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Registered number: 10645996













          Trunet Group Holdings Limited
          Annual Report and Financial Statements
          For the Year Ended 30 September 2024















           img2bac.png

 
Trunet Group Holdings Limited
 
 
Company Information


Directors
S Revill 
K Revill 




Registered number
10645996



Registered office
Trunet House
Unit D

Norman Court

Ashby-De-La-Zouch

LE65 2UZ




Independent auditor
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Trunet Group Holdings Limited
 

Contents



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Consolidated Profit and Loss Account
 
11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Balance Sheet
 
13 - 14
Company Balance Sheet
 
15 - 16
Consolidated Statement of Changes in Equity
 
17 - 21
Company Statement of Changes in Equity
 
22
Consolidated Statement of Cash Flows
 
23 - 24
Consolidated Analysis of Net Debt
 
25
Notes to the Financial Statements
 
26 - 52


 
Trunet Group Holdings Limited
 
 
Group Strategic Report
For the Year Ended 30 September 2024

Introduction
 
The directors present their strategic report for the Group for the year ended 30 September 2024.

Business review
 
The principal activity of the group still remains that of the manufacture and sale of elasticated meat netting and covering yarns, but also encompasses an online e-commerce sales platform selling complimentary products. The group trades worldwide.
During the year, the group continued to achieve its targets as set out in its rolling 3-year corporate plan. Both revenue and operating margins exceeded forecast with high levels of liquidity held at the balance sheet date.
The Board continues to manage the business strategy in line with the current market outlook and with the continued key aim of developing sustainable collaborative business partnership agreements with customers, suppliers and stakeholders. The Board sees this long-term collaborative way of working as a key differentiator to that operated by its competitors.
Results and performance
Overall the result for the year across the group has been encouraging with turnover of approximately £12m (2023: £10m) and profit before tax of £1.2m (2023: £0.5m). The group continues to expand its operations and sell complimentary machines, in partnership with a world leading manufacturer as sell as expanding its offering and other complimentary products through ecommerce opportunities. The Group has a majority market share in the UK and continues to export to over 70 countries.
During this financial period the Groups export market has expanded further across the world.
The directors have managed the impact of the coronavirus outbreak on the industry and group of companies across its global reach and continues to assess the war in Ukraine, but currently, its European operations have increased, which gives positive outlook for the future. The directors have prepared and adapted the business to mitigate as many of the known risks as possible from these and future known issues.
Business environment
The business environment is highly competitive within the UK and worldwide. Competition is high between meat netting and other replacement man-made products. Each product has its own unique qualities and as a group we continue to lead the way in innovation and patented products.
The Group stays up to date with all technological advances within the industry and adapts to the advances in a timely manner.
 
Page 1

 
Trunet Group Holdings Limited
 

Group Strategic Report (continued)
For the Year Ended 30 September 2024

Strategy
The Groups strategy is aligned with the drive and ingenuity of the directors. The Group continues to drive strategy through their close relationships with customers, distributors and investment in machinery, labour and research and development. The Group will continue to consolidate its position by concentrating its efforts on achieving maximum growth in its existing marketplace and exploring those markets where they feel could lead to new and unique opportunities. We aim to improve efficiencies in all areas of the group’s  operations through continued investment, cost savings and improved processes.

Principal risks and uncertainties
 
Within the Group, the business transactions that take place can be affected by several risks and uncertainties. These can range from liquidity, foreign currency to credit risks. The Group has policies and processes in place, so they can deal with these pre-emptively and in a timely manner. The Group has developed a framework to identify risk in all areas of the business processes and reacts quickly to any changes. 
All risks are assessed by the directors and the senior management team and appropriate actions are taken.

Financial key performance indicators
 
The Board uses a range of financial and non-financial indicators to help manage its operations and benchmarks these KPI’s to those of its comparative peer group. Financial KPI’s include revenue generation, EBITDA and balance sheet net asset growth.
img5bf8.png
The Board continues to set the following key objective in 2025 :
• to maintain its market position as the largest meat netting company in the world
• to be recognised in the markets it services, to be the supplier of choice, delivering high quality products

Page 2

 
Trunet Group Holdings Limited
 

Group Strategic Report (continued)
For the Year Ended 30 September 2024

Other key performance indicators
 
The directors of the group use other non-financial key performance indicators to review the performance of the group and benchmark against competitors wherever possible.
The non-financial indices are all in line with the directors’ expectations.


