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REGISTERED NUMBER: 03538643 (England and Wales)
























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: R C Sievwright





Registered office: Concept House
40 Lower Farm Road
Moulton Park
Northampton
NN3 6XF





Registered number: 03538643 (England and Wales)





Auditors: Hawsons Chartered Accountants
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 3 345,270 752,735

Current assets
Stocks 2,615,860 3,120,417
Debtors 4 2,367,986 1,814,633
Cash at bank 196,981 132,298
5,180,827 5,067,348
Creditors
Amounts falling due within one year 5 3,179,914 3,165,265
Net current assets 2,000,913 1,902,083
Total assets less current liabilities 2,346,183 2,654,818

Creditors
Amounts falling due after more than one
year

6

(131,891

)

(272,652

)

Provisions for liabilities (89,881 ) (27,343 )
Net assets 2,124,411 2,354,823

Capital and reserves
Called up share capital 1 1
Retained earnings 2,124,410 2,354,822
2,124,411 2,354,823

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th March 2025 and were signed by:





R C Sievwright - Director


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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 32 (2023 - 26 ) .

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 796,176 - 173,485 195,447 1,165,108
Additions - 1,610 209,930 105,825 317,365
Disposals (796,176 ) - (80,542 ) (70,507 ) (947,225 )
At 31st March 2024 - 1,610 302,873 230,765 535,248
Depreciation
At 1st April 2023 157,251 - 138,621 116,501 412,373
Charge for year 3,853 22 29,091 21,593 54,559
Eliminated on disposal (161,104 ) - (73,323 ) (42,527 ) (276,954 )
At 31st March 2024 - 22 94,389 95,567 189,978
Net book value
At 31st March 2024 - 1,588 208,484 135,198 345,270
At 31st March 2023 638,925 - 34,864 78,946 752,735


4. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 2,201,300 1,760,745
Other debtors 166,686 53,888
2,367,986 1,814,633

5. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts - 32,300
Hire purchase contracts (see note 7) 82,801 11,742
Trade creditors 817,506 722,872
Amounts owed to associates 1,890,244 1,554,803
Taxation and social security 347,870 199,235
Other creditors 41,493 644,313
3,179,914 3,165,265

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 - 235,955
Hire purchase contracts (see note 7) 131,891 36,697
131,891 272,652

7. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 82,801 11,742
Between one and five years 131,891 36,697
214,692 48,439

Non-cancellable operating leases
2024 2023
£    £   
Within one year 190,000 -
Between one and five years 760,000 -
In more than five years 788,750 -
1,738,750 -

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 - 268,255
Hire purchase contracts 214,692 48,439
214,692 316,694

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 Will Amos signed the auditor's report as
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.