REGISTERED NUMBER: 01480424 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
Trevellyan Developments Limited |
REGISTERED NUMBER: 01480424 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
Trevellyan Developments Limited |
Trevellyan Developments Limited (Registered number: 01480424) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 14 |
Trevellyan Developments Limited |
COMPANY INFORMATION |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
BANKERS: | Natwest plc |
Moorgate Branch |
PO Box 712 |
94 Moorgate |
London |
EC2M 6XT |
SOLICITORS: |
6 Bishopsmead Parade |
East Horsley |
Surrey |
KT24 6SR |
Trevellyan Developments Limited (Registered number: 01480424) |
GROUP STRATEGIC REPORT |
for the Year Ended 31 July 2024 |
The directors present their strategic report of the company and the group for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
We are pleased to report Group Key Performance Indicators as follows: |
- Profit pre-tax increased 311% to £5,045,268 (2023 - £1,621,185) |
- Net worth increased by 2.4% to £106,963,799 (2023 - £104,442,783) |
- Turnover increased 20% to £52,903,385 (2023 - £44,151,918) |
- Tax on profit increased to £4,900,858 (2023 - £64,338) due to significant increases in deferred tax as |
corporate tax rates increased from 19% to 25% in April 2023. The group deferred tax provision is now |
£18,610,693 (2023 - £14,188,485) |
- Total unused bank facilities amounted to £9,590,000 which combine with year-end cash balances of |
£1,660,357 to make total funds available of £11,250,357 |
- Total fixed assets grew by 2% to £169,062,402 (2023 - £165,677,339) whilst bank debt fell by 13% to |
£39,969,740 (2023 - £45,929,921) |
- As a result of property sales bank loans reduced by £6,535,656 in the period. Despite this, interest costs rose |
by 32% to £3,430,018 (2023 - £2,593,314) due to higher interest rates on our floating rate debt |
- Rental income grew 14% to £5,376,488 (2023 - £4,717,048). Properties used by operating subsidiaries within |
the group had an external market rental value of £741,252 (2023 - £302,299) |
KEY SUBSIDIARY PERFORMANCE |
PETROL RETAILING |
Our petrol forecourt subsidiary Sectorsure No. 10 Limited increased turnover by 22.1% to £45,057,839 (2023 - £36,896,135) with an 11.8% increase in gross profit to £5,801,476 (2023 - £5,187,954) with net profit of £2,091,173 (2023 - £2,465,794). Operating performance produced a post-tax comprehensive income of £3,717,257 and net worth grew by 13.4% year on year. |
PROPERTY INVESTMENT |
Our property investment company Spincrest Limited increased turnover by 18.4% to £4,872,142 (2023 - £4,116,101). Whilst profit pre-tax increased 76% to £3,726,500 (2023 - £2,118,141), taxation on profit was £3,020,575 reflecting tax on disposals of £927,013 and an increase in the deferred tax provision due to the application of higher corporate tax rates (from 19% to 25%). Despite this, the company achieved a small increase in net worth of 1.4% to £53,146,462 (2023 - £52,440,537). Ever conscious of the need to maintain our investment property in good marketable condition, our annual repair and maintenance program represented 2.14% of market value (2023 - 2.25%). |
ENVIRONMENTAL IMPACT |
As in prior periods, continuing to reduce our environmental impact has been an important task for the group throughout the period. Previous initiatives continued during this period include: increasing recycling rates, switching property electricity supply contracts to be 100% renewably sourced, upgrading refrigeration and LED lighting, and diesel company pool cars are being phased out in favour of hybrid or electric vehicles. The group has in the past year subscribed to a tree planting and carbon offsetting scheme to offset the carbon footprint of all employees with a specialist environment and sustainability company Ecologi, creating our own virtual forest which has funded the planting of over 68,000 trees to date, almost all of which were planted overseas. One further initiative to help us achieve the goal of becoming carbon neutral is to switch tree-planting from overseas to the UK and we have renamed one of our subsidiaries "Tree Huggers" Limited as a first step to taking control of our own tree planting on land already owned or specifically acquired for this purpose. So far, we have planted just over 540 trees in Surrey since the move away from overseas planting. |
