Company registration number 01114160 (England and Wales)
R.E. TRICKER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
R.E. TRICKER LIMITED
COMPANY INFORMATION
Directors
Mr M D Mason
Mr N D Barltrop
Mrs AJ Barltrop
Mr DW Jeffery
Secretary
Mr N D Barltrop
Company number
01114160
Registered office
56-60 St. Michaels Road
Northampton
NN1 3JX
Auditor
Clifford Roberts
Pacioli House
9 Brookfield, Duncan Close
Moulton Park
Northampton
NN3 6WL
R.E. TRICKER LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 26
R.E. TRICKER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

The principal activity of the company in the year under review was that of manufacture of footwear.

Tricker’s is an Internationally recognised luxury brand of footwear, 100% manufactured within its own factory by R E Tricker Ltd, founded in 1829 in Northampton.

The Company designs, develops, manufactures, markets, and sells its products under the Trickers brand name. Each shoe and boot is carefully crafted from the best materials to the most exacting standards. The integrity and natural authority of our products, their individuality and self-assuredness are reflected in our customers and ultimately sets us apart.

The Company exports 80% of its products to 70 different countries via wholesale or ecommerce activities

Tricker’s commitment to sustainability is at the heart of the company’s brand’s values

 

 

The Board's long-term objective is to grow Trickers into a major global luxury footwear brand, offering unique and desirable product at the best value for price, and thereby create improved shareholder value

 

The Company uses a range of performance measures to monitor and manage the business effectively. These are both financial and non-financial key performance indicators. These are reported on a weekly basis versus internal targets and prior year performance and include turnover:

Digital has now become an important part of the business and further on-line development is underway to grow sales over the next few years

We can improve our digital sales channels and the services that we provide to create an even better shopping experience by better using the latest technological innovations. We are investing in marketing to ensure better ‘automated’ customer interactions and buying recommendations.

 

Key performance indicators

The company uses a range of performance measures to monitor and manage the business effectively. These are both financial and non-financial key performance indicators. These are reported on a weekly basis versus internal targets and prior year performance and include turnover.

 

 

 

2023 2022

 

Increase/ (decrease) in turnover 8.30% 29.60%

Gross profit percentage 33.41% 38.41%

Net profit/(loss) percentage (8.73)% 0.40%

Liquidity ratio (excluding stock) 0.26 0.48

R.E. TRICKER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Strategy

The company's long-term strategies are:

 

Principal risks and uncertainties

 

The Company does have some exposure to foreign currency, cash flow, credit, liquidity, interest rate and other price risks that arise in the normal course of the business, some of these risks are deemed to be more significant that others. These risks are limited by the Company's financial management policies described below.

 

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the reporting entity by failing to discharge an obligation. Predominantly any risks will arise from trade debtors going bad, but given the retail nature of part of the Company's trade, this is risk is partially mitigated. The wholesale element of the business, which is slightly more exposed to credit risk, is managed through sensible sales ledger management policies and historically the entity has seen very low levels of bad debt.

 

Liquidity risk/Cash Flow risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. The directors manage the Company's working capital requirements predominantly within its own resources and Cash flow is monitored on an ongoing basis to ensure obligations are met. The liquidity risk mainly arises from the level of stockholding which arise in the normal course of business. These risks are managed on a wide basis in order to benefit from economies of scale.

 

Interest rate risk

The company has increased exposure to interest rate risk through the impact of rate changes in interest bearing borrowings. Active management of the company’s exposure to interest rate fluctuations is undertaken by managing the borrowings on a group wise basis and the utilisation of assets as collateral.

 

Foreign Exchange Risk

The Company trades with a large number of customers and suppliers with which foreign exchange risks arises. To mitigate this risk the company maintains both Euro and Dollar bank accounts in order to mitigate the exchange risk. The exchange rate movement is monitored regularly and this enables to the company to convert funds to sterling when the rate is deemed most favourable. However, generally they settle foreign exchange liabilities using the Euro and Dollar bank accounts.

 

Other Price Risk

The Company operates in a very competitive market. In order to retain its existing customers and generate new ones, the Company continues to strive to achieve its overriding aim of building and maintaining good customer relationships and consistently producing highest quality shoes, set at a price which delivers a strong margin which enables the Company to focus on quality. The resulting strong relationships help the Company to be able to work with its customers following significant changes in the market, and by introducing the Global pricing alignment, all customers worldwide, whether online or retail will broadly pay the same price.

