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Registered Number:00383513












T.J.EVERS LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024











 
T.J.EVERS LIMITED
 

 
COMPANY INFORMATION


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




Company secretary
M Paveley



Registered number
00383513



Registered office
New Road
Tiptree

Colchester

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






 
T.J.EVERS LIMITED
 


CONTENTS



Pages
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income (including the Profit and Loss Account)
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 27


 
T.J.EVERS LIMITED
 

 
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.

Business review
 
In 2024 the business saw significant growth in terms of turnover, with turnover increasing from £19.76m in 2023 to £26.01m in 2024 . This increase in turnover enabled the business to invest in resource throughout the year, in order to underpin our ability to achieve the growth aspirations of the Directors.
2024 saw continued performance from the traditionally strong hold sectors of Education and Commercial, with around 60% of business activity being achieved in these markets. This represents a slightly lower percentage compared to 2023. This is due to the divergence into emerging markets identified by the Directors, ensuring the business is not as heavily reliant on a narrow pipeline. This being a deliberate strategy to ensure agility as the business moves into 2025 and beyond.
The change in Government is seen as an opportunity by the Directors, as there is a political desire and will to promote and boost pipeline in new housing as well as Education and Healthcare. To ensure the business is well placed to exploit these expanding markets, the Directors reviewed and redefined their business goals to accord with Government aspirations. The investment in resource made during the first part of 2024 enabled concerted effort to be channelled into the residential and healthcare markets. This redirection of resource saw Housing/Residential pipeline increase to 16% and Healthcare increase to 8% of 2024 business operations. It is expected that Housing/Residential and Healthcare will continue to grow as emerging markets throughout 2025 and beyond.
It is still the Directors ambition, however, that Education and Commercial projects will continue to be the dominating, core business sectors for the coming years. Evers solid track record in these markets continues to provide a wealth of opportunity, with 25% of 2024’s Education pipeline being via Frameworks, 17% being from the DfE RAAC rebuilding works programme and around 10% being negotiated works.
Gross profit percentage was down on the same period in the previous year, due in the main to  continuing levels of high inflation in the early part of the year along with the effect of the investments made to deliver future growth and expansion. All of which was tempered by the businesses ability to secure work in familiar markets on negotiated terms.
Net  profit percentage marginally increased compared to 2023, demonstrating the Directors ability to keep a firm financial hand on overhead and curtail increases to a minimum.
Moving forward, it is expected that 2025 will prove to be a challenging period, although, it is expected that the business development investment in Residential and Healthcare markets, coupled with the desire held by repeat Education sector clients for negotiated projects, the year ahead will be a stable one. It is expected negotiated projects will amount to around 15-20% of the turnover in 2025. We do not envisage this will be the sentiment of many in the construction industry in 2025.
Once again, we have been successful in ensuring staff retention remained high during the period, adding credibility to our ability to take advantage of perceived emerging markets. A long serving, skilled workforce provides the platform to embrace new ventures.
2024 saw continued growth in the PV  division of the business, with Business Development effort bringing rewards, which saw the PV division move into the contracting market, securing significant work on behalf of other main contractors, subcontractors and developers. This is a market that is showing opportunity to increase further during 2025 as successes during 2024 have been made in securing positions on national and regional PV frameworks, for Clients such as Central Government, local Health Authorities and Local Authorities alike.

