Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-302024-11-302023-12-01falseNo description of principal activity33falsefalsefalse OC371038 2023-12-01 2024-11-30 OC371038 2022-12-01 2023-11-30 OC371038 2024-11-30 OC371038 2023-11-30 OC371038 2022-12-01 OC371038 c:Buildings c:LongLeaseholdAssets 2023-12-01 2024-11-30 OC371038 c:PlantMachinery 2023-12-01 2024-11-30 OC371038 c:MotorVehicles 2023-12-01 2024-11-30 OC371038 c:FurnitureFittings 2023-12-01 2024-11-30 OC371038 c:OfficeEquipment 2023-12-01 2024-11-30 OC371038 c:ComputerEquipment 2023-12-01 2024-11-30 OC371038 c:Goodwill 2023-12-01 2024-11-30 OC371038 c:CurrentFinancialInstruments 2024-11-30 OC371038 c:CurrentFinancialInstruments 2023-11-30 OC371038 c:Non-currentFinancialInstruments 2024-11-30 OC371038 c:Non-currentFinancialInstruments 2023-11-30 OC371038 c:CurrentFinancialInstruments c:WithinOneYear 2024-11-30 OC371038 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 OC371038 c:Non-currentFinancialInstruments c:AfterOneYear 2024-11-30 OC371038 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-11-30 OC371038 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-11-30 OC371038 c:OtherMiscellaneousReserve 2023-11-30 OC371038 c:OtherMiscellaneousReserve 2022-12-01 OC371038 d:FRS102 2023-12-01 2024-11-30 OC371038 d:Audited 2023-12-01 2024-11-30 OC371038 d:FullAccounts 2023-12-01 2024-11-30 OC371038 d:LimitedLiabilityPartnershipLLP 2023-12-01 2024-11-30 OC371038 c:Subsidiary1 2023-12-01 2024-11-30 OC371038 c:Subsidiary1 1 2023-12-01 2024-11-30 OC371038 c:Subsidiary2 2023-12-01 2024-11-30 OC371038 c:Subsidiary2 1 2023-12-01 2024-11-30 OC371038 c:Subsidiary6 2023-12-01 2024-11-30 OC371038 c:Subsidiary6 1 2023-12-01 2024-11-30 OC371038 c:Subsidiary7 2023-12-01 2024-11-30 OC371038 c:Subsidiary7 1 2023-12-01 2024-11-30 OC371038 c:Subsidiary8 2023-12-01 2024-11-30 OC371038 c:Subsidiary8 1 2023-12-01 2024-11-30 OC371038 d:Consolidated 2024-11-30 OC371038 d:ConsolidatedGroupCompanyAccounts 2023-12-01 2024-11-30 OC371038 2 2023-12-01 2024-11-30 OC371038 6 2023-12-01 2024-11-30 OC371038 c:Associate1 2023-12-01 2024-11-30 OC371038 c:Associate1 1 2023-12-01 2024-11-30 OC371038 c:Associate2 2023-12-01 2024-11-30 OC371038 c:Associate2 1 2023-12-01 2024-11-30 OC371038 d:PartnerLLP1 2023-12-01 2024-11-30 OC371038 d:PartnerLLP2 2023-12-01 2024-11-30 OC371038 d:PartnerLLP3 2023-12-01 2024-11-30 OC371038 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-11-30 OC371038 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-01 2024-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2024-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-01 2023-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2023-11-30 OC371038 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-01 OC371038 c:Non-controllingInterests 2024-11-30 OC371038 c:Non-controllingInterests 2023-11-30 OC371038 e:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Registered number: OC371038









TRAD PROPERTIES LLP







CONSOLIDATED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
TRAD PROPERTIES LLP
 

INFORMATION




Designated Members

C H Smith
J Walker
The Trustees of the TRAD Scaffolding Co (H F Smith) FURBS

LLP registered number

OC371038

Registered office

HaslersOld Station RoadLoughtonIG10 4PL

Independent auditors

HaslersOld Station RoadLoughtonEssexIG10 4PL


 
TRAD PROPERTIES LLP
 

CONTENTS



Page
Members' report
 
1
Members' responsibilities statement
 
2
Group streamlined energy and carbon reporting (SECR)
 
3 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
LLP balance sheet
 
14 - 15
Consolidated statement of changes in equity
 
16 - 17
LLP statement of changes in equity
 
18
Consolidated statement of cash flows
 
19 - 20
Notes to the financial statements
 
21 - 47


 
TRAD PROPERTIES LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The members present their annual report together with the audited financial statements of Trad Properties LLP (the "LLP and the Group") for the ended 30 November 2024
 

Principal activities
 
 
The LLP and the Group have various principal activities including property investment, engineering and construction; manufacturing of metal products; provision of modular accommodation and accommodation services to oil and gas; renewables and infrastructure sectors. 
 
