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Registered Number:06718720













TREVESTER LIMITED






ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024











 
TREVESTER LIMITED
 

 
COMPANY INFORMATION


Directors
Mr M J Denney (resigned 30 November 2023)
Mr A M Evers 
Mr S M Ewers 
Mr K P Howell 
Mr S C Cooper 




Company secretary
M Paveley



Registered number
06718720



Registered office
New Road

Tiptree

Essex

CO5 0HQ




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Barclays Bank Plc
75 High Street

Brentwood

Essex

CM14 4RP






 
TREVESTER LIMITED
 


CONTENTS



Pages
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Consolidated Statement of Comprehensive Income (including the Profit and Loss Account)
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Analysis of Net Debt
18
Notes to the Financial Statements
19 - 37



 
TREVESTER LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The Directors present their Annual Report and the financial statements for the year ended 31 October 2024.
Trevester Limited is the parent company of T J Evers Limited and Tiptree Building Supplies Limited.

Business review
 
TJ Evers increased turnover by 31.61% in the twelve months to 31st October 2024, with business activities remaining strong in the historically safe havens of the Education and Commercial sectors of the industry. Underlying profit remained in line with the previous year, whilst overhead was kept below the previous years’ levels in percentage terms, being down by some 2.47%, demonstrating the Directors ability to grow the business within existing resources and curtailing increases to a minimum.
Tiptree Building Supplies saw a challenging year in terms of volume, with turnover being down some 11.09% on the previous year, although the net profit percentage decrease was only around 0.14% in the same period, demonstrating that the business managed to make the most of its diverse work profile.
The Directors are pleased to be able to report that group turnover increased by 25.6% while overhead was lower compared to 2023 figures (10.04% in 2023 compared to 8.20% in 2024). Further demonstrating sound financial management being at the very core of the business.
2023/2024 saw inflation continue to be a challenge. The Directors managed to protect the group against inflation risk by securing contracts that mitigated exposure; seeking out opportunities on a negotiated basis, or short duration projects that reduced the effect of inflation. However, whilst this was a successful strategy, the impact of inflation was still felt to a lesser degree.
It is considered 2025 will show a lack of growth in the Contracting activities of the group in terms of turnover, with the pipeline showing signs of improvement in respect of increased negotiated opportunities, while Merchanting activities are indicating similar levels.
Worldwide events in Ukraine, with the ongoing hostilities with Russia entering their third year, will continue to present challenges in terms of energy costs, albeit, we anticipate this to ease significantly during 2025. Furthermore, the challenges encountered in 2023 in terms of availability of materials and products abated during 2024 and are expected to be almost non-existent in 2025. The US elections in the new year of 2025 will no doubt provide their own challenges, that will be met by our dynamic and resilient supply chain management approach.
The Directors continue to invest in the Group, securing key additional management appointments at both middle and senior management levels, ensuring the Group will continue to thrive and perform in the next period. Additionally, investment during 2023 in IT and in particular software, are delivering the much expected improved accuracy of programming, planning and cost control. Thus, ensuring the Group is resourced to deliver the performance expectations the Directors will set out in early 2025.

Page 1


 
TREVESTER LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal risks and uncertainties
 
Trevesters position in the industry, together with senior Directors involvements with external agencies at National Level, ensures the business is aware of industry change before it becomes a challenge. This ensures Trevester can seek business opportunity in traditionally considered safer sectors of the Construction Industry.
Overhead budgets for the group continue to be closely managed by the Directors, with financial forecasting being strengthened by the recent investment in IT and software.
The new Government will offer new opportunities once the initial bedding in period is through, with Trevester and both the Construction and Merchanting arms of the business expecting to be able to capitalise on new emerging workstreams such as Housing/Residential, Healthcare and Green Technologies such as PV installations.

Page 2


 
TREVESTER LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Key performance indicators
 
Indicators show that the company is in a secure position with sufficient reserves to deal with those challenges presented and can look forward to another satisfactory year ahead while continuing to constrain overhead cost.

