IRIS Accounts Production v25.1.0.734 00781426 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities the wholesale and retail of groceries. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007814262023-12-31007814262024-12-31007814262024-01-012024-12-31007814262022-12-31007814262023-01-012023-12-31007814262023-12-3100781426ns15:EnglandWales2024-01-012024-12-3100781426ns14:PoundSterling2024-01-012024-12-3100781426ns10:Director12024-01-012024-12-3100781426ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3100781426ns10:MediumEntities2024-01-012024-12-3100781426ns10:Audited2024-01-012024-12-3100781426ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3100781426ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3100781426ns10:FullAccounts2024-01-012024-12-310078142612024-01-012024-12-3100781426ns10:OrdinaryShareClass12024-01-012024-12-3100781426ns10:OrdinaryShareClass22024-01-012024-12-3100781426ns10:OrdinaryShareClass32024-01-012024-12-3100781426ns10:Director22024-01-012024-12-3100781426ns10:Director32024-01-012024-12-3100781426ns10:Director42024-01-012024-12-3100781426ns10:CompanySecretary12024-01-012024-12-3100781426ns10:RegisteredOffice2024-01-012024-12-3100781426ns5:CurrentFinancialInstruments2024-12-3100781426ns5:CurrentFinancialInstruments2023-12-3100781426ns5:Non-currentFinancialInstruments2024-12-3100781426ns5:Non-currentFinancialInstruments2023-12-3100781426ns5:ShareCapital2024-12-3100781426ns5:ShareCapital2023-12-3100781426ns5:RetainedEarningsAccumulatedLosses2024-12-3100781426ns5:RetainedEarningsAccumulatedLosses2023-12-3100781426ns5:ShareCapital2022-12-3100781426ns5:RetainedEarningsAccumulatedLosses2022-12-3100781426ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100781426ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3100781426ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100781426ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3100781426ns5:LongLeaseholdAssetsns5:LandBuildings2024-01-012024-12-3100781426ns5:PlantMachinery2024-01-012024-12-3100781426ns5:FurnitureFittings2024-01-012024-12-3100781426ns5:MotorVehicles2024-01-012024-12-3100781426ns5:ComputerEquipment2024-01-012024-12-310078142612024-01-012024-12-3100781426ns10:HighestPaidDirector2024-01-012024-12-3100781426ns10:HighestPaidDirector2023-01-012023-12-3100781426ns5:OwnedAssets2024-01-012024-12-3100781426ns5:OwnedAssets2023-01-012023-12-3100781426ns5:LeasedAssets2024-01-012024-12-3100781426ns5:LeasedAssets2023-01-012023-12-3100781426ns5:NetGoodwill2024-01-012024-12-3100781426ns5:NetGoodwill2023-01-012023-12-310078142612024-01-012024-12-310078142612023-01-012023-12-3100781426ns5:HirePurchaseContracts2024-01-012024-12-3100781426ns5:HirePurchaseContracts2023-01-012023-12-3100781426ns10:OrdinaryShareClass22023-01-012023-12-3100781426ns10:OrdinaryShareClass32023-01-012023-12-3100781426ns5:NetGoodwill2023-12-3100781426ns5:NetGoodwill2024-12-3100781426ns5:NetGoodwill2023-12-3100781426ns5:LandBuildings2023-12-3100781426ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3100781426ns5:PlantMachinery2023-12-3100781426ns5:LandBuildings2024-01-012024-12-3100781426ns5:LandBuildings2024-12-3100781426ns5:LongLeaseholdAssetsns5:LandBuildings2024-12-3100781426ns5:PlantMachinery2024-12-3100781426ns5:LandBuildings2023-12-3100781426ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3100781426ns5:PlantMachinery2023-12-3100781426ns5:FurnitureFittings2023-12-3100781426ns5:MotorVehicles2023-12-3100781426ns5:ComputerEquipment2023-12-3100781426ns5:FurnitureFittings2024-12-3100781426ns5:MotorVehicles2024-12-3100781426ns5:ComputerEquipment2024-12-3100781426ns5:FurnitureFittings2023-12-3100781426ns5:MotorVehicles2023-12-3100781426ns5:ComputerEquipment2023-12-3100781426ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3100781426ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3100781426ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-12-3100781426ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3100781426ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3100781426ns5:UnlistedNon-exchangeTraded2024-12-3100781426ns5:UnlistedNon-exchangeTraded2023-12-3100781426ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3100781426ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3100781426ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3100781426ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3100781426ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3100781426ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3100781426ns5:HirePurchaseContracts2024-12-3100781426ns5:HirePurchaseContracts2023-12-3100781426ns5:WithinOneYear2024-12-3100781426ns5:WithinOneYear2023-12-3100781426ns5:BetweenOneFiveYears2024-12-3100781426ns5:BetweenOneFiveYears2023-12-3100781426ns5:AllPeriods2024-12-3100781426ns5:AllPeriods2023-12-3100781426ns5:DeferredTaxation2023-12-3100781426ns5:DeferredTaxation2024-01-012024-12-3100781426ns5:DeferredTaxation2024-12-3100781426ns10:OrdinaryShareClass12024-12-3100781426ns10:OrdinaryShareClass22024-12-3100781426ns10:Ord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REGISTERED NUMBER: 00781426 (England and Wales)















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: Mrs H A Hitchen
Mr G S Hitchen
Mrs D J Whitehead
Mr M T Hitchen





SECRETARY: Mrs D J Whitehead





REGISTERED OFFICE: 17 St Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 00781426 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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:





Mr G S Hitchen - Director


22 April 2025

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.