 
Designated Members
 
 
C H Smith, J Walker and The Trustees of the TRAD Scaffolding Co (H F Smith) FURBS were designated members of the LLP and the Group throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the ended 30 November 2024 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
 

This report was approved by the members on 29 August 2025 and signed on their behalf by:
 
 

C H Smith

Page 1

 
TRAD PROPERTIES LLP
 
 
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The members are responsible for preparing the annual report and theconsolidated financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members 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, as applied to LLPs, the members 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 LLP and the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and the Group and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
TRAD PROPERTIES LLP
 
  
GROUP STREAMLINED ENERGY AND CARBON REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Texo as a company recognizes the risks posed by climate change to business practices – in addition to our commitment to protecting the environment, we are acting to protect our business. Climate change can impact us because increasing heat and drought stress could lead to resource scarcity, which would increase our material costs significantly (PwC, 2024). However, it also provides us with the opportunity to optimize our operations for energy and resource efficiencies and explore new opportunities in a market that turns greener. Because of this we are committed to reaching Net Zero by 2040. This annual report will present the companies reporting structure, our greenhouse gas (GHG) emissions of 2024, which actions we took in 2024 to reduce our environmental impacts, and which actions we will take in 2025 to further decrease our emission intensity across the organisation. Our goal is to continuously reduce emissions by 5% in comparison to the baseline emissions until reaching net zero in 2045.
In 2024, the total energy consumption and greenhouse gas emissions for our Group UK operations was as follows:
Energy consumption
• Electricity Consumption: 633,650.70 kWh
• Gas Consumption: 75,418.803 kWh
These figures represent the total metered usage across all UK sites and facilities under our operational control. The sourcing of the data is provided in the Methodologies section of this report.
Greenhouse gas emmissions
In 2024, the total greenhouse gas emissions from our UK operations at a Group level amounted to 1,024.14 tonnes of carbon dioxide equivalent (tCO2e). This includes:
Scope 1 (Direct Emissions):
• Fuel combustion for heating from natural gas: 13.76 tCO2e
• Fuel use in company-owned vehicles: 186.50 tCO2e
• Fuel use for forklifts and stationary combustion: 687.29 tCO2e
• Combustion of welding gases: 5.36 tCO2e
Scope 2 (Indirect Emissions from Purchased Energy):
• Purchased electricity:  131.20 tCO2e
These figures reflect emissions from all sources under our operational control and are based on actual consumption data. A comparison to the baseline of 2023 can be seen below. A detailed explanation of the calculation methodology, including emissions factors and data sources, is provided in the Methodologies section of this report
 
Page 3

 
TRAD PROPERTIES LLP
 
 
GROUP STREAMLINED ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
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Methodologies
Texo has defined its carbon footprint using both organisational and operational boundaries:
• Organisational Boundary: Texo applies the operational control approach, including all divisions and    selected subgroups (Texo Recruitment, Texo Technologies, and Airport Capacity Solutions) in its net zero   plan.
• Operational Boundary: Emissions sources are classified according to the Greenhouse Gas Protocol. All    Scope 1 and Scope 2 emissions are included. Scope 3 emissions are incorporated where reliable data is   available, but not included in this focused report.
Emission data was collected and collated in the following ways:
Company Fleet
Emissions from the company fleet were derived by collating fuel purchases in 2024. Information was taken from invoices from UK Fuels Limited, which are stored on SAGE 200. Information about invoice number, vehicle registration, product type (Diesel, Premium Diesel, Unleaded, Super Unleaded), volume and net costs were assembled and volumes of different product types per month were calculated. Finally, emissions were calculated by product type using the UK Government GHG Conversion Factors for Company Reporting of 2024 and total emissions were summarized. The collated data for company vehicles can be found in the Q Drive in the
Page 4

