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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: Mr L Pierce-Jones
Mr J Pierce-Jones
Mr G Pierce-Jones



SECRETARY:



REGISTERED OFFICE: 10a Newby Road
Hazel Grove
Stockport
Cheshire
SK7 5DY



REGISTERED NUMBER: 08237689 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven John Collings FCCA



AUDITORS: Leavitt Walmsley Associates Limited
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:





Mr G Pierce-Jones - Director


22 April 2025

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.

Mr L Pierce-Jones
Mr J Pierce-Jones
Mr G Pierce-Jones

Other changes in directors holding office are as follows:

Mr P R Brian - resigned 25 January 2024


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:




Mr G Pierce-Jones - Director


22 April 2025

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.




Steven John Collings FCCA (Senior Statutory Auditor)
for and on behalf of Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

22 April 2025

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 813,870 1,511,657
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 64,209 64,209
64,209 64,209

CURRENT ASSETS
Debtors 14 11,715 270,000
NET CURRENT ASSETS 11,715 270,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,924

334,209

CAPITAL AND RESERVES
Called up share capital 21 61,739 69,149
Capital redemption reserve 22 9,880 2,470
Retained earnings 22 4,305 262,590
SHAREHOLDERS' FUNDS 75,924 334,209

Company's profit for the financial year - 210,000

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)

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 69,149 52,590 2,470 124,209

Changes in equity
Total comprehensive income - 210,000 - 210,000
Balance at 31 December 2023 69,149 262,590 2,470 334,209

Changes in equity
Purchase of own shares (7,410 ) - 7,410 -
Total comprehensive income - (258,285 ) - (258,285 )
Balance at 31 December 2024 61,739 4,305 9,880 75,924

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

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost
Motor vehicles - 25% on cost

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
80 73

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 64,209
NET BOOK VALUE
At 31 December 2024 64,209
At 31 December 2023 64,209

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

Trolex Ltd
Registered office:
Nature of business:
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 5,156,991 4,309,782
Profit for the year 841,930 1,514,774


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 - - 11,715 270,000
Other debtors 53 64,484 - -
VAT 113,761 152,559 - -
Prepayments and accrued income 223,360 73,133 - -
1,266,653 1,198,577 11,715 270,000

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
£    £   
1,234,772 Ordinary £0.05 61,739 61,739
98,800 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 262,590 2,470 265,060
Profit for the year - -
Purchase of own shares (258,285 ) - (258,285 )
Purchase of own shares - 7,410 7,410
At 31 December 2024 4,305 9,880 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.