Mrs H A Hitchen
Mr G S Hitchen
Mrs D J Whitehead
Mr M T Hitchen

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:




Mr G S Hitchen - Director


22 April 2025

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.




Charles Bryning FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

22 April 2025

TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2024

2024 2023
Notes £    £   

REVENUE 20,801,057 19,915,648

Cost of sales 14,782,117 14,019,181
GROSS PROFIT 6,018,940 5,896,467

Administrative expenses 4,744,055 4,674,377
1,274,885 1,222,090

Other operating income 4 149,826 47,181
OPERATING PROFIT 6 1,424,711 1,269,271

Interest receivable and similar income 21,745 58,192
1,446,456 1,327,463

Interest payable and similar expenses 7 112,048 16,417
PROFIT BEFORE TAXATION 1,334,408 1,311,046

Tax on profit 8 348,888 318,766
PROFIT FOR THE FINANCIAL YEAR 985,520 992,280

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

985,520

992,280

TREVORS WAREHOUSES LIMITED (REGISTERED NUMBER: 00781426)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 10 52,060 58,060
Property, plant and equipment 11 3,784,549 3,829,637
Investments 12 50 50
Investment property 13 1,041,178 1,041,178
4,877,837 4,928,925

CURRENT ASSETS
Inventories 14 1,325,866 1,020,895
Debtors 15 1,214,168 1,466,262
Cash at bank and in hand 2,221,586 703,303
4,761,620 3,190,460
CREDITORS
Amounts falling due within one year 16 (3,363,358 ) (3,021,989 )
NET CURRENT ASSETS 1,398,262 168,471
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,276,099

5,097,396

CREDITORS
Amounts falling due after more than one
year

17

(220,227

)

(194,989

)

PROVISIONS FOR LIABILITIES 20 (485,552 ) (317,607 )
NET ASSETS 5,570,320 4,584,800

CAPITAL AND RESERVES
Called up share capital 21 5,200 5,200
Retained earnings 22 5,565,120 4,579,600
SHAREHOLDERS' FUNDS 5,570,320 4,584,800

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





Mr G S Hitchen - Director


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 5,200 3,590,320 3,595,520

Changes in equity
Dividends - (3,000 ) (3,000 )
Total comprehensive income - 992,280 992,280
Balance at 31 December 2023 5,200 4,579,600 4,584,800

Changes in equity
Total comprehensive income - 985,520 985,520
Balance at 31 December 2024 5,200 5,565,120 5,570,320

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 1,336,734 2,350,133
Interest paid (91,792 ) -
Interest element of hire purchase payments
paid

(20,256

)

(16,417

)
Tax paid (132,111 ) (264,067 )
Net cash from operating activities 1,092,575 2,069,649

Cash flows from investing activities
Purchase of intangible fixed assets - (60,000 )
Purchase of tangible fixed assets (1,135,957 ) (3,346,697 )
Purchase of investment property - (1,041,178 )
Sale of tangible fixed assets 1,085,716 49,000
Interest received 21,745 58,192
Net cash from investing activities (28,496 ) (4,340,683 )

Cash flows from financing activities
Capital repayments in year 60,704 (77,774 )
Amount introduced by directors 405,155 405,471
Amount withdrawn by directors (11,655 ) (11,262 )
Equity dividends paid - (3,000 )
Net cash from financing activities 454,204 313,435

Increase/(decrease) in cash and cash equivalents 1,518,283 (1,957,599 )
Cash and cash equivalents at beginning of
year

2

703,303

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 1,334,408 1,311,046
Depreciation charges 576,555 286,795
(Profit)/loss on disposal of fixed assets (475,227 ) 594,933
Finance costs 112,048 16,417
Finance income (21,745 ) (58,192 )
1,526,039 2,150,999
Increase in inventories (304,971 ) (49,716 )
Decrease/(increase) in trade and other debtors 253,456 (430,882 )
(Decrease)/increase in trade and other creditors (137,790 ) 679,732
Cash generated from operations 1,336,734 2,350,133

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 1,518,283 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Long leasehold - 2% on cost
Plant and machinery - 20% on cost and 20% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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 122,084 24,868
Sundry receipts 27,742 22,313
149,826 47,181