 
TRAD PROPERTIES LLP
 
 
GROUP STREAMLINED ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
Environmental Management folder.
Stationary Combustion and Forklifts
Emissions from stationary combustion and forklifts were assembled by collating fuel and welding gas purchases in 2024. The information was taken from invoices from TPS Weldtech and Oilfast, which are stored on SAGE 200. Information about supplier, delivery location, delivery date, product type (Diesel), volume and unit price were gathered, and total volume of product was calculated. Lastly, emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting of 2024. The collated data for stationary combustion and forklifts can be found in the Q Drive in the Environmental Management folder.
Gas (Welding and Heating)
Emissions from gas heating and gas use for welding were measured by collating information from invoices from Air Products for welding gases and from invoices from British Gas, BULB by Octopus Energy and OVO Energy for gas heating. All invoices are stored on SAGE 200. Information about supplier, delivery location, invoice number, delivery date, product type, volume, quantity and unit price were collected for welding gases, and invoice number, time periods and invoiced gas in kWh were collected for heating gas. Finally, volumes and kWh were summarised, and emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting of 2024. The collated data of gas consumption for welding and heating can be found in the Q Drive in the Environmental Management folder. 
Electricity
Emissions from electricity were compiled by collating information from invoices from British Gas, Bulb by Octopus Energy, OVO Energy, Kirkwood Commercial Park Limited, Port of Blyth and Forth Ports (Port of Dundee). All invoices are stored on SAGE 200. Information about supplier, invoice number, time period, invoiced kWh and energy mix was gathered and total annual kilowatt hour usage per site was calculated. Finally, total electricity consumption was summarised, and emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting of 2024. The collated data of electricity consumption can be found in the Q Drive in the Environmental Management folder. 

Emissions Intensity Ratio (Man-Hours)
To contextualise our total emissions, we have calculated an intensity ratio that expresses greenhouse gas emissions in relation to company activity. For 2024, the emissions intensity was:
      1.57 tonnes CO2e per 1,000 manhours
This ratio provides a useful benchmark for tracking performance over time and assessing the effectiveness of our energy efficiency and carbon reduction initiatives. This marks an increase of 1.04 tonnes CO2e per 1,000 manhours in comparison to 2023. The main reason for this is the increase of emissions in Scope 1 through an increase in fuel use for forklifts and stationary combustion by 50.8%. A detailed explanation of the methodology used to calculate this ratio is provided in the Methodology section of this report.
Emissions intensity for 2023 and 2024 was calculated using total man-hours worked across all UK operations. This approach provides a meaningful measure of carbon efficiency relative to workforce activity.
Data on man-hours was collected from internal HR and timesheet systems, including SAGE Payroll and covers all employees and contractors under operational control. The dataset includes:
• Employee and contractor hours logged per site
• Time periods covered
• Total aggregated man-hours for the reporting year
Total Scope 1 and Scope 2 emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting (2024), based on verified energy consumption data. The emissions intensity ratio was then calculated as:
 Tonnes of CO2e per 1,000 man-hours worked = (Total CO2e emissions ÷ Total man-hours) × 1,000
 
Page 5

 
TRAD PROPERTIES LLP
 
 
GROUP STREAMLINED ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

This ratio enables year-on-year performance tracking and supports internal benchmarking across departments and sites. All supporting data and calculations are stored in the Environmental Management folder on the Q Drive.
Energy efficiency actions
In 2024, Texo successfully established its emissions baseline by analysing comprehensive data collated from the year 2023. This baseline now serves as the foundation for identifying key emission reduction targets and tracking progress over time. A leadership team has been formed to oversee carbon reduction objectives and to guide the implementation of initiatives aimed at mitigating emissions. These efforts are informed by detailed reports and recommendations provided by the Environmental and Sustainability Coordinator. Additionally, Texo has actively engaged its staff in sustainability topics through a series of Lunch & Learn training sessions, embedding environmental awareness into the company culture.
In 2025, Texo is building on these achievements by finalising the Carbon Emissions Reports for 2023 and 2024 and publishing them internally. A list of planned emission reduction actions through to 2030 is being developed and will be published as our 5-year plan for decarbonisation. Operational improvements include the installation of infrared heating at the Dundee site, the launch of a company-wide Switch Off Campaign and Policy, fitting tap aerators to all bathroom sinks, and implementing telematics across the company fleet to monitor driver behaviour. These initiatives reflect Texo’s continued commitment to reducing emissions and embedding sustainability into its operations.


This Streamlined Energy and Carbon Reporting report was approved by the members on 29 August 2025 and signed on their behalf by:


C H Smith


Page 6

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP
 

Opinion
 

We have audited the financial statements of Trad Properties LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 30 November 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the LLP Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the LLP Statement of Changes in Equity 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 LLP's affairs as at 30 November 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 Auditors' 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.


Page 7

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the parent LLP financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement on page 2, the members 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 members 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 members are responsible for assessing the Group's and the parent LLP'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 members either intend to liquidate the Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.