We have continued to improve our EPC grades across the property portfolio. We are continually reviewing solar-generated power on a site-by-site basis as the recent significant increase in energy costs have improved the prospects of viable PV installations. The group now has fourteen fully-operational PV solar panel installations. At our Greenhills Estate headquarters, our rural conservation activities have increased and the spaces previously set aside for tree planting, wildflower meadow planting and bee colonies are all developing well and as expected, some of which are now under a DEFRA Countryside Stewardship Scheme. We hope that our most significant contribution to the environment will be as the majority financier for a short film called Plastic Surgery. This film has been written and directed by Guy Trevellyan and focuses on the proliferation of plastics in everyday use and the dangers of migration of plastic compounds into the human body via the food we eat and liquids we drink. Guy Trevellyan has recently been appointed a Director of Trevellyan Developments Limited. |
Trevellyan Developments Limited (Registered number: 01480424) |
GROUP STRATEGIC REPORT |
for the Year Ended 31 July 2024 |
CHARITY |
Donations and fundraising activity amounting to £27,758 (2023 - £26,619) continued throughout the period, with staff organising a number of successful fundraising activities that have benefitted both local and international charitable causes. Notably, our Founder and Chairman, Mr Lance Trevellyan, continues to support the British Heart Foundation and is a member of the "fund the future club" which finances talented BHF researchers across the UK. |
As reported last year, Sir Peter Blake designed two further handmade prints: "Going Home UK" for Teenage Cancer Trust and "Going Home USA" for Teen Cancer America, also produced at CCA's Worton Hall Studios, London. The group is proud to continue to support the aims of these teenage cancer organisations both in the UK and the USA. |
STRATEGY |
The company continues to develop its portfolio and seeks to acquire reasonably priced investments with a view to increasing its long-term holdings in and around London and the South East of England. Having focussed mainly on the UK property sector for over 40 years, the group seeks to diversify into different sectors and country risks. Recent focus has been in the Health screening sector. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review. Compliance with regulation and legal and ethical standards, including respect and dignity at work policies, are a very high priority for the Board. |
In the property investment operation, the need to constantly improve EPC ratings for existing buildings and, whenever possible, to construct new carbon zero sustainable buildings has become a key objective. |
In the petrol retail operation, the most challenging risk category is how to adapt and make ready the provision of services for the EV and hydrogen cell vehicles. |
Interest rates have continued to rise from their previous all-time historic lows to their now 18 year high. The board frequently considers interest rate protection measures, modelling cost versus risk in relation to the groups funding criteria and existing banking covenants. We have an interest hedging policy in place and when medium-term rates fall to our 'strike' level, we will act swiftly. |
FUNDING |
As at 31st July 2024 the group's committed facility loans were £55,505,396 of which a loan of £5,505,396 expires on 12th December 2027 and the committed facility of £50,000,000 expires on 24th May 2028. Both reflect the benefit of improved margins over Bank of England base rates and SONIA. The loan has a repayment profile of 15 years, whereas the loan drawn under the £50,000,000 facility has a bullet repayment at 24th May 2028. In addition, the group has an overdraft facility of £590,000 within the parent company. As at 31st July 2024, the group's unused bank facilities amounted to £9,590,000 and group cash balances were £1,660,357 making total funds available of £11,250,357. |
