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Registered number: 06298550













          Trunet (UK) Limited
          Financial statements
          For the year ended 30 September 2024















           img15e8.png

 
Trunet (UK) Limited
 
 
Company Information


Directors
S Revill 
K Revill 




Registered number
06298550



Registered office
Trunet House
Unit D

Norman Court

Ashby-De-La-Zouch

LE65 2UZ




Independent auditors
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Trunet (UK) Limited
 

Contents



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 15


 
Trunet (UK) Limited
Registered number:06298550

Balance sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
392,211
368,932

Investments
 5 
146,908
146,908

Investment property
 6 
87,500
87,500

  
626,619
603,340

Current assets
  

Stocks
 7 
1,576,593
1,599,474

Debtors: amounts falling due within one year
 8 
3,102,414
2,377,941

Cash at bank and in hand
 9 
357,830
97,525

  
5,036,837
4,074,940

Creditors: amounts falling due within one year
 10 
(2,169,257)
(1,696,577)

Net current assets
  
 
 
2,867,580
 
 
2,378,363

Total assets less current liabilities
  
3,494,199
2,981,703

Creditors: amounts falling due after more than one year
 11 
(55,476)
(42,485)

Provisions for liabilities
  

Deferred tax
 14 
(101,000)
(89,000)

Net assets
  
3,337,723
2,850,218


Capital and reserves
  

Called up share capital 
  
4,110
4,110

Capital redemption reserve
 15 
4,278
4,278

Investment property reserve
 15 
27,500
27,500

Profit and loss account
 15 
3,301,835
2,814,330

  
3,337,723
2,850,218


Page 1

 
Trunet (UK) Limited
Registered number:06298550
    
Balance sheet (continued)
As at 30 September 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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 3 to 15 form part of these financial statements.

Page 2

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

1.


General information

Trunet (UK) 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 Company's registered office is given in the company information section.
The principal activities of the company continue to be that of the manufacturer and sale of elasticated meat netting and covering yarns. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006 .

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Page 3

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Depreciation is provided on the following basis:

Improvements to property
-
10%
straight line
Plant and machinery
-
15%
straight line
Motor vehicles
-
25%
straight line
Furniture, fittings and equipment
-
20%
straight line
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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.7

Investment property

Investment property is carried at fair value determined annually by directors and periodically 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.

Page 4

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 Statement of comprehensive income in the same period as the related expenditure.

 
2.13

Financial instruments


The Company 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,
Page 5

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

 
2.14

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.

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and is rounded to the nearest pound.

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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 6

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.16

Operating leases

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

 
2.17

Leased assets

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.

 
2.18

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.19

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 7

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.20

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.



3.


Employees

The average monthly number of employees, including directors, during the year was 53 (2023 -58).

Page 8

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

4.


Tangible fixed assets





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

£
£
£
£
£



Cost or valuation


At 1 October 2023
23,072
688,365
239,881
42,840
994,158


Additions
-
31,228
212,534
13,448
257,210


Disposals
-
-
(142,959)
-
(142,959)



At 30 September 2024

23,072
719,593
309,456
56,288
1,108,409



Depreciation


At 1 October 2023
11,901
489,222
94,361
29,742
625,226


Charge for the year on owned assets
2,307
71,931
24,167
7,756
106,161


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


Disposals
-
-
(59,911)
-
(59,911)



At 30 September 2024

14,208
561,153
103,339
37,498
716,198



Net book value



At 30 September 2024
8,864
158,440
206,117
18,790
392,211



At 30 September 2023
11,171
199,143
145,520
13,098
368,932

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



Page 9

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

5.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 October 2023
42,528
104,380
146,908



At 30 September 2024
42,528
104,380
146,908





6.


Investment property


Long-leasehold investment property

£



Valuation


At 1 October 2023
87,500



At 30 September 2024
87,500


Comprising


Cost
55,000

Annual revaluaion surplus:


Annual revaluaion surplus: 2008
15,000

Annual revaluaion 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.




Page 10

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

7.


Stocks

2024
2023
£
£

Raw materials
500,614
451,324

Work in progress
73,834
85,276

Finished goods and goods for resale
1,002,145
1,062,874

1,576,593
1,599,474



8.


Debtors

2024
2023
£
£


Trade debtors
1,249,832
973,778

Amounts owed by group undertakings
1,198,122
1,181,556

Other debtors
547,684
139,070

Prepayments and accrued income
106,776
83,537

3,102,414
2,377,941



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
357,830
97,525


Page 11

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,247
9,994

Trade creditors
819,645
510,066

Amounts owed to group undertakings
600,265
606,847

Corporation tax
39,536
-

Other taxation and social security
71,926
31,398

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

Other creditors
410,079
390,447

Accruals and deferred income
168,038
96,595

2,169,257
1,696,577



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,079
21,332

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

55,476
42,485


Secured Creditors
Obligations under finance lease and hire purchase contracts of £93,918 (2023 - £72,383) are secured against the assets to which they relate. The bank overdrafts and loans of £21,326 (2023 - £31,326) are secured by an unlimited multilateral guarantee comprising Trunet Group Holdings Limited and its UK subsidiaries secured by a fixed and floating charge on all assets and undertakings. Included within other debtors and creditors are net amounts of £29,303 (2023 - £228,930) in respect of invoice discounting facilities which are secured over the assets of the company by way of a debenture, charge over the investment property, a personal asset guarantee and a cross corporate guarantee. 
In 2021, the Company 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. The balance outstanding at the balance sheet date totalled £21,326 (2023 - £31,326).

Page 12

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,247
9,994

Amounts falling due 1-2 years

Bank loans
11,079
10,247

Amounts falling due 2-5 years

Bank loans
-
11,085

21,326
31,326



13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
49,521
51,230

Between 1-5 years
44,397
21,153

93,918
72,383


14.


Deferred taxation




2024
2023


£

£






At beginning of year
(89,000)
(83,000)


Utilised in year
(12,000)
(6,000)



At end of year
(101,000)
(89,000)

Page 13

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024
 
14.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(93,000)
(80,000)

Short term timing differences
1,000
-

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

(101,000)
(89,000)


15.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Investment property revaluation reserve

The reserve records the movements in fair value and revaluation of freehold property. 

Profit and loss account

This reserve records the retained distributable reserves of the company including profit and loss reserves and dividend payments. 


16.


Pension commitments

The company operates a defined contribution pension scheme and contributes to personal pension plans of the directors and employees of the company. The assets of the defined contribution scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to these funds, and amounted to £114,369 (2023 - £107,634).
At the balance sheet date, contributions of £7,213 (2023 - £6,331) remained outstanding. 


17.


Transactions with directors

During the year withdrawals were made to directors of £Nil (2023 - £Nil) and repayments from directors of £Nil (2023 - £Nil).  At the balance sheet date the amount outstanding due to directors was £1,533 (2023 - £1,533 amounts due to directors) and, the amount outstanding from directors was £21,056 (2023 - £Nil).

Page 14

 
Trunet (UK) Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

18.


Controlling party

At 30 September 2023, the immediate and ultimate parent company is Trunet Group Holdings Limited, a company incorporated and registered in England and Wales. The registered office of Trunet Group Holdings Limited is Trunet House, Unit D, Norman Court, Ashby-De-La-Zouch, LE65 2UZ.
The ultimate controlling party is S Revill. 


19.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 1 May 2025 by Julian Townsend FCA FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

 
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