| REGISTERED NUMBER: 08237689 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| For The Year Ended |
| 31 December 2024 |
| for |
| TROLEX GROUP LIMITED |
| REGISTERED NUMBER: 08237689 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| For The Year Ended |
| 31 December 2024 |
| for |
| TROLEX GROUP LIMITED |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Contents of the Consolidated Financial Statements |
| For The Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Statement of Directors' Responsibilities | 7 |
| Report of the Independent Auditors | 8 |
| Consolidated Profit and Loss Account | 12 |
| Consolidated Other Comprehensive Income | 13 |
| Consolidated Balance Sheet | 14 |
| Company Balance Sheet | 15 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Cash Flow Statement | 18 |
| Notes to the Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Financial Statements | 20 |
| TROLEX GROUP LIMITED |
| Company Information |
| For The Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Steven John Collings FCCA |
| AUDITORS: |
| Chartered Certified Accountants and |
| Statutory Auditors |
| 8 Eastway |
| Sale |
| Cheshire |
| M33 4DX |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Group Strategic Report |
| For The Year Ended 31 December 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| Trolex Group Ltd was established to act as a holding (non-trading) company for the shares of Trolex Limited. |
| The trading subsidiary, Trolex Limited, delivers best in class safety technology to ensure workers in challenging environments are never put at risk. It is a leading designer and manufacturer of innovative products for gas and dust detection and connector solutions in the hazardous industrial, mining and tunnelling markets. |
| Throughout 2024, the group continued to face challenges from an increased cost base due to inflation. These issues softened during the year but they do still present challenges, specifically in terms of higher costs and minimum order requirements being enforced. |
| The group has a number of key projects underway with the development of patented, world first technologies as well as improvement in existing technologies that will allow the company to diversify and grow. This will increase the company's competitive advantage in years to come. |
| These developments and improvement projects continue to place the group in a much stronger position for visibility and diversity in future years. |
| Financial review |
| Group turnover for the year ended 31 December 2024 amounted to £9.9m (2023: £11.2m). This reduced level of turnover has contributed to a slight increase in gross margin of 1% but a reduced operating profit amounting to £929k (2023: £1.7m). |
| Trolex Group Ltd (as an individual parent) did not receive a dividend in the year due to a share buyback transaction being in process during 2024. Hence, Trolex Group's individual balance sheet reports net assets of £76k (2023: £334k). |
| The directors believe it is important to adapt to economic, environmental and political changes through continuous improvement in business processes in order to reduce costs and create efficiencies but without jeopardising the quality, performance and delivery of the goods manufactured. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group is forecast to continue to improve its financial performance during 2025. The directors are aware of the risks that the continued economic challenges, war in Ukraine and trading environment bring to the group. The directors meet on a regular basis with other members of the senior management team where the risks and uncertainties facing the group are discussed and appropriate actions taken to mitigate any impact on the group's performance. |
| Foreign currency risk |
| The group operates from the United Kingdom, but its customers are located not only in the UK, but in other jurisdictions, such as in Europe, Asia and Australia. This requires the group to operate in GBP, Dollars and Euros. The group mitigates foreign currency risk by holding an appropriate level of funds in a currency-denoted account. The group does not undertaking hedging in respect of foreign currency. |
| Legislative and regulatory risks |
| The group supplies products in an industry that is subject to significant health and safety and environmental regulation. Failure to comply with laws and regulations could lead to a loss of reputation, revenues, or the ability to sell products in some countries. To mitigate this risk, the directors continuously invest in development of the group's product range, invest in staff raining and implement changes in laws and regulations and action improvements in processes and controls. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Group Strategic Report |
| For The Year Ended 31 December 2024 |
| KEY PERFORMANCE INDICATORS |
| The directors believe that the key performance indicators (KPIs) outlined below provide an overview as to how the group is performing against principal key objectives to enable it to achieve the directors' long-term strategic vision. The KPIs encompass business performance as well as financial indicators taking consideration of the interests of all stakeholders: |
