REGISTERED NUMBER: |
Trimax Mowing Systems Limited |
Financial Statements for the Year Ended 31st March 2024 |
REGISTERED NUMBER: |
Trimax Mowing Systems Limited |
Financial Statements for the Year Ended 31st March 2024 |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 | to | 7 |
Trimax Mowing Systems Limited |
Company Information |
for the Year Ended 31st March 2024 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditors |
Jubilee House |
32 Duncan Close |
Moulton Park |
Northampton |
NN3 6WL |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 3 |
Current assets |
Stocks |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | 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, except for certain items recorded at fair value. |
Going Concern |
After due consideration of all relevant factors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the director's report and accounts. |
Critical accounting judgements and key sources of estimation uncertainty |
In application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not really apparent from other sources. The estimates and underlying 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 and if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
Fixed assets |
In determining the depreciation rate, management's best estimate of the expected useful economic life of each asset class has been used in determining the rate applied. |
Impairment of trade debtors |
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management considers factors including the ageing profile of debtors and historical experience. |
Revenue recognition |
The company recognises revenue to the extent that it obtains the right to consideration in exchange for its performance under the contract. The right to consideration arises when some, but not necessarily all, of the contractual obligations have been fulfilled. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Freehold land is not depreciated. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
1. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred, except where there is a separate project that is technically, commercially and financially viable. In these cases the identifiable expenditure is deferred and amortised over the period the company expects to benefit. |
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 are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end. |
2. | Employees and directors |
The average number of employees during the year was |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | Tangible fixed assets |
Improvements |
Freehold | to | Plant and | Motor |
property | property | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1st April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
Depreciation |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
Net book value |
At 31st March 2024 |
At 31st March 2023 |
4. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 7) |
Trade creditors |
Amounts owed to associates | 1,890,244 | 1,554,803 |
Taxation and social security |
Other creditors |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 7) |
7. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £170,833 (2023 - NIL) |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 214,692 | 48,439 |
Trimax Mowing Systems Limited (Registered number: 03538643) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was qualified on the following basis: |
The auditors were unable to attend the company's 2023 year-end stock count and thus did not observe the counting of physical inventories at the year-end. They were unable to satisfy themselves by alternative means concerning the inventory quantities held at 31 March 2023, which are included in the balance sheet at £3,120,417, by using other audit procedures. Consequently, they were unable to determine whether any adjustment to this amount was necessary. |
The auditors were Hawsons Chartered Accountants and senior statutory auditor. |
10. | Ultimate controlling party |
The ultimate controlling party is Trimax Holdings Limited, its registered office is: KPMG, 247 Cameron Road, Tauranga, 3110, New Zealand and its principle place of business is: 70 Maleme Street, 3112 Tauranga, New Zealand. Trimax Holdings Limited is the parent undertaking of the group to consolidate these financial statements. Consolidated accounts can be obtained from the ultimate controlling company's address. |