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REGISTERED NUMBER: 11624287 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Trustack Limited

Trustack Limited (Registered number: 11624287)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Trustack Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr G M Hodgson
Mr P W Watson
Mr R Henderson
Mr P Cambers
Mr J Olabode
Mr R A Common





REGISTERED OFFICE: 1 Berrymoor Court
Northumberland Business Park
Cramlington
Northumberland
NE23 7RZ





REGISTERED NUMBER: 11624287 (England and Wales)





ACCOUNTANTS: S&W Partners (Newcastle) Limited
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Trustack Limited (Registered number: 11624287)

Balance Sheet
30 September 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 586,550 600,588

CURRENT ASSETS
Stocks 2,866 13,695
Debtors 6 2,010,504 1,772,805
Cash at bank and in hand 1,991,736 1,406,717
4,005,106 3,193,217
CREDITORS
Amounts falling due within one year 7 (2,229,848 ) (1,948,402 )
NET CURRENT ASSETS 1,775,258 1,244,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,361,808

1,845,403

CREDITORS
Amounts falling due after more than one
year

8

(202,396

)

(140,375

)

PROVISIONS FOR LIABILITIES (10,272 ) (10,745 )
NET ASSETS 2,149,140 1,694,283

CAPITAL AND RESERVES
Called up share capital 28,492 29,925
Capital redemption reserve 8,130 6,697
Profit and loss account 2,112,518 1,657,661
2,149,140 1,694,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by:




Mr P W Watson - Director



Mr P Cambers - Director


Trustack Limited (Registered number: 11624287)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on reducing balance
Fixtures, fittings & office equipment - 33% on reducing balance
Motor vehicles - 33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trustack Limited (Registered number: 11624287)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply 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 recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities:
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at 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 company.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax:
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax:
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Trustack Limited (Registered number: 11624287)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 55 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 666,026 214,287 880,313
Additions - 28,185 28,185
Disposals - (2,702 ) (2,702 )
At 30 September 2024 666,026 239,770 905,796
DEPRECIATION
At 1 October 2023 108,420 171,305 279,725
Charge for year 12,144 28,297 40,441
Eliminated on disposal - (920 ) (920 )
At 30 September 2024 120,564 198,682 319,246
NET BOOK VALUE
At 30 September 2024 545,462 41,088 586,550
At 30 September 2023 557,606 42,982 600,588

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,573,028 1,565,944
Other debtors 437,476 206,861
2,010,504 1,772,805

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,450 135,901
Trade creditors 903,033 662,236
Taxation and social security 486,696 332,618
Other creditors 789,669 817,647
2,229,848 1,948,402

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 202,396 140,375

Trustack Limited (Registered number: 11624287)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 13,644 6,062
Between one and five years 18,116 3,031
31,760 9,093

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 252,846 276,276

The bank loans are secured via a fixed and floating charge over the assets of the company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mr P Cambers
Balance outstanding at start of year 39,133 39,133
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,133 39,133

Mr R Henderson
Balance outstanding at start of year 14,400 14,400
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,400 14,400

The above loans are interest free, repayable on demand and unsecured.