| Financial KPIs as a group |
| Turnover | £9.9m (2023: £11.2m) |
| Gross profit | £5.2m (2023: £5.7m) |
| Operating profit | £929k (2023: £1.7m) |
| Free cash flow | £1.4m (2023: £1.4m) |
| Total equity | £5.2m (2023: £4.6.m) |
| Financial KPIs as a company |
| Total dividend income | £nil (2023: £210k) |
| Total net assets | £76k (2023: £334k) |
| Non-financial KPIs as a group |
| The directors believe that the non-financial KPIs of the group are significant to understanding the group's performance: |
| Employee headcount: 80 (2023: 73) |
| There are no non-financial KPIs as a standalone company due to its non-trading status. |
| ON BEHALF OF THE BOARD: |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Report of the Directors |
| For The Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| RESEARCH AND DEVELOPMENT |
| The group continuously undertakes research and development activities to improve and develop its products. The company continuously attempts new processes and developing innovating new solutions. Our research projects look at how our processes can be continuously improved for the benefit of the group's customer base. Our continuing investment will further enhance this understanding. |
| FUTURE DEVELOPMENTS |
| The directors will continue to pursue a strategy of developing the group's product offerings as well as seeking new opportunities to increase revenue and margins. |
| 2025 will see a continuation of improving the risk profile of the business, with continued focus on investment in innovative design and production. The group has sufficient amounts of cash resources available to enable it the capacity to invest in the latest technology to enable the directors' strategy for growth to be implemented. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Report of the Directors |
| For The Year Ended 31 December 2024 |
| FINANCIAL INSTRUMENTS |
| The group's financial instruments comprise: |
| Financial assets |
| - Cash balances |
| - Trade and sundry debtors |
| Financial liabilities |
| - Trade and other creditors |
| - Bank loans |
| - Finance leases |
| - Accruals |
| The individual company's financial instrument comprise: |
| Financial assets |
| - Sundry debtors |
| At group level, these financial instruments arise as a result of the normal operations of the business. |
| The main risks associated with these financial assets and financial liabilities are credit risk, liquidity risk and cash flow risks. The directors review and agree policies for managing each of these risks and these policies are described below. The policies are consistent with those from the prior year. |
| The group does not use derivative financial instruments. |
| Credit risk |
| The group's credit risk is primarily associated with trade debtors. The amounts presented in the consolidated balance sheet are net of allowances for doubtful debts, where applicable. A bad debt provision is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors monitor credit risk, but consider the group has minimal exposure. |
| Liquidity and cash flow risk |
| Liquidity and cash flow risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The directors mitigate liquidity and cash flow risk by managing working capital and, consequently, they continue to closely monitor the group's working capital requirements. Should the directors identify that the group requires additional working capital, they would look to secure and utilise short-term or long-term financing facilities from external sources. |
| GOING CONCERN |
| The directors have made enquiries and assessed the impact and risks of the geo-political situation in Ukraine and the current economic climate. The directors believe that the group is able to manage any risks that may present themselves and consider that the financial statements should be prepared on a going concern basis. This conclusion has been reached by the group having sufficient levels of working capital available to enable it to meet its liabilities and obligations as they fall due for a period of at least 12 months from the date of approval of these consolidated financial statements. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Report of the Directors |
| For The Year Ended 31 December 2024 |
| AUDITORS |
| The auditors, Leavitt Walmsley Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Statement of Directors' Responsibilities |
| For The Year Ended 31 December 2024 |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Report of the Independent Auditors to the Members of |
| Trolex Group Limited |
| Opinion |
| We have audited the financial statements of Trolex Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Trolex Group Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Trolex Group Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We obtained an understanding of the legal and regulatory framework applicable to the group together with the industry in which it operates. We considered the risk of acts by the group which were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by (for example) forgery or intentional misrepresentations, or through collusion. |