 

 

R.E. TRICKER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Principal risks and uncertainties (cont.)

The directors of the company constantly review risks that may affect the company and its trading. Any matters that give cause to review the risk to the company are dealt with at a management level.

The company continues to face many challenges, for this year:

Corporate social responsibility

The company has an ongoing responsibility as a manufacturing company to manage environmentally related matters and to take proper care of the environment, in so far as it impacts on its business operations and other Company-related activities. These duties form an essential part of how we run and maintain our business. It also reflects our support for the principle of sustainable development.

There are many benefits such as improved profits, increased sales, improved image, and protection of the natural environment.

The company's approach is based on a simple principle: that it will make a positive difference to its people, the environment, and the communities in which it works.

Employees are actively encouraged to find new ways of meeting our wider responsibilities, and as such have focused our initiatives in the following key areas:

 

 

Future prospects

Looking ahead to FY2024 and FY2025, we continue our gradual recovery from the global pandemic and focus on embedding our vision for a full recovery into the business.

 

E-commerce is a crucial channel for keeping sales up, communicating with our customers, and forging a sense of community around our brand.

Strategy is constantly reviewed by the Board considering the company's performance and changing market conditions, to ensure it remains appropriate to achieve the company's objectives.

I would like to personally thank all members of staff for their extraordinary commitment and considerable application during this last year.

R.E. TRICKER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

On behalf of the board

Mr M D Mason
Director
17 June 2024
R.E. TRICKER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

Principal activities

The principal activity of the company continued to be that of manufacture and wholesale of hand made shoes.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M D Mason
Mr N D Barltrop
Mrs AJ Barltrop
Mr DW Jeffery
Auditor

Clifford Roberts were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure in the Strategic Report

The disclosures relating to events occurring after the year end, likely future developments and research and development activities are disclosed within the strategic report. Research and development, future developments and financial risk management in respect of exposure to credit, liquidity, Interest rate, foreign currency and other price risks are set out in the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M D Mason
Director
17 June 2024
R.E. TRICKER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the annual 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 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:

 

 

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.

R.E. TRICKER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF R.E. TRICKER LIMITED
- 7 -
Opinion

We have audited the financial statements of R.E. Tricker Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 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.

Material Uncertainty related to Going Concern

We draw your attention to note 9 in the financial statements, which indicates that the company incurred a net loss during the year ended 31st December, 2023. As at the balance sheet date, the company’s net current assets (including stocks) exceeded its total liabilities. As stated in 1.2, these events alongside the other matters as explained in detail in the Strategic Report, indicate that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

 

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 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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

R.E. TRICKER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF R.E. TRICKER LIMITED
- 8 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries through our review of all relevant available audit information.

We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included:

 

•Identifying and assessing the design and effectiveness of controls management has in place to

prevent and detect fraud;

Understanding of how senior management considered and addressed the potential for override of

controls or other inappropriate influence over the financial reporting process;

Challenging assumptions and judgements made by management in its significant accounting

estimates;

•Performing 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; and,

Assessing the extent of compliance with relevant laws and regulations.

R.E. TRICKER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF R.E. TRICKER LIMITED
- 9 -

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. The 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Mr Adam Billingham BA (Hons) BFP FCA
Senior Statutory Auditor
For and on behalf of Clifford Roberts
21 August 2024
Chartered Accountants
Statutory Auditor
Pacioli House
9 Brookfield, Duncan Close
Moulton Park
Northampton
NN3 6WL
R.E. TRICKER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
6,256,066
5,776,742
Cost of sales
(4,165,961)
(3,557,810)
Gross profit
2,090,105
2,218,932
Distribution costs
(759,345)
(675,682)
Administrative expenses
(1,611,234)
(1,393,551)
Other operating income
1,298
-
0
Operating (loss)/profit
4
(279,176)
149,699
Interest receivable and similar income
7
708
6,776
Interest payable and similar expenses
8
(267,344)
(109,106)
Gain on disposal of Investments
10
(501)
(26,989)
(Loss)/profit before taxation
(546,313)
20,380
Tax on (loss)/profit
9
-
0
-
0
(Loss)/profit for the financial year
(546,313)
20,380

The profit and loss account has been prepared on the basis that all operations are continuing operations.