Financial Instruments

The Group’s principal financial instruments comprise trade debtors and trade creditors arising directly from operations and amounts due to group companies. The Group does not enter into derivative transactions.  The Group's approach to managing the principal risks and uncertainties is shown below.
Price risk:
Any fluctuations in the cost of supply are closely monitored by the Group with actions taken (where deemed appropriate) to protect the Group's gross margin.
Credit Risk
The Group has minimal exposure to credit risk due to the nature of the trading activities. For customers who wish to trade on credit terms, they are subject to credit verification procedures.  All credit levels and amounts outstanding are reviewed regularly.  The Group has not suffered from significant bad debts and maintains a healthy debtor ageing profile for the sector in which it operates.  Any new customers are subjected to credit reference checks and the Group has an active credit control function.
Liquidity and cash flow risk:
The Group manages its cash requirements in order to ensure sufficient liquid resources are maintained to meet the operating needs of the business.


This report was approved by the Board on 16 July 2025 and signed on its behalf.



Mr K P Howell
Director

Page 3


 
TREVESTER LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The Directors present their report and the financial statements for the year ended 31 October 2024.

Directors

The Directors who served during the year were:

Mr M J Denney (resigned 30 November 2023)
Mr A M Evers 
Mr S M Ewers 
Mr K P Howell 
Mr S C Cooper 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £300,898 (2023 - £255,767).

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group and Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Future developments

The Directors continue to invest in the Group, securing key additional management appointments at both middle and senior management levels, ensuring the Group will continue to thrive and perform in the next period. The Group is resourced to deliver the performance expectations the Directors will set out in early 2025.
It is considered 2025 will show a lack of growth in the Contracting activities of the group in terms of turnover, with the pipeline showing signs of improvement in respect of increased negotiated opportunities, while Merchanting activities are indicating similar levels.

Page 4


 
TREVESTER LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of the Directors which were in place during the year and remain in force at the date of this report.

Matters covered in the Group Strategic Report

Information regarding the performance of the company and principal risks and uncertainties can be found in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

Other than any issues which may be addressed within the Group Strategic Report, there have been no significant events affecting the Group since the year end.

Auditor

The auditor, Sumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 16 July 2025 and signed on its behalf.
 





Mr K P Howell
Director

Page 5


 
TREVESTER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED

Opinion


We have audited the financial statements of Trevester Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Changes in Equity, the Consolidated Statement of Cash Flows,  and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 October 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6


 
TREVESTER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 is 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.


Page 7


 
TREVESTER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)

Auditor's 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 an Auditor's Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors (as required by auditing standards), inspection of the Group’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, building regulations, human rights and employment law, environmental regulations and  GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of Board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
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. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.


Page 8


 
TREVESTER LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)

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 2006Our 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 an Auditor's Report 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 Burgess (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

18 July 2025
Page 9


 
TREVESTER LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Notes
£
£

  

Turnover
 4 
28,775,680
22,907,505

Cost of sales
  
(26,121,947)
(20,361,053)

Gross profit
  
2,653,733
2,546,452

Administrative expenses
  
(2,359,425)
(2,299,319)

Other operating income
 5 
32,891
19,660

Operating profit
 6 
327,199
266,793

Interest receivable and similar income
 10 
90,916
78,807

Interest payable and similar expenses
 11 
(4,294)
(2,567)

Profit before taxation
  
413,821
343,033

Tax on profit
 12 
(111,180)
(84,912)

Profit for the financial year
  
302,641
258,121

  

Excess depreciation arising on revalued tangible fixed assets
  
2,160
2,160

Other comprehensive income for the year
  
2,160
2,160

Profit for the year attributable to:
  

Non-controlling interests
  
1,743
2,354

Owners of the parent Company
  
300,898
255,767

  
302,641
258,121

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
1,743
2,354

Owners of the parent Company
  
303,058
257,927

  
304,801
260,281

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income (including the profit and loss account).

The notes on pages 19 to 37 form part of these financial statements.

Page 10


 
TREVESTER LIMITED
REGISTERED NUMBER:06718720


CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Notes
£
£

Fixed assets
  

Intangible assets
 13 
-
24,452

Tangible assets
 14 
2,281,812
2,220,749

Investments
 15 
102,050
102,050

  
2,383,862
2,347,251

Current assets
  

Stocks
 16 
701,509
744,855

Debtors: amounts falling due after more than one year
 17 
473,578
233,499

Debtors: amounts falling due within one year
 17 
4,467,870
4,371,848

Cash at bank and in hand
 18 
5,766,381
6,401,618

  
11,409,338
11,751,820

Creditors: amounts falling due within one year
 19 
(9,097,872)
(8,712,875)

Net current assets
  
 
 
2,311,466
 
 
3,038,945

Total assets less current liabilities
  
4,695,328
5,386,196

Provisions for liabilities
  

Deferred taxation
 20 
(286,931)
(261,125)