This report was approved by the board on 1 May 2025 and signed on its behalf.



___________________________
S Revill
Director

Page 3

 
Trunet Group Holdings Limited
 
 
Directors' Report
For the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Principal activity

The company's principal activity is that of a holding company. The principal activity of the group still remains that of the manufacture and sale of elasticated meat netting and covering yarns, but also encompasses an online e-commerce sales platform selling complimentary products. 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £742,321 (2023 - £387,411).

The directors have declared dividends of £150,000 (2023 - £95,000) in the year.

Directors

The directors who served during the year were:

S Revill 
K Revill 

Going concern

The Directors of the Group has considered in detail the Group's forecast performance, including its forecast solvency and liquidity position. As at the date of this report, the Directors have a reasonable expectation that the Group will maintain adequate solvency and liquidity to continue in business for the foreseeable future. Thus, the Directors continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Future developments

The Group remains focused on delivering its core strategic objectives as set out in its corporate plan which will enable it to further increase its market share. This will be achieved by its continual policy of investment in leading technological operating platforms, innovative systems of working and ensuring it has the right level of appropriately skilled staff to continue to deliver a first-class product proposition.

Page 4

 
Trunet Group Holdings Limited
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, Dains Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
Trunet Group Holdings Limited
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

This report was approved by the board on 1 May 2025 and signed on its behalf.
 





___________________________
S Revill
Director

Page 6

 
Trunet Group Holdings Limited
 
 
Independent Auditor's Report to the Members of Trunet Group Holdings Limited

Opinion


We have audited the financial statements of Trunet Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 September 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 7

 
Trunet Group Holdings Limited
 
 
Independent Auditor's Report to the Members of Trunet Group Holdings Limited (continued)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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.


Page 8

 
Trunet Group Holdings Limited
 
 
Independent Auditor's Report to the Members of Trunet Group Holdings Limited (continued)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 9

 
Trunet Group Holdings Limited
 
 
Independent Auditor's Report to the Members of Trunet Group Holdings Limited (continued)

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates as set out in Note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Julian Townsend FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Dains Audit Limited
 
Statutory Auditor 
Chartered Accountants
  
Birmingham

1 May 2025
Page 10

 
Trunet Group Holdings Limited
 
 
Consolidated Profit and Loss Account
For the Year Ended 30 September 2024


2024
2023
Note
£
£

  

Turnover
 4 
12,066,835
9,986,026

Cost of sales
  
(8,699,362)
(7,245,774)

Gross profit
  
3,367,473
2,740,252

Administrative expenses
  
(2,156,304)
(2,094,091)

Other operating income
 5 
39,413
57,375

Other operating charges
  
(3,146)
(1,770)

Operating profit
 6 
1,247,436
701,766

Share of profit of joint ventures
  
95,410
48,130

Total operating profit
  
1,342,846
749,896

Interest receivable and similar income
 10 
6,626
17,214

Interest payable and similar expenses
 11 
(212,463)
(188,363)

Profit before tax
  
1,137,009
578,747

Tax on profit
 12 
(230,049)
(79,461)

Profit for the financial year
  
906,960
499,286

Profit for the year attributable to:
  

Non-controlling interests
  
164,639
111,875

Owners of the parent
  
742,321
387,411

  
906,960
499,286

The notes on pages 26 to 52 form part of these financial statements.

Page 11

 
Trunet Group Holdings Limited
 

Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2024

2024
2023
£
£


Profit for the financial year

  

906,960
499,286

Other comprehensive income
  


Currency translation differences
  
26,913
28,197

Other comprehensive income for the year
  
26,913
28,197

Total comprehensive income for the year
  
933,873
527,483

Profit for the year attributable to:
  


Non-controlling interest
  
164,639
111,875

Owners of the parent Company
  
742,321
387,411

  
906,960
499,286

Total comprehensive income attributable to:
  


Non-controlling interest
  
164,639
118,464

Owners of the parent Company
  
769,234
409,019

  
933,873
527,483

The notes on pages 26 to 52 form part of these financial statements.