| We focussed on laws and regulations which could give rise to a risk of material misstatement in the financial statements including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviews of correspondence, in particular correspondence from legal advisers. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. |
| As in all our audits, we addressed the risk of management override of internal controls, including testing journal entries and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
| As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
| - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
| - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
| - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
| - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group to cease to continue as a going concern. |
| - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
| We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Trolex Group Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants and |
| Statutory Auditors |
| 8 Eastway |
| Sale |
| Cheshire |
| M33 4DX |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Consolidated |
| Profit and Loss Account |
| For The Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| as restated |
| Notes | £ | £ |
| TURNOVER | 3 | 9,941,147 | 11,233,060 |
| Cost of sales | 4,745,162 | 5,533,996 |
| GROSS PROFIT | 5,195,985 | 5,699,064 |
| Administrative expenses | 4,266,168 | 3,993,779 |
| 929,817 | 1,705,285 |
| Other operating income | (557 | ) | 36,626 |
| OPERATING PROFIT | 5 | 929,260 | 1,741,911 |
| Interest receivable and similar income | 20,976 | 11,160 |
| 950,236 | 1,753,071 |
| Interest payable and similar expenses | 6 | 100,162 | 83,596 |
| PROFIT BEFORE TAXATION | 850,074 | 1,669,475 |
| Tax on profit | 7 | 36,204 | 157,818 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 813,870 | 1,511,657 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Consolidated |
| Other Comprehensive Income |
| For The Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| as restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 813,870 | 1,511,657 |
| OTHER COMPREHENSIVE INCOME |
| Scheme asset return less interest income | (139,000 | ) | (19,000 | ) |
| Experience gains (losses) | (37,000 | ) | (45,000 | ) |
| Change in actuarial assumptions | 102,000 | (14,000 | ) |
| Change in irrecoverable surplus | 74,000 | 70,000 |
| Effect of share buyback | (258,285 | ) | - |
| Timing difference on revaluation reserve | 5,279 | - |
| Income tax relating to components of other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(253,006 |
) |
(8,000 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
560,864 |
| Prior year adjustment | (96,193 | ) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,407,464 |
| Total comprehensive income attributable to: |
| Owners of the parent | 560,864 | 1,407,464 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Consolidated Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 2,029 | 49,993 |
| Tangible assets | 11 | 2,962,648 | 2,970,771 |
| Investments | 12 | - | - |
| 2,964,677 | 3,020,764 |
| CURRENT ASSETS |
| Stocks | 13 | 1,841,649 | 1,890,932 |
| Debtors | 14 | 1,266,653 | 1,198,577 |
| Cash at bank and in hand | 1,364,175 | 1,438,127 |
| 4,472,477 | 4,527,636 |
| CREDITORS |
| Amounts falling due within one year | 15 | 1,124,134 | 2,440,539 |
| NET CURRENT ASSETS | 3,348,343 | 2,087,097 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
6,313,020 |
5,107,861 |
| CREDITORS |
| Amounts falling due after more than one year | 16 | (876,893 | ) | (259,537 | ) |
| PROVISIONS FOR LIABILITIES | 20 | (267,420 | ) | (240,481 | ) |
| NET ASSETS | 5,168,707 | 4,607,843 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 61,739 | 69,149 |
| Revaluation reserve | 22 | 531,073 | 525,794 |
| Capital redemption reserve | 22 | 9,880 | 2,470 |
| Merger reserve | 22 | 125,915 | 125,915 |
| Retained earnings | 22 | 4,440,100 | 3,884,515 |
| SHAREHOLDERS' FUNDS | 5,168,707 | 4,607,843 |
| The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by: |
| Mr G Pierce-Jones - Director |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Company Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Capital redemption reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | 210,000 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Consolidated Statement of Changes in Equity |
| For The Year Ended 31 December 2024 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 January 2023 | 69,149 | 2,477,051 | 525,794 |
| Prior year adjustment | - | (96,193 | ) | - |
| As restated | 69,149 | 2,380,858 | 525,794 |
| Changes in equity |
| Total comprehensive income | - | 1,503,657 | - |
| Balance at 31 December 2023 | 69,149 | 3,884,515 | 525,794 |
| Changes in equity |
| Purchase of own shares | (7,410 | ) | - | - |
| Total comprehensive income | - | 555,585 | 5,279 |
| Balance at 31 December 2024 | 61,739 | 4,440,100 | 531,073 |
| Capital |
| redemption | Merger | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | 2,470 | 125,915 | 3,200,379 |
| Prior year adjustment | - | - | (96,193 | ) |
| As restated | 2,470 | 125,915 | 3,104,186 |
| Changes in equity |
| Total comprehensive income | - | - | 1,503,657 |
| Balance at 31 December 2023 | 2,470 | 125,915 | 4,607,843 |
| Changes in equity |