Page 8

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP (CONTINUED)


Auditors' 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 Auditors' 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements.   These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety   legislation and tax legislation, and 
• do not have a direct effect on the financial statements but compliance with which may be fundamental to  the company’s ability to operate or to avoid a material penalty. These include operational and     employment laws and regulations including health and safety regulations, environmental regulations and   GDPR. 
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. 
We have considered the control systems in place to prevent fraud from non-compliance with laws and regulations which are applicable to the company. 
We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. 

Procedures performed to address these were as follows:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls,       management have in place to prevent and detect fraud, including known of suspected instances or non-  compliance with laws and regulations and fraud, 
• Understanding how those charged with governance considered and addressed the potential for override   of controls or other inappropriate influence over the financial reporting process, 
 
Page 9

 
TRAD PROPERTIES LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAD PROPERTIES LLP (CONTINUED)


• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of  material misstatements due to fraud, 
• Assessing the appropriateness of accounting estimates and challenging any significant assumptions or   judgements made by management, 
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we    focused on material journal entries. These were scrutinised for evidence of unusual entries, 
• Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation   including sales invoice to ensure revenue was appropriately recorded,  
• Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation   to ensure the expense was appropriately recorded, 
• Evaluated the business rationale of any significant transactions that are unusual or outside the normal    course of business. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Matthew Wells ACA (Senior statutory auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

29 August 2025
Page 10

 
TRAD PROPERTIES LLP
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
68,344,355
49,158,228

Cost of sales
  
(53,546,877)
(36,316,233)

Gross profit
  
 
14,797,478
 
12,841,995

Administrative expenses
  
(13,347,705)
(13,958,376)

Other operating income
 5 
254,579
288,091

Operating profit/(loss)
 6 
 
1,704,352
 
(828,290)

Interest receivable and similar income
 11 
155,166
300,116

Interest payable and similar expenses
 12 
(77,457)
(70,610)

Profit/(loss) before tax
  
 
1,782,061
 
(598,784)

Tax on profit/(loss)
 13 
(181,912)
177,842

Profit/(loss) before members' remuneration and profit shares available for discretionary division among members
  
 
1,600,149
 
(420,942)

Profit/(loss) for the year before members' remuneration and profit shares
  
1,600,149
(420,942)

Non-controlling interests
  
(502,715)
346,645

Profit/(loss) for the financial year available for discretionary division among members
  
 
1,097,434
 
(74,297)

Profit for the year attributable to:
  

Non-controlling interest
  
502,715
(346,645)

Owners of the parent LLP
  
1,097,434
(74,297)

  
 
1,600,149
 
(420,942)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024(2023:£NIL).

The notes on pages 21 to 47 form part of these financial statements.

Page 11

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,097,627
1,388,446

Tangible assets
 15 
3,112,259
3,009,980

Investments
 16 
167,060
57,817

Investment property
 17 
25,182,000
25,182,000

  
29,558,946
29,638,243

Current assets
  

Stocks
 18 
142,968
150,964

Debtors: amounts falling due within one year
 19 
16,841,805
23,281,165

Cash at bank and in hand
 20 
8,651,797
3,209,522

  
25,636,570
26,641,651

Creditors: amounts falling due within one year
 21 
(18,378,953)
(21,347,587)

Net current assets
  
 
 
7,257,617
 
 
5,294,064

Total assets less current liabilities
  
36,816,563
34,932,307

  

Creditors: amounts falling due after more than one year
  
(11,110,937)
(11,004,672)

Provisions for liabilities
  

Deferred taxation
 25 
(3,142,628)
(2,964,786)

  
 
 
(3,142,628)
 
 
(2,964,786)

  

Net assets
  
22,562,998
20,962,849

Page 12

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

Capital and reserves
  

  

Members' other interests
  

Members' capital classified as equity
  
13,513,560
13,513,560

Revaluation reserve classified as equity
  
9,427,884
9,427,884

Other reserves classified as equity
  
(453,536)
(1,550,970)

  
 
22,487,908
 
21,390,474

Non-controlling interest
  
75,090
(427,625)

  
22,562,998
20,962,849

  
22,562,998
20,962,849


Total members' interests
  

Members' other interests
  
22,487,908
21,390,474

  
22,487,908
21,390,474


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 August 2025.




C H Smith
Designated member

The notes on pages 21 to 47 form part of these financial statements.