  
 
 
(286,931)
 
 
(261,125)

Net assets
  
4,408,397
5,125,071

Page 11


 
TREVESTER LIMITED
REGISTERED NUMBER:06718720

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

2024
2023
Notes
£
£

Capital and reserves
  

Called up share capital 
 21 
5,816
8,116

Share premium account
 22 
37,600
37,600

Revaluation reserve
 22 
236,987
239,147

Capital redemption reserve
 22 
25,884
23,584

Profit and loss account
 22 
4,077,075
4,783,550

Equity attributable to owners of the parent Company
  
4,383,362
5,091,997

Non-controlling interests
  
25,035
33,074

  
4,408,397
5,125,071


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2025.




Mr K P Howell
Director

The notes on pages 19 to 37 form part of these financial statements.

Page 12


 
TREVESTER LIMITED
REGISTERED NUMBER:06718720


COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
828,461
828,461

  
828,461
828,461

Current assets
  

Debtors: amounts falling due within one year
 17 
13,500
13,500

  
13,500
13,500

Creditors: amounts falling due within one year
 19 
(814,050)
(814,050)

Net current liabilities
  
 
 
(800,550)
 
 
(800,550)

  

  

Net assets
  
27,911
27,911


Capital and reserves
  

Called up share capital 
 21 
5,816
8,116

Share premium account
 22 
13,200
13,200

Capital redemption reserve
 22 
8,895
6,595

  
27,911
27,911


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2025.


Mr K P Howell
Director

The notes on pages 19 to 37 form part of these financial statements.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £1,009,533 (2023 - £Nil).

Page 13

 
TREVESTER LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024



Called up 
share 
capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss 
account
Equity attributable to owners of parent Company
Non-controlling interests
Total 
equity


£
£
£
£
£
£
£
£



At 1 November 2022
8,116
37,600
23,584
241,307
4,525,623
4,836,230
30,720
4,866,950





Profit for the year
-
-
-
-
255,767
255,767
2,354
258,121


Excess depreciation arising on revalued tangible fixed assets
-
-
-
-
2,160
2,160
-
2,160

Total comprehensive income for the year
-
-
-
-
257,927
257,927
2,354
260,281


Transfer from revaluation reserve
-
-
-
(2,160)
-
(2,160)
-
(2,160)





At 1 November 2023
8,116
37,600
23,584
239,147
4,783,550
5,091,997
33,074
5,125,071





Profit for the year
-
-
-
-
300,898
300,898
1,743
302,641


Excess depreciation arising on revalued tangible fixed assets
-
-
-
-
2,160
2,160
-
2,160

Total comprehensive income for the year
-
-
-
-
303,058
303,058
1,743
304,801


Dividends: Equity capital
-
-
-
-
-
-
(9,782)
(9,782)


Transfer from revaluation reserve
-
-
-
(2,160)
-
(2,160)
-
(2,160)


Purchase of own shares
(2,300)
-
2,300
-
(1,009,533)
(1,009,533)
-
(1,009,533)



At 31 October 2024
5,816
37,600
25,884
236,987
4,077,075
4,383,362
25,035
4,408,397



The notes on pages 19 to 37 form part of these financial statements.

Page 14


 
TREVESTER LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024



Called up share 
capital
Share premium account
Capital redemption reserve
Profit and loss account
Total 
equity


£
£
£
£
£



At 1 November 2022
8,116
13,200
6,595
-
27,911





At 1 November 2023
8,116
13,200
6,595
-
27,911



Comprehensive income for the year


Profit for the year
-
-
-
1,009,533
1,009,533



Contributions by and distributions to owners


Purchase of own shares
(2,300)
-
2,300
(1,009,533)
(1,009,533)



At 31 October 2024
5,816
13,200
8,895
-
27,911



The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
TREVESTER LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
302,641
258,121

Adjustments for:

Amortisation of intangible assets
24,452
24,456

Depreciation of tangible assets
282,750
254,146

Profit on disposal of tangible assets
(20,623)
(31,899)

Interest payable and similar expenses
4,294
2,567

Interest receivable and similar income
(90,916)
(78,807)

Taxation charge
111,180
84,912

Decrease in stocks
43,346
78,252

(Increase) in debtors
(336,101)
(897,951)

Increase in creditors
344,088
2,175,136

Corporation tax (paid)
(44,465)
(76,870)

Net cash generated from operating activities

620,646
1,792,063


Cash flows from investing activities

Purchase of tangible fixed assets
(347,736)
(466,190)

