REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
TREVORS WAREHOUSES LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
TREVORS WAREHOUSES LIMITED |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
TREVORS WAREHOUSES LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
STRATEGIC REPORT |
for the year ended 31 December 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
Trevors Foodservice has been a reliable wholesale foodservice distributor for over six decades and is a proud Country Range member. We cater to a diverse customer base, supplying products to small and large multi-site restaurants, hotels, schools, care homes, coffee shops and more. With over 3000 product lines spanning frozen, ambient, and chilled categories, along with non-food items, Trevors Foodservice is your go-to foodservice wholesale supplier for quality ingredients and supplies. |
The company has built up and maintained a business as one of the leading catering supply companies in the North West. It is a family run business where the close family have all helped to contribute towards the success of the company. |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
STRATEGIC REPORT |
for the year ended 31 December 2024 |
REVIEW OF BUSINESS |
During the year the company has invested in new plant, machinery and refurbishment costs for it's new operating facility in Fleetwood. The company moved into the premises in March 2024 and expects the benefits of the move to be felt in the company for many years to come. |
The company sets high standards and constantly reviews it's sales and marketing strategies to ensure that customer needs are meet and maintained to the highest standard. Purchasing strategy is also constantly monitored and this year the industry has continued to be impacted upon by price rises and stock availability caused by wider global economic issues. |
The directors are pleased with the trading results for the year, the results are reflective of inflationary price rises which continued throughout the last 12 months. The directors monitor key performance indicators and review information on a consistent basis in order to continually improve. For year ended 31st December 2024 the following key performance indicators are presented: |
2024 | 2023 | Change |
£ | £ | % |
Turnover | 20,801 | 19,916 | 4.4% |
Gross profit | 6,019 | 5,897 | 2.0% |
Adjusted profit before tax | 859 | 1,906 | -54.9% |
Turnover increased by 4.4% during the year and gross profit increased by 2%. This was due to sales price and volume increases achieved by the company. Adjusted profit before tax decreased by 54.9% which is reflective of the increased depreciation on the new plant and machinery as well as increased wage costs and higher repairs and renewals than usual. All of these costs are linked to the new factory and the ultimate expansion of the business. |
Turnover and gross profit per employee are further KPI's and have increased this year as follows: |
2024 | 2023 | Change |
£ | £ | % |
Turnover per employee | 281 | 297 | -5.4% |
Gross profit per employee | 81.3 | 88.0 | -7.6% |
Balance sheet ratios: |
2024 |
2023 |
Change |
Current Ratio |
1.4:1 |
1.1:1 |
+0.3 |
Debtor Days |
21 Days |
24 Days |
3 Days |
The current ratio has increased from 1.1 to 1.4, in previous years the ratio was much higher but is currently decreased due to the company investing it's cash into the new building project Cash and cash equivalents have increased by £1.5m during the year which ultimately aligns with the increase in the current ratio. |
Debtor days have decreased and remain within the expected 30 day credit period, this indicates that there is no problem with cash flow and customers are paying us within a reasonable amount of time. |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
STRATEGIC REPORT |
for the year ended 31 December 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Operational risks |
The directors consider the major risks to future profitability that the company continues to face are in terms of competition for the school tenders which contribute around 35% of turnover, and are required to be renegotiated every two to three years. However, the directors are confident that due to their good reputation and long standing links with the local bodies these tenders will be renewed. |
The directors are satisfied that in the current financial year they will once again be able to meet their objectives of continued growth and profitability for the long term benefit of employees. |
Business Environment and Price risk |
Trading conditions in the UK food and retail sectors remained challenging during the year. Commodity prices within the food sector have seen significant inflation which has directly impacted upon the purchases of the company. It has also felt impact of other price increases such as energy and fuel. The company has so far managed these risks by maintaining its Gross Profit margin at a sensible level. |
The firm maintains strong relationships with it's customers and consistently provides excellent service to them, this allows the firm to keep it's competitive advantage and to stave of competing firms consistently. |
Financial risks |
The company's activities expose it to a number of financial risks. |
The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The risk is limited by the fact the company services a large number of customers. The company has limited exposure to cash flow or liquidity risk as it has no material borrowings and is in a strong cash position with no dealings in foreign currency. |
ON BEHALF OF THE BOARD: |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2024. |
FUTURE DEVELOPMENTS |
The company's plans for the future are to increase sales from current and new customers, maximise profits and to continue to look at cost savings. The company has expanded its warehousing facilities during the year and moved into new premises. This large investment by the company should enable it to meet it's objectives and to continue to grow significantly beyond its current level. |
The new site has give the company much needed space for its current operations whilst also allowing for scoping of operations into the future. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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). 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 of 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 judgements 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. |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2024 |
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 company'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 company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVORS WAREHOUSES LIMITED |
Opinion |
We have audited the financial statements of Trevors Warehouses Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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; 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 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 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVORS WAREHOUSES LIMITED |
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 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, 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 Statement of Directors' Responsibilities set out on page five, 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 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. |
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: |
Based on our understanding of the entity and the industry in which it operates we identified principal risks of non-compliance with laws and regulations related to Health and Safety, Food Hygiene standards and other environmental laws. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements. We also considered the Companies Act 2006 as this has a direct impact on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journals in order to impact profitability and misappropriation of stock. There are no significant accounting estimates which could give rise to management bias. |