Page 13

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038

LLP BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
25,000,000
25,000,000

  
25,000,000
25,000,000

Current assets
  

Debtors: amounts falling due within one year
 19 
1,018,656
1,018,656

  
1,018,656
1,018,656

Creditors: amounts falling due within one year
 21 
(1,730,296)
(1,730,296)

Net current liabilities
  
 
 
(711,640)
 
 
(711,640)

Total assets less current liabilities
  
24,288,360
24,288,360

  

Creditors: amounts falling due after more than one year
  
(10,774,800)
(10,774,800)

  

  

Net assets
  
13,513,560
13,513,560

Page 14

 
TRAD PROPERTIES LLP
REGISTERED NUMBER: OC371038
    
LLP BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

2024
2023
£
£


Represented by:
  


Members' other interests
  

Members' capital classified as equity
  
13,513,560
13,513,560

Profit for the year available for discretionary division among members
  
-
18

Other movements in other reserves
  
-
(18)

  
 
 
13,513,560
 
 
13,513,560

  
13,513,560
13,513,560


Total members' interests
  

Members' other interests
  
13,513,560
13,513,560

  
13,513,560
13,513,560


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 29 August 2025.


C H Smith
Designated member

The notes on pages 21 to 47 form part of these financial statements.

Page 15
 

 
TRAD PROPERTIES LLP


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024



Members capital (classified as equity)
Revaluation reserve
Other reserves
Equity attributable to members
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 December 2023 (as previously stated)
13,513,560
9,427,884
(830,460)
22,110,984
(427,625)
21,683,359


Prior year adjustment - correction of error
-
-
(720,510)
(720,510)
-
(720,510)


At 1 December 2023 (as restated)
13,513,560
9,427,884
(1,550,970)
21,390,474
(427,625)
20,962,849



Comprehensive income for the year


Profit for year for discretionary division among members
-
-
1,097,434
1,097,434
502,715
1,600,149

Total comprehensive income for the year
-
-
1,097,434
1,097,434
502,715
1,600,149



Total transactions with members
-
-
-
-
-
-



At 30 November 2024
13,513,560
9,427,884
(453,536)
22,487,908
75,090
22,562,998

Page 16

 

 
TRAD PROPERTIES LLP


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023



Members capital (classified as equity)
Revaluation reserve
Other reserves
Equity attributable to members
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 December 2022
13,513,542
9,427,884
(1,167,764)
21,773,662
-
21,773,662



Comprehensive income for the year


Loss for year for discretionary division among members
-
-
(74,297)
(74,297)
(494,275)
(568,572)


Allocated profit
18
-
(18)
-
-
-

Total comprehensive income for the year
18
-
(74,315)
(74,297)
(494,275)
(568,572)



Contributions by and distributions to members


Transfer to/from profit and loss account
-
-
(308,891)
(308,891)
-
(308,891)


Acquired on acquisition
-
-
-
-
66,650
66,650



Total transactions with members
-
-
(308,891)
(308,891)
66,650
(242,241)



At 30 November 2023
13,513,560
9,427,884
(1,550,970)
21,390,474
(427,625)
20,962,849



The notes on pages 21 to 47 form part of these financial statements.

Page 17
 
TRAD PROPERTIES LLP
 

LLP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Members' capital (classified as equity)
Total equity

£
£

At 1 December 2023
13,513,560
13,513,560


Comprehensive income for the year
Total comprehensive income for the year
-
-


At 30 November 2024
13,513,560
13,513,560


LLP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Members' capital (classified as equity)
Other reserves
Total equity

£
£
£

At 1 December 2022
13,513,542
-
13,513,542


Comprehensive income for the year

Profit for year for discretionary division among members
-
18
18

Allocated profit
18
(18)
-
Total comprehensive income for the year
18
-
18


At 30 November 2023
13,513,560
-
13,513,560


The notes on pages 21 to 47 form part of these financial statements.

Page 18

 
TRAD PROPERTIES LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,097,434
(74,297)

Adjustments for:

Amortisation of intangible assets
521,267
331,015

Depreciation of tangible assets
652,595
621,914

Loss on disposal of tangible assets
3,833
(30,638)

Interest paid
77,457
70,610

Interest received
(155,166)
(300,116)

Taxation charge
181,912
(177,842)

Decrease/(increase) in stocks
7,995
(20,375)

Decrease/(increase) in debtors
5,767,504
(8,124,233)

Decrease/(increase) in amounts owed by associates
671,531
(671,531)

(Decrease)/increase in creditors
(2,926,497)
4,431,633

Net cash generated from operating activities before transactions with members

5,899,865
(3,943,860)