Page 12

 
Trunet Group Holdings Limited
Registered number:10645996

Consolidated Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
2,020
18,400

Tangible assets
 16 
5,142,749
4,769,861

Investments
 17 
247,676
199,133

Investment property
 18 
87,500
87,500

  
5,479,945
5,074,894

Current assets
  

Stocks
 19 
2,624,272
2,608,729

Debtors: amounts falling due within one year
 20 
2,662,044
1,979,327

Cash at bank and in hand
 21 
792,184
512,843

  
6,078,500
5,100,899

Creditors: amounts falling due within one year
 22 
(2,459,050)
(1,784,646)

Net current assets
  
 
 
3,619,450
 
 
3,316,253

Total assets less current liabilities
  
9,099,395
8,391,147

Creditors: amounts falling due after more than one year
 23 
(2,150,781)
(2,049,236)

Provisions for liabilities
  

Deferred taxation
 27 
(472,000)
(446,000)

Net assets
  
6,476,614
5,895,911


Capital and reserves
  

Called up share capital 
 28 
4,610
4,610

Capital redemption reserve
 29 
4,778
4,778

Foreign exchange reserve
 29 
19,587
(7,326)

Investment property reserve
 29 
27,500
27,500

Merger reserve
 29 
176,502
176,502

Profit and loss account
 29 
5,940,224
5,347,903

Equity attributable to owners of the parent Company
  
6,173,201
5,553,967

Non-controlling interests
  
303,413
341,944

  
6,476,614
5,895,911

Page 13

 
Trunet Group Holdings Limited
Registered number:10645996
    
Consolidated Balance Sheet (continued)
As at 30 September 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2025.




___________________________
S Revill
Director

The notes on pages 26 to 52 form part of these financial statements.

Page 14

 
Trunet Group Holdings Limited
Registered number:10645996

Company Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
3,553,548
3,208,553

Investments
 17 
901,111
901,111

  
4,454,659
4,109,664

Current assets
  

Debtors: amounts falling due within one year
 20 
26,250
20,000

Cash at bank and in hand
 21 
172,099
41,506

  
198,349
61,506

Creditors: amounts falling due within one year
  
(1,334,772)
(1,157,581)

Net current liabilities
  
 
 
(1,136,423)
 
 
(1,096,075)

Total assets less current liabilities
  
3,318,236
3,013,589

  

Creditors: amounts falling due after more than one year
  
(2,045,028)
(1,708,595)

Provisions for liabilities
  

Deferred taxation
  
(118,000)
(104,000)

Net assets
  
1,155,208
1,200,994


Capital and reserves
  

Called up share capital 
 28 
4,610
4,610

Profit and loss account brought forward
  
1,196,384
1,148,452

Profit for the year
  
104,214
142,932

Other changes in the profit and loss account

  

(150,000)
(95,000)

Profit and loss account carried forward
  
1,150,598
1,196,384

  
1,155,208
1,200,994


Page 15

 
Trunet Group Holdings Limited
Registered number:10645996
    
Company Balance Sheet (continued)
As at 30 September 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2025.


___________________________
S Revill
Director

The notes on pages 26 to 52 form part of these financial statements.