Page 1


 
T.J.EVERS LIMITED
 


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

Principal risks and uncertainties
 
Worldwide events in Ukraine continue to present challenges in the domestic market, principally in terms of the cost of energy. However, it is widely anticipated the energy markets will stabilise as 2025 progresses and opportunity will exist to obtain energy tariffs at acceptable prices.
Further afield and into 2025, the USA election has potential to create uncertainty, depending on how the election falls.
Whilst we have no way of influencing the outcome of either the Ukraine invasion or the US elections, we will continue to see challenges through via  meticulous planning of our workflow and resource scheduling. These being tried and tested methods of protecting the business from worldwide uncertainties.
More locally, we perceive risks and uncertainties will be initially encountered through the change in Government. There will undoubtably be a period of transition while the new administration organises their policies. However, we do not envisage this will be a long drawn out period and expect this to pass quickly.
Overhead costs continue to be closely monitored by the Financial Director and kept in line with the budgets set by the Board of Directors at the beginning of the new financial year.
Financial risks are monitored each month via accurately detailed monthly management accounts that are produced by the Finance Team and forensically investigated by the Financial Director.
Cashflow forecasts are prepared on a bi-monthly basis by the Financial Director. Investment made during early 2024 in new Construction Programming software is now providing the much expected increased accuracy of cashflow forecasting, giving the crucial early insight into the financial performance of the business.
Workflow in the Construction Industry is a continual risk, however, our investment in Business Development and the preparation and implementation of a targeted and driven Business Development Plan at board level will ensure attention is focused in the best direction to achieve results.

Financial Key Performance Indicators and Position at Year End
 
As a direct result of meticulous financial planning, T J Evers cash position is marginally up on the preceding year. This demonstrates the businesses ability to manage its cash effectively, particularly when a significant dividend was paid in the year to the outgoing Managing Director.
It is envisaged strict financial controls will be necessary during 2025 to ensure the businesses cash position isn’t too adversely affected in the first part of the new financial year as a consequence of the principle risks and uncertainties identified earlier in this report.

Page 2


 
T.J.EVERS LIMITED
 


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

Financial Instruments

The Company's principal financial instruments comprise trade debtors and trade creditors arising directly from operations. The Company does not enter into derivative transactions.  The Company's approach to managing the principal risks and uncertainties is shown below.
Price risk:
Any fluctuations in th`e cost of supply are closely monitored by the Company with actions taken (where deemed appropriate) to protect the Company’s gross margin.
Credit Risk
The Company 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 Company 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 Company has an active credit control function.
Liquidity and cash flow risk:
The Company 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


 
T.J.EVERS 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 (retired 30 November 2023)
M 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, amounted to £268,991 (2023 - £204,094). Dividends paid in the year amount to £673,022 (2023: £nil).

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company'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 Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

it is expected that 2025 will prove to be a challenging period, although, it is expected that the business development investment in Residential and Healthcare markets, coupled with the desire held by repeat Education sector clients for negotiated projects, the year ahead will be a stable one. 
The PV division market is showing opportunity to increase further during 2025 as successes during 2024 have been made in securing positions on national and regional PV frameworks, for Clients such as Central Government, local Health Authorities and Local Authorities alike.

Page 4


 
T.J.EVERS 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 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

There have been no significant events affecting the Company 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


 
T.J.EVERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS LIMITED

Opinion


We have audited the financial statements of T.J.Evers Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the 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 Company's affairs as at 31 October 2024 and of its 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 Company 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 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


 
T.J.EVERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS 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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7


 
T.J.EVERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS 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 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 Company’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 non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company 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 Company 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 Company 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


 
T.J.EVERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T.J.EVERS 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 August 2025
Page 9


 
T.J.EVERS LIMITED
 

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

2024
2023
Notes
£
£

  

Turnover
 4 
26,011,380
19,763,854

Cost of sales
  
(23,541,362)
(17,407,930)

Gross profit
  
2,470,018
2,355,924

Administrative expenses
  
(2,226,684)
(2,179,356)

Other operating income
 5 
32,891
19,660

Operating profit
 6 
276,225
196,228

Interest receivable and similar income
 9 
89,653
78,807

Interest payable and similar expenses
 10 
(4,294)
(2,567)

Profit before tax
  
361,584
272,468

Tax on profit
 11 
(92,593)
(68,374)

