| REGISTERED NUMBER: |
| TRIPAL INTERNATIONAL LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| TRIPAL INTERNATIONAL LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Abridged Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| ABRIDGED BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| ABRIDGED BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Tripal International Limited is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Tripal International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| - the Company has transferred the significant risks and rewards of ownership to the buyer; |
| - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| - the amount of revenue can be measured reliably; |
| - it is probable that the Company will receive the consideration due under the transaction; and |
| - the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Commissions Receivable |
| Commissions receivable is recognised in the period in which the payment criteria has been met in order for the commission to be earned. |
| Rental Income |
| Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
| Goodwill |
| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquire at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life. |
| 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. |
| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Land is not depreciated. |
| The assets' residual values, useful life and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
| Investment property |
| Investments property is carried at fair value determined annually by the directors and derived from the current market rents and investments property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings. |
| Investments |
| Unlisted investments are stated at their fair value. Changes in fair value are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors and creditors |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid of received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loans that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit concessionary loan. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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 in the countries where the Company operates and generates income. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currency translation |
| Functional and presentation currency |
| The Company's Functional and presentational currency is GBP. |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Pension costs and other post-retirement benefits |
| Defined contribution pension plan |
| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
| Interest income |
| Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method. |
| Finance costs |
| Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST OR VALUATION |
| At 1 January 2024 | 812,400 |
| Disposals | (802,945 | ) |
| At 31 December 2024 | 9,455 |
| NET BOOK VALUE |
| At 31 December 2024 | 9,455 |
| At 31 December 2023 | 812,400 |
| Cost or valuation at 31 December 2024 is represented by: |
| Totals |
| £ |
| Cost | 9,455 |
| The company owns 100% of the issued share capital of Zephyr Polska Sp.zo.o, a company incorporated in Poland, registered office Garby, ul. Transportowa 1, 62-020 Swarzedz, Poland. The principal activity of Zephyr Polska Sp.zo.o is the sale of safety footwear. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2016 | (89,567 | ) |
| Cost | 445,833 |
| 356,266 |
| If the Investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 445,833 | 729,567 |
| Aggregate depreciation | (145,677 | ) | (145,677 | ) |
| The Investment properties were valued on a fair value basis on 31 December 2024 by the directors . |
| Fair value is based on active market prices adjusted, if necessary, for differences in the nature, location or condition of the specific asset. |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 195,710 | 208,158 |
| There is a fixed and floating charge over the undertaking and all property and assets. |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| A Ordinary | £1 | 25 | 25 |
| B Ordinary | £1 | 25 | 25 |
| C Ordinary | £1 | 36 | 36 |
| D Ordinary | £1 | 12 | 12 |
| E Ordinary | £1 | 2 | 2 |
| 100 | 100 |
| The classes of ordinary shares rank pari passu in all respects for their entitlement to dividends. |
| 10. | CONTINGENT LIABILITIES |
| The company has, in the normal course of business, given warranties to its customers for any faulty products. At the balance sheet date the estimate of the financial effect for any future warranty claim cannot be determined with reasonable certainty. This is due to the uncertainties relating to the amount and timing of any potential future claim. Based on the historical evidence and lack of previous claims, the possibility of any future settlement for any claims is improbable. |
| 11. | COMMITMENTS UNDER OPERATING LEASES |
| At 31 December 2024 the Company had future minimum lease payments under non-cancellable operating leases as follow: |
| 2024 | 2023 |
| £ | £ |
| Not later than 1 year | 15,811 | 11,186 |
| Later than 1 year and not later than 5 years | 14,825 | 9,321 |
| 30,636 | 20,507 |
| 12. | FUTURE RENTALS UNDER OPERATING LEASES AS LESSOR |
| At 31 December 2024 the company had future minimum lease receipts under non-cancellable operating leases as follows: |
| 2024 | 2023 |
| £ | £ |
| Not later than 1 year | 25,004 | 42,504 |
| Later than 1 year and not later than 5 years | 25,004 | - |
| 50,008 | 42,504 |
| TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | RELATED PARTY DISCLOSURES |
| At 31 December 2024 balances of £96,984 (2023 - £259,602) were due to close family members of the directors of the Company. Interest was charged on any balances at a rate of 8% (2023 - 8%) and there is no fixed date for repayment. |
| At 31 December 2024 balances of £133,542 (2023 - £183,304) were due to the directors of the company. Interest was charged on any balances at a rate of 8% (2023 - 8%) and there is no fixed date for repayment. |
| During the year ended 31 December 2024 the Company made sales of £nil (2023 - £217,591) to entities under common control and charged management charges of £52,640 (2023 - £52,389) to entities under common control. At 31 December 2024 balances of £15,202 (2023 - £15,615 due from) were due to entities under common control. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The directors are considered to be the ultimate controlling party. |