Page 16

 

Trunet Group Holdings Limited
 
 
 


Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2024



Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests


£
£
£
£
£
£
£
£


At 1 October 2023
4,610
4,778
27,500
(7,326)
176,502
5,347,903
5,553,967
341,944



Comprehensive income for the year


Profit for the year
-
-
-
-
-
742,321
742,321
164,639


Currency translation differences
-
-
-
26,913
-
-
26,913
-

Total comprehensive income for the year
-
-
-
26,913
-
742,321
769,234
164,639



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
(150,000)
(150,000)
(203,170)



At 30 September 2024
4,610
4,778
27,500
19,587
176,502
5,940,224
6,173,201
303,413


Page 17

 

Trunet Group Holdings Limited
 
 
 



Consolidated Statement of Changes in Equity (continued)
For the Year Ended 30 September 2024



Total equity


£


At 1 October 2023
5,895,911



Comprehensive income for the year


Profit for the year
906,960


Currency translation differences
26,913

Total comprehensive income for the year
933,873



Contributions by and distributions to owners


Dividends: Equity capital
(353,170)



At 30 September 2024
6,476,614


Page 18

 

Trunet Group Holdings Limited
 
 
 



Consolidated Statement of Changes in Equity (continued)
For the Year Ended 30 September 2024


The notes on pages 26 to 52 form part of these financial statements.

Page 19

 

Trunet Group Holdings Limited
 
 
 


Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2023



Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests


£
£
£
£
£
£
£
£


At 1 October 2022
4,610
4,778
15,000
(33,934)
176,502
5,067,992
5,234,948
228,480



Comprehensive income for the year


Profit for the year
-
-
-
-
-
387,411
387,411
111,875


Currency translation differences
-
-
-
26,608
-
-
26,608
1,589

Total comprehensive income for the year
-
-
-
26,608
-
387,411
414,019
113,464



Contributions by and distributions to owners


Dividends
-
-
-
-
-
(95,000)
(95,000)
-


Transfer between other reserves
-
-
12,500
-
-
(12,500)
-
-



At 30 September 2023
4,610
4,778
27,500
(7,326)
176,502
5,347,903
5,553,967
341,944


Page 20

 

Trunet Group Holdings Limited
 
 
 



Consolidated Statement of Changes in Equity (continued)
For the Year Ended 30 September 2023



Total equity


£


At 1 October 2022
5,463,428



Comprehensive income for the year


Profit for the year
499,286


Currency translation differences
28,197

Total comprehensive income for the year
527,483



Contributions by and distributions to owners


Dividends
(95,000)


Transfer between other reserves
-



At 30 September 2023
5,895,911



The notes on pages 26 to 52 form part of these financial statements.

Page 21

 
Trunet Group Holdings Limited
 

Company Statement of Changes in Equity
For the Year Ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
4,610
1,148,452
1,153,062


Comprehensive income for the year

Profit for the year
-
142,932
142,932

Dividends
-
(95,000)
(95,000)



At 1 October 2023
4,610
1,196,384
1,200,994


Comprehensive income for the year

Profit for the year
-
104,214
104,214

Dividends
-
(150,000)
(150,000)


At 30 September 2024
4,610
1,150,598
1,155,208


The notes on pages 26 to 52 form part of these financial statements.

Page 22

 
Trunet Group Holdings Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 30 September 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
906,960
499,286

Adjustments for:

Amortisation of intangible assets
16,380
16,377

Depreciation of tangible assets
332,781
320,885

Loss on disposal of tangible assets
8,381
36,504

Interest paid
212,463
188,363

Interest received
(6,626)
(17,214)

Taxation charge
230,049
79,461

(Increase)/decrease in stocks
(15,543)
214,537

(Increase) in debtors
(713,964)
(175,609)

Increase/(decrease) in creditors
394,291
(370,599)

Foreign exchange movement
26,913
28,715

Share of operating profit/(loss) in joint ventures
95,410
(62,966)

Corporation tax (paid)
(12,462)
(32,962)

Net cash generated from operating activities

1,475,033
724,778


Cash flows from investing activities

Purchase of tangible fixed assets
(788,718)
(261,746)

Sale of tangible fixed assets
74,667
-

Interest received
6,626
17,214

HP interest paid
(4,260)
(4,680)

Joint ventures interest received
-
14,836

Net cash from investing activities

(711,685)
(234,376)
Page 23

 
Trunet Group Holdings Limited
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 30 September 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(115,192)
(154,399)

Other new loans
-
176,529

Repayment of other loans
(32,147)
-

Repayment of/new finance leases
21,535
(54,317)

Dividends paid
(150,000)
(95,000)

Interest paid
(208,203)
(183,683)

Net cash used in financing activities
(484,007)
(310,870)

Net increase in cash and cash equivalents
279,341
179,532

Cash and cash equivalents at beginning of year
512,843
333,311

Cash and cash equivalents at the end of year
792,184
512,843


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
792,184
512,843

792,184
512,843


The notes on pages 26 to 52 form part of these financial statements.