OUR TEAM |
We would like to record our sincere gratitude for the dedicated team effort of both management and staff alike, whose support and loyalty is essential in maintaining our performance and achieving our goals. The Board remains confident it has the funding, experience and human resources within the group to meet market opportunities presented as and when they arise and that staff training and development ensures the opportunity for personal advancement within the company is available to those who seek it. |
ON BEHALF OF THE BOARD: |
Trevellyan Developments Limited (Registered number: 01480424) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year donations were made of £27,758 to charities or environmental causes, the major ones being |
Ecologi | £12,731 |
Surrey Wildlife Trust | £1,000 |
Essex Wildlife Trust | £2,000 |
Kingston University | £2,000 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Cooper Dawn Jerrom Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVELLYAN DEVELOPMENTS LIMITED |
Opinion |
We have audited the financial statements of Trevellyan Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVELLYAN DEVELOPMENTS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We plan our audit procedures thoroughly prior to conducting fieldwork which includes data analytic techniques, sampling income and expenditure transactions, reviewing classes of transactions in the balance sheet in accordance with audit methodology as well as making enquiries with senior management and directors. Additional audit procedures are undertaken if we come across information that is inconsistent or we are unable to corroborate to information that we have been provided. |
There will be inherent limitations within an audit assignment and there could be a risk that we will not be able to identify irregularities which could lead to a material mis-statement on the financial statements or non-compliance with laws or regulations. There is an increased risk, in that the more compliance with a law or regulations are removed from events and transactions reflected within the financial statements, will result in ourselves being less likely to become aware of instances of non-compliance. There is a much greater risk of irregularities occurring due to fraud rather than error as fraud involves an act of deliberate concealment, forgery, collusion, omissions or misrepresentations. |
We have reviewed the entity's internal controls that directors and senior management oversee on a day-to-day basis, the strong internal controls implemented would be effective in allowing the detection of irregularities on a timely basis. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
Trevellyan Developments Limited (Registered number: 01480424) |
CONSOLIDATED |
INCOME STATEMENT |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER | 52,903,385 | 44,151,918 |
Cost of sales | (42,283,767 | ) | (34,964,357 | ) |
GROSS PROFIT | 10,619,618 | 9,187,561 |
Distribution costs | (57,128 | ) | (48,068 | ) |
Administrative expenses | (7,109,965 | ) | (6,334,468 | ) |
3,452,525 | 2,805,025 |
Other operating income | 364,003 | 356,247 |
Gain/loss on revaluation of assets | 4,643,215 | 734,992 |
OPERATING PROFIT | 4 | 8,459,743 | 3,896,264 |
Profit/loss on sale of investment | 5 | (292,235 | ) | 159,588 |
8,167,508 | 4,055,852 |
Interest receivable and similar income | 307,777 | 158,647 |
8,475,285 | 4,214,499 |
Interest payable and similar expenses | 6 | (3,430,018 | ) | (2,593,314 | ) |
PROFIT BEFORE TAXATION | 5,045,267 | 1,621,185 |
Tax on profit | 7 | (4,900,858 | ) | (64,338 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 144,409 | 1,556,847 |
Trevellyan Developments Limited (Registered number: 01480424) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 144,409 | 1,556,847 |
OTHER COMPREHENSIVE INCOME |
Revaluation of fixed assets | 3,168,809 | - |
Income tax relating to other comprehensive income |
