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COMPANY REGISTRATION NUMBER: 10178437
TRIME (UK) LIMITED
FINANCIAL STATEMENTS
31 December 2024
TRIME (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Statement of income and retained earnings
10
Statement of financial position
11
Notes to the financial statements
12 to 18
TRIME (UK) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr A Fontanella
Mr P A Hay
Mr P Tacconi
COMPANY SECRETARY
Mr A Fontanella
REGISTERED OFFICE
1 Redwing Court
Falcon Road
Hinchingbrooke Business Park
Huntingdon
Cambridgeshire
PE29 6FG
AUDITOR
Meadows & Co Limited
Chartered Accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
TRIME (UK) LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2024
PRINCIPAL ACTIVITY AND BUSINESS REVIEW The principal activity of the company during the year was the supply of fuel efficient and carbon reducing mobile lighting towers and other environmentally friendly industrial equipment, as well as the supply of spare parts and providing back up service support. Turnover has decreased by £1.7m to £20.5m in the current year, compared to £22.2m in the prior year. Profit before tax has decreased by £0.7m to £0.8m in the current year, compared to £1.5m in the prior year. While market challenges impacted revenue and profitability, the company remains committed to operational efficiencies and cost control measures to sustain long-term growth. Trime UK continues to focus on innovation and maintaining its strong market position within the sector. PRINCIPAL RISKS AND UNCERTAINTIES Overview The management and nature of the business are subject to several risks. The directors have set out below the principal risks facing the business. Credit risk Credit risk generated by the potential default of third parties in fulfilling their obligations is mitigated with the use of comprehensive credit insurance and by rigorous credit control, including the regular review of credit limits utilising data from credit agencies and the group's own financial and market intelligence. Fixed and general overheads Management closely monitors monthly fixed overheads against budget and implemented cost saving exercises are ongoing. Competition risk The market in which the company operates is competitive and, as a result, there is always constant pressure on pricing and the additional risk of being unable to meet customer's expectations due to supply chain constraints. The company's on-going strategy is the focus on innovation and new product development - developing a comprehensive range of equipment that is increasingly fuel efficient, and provides the user with carbon reductions compared to traditional alternatives. KEY PERFORMANCE INDICATORS The directors consider several financial key performance indicators when measuring the success of the business. The company focuses specifically on turnover and profitability, and also customers satisfaction, developing long term relationships, providing the highest levels of customer service, and is also focused on reducing product lead times to a minimum. FUTURE DEVELOPMENTS AND OUTLOOK The company will continue to develop a range of increasingly environmentally friendly equipment, incorporating the latest battery technologies, as well as developing new solar and hybrid models, providing more alternatives to traditional technologies.
This report was approved by the board of directors on 21 February 2025 and signed on behalf of the board by:
Mr P A Hay
Director
Registered office:
1 Redwing Court
Falcon Road
Hinchingbrooke Business Park
Huntingdon
Cambridgeshire
PE29 6FG
TRIME (UK) LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr A Fontanella
Mr P A Hay
Mr P Tacconi
DIVIDENDS
The directors do not recommend the payment of a dividend.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 21 February 2025 and signed on behalf of the board by:
Mr P A Hay
Director
Registered office:
1 Redwing Court
Falcon Road
Hinchingbrooke Business Park
Huntingdon
Cambridgeshire
PE29 6FG
TRIME (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIME (UK) LIMITED
YEAR ENDED 31 DECEMBER 2024
OPINION
We have audited the financial statements of Trime (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Kelland FCA
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered Accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
14 March 2025
TRIME (UK) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
TURNOVER
4
20,495,300
22,242,399
Cost of sales
18,064,666
19,275,860
-------------
-------------
GROSS PROFIT
2,430,634
2,966,539
Administrative expenses
1,652,652
1,515,779
------------
------------
OPERATING PROFIT
5
777,982
1,450,760
Other interest receivable and similar income
9
18,738
15,358
------------
------------
PROFIT BEFORE TAXATION
796,720
1,466,118
Tax on profit
10
187,843
425,791
---------
------------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
608,877
1,040,327
---------
------------
RETAINED EARNINGS AT THE START OF THE YEAR
3,932,574
2,892,247
------------
------------
RETAINED EARNINGS AT THE END OF THE YEAR
4,541,451
3,932,574
------------
------------
All the activities of the company are from continuing operations.