Proceeds from the sale of tangible fixed assets
24,546
46,235

Purchase of unlisted and other investments
-
(100,000)

Interest received
90,916
78,807

Net cash from investing activities

(232,274)
(441,148)

Cash flows from financing activities

Interest paid
(4,294)
(2,567)

Dividends paid to non-controlling interests
(9,782)
-

Purchase of own shares
(1,009,533)
-

Net cash used in financing activities
(1,023,609)
(2,567)

Net (decrease)/increase in cash and cash equivalents
(635,237)
1,348,348
Page 16


 
TREVESTER LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
6,401,618
5,053,270

Cash and cash equivalents at the end of year
5,766,381
6,401,618


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,766,381
6,401,618


The notes on pages 19 to 37 form part of these financial statements.

Page 17


 
TREVESTER LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£





Cash at bank and in hand

6,401,618

(635,237)

5,766,381

Debt due within 1 year

(147,931)

120,038

(27,893)


The notes on pages 19 to 37 form part of these financial statements.

Page 18


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Trevester Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales.
The Company's registered number is 06718720 and the address of the registered office is New Road, Tiptree, Colchester, Essex CO5 0HQ.
Its principal activity is that of an investment holding company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
Certain comparatives have been restated to make their treatment consistent with that adopted in the current year.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The Company has taken advantage of the exemptions available to qualifying entities from preparing a Company Statement of Cash Flows.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Directors have considered the future financial position of the Company and the Group by reviewing monthly management accounts, future orders and planned expenditure, alongside the Balance Sheet and believe that the Company and the Group are well placed to manage their business risks successfully despite the current uncertain economic outlook. The Company and the Group also have sufficient cash headroom to continue operating for the foreseeable future.
After making enquiries the Directors have a reasonable expectation that the Company and the Group have adequate resources to meet their liabilities as they fall due and to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and financial statements.

Page 20


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The level of completion of the construction contracts in progress at the year end is assessed by independent surveyors and these surveys make up the basis for recognition of contracts income for he year and the debtor for amounts recoverable on contracts at the year end.
Revenue in respect to the short term hire contracts of less than 2 weeks, are invoiced on a weekly
basis and will be recognised on the return of the equipment.
Hire contracts which span a period of more than 2 weeks, are invoiced on a monthly basis and the
revenue is accounted for in the period to which the hire relates. For any contracts which span the
year end, the proportion of hire contract revenue earned before the year end is accounted for as
revenue in that year.

Page 21


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree 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 Consolidated Statement of Comprehensive Income over its useful economic life, this is deemed to be 10 years from the date of transition to FRS 102.

 
2.6

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
1% on cost
Plant and machinery
-
15% to 25% on reducing balance or 33% on a straight line basis
Motor vehicles
-
10% to 25% on a straight line basis
Fixtures and fittings
-
25% on reducing balance
Office equipment
-
25% on reducing balance

The assets' residual values, useful lives 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 profit or loss.

No depreciation is provided on freehold land.

 
2.7

Revaluation of tangible fixed assets

As at the date of transition to FRS 102 on 1 November 2014 the freehold land and property at New Road, Tiptree, Essex, which had previously been held at a revalued amount, is now held at deemed cost using the previous UK GAAP revaluation of the land and property at that date.

Page 22


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Investments

Investments in subsidiary undertakings are measured at cost less accumulated impairment charges. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. 
Investments in unlisted 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 Consolidated Statement of Comprehensive Income for the period. Where the market value cannot be reliably determined, such investments are stated at historic cost less impairment charges.

 
2.9

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.

  
2.10

Debtors

Debtors are measured at transaction price, less any impairment. 

  
2.11

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 the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 23


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Group 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 to and from related
parties and investments in non-puttable ordinary shares. 

  
2.14

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

 
2.15

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.

  
2.16

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

  
2.17

Interest income

Interest income is recognised in the Consolidated Statements of Comprehensive Income using the effective interest method.

Page 24


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 25


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Useful economic life of intangible fixed assets
The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets.
Construction contracts
A significant judgement and key area of estimation for the Group is the extent to which construction contracts are complete in order to calculate the amounts recoverable on contracts. The Directors base these calculations on the valuations that take place both pre and post year end. The level of future subcontractor liabilities to be provided for and the amounts for any potential claims for rectification are calculated by the Directors based upon their knowledge of how each contract is progressing.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Construction contracts
24,981,038
18,488,707

Sale of building supplies
3,753,282
4,384,677

Hire of equipment
41,360
34,121

28,775,680
22,907,505


All turnover arose within the United Kingdom.