(792,202 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
2,376,607 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,521,016 |
1,556,847 |
Total comprehensive income attributable to: |
Owners of the parent | 2,521,016 | 1,556,847 |
Trevellyan Developments Limited (Registered number: 01480424) |
CONSOLIDATED BALANCE SHEET |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 314,256 | 314,256 |
Tangible assets | 10 | 17,662,675 | 13,248,731 |
Investments | 11 | 3,299,973 | 2,829,230 |
Investment property | 12 | 147,785,499 | 149,285,122 |
169,062,403 | 165,677,339 |
CURRENT ASSETS |
Stocks | 13 | 1,302,407 | 1,487,545 |
Debtors | 14 | 4,617,030 | 3,911,711 |
Investments | 15 | 330 | 330 |
Cash at bank and in hand | 1,660,357 | 1,986,207 |
7,580,124 | 7,385,793 |
CREDITORS |
Amounts falling due within one year | 16 | 8,710,723 | 6,425,711 |
NET CURRENT (LIABILITIES)/ASSETS | (1,130,599 | ) | 960,082 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
167,931,804 |
166,637,421 |
CREDITORS |
Amounts falling due after more than one year | 17 | (42,357,312 | ) | (48,006,153 | ) |
PROVISIONS FOR LIABILITIES | 19 | (18,610,693 | ) | (14,188,485 | ) |
NET ASSETS | 106,963,799 | 104,442,783 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 125,200 | 125,200 |
Pre acquisition reserves | 21 | 3,187 | 3,187 |
Fair value reserve | 21 | 66,572,523 | 64,195,916 |
Retained earnings | 21 | 40,262,889 | 40,118,480 |
SHAREHOLDERS' FUNDS | 106,963,799 | 104,442,783 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by: |
Mr L J P Trevellyan - Director |
Trevellyan Developments Limited (Registered number: 01480424) |
COMPANY BALANCE SHEET |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Fair value reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 588,525 | 274,323 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Trevellyan Developments Limited (Registered number: 01480424) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 July 2024 |
Called up | Pre | Fair |
share | Retained | acquisition | value | Total |
capital | earnings | reserves | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 | 125,200 | 38,561,633 | 3,187 | 64,195,916 | 102,885,936 |
Changes in equity |
Total comprehensive income | - | 1,556,847 | - | - | 1,556,847 |
Balance at 31 July 2023 | 125,200 | 40,118,480 | 3,187 | 64,195,916 | 104,442,783 |
Changes in equity |
Total comprehensive income | - | 144,409 | - | 2,376,607 | 2,521,016 |
Balance at 31 July 2024 | 125,200 | 40,262,889 | 3,187 | 66,572,523 | 106,963,799 |
Trevellyan Developments Limited (Registered number: 01480424) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 July 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2024 |
Trevellyan Developments Limited (Registered number: 01480424) |
CONSOLIDATED CASH FLOW STATEMENT |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 24 | 4,952,629 | 5,231,202 |
Interest paid | (3,430,018 | ) | (2,624,023 | ) |
Tax paid | (244,331 | ) | (298,894 | ) |
Net cash from operating activities | 1,278,280 | 2,308,285 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,619,370 | ) | (293,046 | ) |
Purchase of fixed asset investments | (50,250 | ) | (70,022 | ) |
Purchase of investment property | (720,760 | ) | (26,411,084 | ) |
Sale of tangible fixed assets | 1,667 | 23,638,635 |
Sale of fixed asset investments | (292,235 | ) | - |
Sale of investment property | 6,442,255 | 228,574 |
Interest received | 307,777 | 158,647 |
Net cash from investing activities | 4,069,084 | (2,748,296 | ) |
Cash flows from financing activities |
New bank loans in year | 800,000 | 42,947,741 |
Bank loan repayments in year | (6,760,181 | ) | (41,329,797 | ) |
Net movement on directors' balances | 28,232 | 109,291 |
Movement on other loans | 258,735 | 190,600 |
Net cash from financing activities | (5,673,214 | ) | 1,917,835 |
(Decrease)/increase in cash and cash equivalents | (325,850 | ) | 1,477,824 |
Cash and cash equivalents at beginning of year | 25 | 1,986,207 | 508,383 |
Cash and cash equivalents at end of year | 25 | 1,660,357 | 1,986,207 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Trevellyan Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