| Purchase of own shares | 7,410 | - | - |
| Total comprehensive income | - | - | 560,864 |
| Balance at 31 December 2024 | 9,880 | 125,915 | 5,168,707 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Company Statement of Changes in Equity |
| For The Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Purchase of own shares | (7,410 | ) | - | 7,410 | - |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2024 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Consolidated Cash Flow Statement |
| For The Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| as restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 807,517 | 1,229,183 |
| Interest paid | (64,083 | ) | (72,952 | ) |
| Interest element of hire purchase payments paid |
(32,579 |
) |
(10,644 |
) |
| Tax paid | (65,356 | ) | 88,072 |
| Net cash from operating activities | 645,499 | 1,233,659 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (3,445 | ) | (15,638 | ) |
| Purchase of tangible fixed assets | (201,105 | ) | (266,069 | ) |
| Sale of intangible fixed assets | - | 475,000 |
| Interest received | 20,976 | 11,160 |
| Net cash from investing activities | (183,574 | ) | 204,453 |
| Cash flows from financing activities |
| New loans in year | 845,000 | - |
| Finance lease payments | (74,867 | ) | (47,797 | ) |
| Capital repayments in year | (1,047,725 | ) | (89,924 | ) |
| Share buyback | (258,285 | ) | - |
| Net cash from financing activities | (535,877 | ) | (137,721 | ) |
| (Decrease)/increase in cash and cash equivalents | (73,952 | ) | 1,300,391 |
| Cash and cash equivalents at beginning of year |
2 |
1,438,127 |
137,736 |
| Cash and cash equivalents at end of year | 2 | 1,364,175 | 1,438,127 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Cash Flow Statement |
| For The Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Profit before taxation | 850,074 | 1,669,475 |
| Depreciation charges | 218,484 | 244,998 |
| Loss/(profit) on disposal of fixed assets | 17,210 | (248,831 | ) |
| Pension costs | - | (7,500 | ) |
| Exchange gain/loss | 566 | (712 | ) |
| Vehicle warranty via HP expensed | - | 1,285 |
| Effective interest rate adjustment | (5,813 | ) | - |
| Goodwill impairment | 24,943 | - |
| Finance costs | 100,162 | 83,596 |
| Finance income | (20,976 | ) | (11,160 | ) |
| 1,184,650 | 1,731,151 |
| Decrease/(increase) in stocks | 49,283 | (202,067 | ) |
| Increase in trade and other debtors | (68,076 | ) | (462,775 | ) |
| (Decrease)/increase in trade and other creditors | (358,340 | ) | 162,874 |
| Cash generated from operations | 807,517 | 1,229,183 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 1,364,175 | 1,438,127 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 1,438,127 | 137,736 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,438,127 | (73,952 | ) | 1,364,175 |
| 1,438,127 | (73,952 | ) | 1,364,175 |
| Debt |
| Finance leases | (307,638 | ) | 48,101 | (259,537 | ) |
| Debts falling due within 1 year | (1,002,210 | ) | 902,313 | (99,897 | ) |
| Debts falling due after 1 year | - | (671,075 | ) | (671,075 | ) |
| (1,309,848 | ) | 279,339 | (1,030,509 | ) |
| Total | 128,279 | 205,387 | 333,666 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements |
| For The Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Trolex Group Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| The functional currency of the group is considered to be Pound Sterling (£) as this is the currency of the primary economic environment in which the group operates. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirement of paragraph 33.7. |
| Basis of consolidation |
| The consolidated financial statements consist of the financial statements of the parent company, Trolex Group Ltd together with all entities controlled by the parent company (its subsidiaries). |
| Group reconstructions |
| Group reconstructions are accounted for using the merger method of accounting. Under the merger method of accounting, the carrying amount of assets and liabilities of parties to the combination are brought into the consolidated financial statements at book value (with appropriate adjustments, where necessary, to achieve uniformity of accounting policies). The results and cash flows of all the combining entities are brought into the financial statements of the group from the beginning of the financial year in which the combination occurred. |
| All financial statements are made up to 31 December each year. All intra-group transactions, balances and unrealised gains and losses on transactions between group members are eliminated on consolidation. |
| Business combinations |
| For business combinations which do not meet the criteria to apply merger accounting, the purchase method of accounting is used. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and amounts reported for revenue and expenses during the year. However, the nature of the estimation is such that actual outcomes could differ from those estimates. The following judgements and estimates may have a significant effect on the carrying amounts of assets and liabilities in the next financial year: |
| Fixed assets |