Page 26


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Other operating income

2024
2023
£
£

Rents receivable
8,760
8,760

Sundry income
24,131
10,900

32,891
19,660



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
282,750
254,146

Other operating lease rentals
61,291
35,872

Amortisation of intangible assets, including goodwill
24,452
24,456

Profit on disposal of tangible fixed assets
(20,623)
(31,899)

Defined contribution pension cost
316,239
227,983


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Group's auditor for the audit of the Group's annual financial statements
2,250
2,050


The fees payable to the Group's auditor in respect of the audit of subsidiary undertakings companies in the year amounted to £24,050 (2023: £22,450). Fees for taxation services amounted to £3,700 (2023: £3,500).




Page 27


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
Restated 2023
£
£


Wages and salaries
3,895,376
3,636,441

Social security costs
422,237
395,676

Cost of defined contribution pension scheme
316,239
227,983

4,633,852
4,260,100

The average monthly number of employees, including the Directors, during the year was as follows:

2024
2023
£
£



Construction
55
52

Office
36
33

91
85

The Company has no employees other than the Directors, who did not receive any remuneration for qualifying services from the Company for the year (2023 - £Nil).


9.


Directors' remuneration

2024
2023
£
£


Directors' emoluments
404,078
574,950

Company contributions to defined contribution pension scheme
195,580
128,080

599,658
703,030

During the year retirement benefits were accruing to 4 Directors (2023 - 5) in respect of the defined contribution pension scheme.
The highest paid Director received remuneration in respect of qualifying services during the year amounting to £130,536 (2023 - £136,856).
During the year Directors received benefits in kind amounting to £19,601 (2023 - £28,769).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £31,006 (2023 - £29,004).

Page 28


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
90,916
78,807


11.


Interest payable and similar expenses

2024
2023
£
£


Directors' loan account interest payable
4,267
2,539

Other interest payable
27
28

4,294
2,567


12.


Taxation


2024
2023
£
£

Corporation tax


UK Corporation tax on profit for the year
85,582
44,566

Adjustments in respect of previous periods
(208)
-


Total current tax
85,374
44,566

Deferred tax


Origination and reversal of timing differences
25,806
40,346

Total deferred tax
25,806
40,346


Taxation on profit on ordinary activities
111,180
84,912
Page 29


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 25%)The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
413,821
343,033


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
103,455
85,758

Effects of:


Expenses not deductible for tax purposes
9,922
10,352

Enhanced tax allowance deduction
(1,244)
(2,819)

Adjustment to tax charge in respect of previous periods
(208)
-

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(3,923)

Marginal relief
(745)
(186)

Effect of changes in tax rate
-
(4,270)

Total tax charge for the year
111,180
84,912


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 30


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 November 2023
331,032



At 31 October 2024

331,032



Amortisation


At 1 November 2023
306,580


Charge for the year
24,452



At 31 October 2024

331,032



Net book value



At 31 October 2024
-



At 31 October 2023
24,452

The goodwill relates to the acquisition of Tiptree Building Supplies Limited in August 2009. It is being amortised on a straight-line basis of 10 years from the date of transition to FRS 102, being the Directors' estimate of the useful economic life of the business acquired.
The amortisation charge is recognised within administrative expenses.



Page 31


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Tangible fixed assets

Group






Freehold land and property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2023
1,364,264
1,652,921
1,309,180
115,155
122,815
4,564,335


Additions
-
108,585
233,699
501
4,951
347,736


Disposals
-
(42,526)
(234,884)
-
(4,959)
(282,369)



At 31 October 2024

1,364,264
1,718,980
1,307,995
115,656
122,807
4,629,702



Depreciation


At 1 November 2023
170,515
1,151,498
815,184
102,477
103,912
2,343,586


Charge for the year
8,438
97,889
167,290
3,295
5,838
282,750


Disposals
-
(40,256)
(233,730)
-
(4,460)
(278,446)



At 31 October 2024

178,953
1,209,131
748,744
105,772
105,290
2,347,890



Net book value



At 31 October 2024
1,185,311
509,849
559,251
9,884
17,517
2,281,812



At 31 October 2023
1,193,749
501,423
493,996
12,678
18,903
2,220,749

Included in freehold property is freehold land amounting to £520,457 (2023 - £520,457) that is not depreciated.
Prior to the date of transition to FRS 102, on 1 November 2014, the Company revalued the freehold land and property at New Road, Tiptree, Essex. On transition to FRS 102 the Directors adopted the transitional arrangements and elected to use the previous UK GAAP revaluation as deemed cost. The historical cost of the freehold land and property as at 31 October 2022 would have been £1,058,157 (2023 - £1,058,157).