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. |
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. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment Properties are valued at their fair value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries | 2,901,031 | 2,698,019 |
Social security costs | 260,090 | 246,957 |
Other pension costs | 212,041 | 206,554 |
3,373,162 | 3,151,530 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Directors | 4 | 4 |
Admin | 25 | 31 |
Management | 6 | 2 |
Clerical | 7 | 7 |
Retail | 73 | 65 |
31.7.24 | 31.7.23 |
£ | £ |
Directors' remuneration | 193,010 | 210,835 |
Directors' pension contributions to money purchase schemes | 153,952 | 153,989 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Hire of plant and machinery | 4,961 | 4,794 |
Depreciation - owned assets | 374,100 | 326,869 |
Profit on disposal of fixed assets | (1,532 | ) | (1,408 | ) |
Auditors' remuneration | 78,203 | 73,211 |
5. | EXCEPTIONAL ITEMS |
31.7.24 | 31.7.23 |
£ | £ |
Profit/loss on sale of investment | (292,235 | ) | 159,588 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
£ | £ |
Bank interest | 3,109,383 | 2,593,314 |
Other interest payable | 320,635 | - |
3,430,018 | 2,593,314 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax | 1,270,852 | 64,338 |
Deferred tax | 3,630,006 | - |
Tax on profit | 4,900,858 | 64,338 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
31.7.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of fixed assets | 3,168,809 | (792,202 | ) | 2,376,607 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 | 314,256 |
NET BOOK VALUE |
At 31 July 2024 | 314,256 |
At 31 July 2023 | 314,256 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2023 | 12,157,324 | - | 2,907,480 |
Additions | 833,049 | - | 377,886 |
Disposals | - | - | (1,667 | ) |
Revaluations | 3,168,809 | - | - |
At 31 July 2024 | 16,159,182 | - | 3,283,699 |
DEPRECIATION |
At 1 August 2023 | 151,118 | 989 | 1,944,113 |
Charge for year | 14,394 | (989 | ) | 247,748 |
Eliminated on disposal | - | - | (1,532 | ) |
At 31 July 2024 | 165,512 | - | 2,190,329 |
NET BOOK VALUE |
At 31 July 2024 | 15,993,670 | - | 1,093,370 |
At 31 July 2023 | 12,006,206 | (989 | ) | 963,367 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2023 | 938,834 | 173,847 | 16,177,485 |
Additions | 347,297 | 61,138 | 1,619,370 |
Disposals | - | - | (1,667 | ) |
Revaluations | - | - | 3,168,809 |
At 31 July 2024 | 1,286,131 | 234,985 | 20,963,997 |
DEPRECIATION |
At 1 August 2023 | 677,590 | 154,944 | 2,928,754 |
Charge for year | 90,675 | 22,272 | 374,100 |
Eliminated on disposal | - | - | (1,532 | ) |
At 31 July 2024 | 768,265 | 177,216 | 3,301,322 |
NET BOOK VALUE |
At 31 July 2024 | 517,866 | 57,769 | 17,662,675 |
At 31 July 2023 | 261,244 | 18,903 | 13,248,731 |
Included in cost or valuation of land and buildings is freehold land of £12,205,257 (2023 - £11,481,382) which is not depreciated. |
Cost or valuation at 31 July 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2020 | 29,436,295 | - | - | - | 29,436,295 |
Valuation in 2021 | 6,179,071 | - | - | - | 6,179,071 |
Valuation in 2023 | (23,458,042 | ) | - | - | - | (23,458,042 | ) |
Valuation in 2024 | 3,168,809 | - | - | - | 3,168,809 |
Cost | 833,049 | 3,283,699 | 1,286,131 | 234,985 | 5,637,864 |
16,159,182 | 3,283,699 | 1,286,131 | 234,985 | 20,963,997 |
PETROL GROUP |
The original six operating sites were professionally valued by Avison Young (UK) Ltd in January 2022 and the directors consider values at January 2022 with further enhancements to be indicative of values at 31st July 2024.The site purchased during the year was revalued by the directors on the same basis as the professional valuers. |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
11. | FIXED ASSET INVESTMENTS |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Participating interests | 84,250 | 34,000 |
Investment in art works | 3,215,723 | 2,795,230 |
3,299,973 | 2,829,230 |
Additional information is as follows: |
Group |
Property |
portfolio |
£ |
COST |
At 1 August 2023 | 34,000 |
Additions | 50,250 |
At 31 July 2024 | 84,250 |
