2022

-

8,308

745

9,053

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes Leasehold Improvements of £200,674 (2022 - £Nil) which are held under finance leases and hire purchase contracts.

7

Stocks

2023
£

2022
£

Stocks

226,096

302,805

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

427,005

224,366

Amounts owed by group undertakings

 

948,658

1,218,918

Other debtors

 

19,519

4,651

Deferred tax asset

11

541,646

351,262

   

1,936,828

1,799,197

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

350,314

317,081

Trade creditors

 

124,499

53,817

Taxation and social security

 

48,144

77,031

Accruals and deferred income

 

383,078

484,808

Other creditors

 

13,551

30,335

 

919,586

963,072

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

316,506

231,667

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

161,667

231,667

Finance leases and HP contracts

154,839

-

316,506

231,667

2023
£

2022
£

Current loans and borrowings

Bank borrowings

70,000

70,000

Bank overdrafts

110,818

148,320

Finance leases and HP contracts

36,172

-

Other borrowings

133,324

98,761

350,314

317,081

Included within Bank overdrafts is £110,818 (2022: £148,320) which is secured by a fixed and floating charge dated 20 March 2012 and 3 June 2017 over all the property and undertakings of the company.

Included within Other borrowings is £133,324 (2022: £98,143) in relation to a invoice discount facility which is secured by a fixed and floating charge dated 1 March 2019 over all the property or undertakings of the company.

Finance leases and HP contracts are secured against the assets to which they relate, the carrying value of these assets have been detailed within the tangible asset notes.

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes at the relevant rates of 2023: 25% 2022: 25%:

2023

Assets 2023
£

Accelerated capital allowances

(43,108)

Tax losses

584,920

Other timing differences

(166)

Deferred tax asset

541,646

2022

Assets 2022
£

Accelerated capital allowances

(2,263)

Tax losses

352,037

Other timing differences

1,488

Deferred tax asset

351,262

12

Financial commitments, guarantees and contingent liabilities

The company is party to certain loan facilities with its fellow group undertaking. Trumeter Company Inc. that are secured on the assets of the company (Trumeter Technologies Limited). The maximum liability that Trumeter Company Inc. had in respect of this loan facility at 31 December 2023 was £828,978 $1,055,371 (2022: £1,199,698 $1,451,274).

13

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

36,172

-

Later than one year and not later than five years

154,839

-

191,011

-

 

Trumeter Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Operating leases

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
£

2022
£

Not later than one year

89,951

74,930

Later than one year and not later than five years

239,780

135,707

329,731

210,637

14

Related party transactions

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A. These accounts are consolidated within the group financial statements prepared by Trumeter Group Limited.

Energize Capital Limited also has a fixed charge over the company during the year.

During the year the Directors and the company's that they own made charges of £413,692 (2022: £353,278) to the company in respect of management services and corporate finance services provided.

15

Parent and ultimate parent undertaking

The company's immediate parent and ultimate parent undertaking is Trumeter Group Limited, incorporated in England & Wales. The directors are considered to be the ultimate controlling party by virtue of their shareholding in the company.

The parent of the largest group in which these financial statements are consolidated is Trumeter Group Limited, incorporated in England & Wales.

The address of Trumeter Group Limited is:
Pilot Mill
Alfred Street
Bury
Lancashire
England
BL9 9JR

16

Exceptional items

Included within exceptional items is £Nil (2022: £116,430) in relation to a one off bonus paid to the employees. The directors consider this cost to be exceptional and therefore have disclosed separately as this is not directly comparable to the previous year