Profit for the financial year
  
268,991
204,094

Other comprehensive income for the year
  

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

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

Total comprehensive income for the year
  
271,151
206,254

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

The notes on pages 15 to 27 form part of these financial statements.
Page 10


 
T.J.EVERS LIMITED
REGISTERED NUMBER:00383513


BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Notes
£
£

Fixed assets
  

Tangible assets
 13 
2,174,686
2,114,879

  
2,174,686
2,114,879

Current assets
  

Stocks
 14 
97,144
95,065

Debtors: amounts falling due after more than one year
 15 
473,578
233,499

Debtors: amounts falling due within one year
 15 
4,977,567
5,251,583

Cash at bank and in hand
 16 
5,349,296
5,229,690

  
10,897,585
10,809,837

Creditors: amounts falling due within one year
 17 
(8,790,337)
(8,264,066)

Net current assets
  
 
 
2,107,248
 
 
2,545,771

Total assets less current liabilities
  
4,281,934
4,660,650

Provisions for liabilities
  

Deferred tax
 18 
(260,965)
(235,650)

  
 
 
(260,965)
 
 
(235,650)

Net assets
  
4,020,969
4,425,000


Capital and reserves
  

Called up share capital 
 19 
14,411
14,411

Share premium account
 20 
24,400
24,400

Revaluation reserve
 20 
236,987
239,147

Capital redemption reserve
 20 
16,989
16,989

Profit and loss account
 20 
3,728,182
4,130,053

Shareholders' funds
  
4,020,969
4,425,000


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 15 to 27 form part of these financial statements.
Page 11

 
T.J.EVERS LIMITED

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
Total equity


£
£
£
£
£
£



At 1 November 2022
14,411
24,400
16,989
241,307
3,923,799
4,220,906



Comprehensive income for the year


Profit for the year
-
-
-
-
204,094
204,094


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

Total comprehensive income for the year
-
-
-
-
206,254
206,254


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





At 1 November 2023
14,411
24,400
16,989
239,147
4,130,053
4,425,000



Comprehensive income for the year


Profit for the year
-
-
-
-
268,991
268,991


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

Total comprehensive income for the year
-
-
-
-
271,151
271,151


Dividends: Equity capital
-
-
-
-
(673,022)
(673,022)


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



At 31 October 2024
14,411
24,400
16,989
236,987
3,728,182
4,020,969



The notes on pages 15 to 27 form part of these financial statements.
Page 12

 
T.J.EVERS LIMITED
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
268,991
204,094

Adjustments for:

Depreciation of tangible assets
247,042
218,857

Profit on disposal of tangible assets
(22,603)
(32,485)

Interest paid
4,294
2,567

Interest received
(89,653)
(78,807)

Taxation charge
92,593
68,374

(Increase)/decrease in stocks
(2,079)
3,164

(Increase) in debtors
(374,654)
(1,162,678)

Decrease/(increase) in amounts owed by groups
408,591
(24,747)

Increase in creditors
493,982
2,243,492

(Decrease)/increase in amounts owed to groups
(13,651)
20,936

Corporation tax (paid)
(21,338)
(64,000)

Net cash generated from operating activities

991,515
1,398,767


Cash flows from investing activities

Purchase of tangible fixed assets
(308,325)
(457,404)

Sale of tangible fixed assets
24,079
46,097

Interest received
89,653
78,807

Net cash from investing activities

(194,593)
(332,500)

Cash flows from financing activities

Dividends paid
(673,022)
-

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

Net cash used in financing activities
(677,316)
(2,567)

Net increase in cash and cash equivalents
119,606
1,063,700

Cash and cash equivalents at beginning of year
5,229,690
4,165,990

Cash and cash equivalents at the end of year
5,349,296
5,229,690


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,349,296
5,229,690


The notes on pages 15 to 27 form part of these financial statements.

Page 13


 
T.J.EVERS LIMITED
 


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

5,229,690

119,606

5,349,296

Debt due within 1 year

(147,931)

120,038

(27,893)


The notes on pages 15 to 27 form part of these financial statements.
Page 14


 
T.J.EVERS LIMITED
 

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

1.