| Tangible and intangible assets are recognised at cost, less accumulated depreciation/amortisation and any applicable impairment losses. Depreciation and amortisation are allocated on a systematic basis over the assets' useful economic lives until the assessed residual value of the asset is reached. |
| Recoverability of trade and other debtors |
| The directors make an estimate of the recoverable amount of trade and other debtors. In assessing the impairment of trade and other debtors, management takes into account the ageing profile and the success of historical collection. |
| Stock provisions |
| The directors make an assessment of the provision required for slow-moving and obsolete items of stock at each balance sheet date. When assessing the required provision, management considers factors such as the ageing of the stock, the number of units sold or consumed in the previous 12 months and the release of new or updated products which may make existing products obsolete. |
| Defined benefit pension plan |
| The present value of the defined benefit pension surplus or liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions includes the discount rate. Any changes in these assumptions can considerably impact the carrying amount of the pension surplus or liability. Furthermore, a roll-forward approach, which projects results from he latest actuarial valuation performed as at 31 December 2021, has been used by the actuary in valuing the pension liability as at 31 December 2024. Any differences between the figures derived from the roll-forward approach and a full actuarial valuation would impact on the carrying amount of the pension surplus or liability. |
| Turnover |
| Turnover comprises the fair value of the consideration received or receivable for the sale of: |
| - Gas and dust detection products |
| - Connector solutions |
| Turnover is stated net of VAT and trade discounts and group policy is to recognise a sale on dispatch of the product(s) to the customer(s). This is the point at which the risks and rewards have passed to the customer(s) and the point at which the group has no managerial involvement in the product(s). |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management. |
| Residual values used in the calculation of depreciable amount are the expected amounts which would currently be obtained from disposal of assets, after deducting the estimated costs of disposal, if the assets were already of the age and in the condition expected at the end of their useful lives. |
| Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period. |
| Impairment |
| The directors assess the group's tangible fixed assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised. |
| Stock and work in progress |
| Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and costs of conversion and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. |
| Estimated selling price is the price which would be obtained by selling the product in the open market in an arm's length transaction. |
| Provision is made by way of a write down to estimated selling price less costs to complete and sell for obsolete and slow-moving items. |
| Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Group policy is to apply (where applicable) the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are only recognised when the entity becomes a party to the contractual provisions of the instrument. |
| Financial assets are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest rate, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment loss was recognised, the impairment loss is reversed. The reversal is such that the current carrying amount does not exceed what would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to a third party that is able to sell the asset in its entirety to an unrelated party. |
| Classification of financial liabilities and equity instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors, bank loans, finance leases, accruals and intra-group loans, are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Debt instruments are subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled or expire. |
| Equity instruments |
| Equity instruments issued by group members are recorded at the fair value of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the relevant group member. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated using timing difference plus approach. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year. |
| Pension costs and other post-retirement benefits |
| The group operates two funded pension schemes, these scheme fall within the following categories: |
| Defined contribution pension plan |
| The group operates a defined contribution pension plan. A defined contribution scheme is a pension scheme under which the subsidiary pays fixed contributions into a separate entity. Once the contributions have been paid, the group has no further payment obligations. |
| Defined benefit pension plan |
| Scheme assets are measured at fair value. Scheme liabilities are measured on an actuarial basis using the projected unit credit method and are discounted at appropriate high-quality bond rates. The net surplus or deficit, as adjusted for deferred tax, is presented separately from other net assets on the group balance sheet. A net surplus is recognised only to the extent that it is recoverable. |