Page 24

 
Trunet Group Holdings Limited
 

Consolidated Analysis of Net Debt
For the Year Ended 30 September 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

512,843

279,341

792,184

Debt due after 1 year

(2,159,067)

(284,307)

(2,443,374)

Debt due within 1 year

(136,619)

(62,700)

(199,319)

Finance leases

(72,383)

(21,535)

(93,918)


(1,855,226)
(89,201)
(1,944,427)

The notes on pages 26 to 52 form part of these financial statements.

Page 25

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

Trunet Group Holdings Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. 
The address of the registered office is given in the company information section. 
The nature of the company's operation and its principal activity is that of a holding company. The nature of the group's operating and its principal activities continued to be that of the manufacture and sale of elasticated meat netting, covering yarns and twine.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method or merger method under a group reorganisation where relevant and appropriate to do so. Under the purchase and merger method the balance sheet includes the subsidiaries identifiable assets, liabilities and contingent liabilities, which have been initially recognised at their fair values at the acquisition date for the purchase method of accounting or aggregated at their book value under the merger method. The results of the subsidiary operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. All amounts consolidated under the merger method have been included from the point at which they were controlled by the group.
Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Page 26

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Balances have been rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 27

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 28

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 29

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 30

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Improvements to property
-
8%
straight line
Plant and machinery
-
15%
straight line or 5% reducing balance
Motor vehicles
-
25%
straight line or 25% reducing balance
Fixtures, fittings and equipment
-
20%
straight line
Office equipment
-
10%
reducing balance
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 31

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.17

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 32

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 33

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 1, 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 associated 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 revision and future periods if the revision affects both current and future periods.
The following judgements have had a significant effect on amounts recognised in the financial statements:
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes in the Group, and in particular, the useful economic life and residual values of plant and machinery and improvements to property, and have concluded that asset lives and residual values are appropriate.
Goodwill and intangible assets
The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,614,691
8,358,695

Rest of Europe
2,452,144
1,627,331

12,066,835
9,986,026


Page 34

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

5.


Other operating income

2024
2023
£
£

Other operating income
906
2,580

Net rents receivable
5,529
5,650

Government grants receivable
-
747

Commissions receivable
32,978
48,398

39,413
57,375



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
332,782
320,896

Amortisation of intangible fixed assets, including goodwill
16,380
16,377

Exchange differences
10,215
28,715

Other operating lease rentals
169,151
164,664


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
33,535
31,700

Fees payable to the Group's auditor and its associates in respect of:

All other services
10,000
10,950

Page 35

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,548,924
2,300,426

Social security costs
243,076
214,560

Cost of defined contribution scheme
184,219
164,502

2,976,219
2,679,488


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees, incl. directors
76
98
2
2


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
26,556
25,300

Group contributions to defined contribution pension schemes
120,000
118,333

146,556
143,633


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
6,626
17,214

Page 36

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
36,026
28,105

Mortgage interest payable
138,246
109,663

Finance leases and hire purchase contracts
4,260
4,680

Other interest payable
33,931
45,915

212,463
188,363


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
120,510
64,715

Adjustments in respect of previous periods
2,599
(463)


123,109
64,252

Foreign tax


Foreign tax on income for the year
80,940
20,209

Total current tax
204,049
84,461

Deferred tax


Origination and reversal of timing differences
26,000
(5,000)

Total deferred tax
26,000
(5,000)


Tax on profit
230,049
79,461
Page 37

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,137,009
578,747


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
268,513
127,382

Effects of:


Fixed asset differences
16,475
8,786

Expenses not deductible for tax purposes
(25,313)
7,443

Adjustments to tax charge in respect of prior periods
35
(463)

Non-taxable income
41,571
-

Changes in average rates leading to an increase (decrease) in the tax charge
-
(757)

Other differences leading to an increase (decrease) in the tax charge
(71,232)
(62,930)

Total tax charge for the year
230,049
79,461


13.