Page 32


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Fixed asset investments

Group





Unlisted investment

£



Cost and net book value


At 1 November 2023
102,050



At 31 October 2024
102,050




Company





Investments in subsidiary under-takings

£



Cost and net book value


At 1 November 2023
828,461



At 31 October 2024
828,461





Subsidiary undertakings
As at 31 October 2024, the Company owned 100% of the Ordinary issued share capital of T J Evers Limited and 97% of the Ordinary issued share capital of Tiptree Building Supplies Limited.
The registered office of both subsidiaries is New Road, Tiptree, Essex CO5 0HQ.
Both subsidiaries have been included in these consolidated financial statements.

Page 33


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
95,428
93,502

Work in progress
1,716
1,563

Finished goods and goods for resale
604,365
649,790

701,509
744,855


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Trade debtors
473,578
233,499
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
3,042,254
3,212,388
-
-

Amounts recoverable on long term contracts
1,326,552
1,066,046
-
-

Amounts owed by subsidiary undertakings
-
-
13,500
13,500

Other debtors
32,222
28,113
-
-

Prepayments and accrued income
66,842
65,301
-
-

4,467,870
4,371,848
13,500
13,500



18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
5,766,381
6,401,618


Page 34


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
8,043,400
7,368,701
-
-

Amounts owed to subsidiary undertakings
-
-
814,050
814,050

Corporation tax payable
85,583
44,674
-
-

Other taxation and social security
701,865
676,685
-
-

Other creditors
227,481
585,948
-
-

Accruals and deferred income
39,543
36,867
-
-

9,097,872
8,712,875
814,050
814,050



20.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
261,125
220,779


Charge to profit or loss
25,806
40,346



At end of year
286,931
261,125




The deferred tax liability is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
286,931
261,233

Other short term timing differences
-
(108)

286,931
261,125

Page 35


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,816 (2023: 8,116) Ordinary shares of £1 each
5,816
8,116

On 27 November 2023 the company bought back 2,300 ordinary shares for the consideration of £1,009,533.



22.


Reserves

Share premium account

The Share Premium Account includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the Share Premium Account.

Revaluation reserve

The Revaluation reserve relates to the historical gains and losses on the revaluation of the property at New Road, Tiptree, Essex prior to 1 November 2014.

Capital redemption reserve

The Capital Redemption reserve represents a capital reserve that is a non-distributable reserve.

Profit and loss account

The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid. The reserve in the Company is available for distribution to the shareholders.


23.


Capital commitments




At 31 October 2024 the Group had capital commitments as follows:


Group
Group
2024
2023
£
£

Contracted for but not provided in these financial statements
2,569
162,796


24.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £316,239 (2023 - £227,983). Contributions amounting to £1,034 (2023 - £11,677) were payable to the fund at the year end and are included in other creditors.

Page 36


 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


Commitments under operating leases

At 31 October 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
21,869
23,372

Later than 1 year and not later than 5 years
32,384
18,992

54,253
42,364

The Company had no commitments under non-cancellable operating leases at the balance sheet date (2023 - £Nil).


26.


Related party transactions

Transactions with the Directors
At 31 October 2024, the Group owed £27,329 (2023 - £147,613) to the Directors. In addition, during the year the Group accrued interest payable on the balances amounting to £4,266 (2023 - £2,539) and is included within accruals at the year end.
Transactions with subsidiary undertakings
The Company is related to T J Evers Limited and Tiptree Building Supplies Limited due to its controlling shareholding.
At 31 October 2024 the Company was owed £13,500 (2023 - £13,500) by T J Evers Limited and owed £814,050 (2023 - £814,050) to T J Evers Limited.
Key management personnel
The Directors are considered to be key management personnel of the Group however they received no remuneration directly from the Parent Company. Key management personnel remuneration received from subsidiary undertakings in the year amounted to £858,577 (2023 - £939,047).


27.


Controlling party

The ultimate controlling party at 31 October 2024 and the date of approval of these financial statements was Alan Michael Evers, a director and shareholder of the company. 

Page 37