| The current service cost and costs from settlements and curtailments are charged against operating profit. Past service costs are spread over the period until the benefit increases vest. Interest on scheme liabilities and interest income are included net in other finance costs. Actuarial gains and losses are reported in other comprehensive income. |
| Employee benefits |
| Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the subsidiary. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by geographical market is given below: |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| United Kingdom | 1,817,221 | 2,316,727 |
| Europe | 1,730,913 | 2,605,565 |
| America/Canada | 1,646,148 | 1,419,663 |
| Africa | 22,001 | 108,516 |
| Asia/Middle East | 2,451,739 | 2,174,760 |
| Australia/New Zealand | 2,273,125 | 2,607,829 |
| 9,941,147 | 11,233,060 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Wages and salaries | 3,636,342 | 3,926,842 |
| Social security costs | 446,827 | 430,309 |
| Other pension costs | 229,783 | 210,002 |
| 4,312,952 | 4,567,153 |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| as restated |
| Office and management | 25 | 26 |
| Technical/engineers | 14 | 30 |
| Operatives | 41 | 17 |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Directors' remuneration | 593,501 | 685,557 |
| Information regarding the highest paid director is as follows: |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Emoluments etc | 243,946 | 290,825 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Hire of plant and machinery | - | 120 |
| Depreciation - owned assets | 171,641 | 155,748 |
| Depreciation - assets on hire purchase contracts | 37,587 | 14,859 |
| Loss/(profit) on disposal of fixed assets | 17,210 | (248,831 | ) |
| Goodwill amortisation | 3,118 | 70,109 |
| Patents and licences amortisation | 6,139 | 4,926 |
| Auditors' remuneration | 17,650 | 18,350 |
| Foreign exchange differences | 557 | (712 | ) |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Bank interest | 67,583 | 72,952 |
| Hire purchase | 32,579 | 10,644 |
| 100,162 | 83,596 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Current tax: |
| UK corporation tax | 3,986 | 65,355 |
| Deferred tax | 32,218 | 92,463 |
| Tax on profit | 36,204 | 157,818 |
| UK corporation tax has been charged at 25 % . |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Profit before tax | 850,074 | 1,669,475 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
212,519 |
417,369 |
| Effects of: |
| Expenses not deductible for tax purposes | 11,521 | 30,242 |
| Capital allowances in excess of depreciation | - | (99,754 | ) |
| Depreciation in excess of capital allowances | 628 | - |
| Utilisation of tax losses | (21,828 | ) | (65,738 | ) |
| Movement in deferred tax | 32,218 | 92,463 |
| Defined benefit pension plan contribution | - | (2,000 | ) |
| Research and development enhanced deduction | (197,596 | ) | (210,653 | ) |
| Effect of a reduction in tax rate | (1,258 | ) | (4,111 | ) |
| Total tax charge | 36,204 | 157,818 |
| Tax effects relating to effects of other comprehensive income |
| 31.12.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Scheme asset return less interest income | (139,000 | ) | - | (139,000 | ) |
| Experience gains (losses) | (37,000 | ) | - | (37,000 | ) |
| Change in actuarial assumptions | 102,000 | - | 102,000 |
| Change in irrecoverable surplus | 74,000 | - | 74,000 |
| Effect of share buyback | (258,285 | ) | - | (258,285 | ) |
| Timing difference on revaluation reserve | 5,279 | - | 5,279 |
| (253,006 | ) | - | (253,006 | ) |
| 31.12.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Scheme asset return less interest income | (19,000 | ) | - | (19,000 | ) |
| Experience gains (losses) | (45,000 | ) | - | (45,000 | ) |
| Change in actuarial assumptions | (14,000 | ) | - | (14,000 | ) |
| Change in irrecoverable surplus | 70,000 | - | 70,000 |
| (8,000 | ) | - | (8,000 | ) |
| 8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
| As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 9. | PRIOR YEAR ADJUSTMENT |
| The prior year financial statements of Trolex Group Limited were restated to reflect an issue of Ordinary A shares in 2018/19. The documentation had been prepared by the lawyers, but had not been lodged with the Registrar of Companies until 2024. Consequently, the issued share capital of the company was understated. |
| The shares that were issued in 2018/19 were then the subject of a buyback in 2024. |
| The effect of the prior year adjustment was to increase the company's equity by £2,470 with a corresponding increase in the cost of the investment in Trolex Limited. |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 31,179 | 38,925 | 70,104 |
| Additions | - | 3,445 | 3,445 |
| Disposals | - | (28,970 | ) | (28,970 | ) |
| At 31 December 2024 | 31,179 | 13,400 | 44,579 |
| AMORTISATION |
| At 1 January 2024 | 3,118 | 16,993 | 20,111 |
| Amortisation for year | 3,118 | 6,139 | 9,257 |
| Eliminated on disposal | - | (11,761 | ) | (11,761 | ) |
| Impairments | 24,943 | - | 24,943 |
| At 31 December 2024 | 31,179 | 11,371 | 42,550 |
| NET BOOK VALUE |
| At 31 December 2024 | - | 2,029 | 2,029 |