Dividends

2024
2023
£
£


Dividends paid
150,000
95,000

150,000
95,000


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £104,214 (2023 - £142,932).

Page 38

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

15.


Intangible assets

Group





Goodwill

£



Cost


At 1 October 2023
163,762



At 30 September 2024

163,762



Amortisation


At 1 October 2023
145,362


Charge for the year on owned assets
16,380



At 30 September 2024

161,742



Net book value



At 30 September 2024
2,020



At 30 September 2023
18,400



Page 39

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

16.


Tangible fixed assets

Group






Freehold property
Improvement to property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 October 2023
3,561,401
165,439
2,547,998
263,099
61,293
6,599,230


Additions
404,917
-
90,785
267,702
25,314
788,718


Disposals
-
-
(114,550)
(142,959)
-
(257,509)



At 30 September 2024

3,966,318
165,439
2,524,233
387,842
86,607
7,130,439



Depreciation


At 1 October 2023
352,848
110,522
1,250,738
97,140
18,121
1,829,369


Charge for the year on owned assets
59,922
16,173
157,594
38,349
16,022
288,060


Charge for the year on financed assets
-
-
-
44,722
-
44,722


Disposals
-
-
(114,550)
(59,911)
-
(174,461)



At 30 September 2024

412,770
126,695
1,293,782
120,300
34,143
1,987,690



Net book value



At 30 September 2024
3,553,548
38,744
1,230,451
267,542
52,464
5,142,749



At 30 September 2023
3,208,553
54,917
1,297,260
165,959
43,172
4,769,861

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
110,933
96,473

110,933
96,473

Page 40

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

           16.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 October 2023
3,561,401


Additions
404,917



At 30 September 2024

3,966,318



Depreciation


At 1 October 2023
352,848


Charge for the year on owned assets
59,922



At 30 September 2024

412,770



Net book value



At 30 September 2024
3,553,548



At 30 September 2023
3,208,553


The group has taken advantage to adopt the provisions set out in the triennial review to FRS 102.  These provisions contained the accounting policy choice for groups to apply the cost model to investment property it rents to another group entity.  The effect of this change has been to transfer the property from investment property as it was previously classed, to property, plant and equipment within the company balance sheet.






Page 41

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

17.


Fixed asset investments

Group





Investment in joint ventures

£



Cost or valuation


At 1 October 2023
199,133


Foreign exchange movement
(7,972)


Share of profit/(loss)
56,515



At 30 September 2024
247,676




The share of result from joint ventures of £56,515 is an aggregate of £95,410 profit share less dividends received, in year of £38,895 (2023 - net share of results of £81,275).

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
901,111



At 30 September 2024
901,111




Page 42

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Trunet (UK) Limited
Trunet House Unit D, Norman Court, Ashby-De-La-Zouch, England, LE65 2UZ
Ordinary
100%
Trunature Limited
Trunet House Unit D, Norman Court, Ashby-De-La-Zouch, England, LE65 2UZ
Ordinary
100%
Henry Winning & Co Limited
16/18 Caroline Street, Parkhead, Glasgow, G31 5DD
Ordinary
100%
Trunet Packaging Services Limited
Trunet House Unit D, Norman Court, Ashby-De-La-Zouch, England, LE65 2UZ
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Trunet Polska sp Z.o.o
Traktorowa 111, 91-204 Lódz, Poland
Ordinary
51%


Joint venture


The following was a joint venture of the Company:


Name

Registered office

Holding

Trunet (Vietnam) Co Limited
No 18 Road 3A Bien Hoa Industrial Zone II Bien Hoa City, Dong Nai, Vietnam
50%

Page 43

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

18.