Cash flows from investing activities

Purchase of intangible fixed assets
(96,666)
(2,221)

Purchase of tangible fixed assets
(529,592)
(787,159)

Sale of tangible fixed assets
17,000
-

Purchase of share in associates
(109,243)
-

Interest received
155,166
300,116

HP interest paid
(35,434)
(13,785)

Net cash from investing activities

(598,769)
(503,049)

Cash flows from financing activities

Repayment of loans
(62,435)
-

Repayment of/new finance leases
245,637
(74,549)

Interest paid
(42,023)
(56,825)

Net cash used in financing activities
141,179
(131,374)
Page 19

 
TRAD PROPERTIES LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


2024
2023

£
£



Net increase/(decrease) in cash and cash equivalents
5,442,275
(4,578,283)

Cash and cash equivalents at beginning of year
3,209,522
7,787,805

Cash and cash equivalents at the end of year
8,651,797
3,209,522


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,651,797
3,209,522

8,651,797
3,209,522


The notes on pages 21 to 47 form part of these financial statements.

Page 20

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Trad Properties LLP is a limited liability partnership incorporated in England and Wales, United Kingdom, with a registration number OC371038. The address of the registered office is Old Station Road, Loughton, Essex, IG10 4PL.

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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 judgement in applying the Group's accounting policies (see note 3).

The LLP 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 following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP 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 21

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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:

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.

Rental Income 
Turnover represents amounts receivable from rental of property net of VAT.  Turnover is recognised in the period in which the rents relate. 

Page 22

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.11

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 LLP 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.


 
2.12

Division and distribution of profits

A division of profits is the mechanism by which the profits of a Group become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the Group does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the Group, which it has the unconditional right to avoid making.

The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Consolidated statement of comprehensive income.

In the event of the Group making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

The Group classifies distributions of profits as operating cash flows in the Statement of cash flows

Page 24

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

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 method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
6 - 25% straight line
Plant and machinery
-
6 - 25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25 - 33% straight line
Computer equipment
-
33% straight line

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.

 
2.15

Investment property

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 25

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.18

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.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 26

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.21

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.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 27

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.23
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
 
Page 28

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.23
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amount of assets and liabilities.  The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable.  Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The key estimates that have the most significant effect on the Group at 30 November 2024 is
construction revenue and margin recognition, and investment property valuation. 
The Group's recognition and margin recognition policies are central to how they value the work it has carried out in each financial year. These policies require estimates to be made of the outcomes of long-term construction services, including forecasting the total construction costs required to complete a contract. Given the length of projects often exceeds 2 years this involves significant estimation uncertainty. Estimates are reviewed regularly throughout the contract life based on latest available information and adjustments are made where necessary.
The valuation of investment property also requires the application of significant judgement and estimation. The Group assesses the fair value of investment properties annually, with reference to market conditions, comparable transactions, and, where appropriate, external valuations. Key assumptions include estimated rental yields, future rental income, discount rates, and expected occupancy levels. Due to the inherent uncertainty in these estimates, actual results may differ from those projected, which could materially impact the carrying value of investment properties. Management reviews these assumptions regularly to ensure they reflect current market conditions and the specific characteristics of each property.

Page 29

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Turnover

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


2024
2023
£
£

Sales
66,872,834
47,757,338

Other income (including rent)
1,471,521
1,400,890

68,344,355
49,158,228



5.


Other operating income

2024
2023
£
£

R&D tax credits
254,579
288,091

254,579
288,091



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of owned tangible fixed assets
652,595
617,301

Amortisation of intangible fixed assets
521,267
331,015

Exchange differences
15,125
11,674

Other operating lease rentals
892,375
539,919

Gain on disposal of fixed assets
3,833
(30,638)

Page 30

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the LLP's auditors and their associates:


2024
2023
£
£

Fees payable to the LLP's auditors and their associates for the audit of the consolidated and parent LLP's financial statements
9,250
9,250

Fees payable to the LLP's auditors and their associates in respect of:

Audit-related assurance services
63,500
51,750

Taxation compliance services
4,575
4,350


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
10,282,865
6,894,200

Social security costs
1,075,553
774,656

Cost of defined contribution scheme
700,099
656,879

12,058,517
8,325,735


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:



Group
Group
LLP
LLP
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Members
3
3
3
3



Directors of subsidiary companies
9
11
-
-



Sales and administration
165
94
-
-

177
108
3
3

Page 31

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
3
3

2024
2023
£
£







The amount of profit attributable to the member with the largest entitlement was
-
(30)



10.