| At 31 December 2023 | 28,061 | 21,932 | 49,993 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 | 2,303,786 | 2,732,346 | 125,617 | 5,161,749 |
| Additions | 2,986 | 198,119 | - | 201,105 |
| Disposals | - | (6,110 | ) | - | (6,110 | ) |
| At 31 December 2024 | 2,306,772 | 2,924,355 | 125,617 | 5,356,744 |
| DEPRECIATION |
| At 1 January 2024 | 250,402 | 1,897,808 | 42,768 | 2,190,978 |
| Charge for year | 24,104 | 174,199 | 10,925 | 209,228 |
| Eliminated on disposal | - | (6,110 | ) | - | (6,110 | ) |
| At 31 December 2024 | 274,506 | 2,065,897 | 53,693 | 2,394,096 |
| NET BOOK VALUE |
| At 31 December 2024 | 2,032,266 | 858,458 | 71,924 | 2,962,648 |
| At 31 December 2023 | 2,053,384 | 834,538 | 82,849 | 2,970,771 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 | 266,620 | 91,043 | 357,663 |
| DEPRECIATION |
| At 1 January 2024 | 6,665 | 8,194 | 14,859 |
| Charge for year | 26,662 | 10,925 | 37,587 |
| At 31 December 2024 | 33,327 | 19,119 | 52,446 |
| NET BOOK VALUE |
| At 31 December 2024 | 233,293 | 71,924 | 305,217 |
| At 31 December 2023 | 259,955 | 82,849 | 342,804 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 13. | STOCKS |
| Group |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Stocks | 1,708,048 | 1,647,160 |
| Work-in-progress | 133,601 | 243,772 |
| 1,841,649 | 1,890,932 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| as restated | as restated |
| £ | £ | £ | £ |
| Trade debtors | 929,479 | 908,401 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 53 | 64,484 |
| VAT | 113,761 | 152,559 |
| Prepayments and accrued income | 223,360 | 73,133 |
| 1,266,653 | 1,198,577 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Bank loans and overdrafts (see note 17) | 99,897 | 1,002,210 |
| Hire purchase contracts (see note 18) | 53,719 | 48,101 |
| Trade creditors | 548,287 | 687,662 |
| Tax | 3,985 | 65,355 |
| Social security and other taxes | 219,920 | 438,544 |
| Other creditors | 30,268 | 106,944 |
| Accrued expenses | 168,058 | 91,723 |
| 1,124,134 | 2,440,539 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Bank loans (see note 17) | 671,075 | - |
| Hire purchase contracts (see note 18) | 205,818 | 259,537 |
| 876,893 | 259,537 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 99,897 | 1,002,210 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 561,312 | - |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 109,763 | - |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Net obligations repayable: |
| Within one year | 53,719 | 48,101 |
| Between one and five years | 205,818 | 259,537 |
| 259,537 | 307,638 |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Bank loans | 770,972 | 1,002,210 |
| The bank loan is secured by a mortgage debenture over the company's assets and by legal mortgage over the following properties: |
| 10 & 10a Newby Road, Hazel Grove, Stockport, Cheshire. |
| Obligations under finance leases are secured over the assets to which they relate. |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 220,997 | 207,690 |
| Other timing differences | 46,423 | 32,791 |
| 267,420 | 240,481 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 240,481 |
| Provided during year | 32,218 |
| Deferred tax on revaluation | (5,279 | ) |
| Balance at 31 December 2024 | 267,420 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | as restated |
| £ | £ |
| Ordinary | £0.05 | 61,739 | 61,739 |
| Ordinary A | £0.05 | - | 7,410 |
| 61,739 | 69,149 |
| 22. | RESERVES |
| Group |
| Capital |
| Retained | Revaluation | redemption | Merger |
| earnings | reserve | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 January 2024 | 3,884,515 | 525,794 | 2,470 | 125,915 | 4,538,694 |
| Profit for the year | 813,870 | 813,870 |
| Purchase of own shares | (258,285 | ) | - | - | - | (258,285 | ) |
| Reversal of timing difference | - | 5,279 | - | - | 5,279 |
| Purchase of own shares | - | - | 7,410 | - | 7,410 |
| At 31 December 2024 | 4,440,100 | 531,073 | 9,880 | 125,915 | 5,106,968 |
| Company |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 265,060 |
| Profit for the year |
| Purchase of own shares | (258,285 | ) | - | (258,285 | ) |
| Purchase of own shares | - | 7,410 | 7,410 |
| At 31 December 2024 | 14,185 |
| Retained earnings |
| Retained earnings comprise the parent and the parent's share of subsidiary profits. Retained earnings is a distributable reserve that includes all current and prior year group profits and losses. The figure in the balance sheet is not wholly distributable as it includes unrealised gains and losses in other comprehensive income in relation to the group's defined benefit pension scheme. |
| Revaluation reserve |
| The revaluation reserve is a non-distributable reserve which arises as a consequence of the increases in value of property, plant and equipment at fair value. The increases in fair value are unrealised and are presented net of deferred tax consequences. The revaluation reserve is only released to retained earnings when the related asset is disposed. |
| Capital redemption reserve |
| The capital redemption reserve is a non-distributable reserve into which amounts have been transferred following the redemption or purchase of the company's own shares out of distributable profits or, in certain circumstances, from the proceeds of a fresh share issue. |