Investment property

Group


Leasehold investment property

£



Valuation


At 1 October 2023
87,500



At 30 September 2024
87,500


Comprising


Cost
55,000

Annual revaluation surplus:


Annual revaluation surplus: 2008
15,000

Annual revaluation surplus: 2023
17,500

At 30 September 2024
87,500

The 2024 valuations were made by the directors, on an open market value for existing use basis. The above property is rented to individuals outside of the group.






19.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
1,284,555
1,460,579

Work in progress
130,202
85,276

Finished goods and goods for resale
1,209,515
1,062,874

2,624,272
2,608,729


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 44

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

20.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,915,703
1,609,743
-
-

Amounts owed by group undertakings
-
-
26,250
20,000

Other debtors
588,632
239,646
-
-

Prepayments and accrued income
157,709
129,938
-
-

2,662,044
1,979,327
26,250
20,000



21.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
792,184
512,843
172,099
41,506



22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
197,397
129,043
176,503
108,402

Other loans
336,990
130,984
-
-

Trade creditors
1,021,218
794,799
-
-

Amounts owed to group undertakings
-
-
1,135,871
1,021,758

Corporation tax
89,519
59,812
22,398
21,378

Other taxation and social security
138,233
54,490
-
-

Obligations under finance lease and hire purchase contracts
49,521
51,230
-
-

Other creditors
447,334
440,060
-
6,043

Accruals and deferred income
178,838
124,228
-
-

2,459,050
1,784,646
1,334,772
1,157,581


The group has invoice discounting facilities included within other creditors of £368,527 (2023 - £349,842). The facilities are secured against the assets of the group.

Page 45

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

23.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,067,860
1,751,406
2,045,028
1,708,595

Other loans
38,524
276,677
-
-

Net obligations under finance leases and hire purchase contracts
44,397
21,153
-
-

2,150,781
2,049,236
2,045,028
1,708,595





24.


Bank, mortgage and other loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
197,397
129,043
176,503
108,402

Other loans
336,990
130,984
-
-

Amounts falling due 1-2 years

Bank loans
212,398
135,088
189,566
114,194

Other loans
38,524
276,677
-
-

Amounts falling due 2-5 years

Bank loans
612,234
402,468
612,234
380,551

Amounts falling due after more than 5 years

Bank loans
1,243,228
1,213,850
1,243,228
1,213,850

2,640,771
2,288,110
2,221,531
1,816,997


Page 46

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024
 
24.Bank, mortgage and other loans (continued)

Bank loans and mortgages are repayable over 5 and 20 years with interest being charged of 1.99% per annum over the Bank of England Base Rate and repayments are made on a monthly basis. 
The bank overdrafts, loans and mortgages are secured by way of a first legal charge over the freehold property of Trunet Group Holdings Limited group, a debenture comprising fixed and floating charges over all asset and undertakings of Trunet Group Holdings Limited and an unlimited composite company guarantee given by Trunet Group Holdings Limited, Trunet UK Limited, Henry Winning & Co. Limited, Trunet Packaging Services Limited and Trunature Limited.  
Other loans contain non-controlling party loans of £167,206 (2023: £276,677) which are repayable on 1 March 2025 with the option to extend the term, unsecured and with interest being charged at a rate of 10% per annum. Also included within other loans is a further non-controlling party loan of £136,763 which is repayable upon demand, unsecured and with interest being charged at a rate of 10% per annum.
Bank loans and mortgages are repayable over 5 and 20 years with interest being charged of 1.99% per annum over the Bank of England Base Rate and repayments are made on a monthly basis. 
The group has obtained a loan of £50,000 via the Bounce Bank Loan Scheme (BBLS). As part of this loan, the government will pay any arrangement fees and interest for the first 12 months. This is to be repaid over 60 months at an interest rate of 2.5% per annum. The amounts are disclosed above as bank loans.


25.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
49,521
51,230

Between 1-5 years
44,397
21,153

93,918
72,383

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

Page 47

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

26.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are measured at undiscounted amounts receivable
3,296,519
2,362,232
198,349
61,506


Financial liabilities

Financial liabilities measured at undiscounted amounts payable
(4,382,079)
(3,719,580)
(3,357,402)
(2,844,798)


Financial assets measured at undiscounted amounts receivable comprise trade debtors, amounts owed by group undertakings, other debtors and cash at bank and in hand.


