REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TRUSTMARK (2005) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TRUSTMARK (2005) LIMITED |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TRUSTMARK (2005) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors and |
Chartered Certified Accountants |
238 Station Road |
Addlestone |
Surrey |
KT15 2PS |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Trustmark (2005) Limited is a private not for profit company, limited by guarantee, registered in England & Wales. The Company's registered number & registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents income receivable in furtherance of the objects of the company, and it is stated excluding VAT. |
Intangible assets |
Included within intangible assets are the following: |
Development costs associated with the setting up of the Data Warehouse, the costs of which are being supported by the loan from BEIS (see Going Concern note) and grants from BEIS (see deferred income note). The Data Warehouse is considered to be an asset of the company as it will generate future income and has therefore been capitalised rather than being written off as a cost. The development costs are amortised over 5 years following the Data Warehouse operating satisfactorily. The directors consider the likely useful life of the Data Warehouse to be 5 years as it will generate income over this period before it is required to be significantly updated, and it is for this reason the costs have been capitalised. The capitalised cost is not a realised loss. Internal cost is not capitalised. |
Specific development has been amortised over the lower of the life of the scheme the development is supporting or 5 years. Analytics platform development is amortised over 5 years from the date of development. |
Website development is amortised over 5 years from the date of the website operating satisfactorily. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
TrustMark has continued to further grow its capability in the development of services and systems to support Government's drive towards Net Zero a, delivered through Government-funded energy efficiency and de-carbonisation schemes. |
The business has continued to build capacity during the period to meet the significant regulatory requirements of these schemes. |
The ongoing development of the National Home Improvement Database in support of data capture for Government schemes continues to be a key focus of this year's development investment. The business has commenced its investment into data analytics and thus using the latest developments in AI to ensure that there is proactive support for the industry. The National Home Improvement Database will provide key support to the development of the able-to-pay retrofit market and TrustMark is now working closely with the finance sector to develop these services. |
The Directors have considered the requirement to reinvest back into TrustMark based upon the growing need to cater for both energy and non-energy related areas and has committed to continued review of capital investment. |
The majority of the TrustMark revenue has been and is currently derived from the various legislated Government Schemes, including ECO4, with TrustMark's required service delivery written into legislation and secured. The year saw strong performance in the ECO 4 scheme and growth relating to the Great British Insulation Scheme. |
The change of government lead to some uncertainty in the revenue streams for the business due to the election process. However, at the current time there has been no change in the current schemes that are on-going and the manifestos of the main parties support investment in the sectors that will enable the U.K. to meet its Net Zero target. As a result while the change in political landscape is significant we do not believe that this imminently presents a change to the landscape in which we operate or affects our view of the business continuing as a going concern. We will continue to monitor the situation and invest appropriately to support the government meeting its targets. |
The business will look to continue to develop commercial revenue streams to provide sufficient funds and diversification in its revenue base. |
Following the balance sheet date the company renegotiated a tranche of their current borrowing. The directors have performed a going concern assessment for a period of 12 months following the date of approval of these financial statements, including cash flow forecasts, which indicate that the company will have sufficient funds to continue as a going concern. |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Other creditors |
TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as restated |
£ | £ |
Within one year |
Between one and five years |
The above commitments at the year-end date were in respect of contract hire agreements for vehicles. |
In addition, the company occupies 2 premises. 1 on a rolling lease with 6 month termination following notice being given by either party. The monthly licence fee is £19,952 plus VAT. And another which has 12months outstanding for a monthly fee of £1,621 plus VAT. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |