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REGISTERED NUMBER: 05165152 (England and Wales)











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 35,000 45,000
Tangible assets 5 1,166,486 1,276,848
Investments 6 9,455 812,402
Investment property 7 356,266 640,000
1,567,207 2,774,250

CURRENT ASSETS
Stocks 155,155 86,549
Debtors 1,275,987 3,684,531
Cash at bank 761,843 1,580,880
2,192,985 5,351,960
CREDITORS
Amounts falling due within one year 562,461 743,086
NET CURRENT ASSETS 1,630,524 4,608,874
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,197,731

7,383,124

CREDITORS
Amounts falling due after more than one
year

(176,097

)

(195,710

)

PROVISIONS FOR LIABILITIES (127,297 ) (142,986 )
NET ASSETS 2,894,337 7,044,428

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,894,237 7,044,328
SHAREHOLDERS' FUNDS 2,894,337 7,044,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

TRIPAL INTERNATIONAL LIMITED (REGISTERED NUMBER: 05165152)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





S J Poole - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05165152

Registered office: 16 Don White Road
Ogee Business Park
Wellingborough
Northamptonshire
NN8 4FT

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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 17 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024
and 31 December 2024 1,140,042
AMORTISATION
At 1 January 2024 1,095,042
Amortisation for year 10,000
At 31 December 2024 1,105,042
NET BOOK VALUE

At 31 December 2024 35,000
At 31 December 2023 45,000

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 1,638,243
Additions 2,044
At 31 December 2024 1,640,287
DEPRECIATION
At 1 January 2024 361,395
Charge for year 112,406
At 31 December 2024 473,801
NET BOOK VALUE
At 31 December 2024 1,166,486
At 31 December 2023 1,276,848

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 640,000
Disposals (283,734 )
At 31 December 2024 356,266
NET BOOK VALUE
At 31 December 2024 356,266
At 31 December 2023 640,000

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: £    £   
25 A Ordinary £1 25 25
25 B Ordinary £1 25 25
36 C Ordinary £1 36 36
12 D Ordinary £1 12 12
2 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:


20242023
£   £   
Not later than 1 year15,81111,186
Later than 1 year and not later than 5 years14,8259,321
30,63620,507

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:

20242023
£   £   

Not later than 1 year25,00442,504
Later than 1 year and not later than 5 years25,004-
50,00842,504

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.