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REGISTERED NUMBER: 02861619 (England and Wales)












Financial Statements

for the Year Ended 29 February 2024

for

Truvelo (UK) Limited

Truvelo (UK) Limited (Registered number: 02861619)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Truvelo (UK) Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: R D H Gebert
C J Hutt
L F Korcz





REGISTERED OFFICE: 14 Brentford Business Centre
Commerce Road
Brentford
Middlesex
TW8 8LG





REGISTERED NUMBER: 02861619 (England and Wales)





AUDITORS: PB Associates
Chartered Accountants and Chartered Tax Advisers
2 Castle Business Village
Station Road
Hampton
Middlesex
TW12 2BX

Truvelo (UK) Limited (Registered number: 02861619)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 67,000 100,500
Tangible assets 5 799,667 787,744
866,667 888,244

CURRENT ASSETS
Stocks 609,180 484,138
Debtors 6 492,142 425,651
Cash at bank 201,398 298,191
1,302,720 1,207,980
CREDITORS
Amounts falling due within one year 7 326,379 240,428
NET CURRENT ASSETS 976,341 967,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,843,008

1,855,796

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 350,190 350,190
Retained earnings 9 1,492,718 1,505,506
SHAREHOLDERS' FUNDS 1,843,008 1,855,796

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 20 November 2024 and were signed on its behalf by:





R D H Gebert - Director


Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Truvelo (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

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.

Foreign currencies
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 transaction. Exchange differences are taken into account in arriving at the operating result.

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
At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company and have taken into account the impact of the coronavirus on the company as well as the expected support to businesses available from the government measures in place through the period of disruption caused by coronavirus. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 335,000
AMORTISATION
At 1 March 2023 234,500
Charge for year 33,500
At 29 February 2024 268,000
NET BOOK VALUE
At 29 February 2024 67,000
At 28 February 2023 100,500

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023 725,000 220,413 82,019 1,027,432
Additions - 40,635 - 40,635
Disposals - - (35,272 ) (35,272 )
At 29 February 2024 725,000 261,048 46,747 1,032,795
DEPRECIATION
At 1 March 2023 - 183,076 56,612 239,688
Charge for year - 19,362 9,350 28,712
Eliminated on disposal - - (35,272 ) (35,272 )
At 29 February 2024 - 202,438 30,690 233,128
NET BOOK VALUE
At 29 February 2024 725,000 58,610 16,057 799,667
At 28 February 2023 725,000 37,337 25,407 787,744

The directors have not depreciated freehold property as the property is maintained in good order. The original cost of construction in 1989 was £123,500. If the building had been depreciated over 50 years the annual depreciation charge would be £2,470 and the cumulative depreciation would be £86,450.

The property was professionally revalued in 2019 by Messrs Kempton Carr Croft at £725,000 with a building reinstatement value of £360,000.

Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 29 February 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2019 350,190 - - 350,190
Cost 374,810 261,048 46,747 682,605
725,000 261,048 46,747 1,032,795

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 438,857 378,176
Other debtors 53,285 47,475
492,142 425,651

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 15,478 8,489
Trade creditors 259,302 101,951
Corporation tax (24,230 ) -
Social security and other taxes 64,926 88,840
Other creditors 10,903 41,148
326,379 240,428

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2023 1,505,506 350,190 1,855,696
Deficit for the year (12,788 ) (12,788 )
At 29 February 2024 1,492,718 350,190 1,842,908

Truvelo (UK) Limited (Registered number: 02861619)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashfaq Sharif (Senior Statutory Auditor)
for and on behalf of PB Associates

11. ULTIMATE CONTROLLING PARTY

The Company is 100% owned by The Measurement Private Foundation, a trust which is registered in Curacao. On 17 August 2017 Mrs H E Gebert transferred her interest in The Measurement Private Foundation to The Truvelo Manufacturers Share Trust, a trust which is registered in South Africa. Mr R-D H Gebert is the controlling trustee of The Truvelo Manufacturers Share Trust.