Financial liabilities measured at undiscounted amounts payable comprise bank overdrafts and loans, other loans and mortgages, trade creditors, amounts owed to group undertakings, net obligations under finance leases and hire purchase contracts, other creditors and accruals.

Page 48

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

27.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(446,000)
(451,000)


Charged to profit or loss
(26,000)
5,000



At end of year
(472,000)
(446,000)

Company


2024
2023


£

£






At beginning of year
(104,000)
(98,000)


Charged to profit or loss
(14,000)
(6,000)



At end of year
(118,000)
(104,000)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(464,000)
(437,000)
(118,000)
(104,000)

Short term timing differences
1,000
-
-
-

Capital gains
(9,000)
(9,000)
-
-

(472,000)
(446,000)
(118,000)
(104,000)

Page 49

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

28.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,458 (2023 - 3,458) Ordinary A shares of £1.00 each
3,458
3,458
1,152 (2023 - 1,152) Ordinary B shares of £1.00 each
1,152
1,152

4,610

4,610



29.


Reserves

Capital redemption reserve

Where shares have been redeemed wholly out of profits available for distribution, an amount equal to the nominal value of shares is transferred to this reserve.

Foreign exchange reserve

Foreign exchange reserve arises at the time of consolidating the foreign entities into the parent holding company. The resultant exchange gains or loss from translating from foreign currency to domestic currency is recognised in the foreign exchange reserve.

Investment property revaluation reserve

The investment property revaluation reserve arises from cumulative changes in investment property revaluations.

Merger Reserve

The merger reserve represents the pre-acquisition reserve of the subsidiary accounted for under the merger accounting method and reserves which were not under the control of the group at that time.

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

Page 50

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

30.


Capital commitments




At 30 September 2024 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
89,634
-
89,634
-


31.


Pension commitments

The group operates a defined contribution pension scheme and contributes to personal pension plans of the directors and employees of the group. The assets of the defined contribution scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to these funds, and amounted to £184,219 (2023 - £164,502).
At the balance sheet date contributions of £8,500 (2023 - £7,609) remained outstanding.


32.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£


Not later than 1 year
-
65,000

-
65,000
Group
Group
2024
2023
£
£

  

Not later than 1 year
  
1,680
9,963

Later than 1 year and not later than 5 years
  
2,765
353

  
4,445
10,316

Page 51

 
Trunet Group Holdings Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

33.


Transactions with directors

During the year advances were made to directors of £21,056 (2023 - £Nil) and repayments from directors of £Nil (2023 - £179,635). In addition, directors loaned the group £Nil (2023 - £Nil). Interest accrued on the loan during the year amounted to £Nil (2023 - £10,208). At the balance sheet date, the amount outstanding due to directors was £1,922 (2023 - £7,576).


34.


Related party transactions

Trunet Group Holdings Limited has taken advantage of the exemption inferred by Section 33 of Financial Reporting Standard 102 and has not disclosed transactions with members of the same group where those members are wholly owned.  Transactions with the joint venture have been disclosed under the fixed asset investment note to these financial statements.
Transactions took place during the year between non-wholly owned subsidiaries.  Sales of £96,355 (2023 - £73,624) were made, purchases of £35,015 (2023 - £41,877) were incurred and at the balance sheet date the amount outstanding from non-wholly owned subsidiaries was £47,205 (2023 - £27,947).
In addition, the group loaned an amount of £Nil (2023 - £Nil) to non-wholly owned subsidiaries.  Interest accrued on the loan during the year amounted to £Nil (2023 - £7,000). Interest on the loan is accruing at a rate of 4% per annum. At the balance sheet date, the amount outstanding from non-wholly owned subsidiaries was £Nil (2023 - £Nil).  
Key management personnel are considered to be the directors of company, for which the remuneration is disclosed within note 9 of these financial statements.


35.
Controlling Party

At 30 September 2024, the Directors considered the ultimate controlling party to be S Revill.


 
Page 52