Members' remuneration

During the year, no member received remuneration from the LLP.






11.


Interest receivable

2024
2023
£
£


Other interest receivable
155,166
300,116

155,166
300,116


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
24,757
18,926

Other loan interest payable
17,266
37,899

Finance leases and hire purchase contracts
35,434
13,785

77,457
70,610

Page 32

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
4,070
-


4,070
-


Total current tax
4,070
-

Deferred tax


Origination and reversal of timing differences
177,842
(177,842)

Total deferred tax
177,842
(177,842)


181,912
(177,842)

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 - 23%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,600,149
(420,941)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)
400,037
(96,816)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,053
-

Utilisation of tax losses
(189,721)
-

Adjustments to tax charge in respect of prior periods
4,070
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(49,527)
-

Unrelieved tax losses carried forward
-
(424,585)

Tax losses carried forward
-
177,842

Other differences leading to an increase (decrease) in the tax charge
-
165,717

Total tax charge for the year
181,912
(177,842)

Page 33

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
13.Taxation (continued)


Factors that may affect future tax charges

There are no factors to note that may affect future tax changes.


14.


Intangible assets

Group and LLP





Weld Procedures
Goodwill
Total

£
£
£



Cost


At 1 December 2023
133,463
4,381,568
4,515,031


Additions
96,666
-
96,666


Additions - internal
133,782
-
133,782



At 30 November 2024

363,911
4,381,568
4,745,479



Amortisation


At 1 December 2023
-
3,126,585
3,126,585


Charge for the year on owned assets
179,774
341,493
521,267



At 30 November 2024

179,774
3,468,078
3,647,852



Net book value



At 30 November 2024
184,137
913,490
1,097,627



At 30 November 2023
133,463
1,254,983
1,388,446

Internal additions relate to a class transfer from Assets under Construction to Weld Procedures.



Page 34
 


 
TRAD PROPERTIES LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


15.


Tangible fixed assets


Group







Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Assets under Construction
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 December 2023
1,955,737
1,820,184
231,918
229,815
39,284
611,173
133,782
5,021,893


Additions
118,550
285,410
367,370
-
3,007
135,153
-
909,490


Disposals
-
-
(24,999)
-
-
-
-
(24,999)


Transfers between classes
-
-
-
-
-
-
(133,782)
(133,782)



At 30 November 2024

2,074,287
2,105,594
574,289
229,815
42,291
746,326
-
5,772,602



Depreciation


At 1 December 2023
921,006
801,063
49,170
158,534
36,045
46,095
-
2,011,913


Charge for the year on owned assets
137,405
300,030
(31,496)
23,724
1,340
70,590
-
501,593


Charge for the year on financed assets
-
13,325
137,678
-
-
-
-
151,003


Disposals
-
-
(4,166)
-
-
-
-
(4,166)



At 30 November 2024

1,058,411
1,114,418
151,186
182,258
37,385
116,685
-
2,660,343
Page 35

 


 
TRAD PROPERTIES LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           15.Tangible fixed assets (continued)




Net book value



At 30 November 2024
1,015,876
991,176
423,103
47,557
4,906
629,641
-
3,112,259



At 30 November 2023
1,034,731
1,019,122
182,748
71,281
3,239
565,078
133,782
3,009,981

Page 36
 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
80,000
-

Motor vehicles
316,077
105,851

396,077
105,851


16.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 December 2023
57,817


Additions
109,243



At 30 November 2024
167,060




LLP





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
25,000,000



At 30 November 2024
25,000,000




Page 37

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

Gapsun Properties Limited
Hawke House, Station Road, Loughton, Essex
Ordinary
100%
Texo Group Limited
8 Stepfield, Witham, Essex
Ordinary
95%
Texo Recruitment Limited
8 Stepfield, Witham, Essex
Ordinary
75%
Airport Capacity Solutions Limited
8 Stepfield, Witham, Essex
Ordinary
60%
Texo (Guyana) Inc
62 Hadielf and Cross Streets, Werk-en-Rust, Georgetown, Guyana
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Gapsun Properties Limited
44,820,235
620,585

Texo Group Limited
3,181,170
239,177

Texo Recruitment Limited
332,423
242,674

Airport Capacity Solutions Limited
(147,420)
1,075,217

Texo (Guyana) Inc
(252,228)
(205,411)


Associates


The following were associates of the LLP:


Name

Registered office

Class of shares

Holding

Texo Technologies Limited
Texo House, Venture Drive, Westhill, Scotland
Ordinary
40%
Kite Technology Limited
2 Smithycroft, Bourtie, Inverurie, Scotland.
Ordinary
25%

Page 38

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 December 2023
25,182,000



At 30 November 2024
25,182,000

The 2024 valuations were made by directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
12,611,488
12,611,488

12,611,488
12,611,488


18.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
142,968
150,964

142,968
150,964


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

Page 39

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

19.