TRIME (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
11
87,029
35,809
CURRENT ASSETS
Stocks
12
1,688,447
761,169
Debtors
13
2,667,296
2,946,361
Cash at bank and in hand
3,797,511
2,947,915
------------
------------
8,153,254
6,655,445
CREDITORS: amounts falling due within one year
14
3,698,732
2,758,580
------------
------------
NET CURRENT ASSETS
4,454,522
3,896,865
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,541,551
3,932,674
------------
------------
NET ASSETS
4,541,551
3,932,674
------------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
16
100
100
Profit and loss account
4,541,451
3,932,574
------------
------------
SHAREHOLDERS FUNDS
4,541,551
3,932,674
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr P A Hay
Director
Company registration number: 10178437
TRIME (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Redwing Court, Falcon Road, Hinchingbrooke Business Park, Huntingdon, Cambridgeshire, PE29 6FG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have given due regard to the financial position of the company at the year end, at the date of signing and for a period of twelve months following this. Based on the financial position of the company the directors are satisfied that the company has sufficient resources and flexibility to be able to meet its liabilities as they fall due. Financial support is also available from the parent company if required. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of share-based payments have not been presented. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods
19,761,036
22,242,399
Rendering of services
514,160
Commissions
220,104
-------------
-------------
20,495,300
22,242,399
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
20,275,196
21,993,506
Overseas sales - Commissions received
220,104
248,893
-------------
-------------
20,495,300
22,242,399
-------------
-------------
5. OPERATING PROFIT
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
16,720
11,937
Loss on disposal of tangible assets
4,351
Foreign exchange differences
741
5,533
--------
--------
6. AUDITOR'S REMUNERATION
2024
2023
£
£
Fees payable for the audit of the financial statements
9,000
7,000
-------
-------
7. STAFF COSTS
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
794,201
798,586
Social security costs
90,518
101,487
Other pension costs
47,329
42,546
---------
---------
932,048
942,619
---------
---------
8. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
139,600
265,552
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
139,600
178,358
---------
---------
9. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on cash and cash equivalents
18,738
15,358
--------
--------
10. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
187,843
347,606
Adjustments in respect of prior periods
78,185
---------
---------
Total current tax
187,843
425,791
---------
---------
---------
---------
Tax on profit
187,843
425,791
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
796,720
1,466,118
---------
------------
Profit on ordinary activities by rate of tax
199,180
344,839
Adjustment to tax charge in respect of prior periods
78,185
Effect of expenses not deductible for tax purposes
2,556
3,831
Effect of capital allowances and depreciation
( 13,893)
( 1,064)
---------
------------
Tax on profit
187,843
425,791
---------
------------
11. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2024
32,922
8,102
41,301
82,325
Additions
40,468
21,026
11,757
73,251
Disposals
( 2,175)
( 10,927)
( 13,102)
--------
--------
--------
---------
At 31 December 2024
71,215
29,128
42,131
142,474
--------
--------
--------
---------
Depreciation
At 1 January 2024
15,697
7,221
23,598
46,516
Charge for the year
7,523
1,373
7,824
16,720
Disposals
( 1,891)
( 5,900)
( 7,791)
--------
--------
--------
---------
At 31 December 2024
21,329
8,594
25,522
55,445
--------
--------
--------
---------
Carrying amount
At 31 December 2024
49,886
20,534
16,609
87,029
--------
--------
--------
---------
At 31 December 2023
17,225
881
17,703
35,809
--------
--------
--------
---------
12. STOCKS
2024
2023
£
£
Finished goods and goods for resale
1,688,447
761,169
------------
---------
13. DEBTORS
2024
2023
£
£
Trade debtors
2,504,899
2,893,489
Amounts owed by group undertakings
18,554
Prepayments and accrued income
92,647
20,368
Other debtors
69,750
13,950
------------
------------
2,667,296
2,946,361
------------
------------
14. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
145,718
101,350
Accruals and deferred income
185,747
53,461
Corporation tax
187,843
347,606
Social security and other taxes
1,235,836
1,409,216
Amounts owed to group undertakings
1,943,588
846,947
------------
------------
3,698,732
2,758,580
------------
------------
15. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 47,329 (2023: £ 42,546 ).
16. CALLED UP SHARE CAPITAL FULLY PAID
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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----
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17. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
192,816
168,961
Later than 1 year and not later than 5 years
576,878
578,734
Later than 5 years
1,282,625
1,294,250
------------
------------
2,052,319
2,041,945
------------
------------
18. RELATED PARTY TRANSACTIONS
Advantage has been taken of the exemption conferred by FRS102 to wholly owned subsidiary undertakings, not to disclose transactions and balances with group companies.
19. CONTROLLING PARTY
At the balance sheet date the parent company was Trime Srl . At the balance sheet date the ultimate controlling party was 21 Invest SGR SpA . The smallest group that prepares consolidated financial statements which include the results of Trime (UK) Limited is headed by Trime Srl , a company incorporated in Italy, with the registered office address: Strada per Robecco snc, 20081 Cassinetta di Lugagnano, Milano (MI), Italy . The largest group that prepares consolidated financial statements which include the results of Trime (UK) Limited is headed by Light Holding SpA , a company incorporated in Italy, with the registered office address: Via Paleocapa 5, 20121, Milano (MI), Italy .