NET BOOK VALUE |
At 31 July 2024 | 84,250 |
At 31 July 2023 | 34,000 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Group |
CCA Galleries Limited |
The Art bus has been included at the Directors valuation of £470,000. |
The Directors also considered that an increase in the valuation from 45% to 50% of the retail price on investments in art works is justified based on the current market. |
This gives an increase in value over the previous year's value of £187,000 based on the previous policy. |
The Directors have revalued the Art Hotel based on the current proposals at £892,000. |
Investments (neither listed nor unlisted) were as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Investments in art works, art hotel and CCA Art Bus | 3,215,723 | 2,795,230 |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 August 2023 |
Share of profit/(loss) | 715,236 |
Revaluations |
Dividends received | (2,500,000 | ) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
CCA Galleries Limited | 710,000 | 35p Ordinary Shares | 33.3% | 1,009,759 |
Christies Contemporary Art Ltd | 100 | £1 Ordinary Shares | 100% | 100 |
Coriander Ltd | 13,850 | £1 Ordinary Shares | 100% | 40,594 |
Gallery Online Limited | 99 | £1 Ordinary Shares | 100% | 99 |
Tree Huggers Ltd | 160,500 | £1 Ordinary Shares | 100% | 163,500 |
Nice Guy Pictures Ltd | 100 | £1 Ordinary Shares | 100% | 373 |
Harvest Wood Fuels Ltd | 100 | £1 Ordinary Shares | 100% | 956 |
Harvest Wood Products Ltd | 70,005 | £1 Ordinary Shares | 100% | 580,155 |
Just Mixin' Ltd | 100 | £1 Ordinary Shares | 100% | 100 |
Sectorsure Ltd | 100 | £1 Ordinary Shares | 100% | 31,792,074 |
Spincrest Ltd | 100 | £1 Ordinary Shares | 100% | 53,146,462 |
Tracs Contracting Services Ltd | 10,000 | £1 Ordinary Shares | 100% | NIL |
TT Construction Solutions Limited | 100 | £1 Ordinary Shares | 100% | 190,042 |
Investments are stated at the underlying net asset value at 31st July 2024. |
The remaining 66.7% of the issued share capital of CCA Galleries Ltd (£1,869,821) |
is owned through the intermediate holding company Tree Huggers Ltd. |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 August 2023 | 149,285,122 |
Additions | 720,760 |
Disposals | (6,442,255 | ) |
Revaluations | 4,221,872 |
At 31 July 2024 | 147,785,499 |
NET BOOK VALUE |
At 31 July 2024 | 147,785,499 |
At 31 July 2023 | 149,285,122 |
The investment property portfolio within Trevellyan Developments Ltd has increased in value on an open market basis, based upon valuations in March 2022 by Savills PLC (Fulham Road), Jones Lang LaSalle Ltd (Cricklewood Broadway and Goldhawk Road) and Avison Young (UK) Ltd (Grange and Holborough). The directors have adopted these valuations on the basis that they consider them to be indicative of the valuations at 31 July 2024,with the exception of Fulham Road, where a £2,790,000 reduction was considered prudent. |
Trevellyan Developments Ltd received the benefit of a major planning gain in May 2022, with consent being granted to redevelop its Bethnal Green site into a 157-bed hotel with ancillary space. The directors decided to book a revaluation gain in the prior period to take the site value to its estimated market value based on a formal offer received in March 2022, which they regard to be indicative of its value at 31st July 2024, and is further supported by a recent market appraisal carried out by CBRE. Deferred tax liability has been provided for this at this new valuation level. This, and the Hampstead site, were transferred to the holding company in the prior period. The Hampstead site has increased in value by £3,574,000 to reflect its redevelopment value in excess of its current use value, following the London Borough of Camden planning committee approval in July 2024. |
During the 12-month period to 31 July 2024, Spincrest Ltd has continued to improve and redevelop new properties. The basis of valuation at 31 July 2024 has been to adopt professional valuations carried out for the entire portfolio by a combination of Knight Frank LLP (March 2022), Savills PLC (March 2022), Vail Williams LLP (April 2022), South East Leasehold Ltd (May 2022) and Stiles Harold Williams Partnership LLP (March 2022). The directors have adopted these professional red book valuations as they consider them to be indicative of valuations at 31 July 2024. |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2020 | 104,831,273 |