Audit procedures performed in order to mitigate the risks highlighted include the following: |
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. |
- Evaluation and testing of the operating effectiveness of the management's controls designed to prevent and detect irregularities. |
- Reviewing key correspondence with regulatory authorities in relation to compliance with relevant regulations. |
- Challenging assumptions and judgements made by the management as well as explanations given. |
- Identifying and testing journal entries, in particular those posted with unusual account combinations. |
- Performing analytical review work. |
- Testing a number of balances and assertions within the financial statements |
There are limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TREVORS WAREHOUSES LIMITED |
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 Auditor |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,274,885 | 1,222,090 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,446,456 | 1,327,463 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
BALANCE SHEET |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Property, plant and equipment | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Inventories | 14 |
Debtors | 15 |
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 | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2024 |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
CASH FLOW STATEMENT |
for the year ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 405,155 | 405,471 |
Amount withdrawn by directors | (11,655 | ) | (11,262 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,660,902 |
Cash and cash equivalents at end of year | 2 | 2,221,586 | 703,303 |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 December 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 112,048 | 16,417 |
Finance income | (21,745 | ) | (58,192 | ) |
1,526,039 | 2,150,999 |
Increase in inventories | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | 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 December 2024 |
31/12/24 | 1/1/24 |
£ | £ |
Cash and cash equivalents | 2,221,586 | 703,303 |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 703,303 | 2,660,902 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/24 | Cash flow | At 31/12/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 703,303 | 1,518,283 | 2,221,586 |
703,303 | 2,221,586 |
Debt |
Finance leases | (277,015 | ) | (60,704 | ) | (337,719 | ) |
(277,015 | ) | (60,704 | ) | (337,719 | ) |
Total | 426,288 | 1,457,579 | 1,883,867 |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Trevors Warehouses Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. |
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 | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are initially recorded at cost; expenditure under £250 is written off in the period it is incurred. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Cash and Cash Equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
The investment relates to membership of the Country Range Group. No income will be generated as part of this investment and it is valued at cost. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future and for at least 12 months from the date that these Financial statements are approved. Therefore, the company continues to adopt the going concern basis in preparing the Financial statements.The company is profitable, holds strong cash reserves and has lengthy and consistent record of strong cash generation which is more than sufficient to meet its day-to-day working capital requirements. |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and 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 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. |
Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty |
The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the entity and that have the most significant effect on the amounts recognised in the financial statements. It is deemed that there are no critical accounting judgements. |
Fixed Assets |
Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated , and (b) the existence and any amount of impairment. Details of fixed assets can be found in note 8. |
Fixed assets are depreciated on a straight line basis over the estimated useful lives. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives and future economic utilization and the physical condition of the assets concerned. |
The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows. |
Investment property |
The fair value of the investment property has been arrived at on the basis of the directors valuation carried out on 31st December 2024. The valuation was made on an open market value basis by reference to the fact that they purchased the property in October 2023 at that price. |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Sundry receipts | 27,742 | 22,313 |
149,826 | 47,181 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operations staff | 53 | 46 |
Sales and admin | 14 | 14 |
Business support | 1 | 1 |
Directors | 4 | 4 |
IT | 2 | 2 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest |
Hire purchase |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax | 167,944 | 186,655 |
Uplift on land remediation | - | (4,730 | ) |
Chargeable gains on leasehold property | 121,260 | - |
Total tax charge | 348,888 | 318,766 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary B shares of £1 each |
Interim |
Ordinary C shares of £1 each |
Interim |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
11. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
12. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
13. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
14. | INVENTORIES |
2024 | 2023 |
£ | £ |
Stocks |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 4,438 | 3,077 |
VAT |
Prepayments |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 9,554 | - |
Other creditors |
Directors' current accounts | 796,665 | 401,804 |
Accruals and deferred income |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
17. | CREDITORS MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 337,719 | 277,015 |
The company has a bank overdraft facility and credit card, both are secured by a debenture and a charge over the leasehold property. |
The hire purchase agreements are secured over the assets to which they relate. |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 485,552 | 317,607 |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 December 2024 |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 5,000 | 5,000 |
Ordinary B | £1 | 100 | 100 |
Ordinary C | £1 | 100 | 100 |
5,200 | 5,200 |
The company's Articles of Association (as adopted by Special Resolution passed on the 16 July 2003) state that the "A" shares, "B" shares and "C" shares shall be deemed to represent separate classes of shares for such purposes as are specifically provided for in those articles. In all other respects they shall rank pari passu as if they constituted one class of shares. |
The purposes for which they shall be deemed to represent separate classes of shares are: |
1. There are no voting rights attached to the "B" and "C" shares. |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
At 31 December 2024 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is charged on loans to the directors at the HMRC rate for beneficial loan arrangements. |
During the period dividends of £Nil were paid to the directors (2023 - £3,000). |
24. | RELATED PARTY DISCLOSURES |
Director Mrs H Hitchen has provided a loan of £400,000 to the company during the period. Interest charged on loans from the directors totalled £91,792, this amount was contained in accruals at the year end date. |
25. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors there is no one controlling party. |