General information

T.J.Evers Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales.
The Company's registration number is 00383513 and the address of the registered office is New Road, Tiptree, Colchester, Essex CO5 0HQ.
Its principal activity continued to be that of building contractors.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the future financial position of the Company by reviewing monthly management accounts, future orders and planned expenditure, alongside the Balance Sheet and believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Company also has sufficient cash headroom to continue operating for the foreseeable future.
After making enquiries the Directors have a reasonable expectation that the Company has adequate resources to meet its 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 15


 
T.J.EVERS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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:

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 Company 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 the year and the debtor for amounts recoverable on contracts at the year end.

 
2.4

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, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
1% on cost
Plant and machinery
-
either 15% on reducing balance or 33% on cost
Motor vehicles
-
10% to 25% on cost

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.

Page 16


 
T.J.EVERS LIMITED
 

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

2.Accounting policies (continued)

  
2.5

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.

 
2.6

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.

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.

  
2.7

Debtors

Debtors are measured at transaction price, less any impairment. 

  
2.8

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.
 
 
2.9

Financial instruments

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 and loans to and from related parties.

  
2.10

Creditors

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

 
2.11

Finance costs

Finance costs are charged to the 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.

 
2.12

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.

Page 17


 
T.J.EVERS LIMITED
 

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

2.Accounting policies (continued)

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Pensions

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 profit or loss 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 Company in independently administered funds.

 
2.15

Interest income

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

 
2.16

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 18


 
T.J.EVERS 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.
Construction contracts
A significant judgement and key area of estimation for the Company 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
25,061,380
18,618,868

Management fee receivable from fellow group undertaking
950,000
1,144,986

26,011,380
19,763,854


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Rents receivable
8,760
8,760

Sundry income
24,131
10,900

32,891
19,660


Page 19


 
T.J.EVERS LIMITED
 

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

6.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
247,042
218,857

Profit on disposal of tangible fixed assets
(22,603)
(32,485)

Fees payable to the Company's auditor and for the audit of the Company's
annual financial statements
16,150
15,850

Other operating lease rentals
25,827
17,471

Defined contribution pension cost
316,239
227,983


7.


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
 

Included in the above are costs of £748,795 (2023 - £732,026) in respect of employees that are remunerated by T J Evers Limited but whose employment contract is with Tiptree Building Supplies Limited.  The employee head count below of 91 includes 18 (2023 – 17) whose employment contract is with Tiptree Building Supplies Limited.  Note 24 to the financial statements provides details of management charges that apply between the two entities.


.


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

2024
2023
No.
No.
Construction

55

52
 
Office

36

33
 
91

85
 

Page 20


 
T.J.EVERS LIMITED
 

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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
404,078
574,950

Company contributions to defined contribution pension schemes
195,580
130,564

599,658
705,514


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 Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £31,006 (2023 - £19,492).


9.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
89,653
78,807


10.


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

Page 21


 
T.J.EVERS LIMITED
 

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

11.


Taxation


2024
2023
£
£

Corporation tax


UK Corporation tax on profits for the year
67,486
21,439

Adjustments in respect of previous periods
(208)
-


67,278
21,439


Total current tax
67,278
21,439

Deferred tax


Origination and reversal of timing differences
25,315
46,935

Total deferred tax
25,315
46,935


Tax on profit
92,593
68,374

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
361,584
272,468


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
90,396
68,117

Effects of:


Expenses not deductible for tax purposes
3,649
4,238

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

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

Effect of changes to the tax rate
-
(1,162)

Total tax charge for the year
92,593
68,374

Page 22


 
T.J.EVERS LIMITED
 

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


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
673,022
-

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 November 2023
1,364,264
1,325,727
1,309,180
3,999,171


Additions
-
74,626
233,699
308,325


Disposals
-
(14,282)
(234,884)
(249,166)



At 31 October 2024

1,364,264
1,386,071
1,307,995
4,058,330



Depreciation


At 1 November 2023
170,515
898,593
815,184
1,884,292


Charge for the year
8,438
71,314
167,290
247,042


Disposals
-
(13,960)
(233,730)
(247,690)



At 31 October 2024

178,953
955,947
748,744
1,883,644



Net book value



At 31 October 2024
1,185,311
430,124
559,251
2,174,686



At 31 October 2023
1,193,749
427,134
493,996
2,114,879

Page 23


 
T.J.EVERS LIMITED
 

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

           13.Tangible fixed assets (continued)

Included in freehold property is freehold land amounting to £520,456 (2023 - £520,456) 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 2024 would have been £1,058,156 (2023 - £1,058,156).