Valuation in 2021 | 14,856,082 |
Valuation in 2022 | 2,757,212 |
Valuation in 2023 | 26,840,555 |
Valuation in 2024 | (1,499,623 | ) |
147,785,499 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
Additions |
Revaluations | 1,755,438 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The investment property portfolio within the company has increased in value on an open market basis, based upon valuations in March 2022 by Savills PLC (Fulham Road), Jones Lang LaSalle Ltd (Cricklewood Broadway and Goldhawk Road) and Avison Young (UK) Ltd (Grange and Holborough). |
The directors have adopted these valuations on the basis that they consider them to be indicative of the valuations at 31st July 2024, with the exception of Fulham Road, where a £2,790,000 reduction was considered prudent. |
The company received the benefit of a major planning gain in May 2022, with consent being granted to redevelop its Bethnal Green site into a 157-bed hotel with ancillary space. The directors decided to book a revaluation gain in the prior period to take the site value to its estimated market value based on a formal offer received in March 2022, which they regard to be indicative of its value at 31st July 2024, and is further supported by a recent market appraisal carried out by CBRE. Deferred tax liability has been provided for at this new valuation level. The Hampstead site has increased in value by £3,574,000 to reflect its redevelopment value in excess of its current use value, following the London Borough of Camden planning committee approval in July 2024. |
13. | STOCKS |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Stocks | 1,302,407 | 1,487,545 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Trade debtors | 1,465,697 | 564,816 |
Amounts owed by group undertakings | - | - |
Other debtors | 2,849,377 | 2,990,685 |
Prepayments and accrued income | 301,956 | 356,210 |
4,617,030 | 3,911,711 |
15. | CURRENT ASSET INVESTMENTS |
Group |
31.7.24 | 31.7.23 |
£ | £ |
Other | 330 | 330 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 222,522 | 246,895 |
Payments on account | 8,469 | 8,469 |
Trade creditors | 3,267,796 | 2,949,288 |
Amounts owed to group undertakings | - | - |
Corporation Tax | 1,336,899 | 310,378 |
Social security and other taxes | 591,225 | 455,407 |
Other creditors | 2,443,532 | 1,460,267 |
Accruals and deferred income | 840,280 | 995,007 |
8,710,723 | 6,425,711 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans (see note 18) | 39,747,218 | 45,683,026 |
Other loans (see note 18) | 1,950,263 | 1,691,528 |
Amounts owed to group undertakings | - | - | 222,558 | 222,558 |
Other creditors >1 year | 15,379 | 15,379 |
Directors' loan accounts | 644,452 | 616,220 | 644,452 | 616,220 |
42,357,312 | 48,006,153 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 222,522 | 246,895 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 445,044 | 252,063 |
Other creditors | 1,950,263 | 1,691,528 | 1,950,263 | 1,691,528 |
2,395,307 | 1,943,591 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 39,302,174 | 45,430,963 |
The bank loans and overdrafts are secured by way of a fixed and floating charge over the group's assets. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 211,369 | 105,141 |
Other timing differences | 18,399,324 | 14,083,344 | 4,075,905 | 2,954,154 |
18,610,693 | 14,188,485 | 4,075,905 | 2,954,154 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 14,188,485 |
Provided during year | 4,422,208 |
Balance at 31 July 2024 | 18,610,693 |
Company |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Provided during year |
Balance at 31 July 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
Preference A | £1 | 15,000 | 15,000 |
Preference B | £1 | 110,000 | 110,000 |
125,100 | 125,100 |
21. | RESERVES |
Group |
Pre | Fair |
Retained | acquisition | value |
earnings | reserves | reserve | Totals |