R.E. TRICKER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
(Loss)/profit for the year
(546,313)
20,380
Other comprehensive income
-
-
Total comprehensive income for the year
(546,313)
20,380
R.E. TRICKER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
9,471
12,335
Tangible assets
12
381,652
384,697
391,123
397,032
Current assets
Stocks
13
4,433,927
4,107,522
Debtors
14
913,371
948,116
Investments
15
1,353
42,556
Cash at bank and in hand
118,034
1,818,041
5,466,685
6,916,235
Creditors: amounts falling due within one year
16
(4,014,863)
(5,803,586)
Net current assets
1,451,822
1,112,649
Total assets less current liabilities
1,842,945
1,509,681
Creditors: amounts falling due after more than one year
17
(879,577)
-
0
Net assets
963,368
1,509,681
Capital and reserves
Called up share capital
20
5,000
5,000
Share premium account
21
28,277
28,277
Profit and loss reserves
22
930,091
1,476,404
Total equity
963,368
1,509,681

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 June 2024 and are signed on its behalf by:
Mr M D Mason
Director
Company registration number 01114160 (England and Wales)
R.E. TRICKER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
5,000
28,277
1,456,024
1,489,301
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
20,380
20,380
Balance at 31 December 2022
5,000
28,277
1,476,404
1,509,681
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(546,313)
(546,313)
Balance at 31 December 2023
5,000
28,277
930,091
963,368
R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

R.E. Tricker Limited is a private company limited by shares incorporated in England and Wales. The registered office is 56-60 St. Michaels Road, Northampton, NN1 3JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal account policies are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of R E Tricker Holdings Limited. These consolidated financial statements are available from its registered office, 56-60 St. Michaels Road, Northampton, NN1 3JX.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The significant judgements, as more fully detailed in the Strategic report, which underpin the directors’ continued assessment that the entity is a going concern are:

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

 

1.4
Intangible fixed assets other than goodwill

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 probable 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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
Patents & licences
various

Amortisation is included within 'Administrative expenses' of the Profit and Loss Account.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
various
Plant and equipment
various
Fixtures and fittings
various
Motor vehicles
25% straight line

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.

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Impairment of fixed assets

At each reporting period 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 it 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

In determining the valuation of stock a degree of judgement and estimation is applied to the calculation of finished goods and work in progress. A 6 month average of factory labour cost per unit produced plus a 6 month average of leather and consumables purchased per unit produced is applied to final stock units to value finished goods.

 

A further percentage is applied to work in progress stock, reasonably reflecting the products stage of completion at the year-end cut-off.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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.

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and 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. Financial assets classified as receivable within one year are not amortised.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

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 at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. Forward foreign currency purchases are initially recognised at fair value on the date they are entered into and are subsequently re-measured at their fair value. Changes in fair value are recognised in the income statement with corresponding entry being a derivative asset or liability in the balance sheet.

2
Judgements and key sources of estimation uncertainty

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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining net realisable value of stocks

In determining the valuation of stock a degree of judgement and estimation is applied to the calculation of finished goods and work in progress. A 6 month average of factory labour cost per unit produced plus a 6 month average of leather and consumables purchased per unit produced is applied to final stock units to value finished goods.

 

A further percentage is applied to work in progress stock, reasonably reflecting the products stage of completion at the year-end cut-off.

 

The discussed estimation uncertainty is applicable to the full balance of finished goods and work in progress. The balances of these two stock categories as at the year-end date are identifiable within note 13 of the accounts.

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Wholesale sales
4,293,277
4,063,779
Retail sales
1,962,789
1,712,963
6,256,066
5,776,742
2023
2022
£
£
Turnover analysed by geographical market
UK
3,267,360
2,358,059
EU
2,555,837
2,955,803
Rest of the world
432,869
462,880
6,256,066
5,776,742
2023
2022
£
£
Other revenue
Interest income
78
2,450
Dividends received
630
4,326
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
45,495
11,028
Fees payable to the company's auditor for the audit of the company's financial statements
3,500
3,500
Depreciation of owned tangible fixed assets
63,186
73,100
Amortisation of intangible assets
2,864
3,356
Operating lease charges
86,391
69,751
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors and office staff
10
10
Sales and shop staff
4
5
Factory staff
75
71
Total
89
86
R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,804,813
2,596,007
Social security costs
200,621
185,834
Pension costs
41,006
41,026
3,046,440
2,822,867
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
343,315
289,495
Company pension contributions to defined contribution schemes
38,717
35,844
382,032
325,339