14.


Stocks

2024
2023
£
£

Raw materials and consumables
95,428
93,502

Work in progress (goods to be sold)
1,716
1,563

97,144
95,065


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


15.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
473,578
233,499


2024
2023
£
£

Due within one year

Trade debtors
2,664,388
2,809,424

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

Amounts owed by fellow group undertakings
912,524
1,321,115

Other debtors
19,178
9,490

Prepayments and accrued income
54,925
45,508

4,977,567
5,251,583


Page 24


 
T.J.EVERS LIMITED
 

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

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,349,296
5,229,690



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,682,339
6,921,400

Amounts owed to fellow group undertakings
98,054
111,705

Corporation tax payable
67,487
21,547

Other taxation and social security
685,933
646,334

Other creditors
227,481
535,948

Accruals and deferred income
29,043
27,132

8,790,337
8,264,066



18.


Deferred taxation




2024
2023


£

£






At beginning of year
235,650
188,715


Charge to profit or loss
25,315
46,935



At end of year
260,965
235,650

The deferred tax liability is made up as follows:

2024
2023
£
£


Accelerated capital allowances
260,965
235,758

Other short term timing differences
-
(108)

260,965
235,650

Page 25


 
T.J.EVERS LIMITED
 

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

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



14,411 Ordinary shares of £1 each
14,411
14,411



20.


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 is available for distribution to the shareholders.


21.


Capital commitments


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

2024
2023
£
£


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


22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company 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 26


 
T.J.EVERS LIMITED
 

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

23.


Commitments under operating leases

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

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


24.


Related party transactions

Transactions with the Directors
At 31 October 2024, the Company owed £27,329 (2023 - £147,613) to the Directors. In addition, during the year the Company accrued interest payable on the balances amounting to £4,266 (2023 - £2,539) and is included within accruals at the year end.
Transactions during the year with directors and their family members amounted to £7,955 (2023 - £22,042), of which £45 (2023 - £10,627) is due to be received post year end and included within debtors.
Transactions with fellow group undertakings
The Company is related to Tiptree Building Supplies Limited, a fellow group undertaking, due to common control and ownership. During the year, the Company made sales amounting to £82,491 (2023 - £135,134) to Tiptree Building Supplies Limited. Also during the year, the Company made purchases from Tiptree Building Supplies Limited amounting to £548,777 (2023 - £464,014). In addition, during the year the Company charged Tiptree Building Supplies Limited a management charge amounting to £950,000 (2023 - £1,144,986) in respect of recharges for Directors and staff salaries and overheads.
At 31 October 2024 the Company owed £84,554 (2023 - £98,205) to Tiptree Building Supplies Limited and was owed £98,474 (2023 - £507,065) by Tiptree Building Supplies Limited.
The Company is a wholly owned subsidiary of Trevester Limited. At 31 October 2024 the Company owed £13,500 (2023 - £13,500) to Trevester Limited and was owed £814,050 (2023 - £814,050) by Trevester Limited.
Key management personnel
Key management personnel remuneration in the year amounted to £684,707 (2023 - £812,429).


25.


Controlling party

The immediate and ultimate parent undertaking is Trevester Limited, a company incorporated in England and Wales.
The ultimate controlling party of Trevester Limited was Alan Michael Evers, a director and shareholder of the company. 
The largest and smallest group for which the Company’s results are included is headed by Trevester Limited. Copies of the consolidated financial statements of Trevester Limited are publicly available from New Road, Tiptree, Colchester, Essex CO5 0HQ.
Page 27


 
T.J.EVERS LIMITED
 

 
Page 28