£ | £ | £ | £ |
At 1 August 2023 | 40,118,480 | 3,187 | 64,195,916 | 104,317,583 |
Profit for the year | 144,409 | 144,409 |
Realisation | - | - | 2,376,607 | 2,376,607 |
At 31 July 2024 | 40,262,889 | 3,187 | 66,572,523 | 106,838,599 |
Company |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 106,767,538 |
Profit for the year |
Realisation | - | 1,932,592 | 1,932,592 |
At 31 July 2024 | 109,288,655 |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
22. | RELATED PARTY DISCLOSURES |
Mr L J P Trevellyan |
Director |
During the period the company rented boardroom and storage facilities for £36,000 (2023 - £36,000). |
During prior years (2018 - £500,000 and 2019 - £50,000) options to purchase standing timber surrounding the Greenhills Estate was acquired from LJP Trevellyan. To date the option has not yet been exercised and the payment represents a returnable deposit against the forward sale. |
31.7.24 | 31.7.23 |
£ | £ |
Amount due to related party at the balance sheet date | 453,998 | 436,665 |
Trevellyan Properties Limited |
A company LJP Trevellyan has a controlling interest |
31.7.24 | 31.7.23 |
£ | £ |
Amount due to related party at the balance sheet date | 409,393 | 355,240 |
CCA Galleries International Limited |
Direct interest by Mr LJP Trevellyan |
During the year CCA Galleries International Limited charged the group management fees of £461,597 (2023 - £350,400). |
The company previously acquired options to purchase long leasehold properties in the Cricklewood Broadway and Goldhawk Road developments for £100,000. |
31.7.24 | 31.7.23 |
£ | £ |
Amount due from related party at the balance sheet date | 1,807,747 | 2,370,804 |
Mrs A H Trevellyan |
Director |
31.7.24 | 31.7.23 |
£ | £ |
Amount due to related party at the balance sheet date | 170,170 | 157,853 |
Trevellyan Pension Scheme |
Pension scheme LJP Trevellyan is a trustee |
The group rents garages from the trustees of the Trevellyan Pension Scheme for £6,000 (2023- £6,000). |
31.7.24 | 31.7.23 |
£ | £ |
Amount due to related party at the balance sheet date | 1,950,263 | 1,691,528 |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr L J P Trevellyan. |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
24. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit before taxation | 5,045,267 | 1,621,185 |
Depreciation charges | 374,100 | 326,870 |
Profit on disposal of fixed assets | (682 | ) | (1,408 | ) |
Gain on revaluation of fixed assets | (4,350,980 | ) | (734,992 | ) |
Finance costs | 3,430,018 | 2,593,314 |
Finance income | (307,777 | ) | (158,647 | ) |
4,189,946 | 3,646,322 |
Decrease/(increase) in stocks | 185,138 | (54,058 | ) |
(Increase)/decrease in trade and other debtors | (705,319 | ) | 955,557 |
Increase in trade and other creditors | 1,282,864 | 683,381 |
Cash generated from operations | 4,952,629 | 5,231,202 |
25. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 1,660,357 | 1,986,207 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 1,986,207 | 508,383 |
26. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,986,207 | (325,850 | ) | 1,660,357 |
1,986,207 | (325,850 | ) | 1,660,357 |
Liquid resources |
Current asset investments | 330 | - | 330 |
330 | - | 330 |
Debt |
Debts falling due within 1 year | (246,895 | ) | 24,373 | (222,522 | ) |
Debts falling due after 1 year | (47,374,554 | ) | 5,677,073 | (41,697,481 | ) |
(47,621,449 | ) | 5,701,446 | (41,920,003 | ) |
Total | (45,634,912 | ) | 5,375,596 | (40,259,316 | ) |
27. | CASH AT BANK IN TRUST FOR LESSEES |
The group holds £18,449 (2023 - £33,060) as trustees for tenants for the investment properties, being for the management and maintenance of the properties. |
Trevellyan Developments Limited (Registered number: 01480424) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
28. | UNUSED COMMITED BANK FACILITIES |
As at 31st July 2024 the company had access to the group's unused bank facilities amounting to £9,590,000 under a facility which is cross guaranteed between the holding company and fellow subsidiaries. In addition, group cash balances at 31st July 2024 were £1,660,357 making total funds available of £11,250,357. |