| Merger reserve |
| The merger reserve reflects the difference between the fair value of the assets acquired and the nominal value of shares issued when the group was created. |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 23. | EMPLOYEE BENEFIT OBLIGATIONS |
| Employee benefit obligations arise through the Trolex Staff Pension Scheme (the Scheme), which is a final salary pension scheme and was closed to new entrants with effect from 1 April 1997. Employed members continue to accrue benefits that are linked to final pensionable pay and service at the date of retirement (or a date of leaving the Scheme, if earlier). |
| Scheme assets are held in a separate trustee-administered fund to meet long-term pension liabilities to past and present employees. The trustees are required to act in the best interests of the Scheme's beneficiaries. |
| Scheme liabilities are measured by discounting the best estimate of future cash flows to be paid out by the Scheme using the projected unit credit method, which is an accrued benefits valuation method in which the liabilities make allowance for projected salaries. |
| The last actuarial valuation was carried out by the Scheme Actuary as at 31 December 2021, updated to 31 December 2021. The results of their calculations and the assumptions they have adopted are shown below. The employer has agreed to meet the operating costs of the Scheme, including any Pension Protection Fund, levies issued by The Pensions' Regulator and the cost of insurance of death-in-service benefits. |
| The amounts recognised in the balance sheet are as follows: |
| Defined benefit |
| pension plans |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Present value of funded obligations | (1,345,000 | ) | (1,715,000 | ) |
| Fair value of plan assets | 1,345,000 | 1,715,000 |
| - | - |
| Present value of unfunded obligations | - | - |
| Deficit | - | - |
| Net liability | - | - |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Current service cost | - | - |
| Past service cost | - | - |
| - | - |
| Actual return on plan assets | (84,000 | ) | 42,000 |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 23. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Opening defined benefit obligation | 1,395,000 | 1,359,000 |
| Interest cost | 55,000 | 61,000 |
| Actuarial losses/(gains) | (65,000 | ) | 59,000 |
| Benefits paid | (286,000 | ) | (84,000 | ) |
| Unrecognised surplus | 246,000 | 320,000 |
| 1,345,000 | 1,715,000 |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Opening fair value of scheme assets | 1,715,000 | 1,749,000 |
| Contributions by employer | - | 8,000 |
| Interest income on plan assets | 55,000 | 61,000 |
| Benefits paid | (286,000 | ) | (84,000 | ) |
| Return on plan assets (excluding interest income) |
(139,000 |
) |
(19,000 |
) |
| 1,345,000 | 1,715,000 |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Return on plan assets (excluding interest income) |
(139,000 |
) |
(19,000 |
) |
| Experience gains/(losses) | (37,000 | ) | (45,000 | ) |
| Change in actuarial assumptions and change in irrecoverable surplus |
176,000 |
56,000 |
| - | (8,000 | ) |
| TROLEX GROUP LIMITED (REGISTERED NUMBER: 08237689) |
| Notes to the Consolidated Financial Statements - continued |
| For The Year Ended 31 December 2024 |
| 23. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 31.12.24 | 31.12.23 |
| as restated |
| £ | £ |
| Equities | 350,000 | 543,000 |
| Bonds | 202,000 | 207,000 |
| Gilts | 598,000 | 709,000 |
| Diversified growth funds | 184,000 | 230,000 |
| Cash | 11,000 | 26,000 |
| 1,345,000 | 1,715,000 |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 31.12.24 | 31.12.23 |
| as restated |
| Discount rate | 5.40% | 4.40% |
| Future salary increases | 3.25% | 3.15% |
| Future pension increases | 3.05% | 2.95% |
| Rate of statutory revaluation | - | 2.55% |
| The method used to calculate liabilities is the projected unit credit method as required under FRS 102. |
| The mortality assumptions adopted for the purposes of the calculations as at 31 December 2024 is as follows: |
| S3P(M/F)A CMI 2022 (core parameters) with long-term improvement rates of 1.25%. |
| Average life expectations |
| Male non-pensioner: | 31.12.24 | 31.12.23 |
| Aged 55 at the balance sheet date | 21.8 years | 21.9 years |
| Aged 65 at the balance sheet date | 21.4 years | 21.4 years |
| Female aged 55 at the balance sheet date | 24.6 years | 24.6 years |
| Female aged 65 at the balance sheet date | 23.9 years | 23.9 years |
| Members are assumed to retire at the earliest each which they can take their full pension unreduced, being 65. The calculation of liabilities apply a late retirement uplift for members who joined before 1 March 1991 to those elements of the pension that would be payable unreduced from age 60 as a result of sex equalisation provisions for service prior to 1 March 1995. |
| 24. | POST BALANCE SHEET EVENTS |
| In January 2025, a dormant subsidiary, Trolex Nome Ltd, was dissolved. Goodwill arising on the acquisition of this investment has been fully impaired in these consolidated financial statements. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr J Pierce-Jones. |