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
250,877
224,640
Company pension contributions to defined contribution schemes
22,464
22,464
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
78
2,450
Other income from investments
Dividends received
630
4,326
Total income
708
6,776
2023
2022
Investment income includes the following:
£
£
Dividends from financial assets measured at fair value through profit or loss
630
4,326
R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
259,648
109,106
Other interest
7,696
-
0
267,344
109,106
9
Taxation

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(546,313)
20,380
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(103,799)
3,872
Tax effect of income not taxable in determining taxable profit
(1,287)
(1,287)
Gains not taxable
5,128
5,128
Tax effect of utilisation of tax losses not previously recognised
93,488
(13,353)
Permanent capital allowances in excess of depreciation
6,470
5,640
Taxation charge for the year
-
-

Tax losses carried forward are £2,542,659.

10
Gain/(Loss) on disposal of Investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
(3,190)
(70,222)
Other gains/(losses)
Gain on disposal of current asset investments
2,689
43,233
(501)
(26,989)
R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
5,900
20,565
26,465
Amortisation and impairment
At 1 January 2023
5,212
8,918
14,130
Amortisation charged for the year
688
2,176
2,864
At 31 December 2023
5,900
11,094
16,994
Carrying amount
At 31 December 2023
-
0
9,471
9,471
At 31 December 2022
688
11,647
12,335
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
319,057
963,816
309,389
15,325
1,607,587
Additions
5,784
54,357
-
0
-
0
60,141
At 31 December 2023
324,841
1,018,173
309,389
15,325
1,667,728
Depreciation and impairment
At 1 January 2023
110,239
805,163
292,163
15,325
1,222,890
Depreciation charged in the year
7,826
43,604
11,756
-
0
63,186
At 31 December 2023
118,065
848,767
303,919
15,325
1,286,076
Carrying amount
At 31 December 2023
206,776
169,406
5,470
-
0
381,652
At 31 December 2022
208,818
158,653
17,226
-
0
384,697
13
Stocks
2023
2022
£
£
Raw materials and consumables
1,528,533
1,511,453
Work in progress
724,607
677,733
Finished goods and goods for resale
2,180,787
1,918,336
4,433,927
4,107,522
R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
852,291
893,019
Corporation tax recoverable
7
7
Prepayments and accrued income
61,073
55,090
913,371
948,116
15
Current asset investments
2023
2022
£
£
Listed investments
1,353
42,556
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
1,144,352
3,236,757
Trade creditors
631,593
738,609
Amounts owed to group undertakings
1,229,691
1,477,614
Taxation and social security
315,062
111,145
Other creditors
446,540
46,028
Accruals and deferred income
247,625
193,433
4,014,863
5,803,586
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
879,577
-
0
18
Loans and overdrafts
2023
2022
£
£
Bank loans
947,663
-
0
Bank overdrafts
1,076,266
3,236,757
2,023,929
3,236,757
Payable within one year
1,144,352
3,236,757
Payable after one year
879,577
-
0
R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Loans and overdrafts
(Continued)
- 25 -

The bank overdraft is secured by a fixed and floating charge over all assets of the company, in favour of HSBC Bank Plc.

 

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,006
41,026

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount owed to the pension schemes at the year end was £19,490 (2022 - £18,074).

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000

Represents the nominal value of shares that have been issued.

21
Share premium account

The total by which the amount received by a company for share issue exceeds its nominal value.

22
Profit and loss reserves

Includes all current and prior period retained profit and losses.

23
Financial commitments, guarantees and contingent liabilities

There is a contingent liability to the bank, in the form of a unlimited multilateral guarantee, dated 4th November 2021. This guarantee has been given by R E Tricker Limited and R E Tricker Holdings.

R.E. TRICKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
24
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
75,208
75,208
Between two and five years
239,430
283,264
In over five years
37,500
60,000
352,138
418,472
25
Directors' advances, credits and guarantees

At the balance sheet date, the directors of the company were owed £400,000 (2022 - £Nil). The loans are repayable on demand and no interest is charged on the loans.

26
Ultimate controlling party

The ultimate parent company is RE Tricker Holdings Limited, who's registered office address is the same as the reporting entity.

The ultimate controlling party is the Barltrop Family.

The entity is consolidated into RE Tricker Holdings Limited group accounts, these being the only group accounts the entity is consolidated within.

Largest group
Smallest group
27
Related Party Exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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