REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 AUGUST 2023 TO 31 AUGUST 2024 |
FOR |
TRIMAT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 AUGUST 2023 TO 31 AUGUST 2024 |
FOR |
TRIMAT LIMITED |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
TRIMAT LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Newport House |
Newport Road |
Stafford |
Staffordshire |
ST16 1DA |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Trimat Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02557968 and the registered office address is Narrowboat Way, Hurst Business Park, Brierley Hill, West Midlands, DY5 1UF. |
The principal activity of the company is that of the manufacture of industrial brake linings. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Functional currency |
The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£). |
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. |
Significant judgements and estimates |
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised upon delivery of goods to the customer |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery is carried at it's revalued amount, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. |
Any revaluation increase in the carrying amount of plant and machinery is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. |
Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset’s original cost is transferred from revaluation reserve to retained earnings. |
All other tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation on other assets is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows: |
Machinery & equipment - 10% on cost |
Office equipment - 10% - 33% on cost |
Motor vehicles - 30% reducing balance |
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income. |
Stocks |
Stock and work in progress are valued at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first-in first-out basis. The cost of work in progress and finished goods comprises materials, direct labour and attributable production overheads. Net realisable value is based on the estimated sales price after allowing for all further costs of completion and disposal. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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 statement of financial position 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. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
5. | TANGIBLE FIXED ASSETS |
Machinery | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 31 August 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 31 August 2023 |
Charge for period |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 30 August 2023 |
Cost or valuation at 31 August 2024 is represented by: |
Machinery | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
Valuation in 2017 | (305,563 | ) | - | (305,563 | ) |
Cost | 908,007 | 5,800 | 913,807 |
602,444 | 5,800 | 608,244 |
If machinery & equipment had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 869,331 | 863,335 |
Aggregate depreciation | 740,815 | 720,562 |
Machinery & equipment was valued on fair value basis on 3 January 2018 by Lambert Smith Hampton . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
TRIMAT LIMITED (REGISTERED NUMBER: 02557968) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 AUGUST 2023 TO 31 AUGUST 2024 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 31 August 2023 |
Deferred tax on revaluation |
gain | 6,547 |
Transfer excess depreciation | (26,186 | ) |
At 31 August 2024 |
9. | OTHER FINANCIAL COMMITMENTS |
The company has future operating lease commitments of £789,674 (2023- £962,848) of which £220,317 (2023: £210,348) is due within twelve months. |