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,667,459 2,387,062
Social security costs 268,201 240,451
Other pension costs 133,082 189,264
3,068,742 2,816,777

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
74 67

2024 2023
£    £   
Directors' remuneration 544,267 543,798
Directors' pension contributions to money purchase schemes 54,000 114,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 215,517 203,377
Pension contributions to money purchase schemes 24,000 54,000

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 12,866 13,884
Depreciation - owned assets 442,337 187,363
Depreciation - assets on hire purchase contracts 128,219 97,492
(Profit)/loss on disposal of fixed assets (475,227 ) 594,933
Goodwill amortisation 6,000 1,940
Auditors' remuneration 10,000 9,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 91,792 -
Hire purchase 20,256 16,417
112,048 16,417

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 180,943 132,111

Deferred tax 167,945 186,655
Tax on profit 348,888 318,766

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 1,334,408 1,311,046
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.521%)

333,602

308,371

Effects of:
Expenses not deductible for tax purposes 382 140,650
Income not taxable for tax purposes (118,807 ) -
Capital allowances in excess of depreciation (155,493 ) (312,180 )

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 - 2,000
Ordinary C shares of £1 each
Interim - 1,000
- 3,000

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 60,000
AMORTISATION
At 1 January 2024 1,940
Amortisation for year 6,000
At 31 December 2024 7,940
NET BOOK VALUE
At 31 December 2024 52,060
At 31 December 2023 58,060

11. PROPERTY, PLANT AND EQUIPMENT
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 1,175,023 1,133,830 1,625,678
Additions 35,479 - 916,714
Disposals - (878,830 ) -
At 31 December 2024 1,210,502 255,000 2,542,392
DEPRECIATION
At 1 January 2024 11,832 309,388 311,280
Charge for year 23,503 20,153 321,055
Eliminated on disposal - (268,341 ) -
At 31 December 2024 35,335 61,200 632,335
NET BOOK VALUE
At 31 December 2024 1,175,167 193,800 1,910,057
At 31 December 2023 1,163,191 824,442 1,314,398

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 246,496 1,295,928 134,806 5,611,761
Additions - 183,764 - 1,135,957
Disposals - (130,870 ) - (1,009,700 )
At 31 December 2024 246,496 1,348,822 134,806 5,738,018
DEPRECIATION
At 1 January 2024 227,960 789,749 131,915 1,782,124
Charge for year 8,768 194,960 2,117 570,556
Eliminated on disposal - (130,870 ) - (399,211 )
At 31 December 2024 236,728 853,839 134,032 1,953,469
NET BOOK VALUE
At 31 December 2024 9,768 494,983 774 3,784,549
At 31 December 2023 18,536 506,179 2,891 3,829,637

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 487,454
Additions 183,764
At 31 December 2024 671,218
DEPRECIATION
At 1 January 2024 242,834
Charge for year 128,219
At 31 December 2024 371,053
NET BOOK VALUE
At 31 December 2024 300,165
At 31 December 2023 244,620

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 50
NET BOOK VALUE
At 31 December 2024 50
At 31 December 2023 50

13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,041,178
NET BOOK VALUE
At 31 December 2024 1,041,178
At 31 December 2023 1,041,178

14. INVENTORIES
2024 2023
£    £   
Stocks 1,325,866 1,020,895

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,189,946 1,320,582
Other debtors 4,799 3,906
Directors' current accounts 4,438 3,077
VAT - 65,182
Prepayments 14,985 73,515
1,214,168 1,466,262

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 18) 117,492 82,026
Trade creditors 1,929,910 2,305,786
Corporation tax 180,943 132,111
Social security and other taxes 66,485 62,870
VAT 9,554 -
Other creditors 7,705 6,311
Directors' current accounts 796,665 401,804
Accruals and deferred income 254,604 31,081
3,363,358 3,021,989

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) 220,227 194,989

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 117,492 82,026
Between one and five years 220,227 194,989
337,719 277,015

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,746 8,234
Between one and five years - 5,746
5,746 13,980

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 317,607
Charge to Statement of Comprehensive Income during year 167,945
Balance at 31 December 2024 485,552

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: £    £   
5,000 Ordinary A £1 5,000 5,000
100 Ordinary B £1 100 100
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 4,579,600
Profit for the year 985,520
At 31 December 2024 5,565,120

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
£    £   
Mrs H A Hitchen
Balance outstanding at start of year 362 -
Amounts advanced - 1,280
Amounts repaid (362 ) (918 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 362

Mrs D J Whitehead
Balance outstanding at start of year 2,715 -
Amounts advanced 4,748 4,001
Amounts repaid (3,025 ) (1,286 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,438 2,715

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

Mr M T Hitchen
Balance outstanding at start of year - -
Amounts advanced - 370
Amounts repaid - (370 )
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.