Debtors

Group

Group
As restated
LLP

LLP
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
10,646,746
9,350,570
-
-

Amounts owed by group undertakings
-
-
1,016,812
1,016,812

Amounts owed by joint ventures and associated undertakings
-
671,531
-
-

Other debtors
1,646,771
4,446,886
1,844
1,844

Prepayments and accrued income
1,364,555
1,094,689
-
-

Amounts recoverable on long-term contracts
3,183,736
7,717,488
-
-

16,841,808
23,281,164
1,018,656
1,018,656



20.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
8,651,797
3,209,522

8,651,797
3,209,522


Page 40

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Bank loans
66,974
60,565
-
-

Trade creditors
2,579,133
5,676,335
-
-

Other taxation and social security
1,137,391
834,988
-
-

Obligations under finance lease and hire purchase contracts
131,206
172,057
-
-

Other creditors
10,260,497
10,599,532
1,706,296
1,706,296

Accruals and deferred income
4,203,752
4,004,110
24,000
24,000

18,378,953
21,347,587
1,730,296
1,730,296



The following liabilities were secured:
Group
Group
2024
2023
£
£

Obligations under finance lease and hire purchase contracts
36,532
172,057

36,532
172,057



The liabilities under obligations under finance lease and hire purchase contracts are secured against the assets for which they were used to purchase.

Page 41

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Bank loans
52,968
121,812
-
-

Other loans
10,774,800
10,774,800
10,774,800
10,774,800

Net obligations under finance leases and hire purchase contracts
283,171
108,059
-
-

11,110,939
11,004,671
10,774,800
10,774,800



The following liabilities were secured:
Group
Group
2024
2023
£
£


Obligations under finance lease and hire purchase contracts
283,171
108,059

283,171
108,059



The liabilities under obligations under finance lease and hire purchase contracts are secured against the assets for which they were used to purchase.



Page 42

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
LLP
LLP
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
66,974
60,565
-
-


66,974
60,565
-
-

Amounts falling due 1-2 years

Bank loans
52,968
66,972
-
-


52,968
66,972
-
-

Amounts falling due 2-5 years

Bank loans
-
54,840
-
-

Other loans
10,774,800
10,774,800
10,774,800
10,774,800


10,774,800
10,829,640
10,774,800
10,774,800


10,894,742
10,957,177
10,774,800
10,774,800


The bank loan is secured by a fixed and floating charge over the assets of the Company.


24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
134,592
172,057

Between 1-5 years
289,341
108,059

423,933
280,116

Page 43

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.


Deferred taxation


Group



2024


£






At beginning of year
(2,964,786)


Charged to profit or loss
(177,842)



At end of year
(3,142,628)

LLP


2024






At end of year
-
Group
Group
2024
2023
£
£

Revaluation of investment properties
(3,142,628)
(3,142,628)

Tax losses carried forward
-
177,842

(3,142,628)
(2,964,786)

Page 44

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

26.


Reconciliation of members' interests (Group)






EQUITY
Members' other interests
Members' capital (classified as equity)
Revaluation reserve
Other reserves
Total

£
£
£
£

Prior year adjustment
 
-
-
(720,510)
(720,510)

Balance at 30 November 2023 (as restated)
13,513,560
9,427,884
(1,550,970)
21,390,474

Profit for the year available for discretionary division among members
 
-
-
1,097,434
1,097,434

Members' interests after profit for the year
13,513,560
9,427,884
(453,536)
22,487,908

Balance at 30 November 2024 
13,513,560
9,427,884
(453,536)
22,487,908


26.


Reconciliation of members' interests (LLP)





EQUITY
Members' other interests

Members' capital (classified as equity)
Total

£
£

Members' interests after profit for the year 
13,513,560
13,513,560

Balance at 30 November 2024

13,513,560
13,513,560

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 45

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

27.


Analysis of net debt (Group)




At 1 December 2023
Arising from cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

3,209,522

5,442,275

8,651,797

Borrowings due within 1 year

(60,565)

(6,409)

(66,974)

Borrowings due after 1 year

(10,896,612)

68,844

(10,827,768)

Finance leases

(280,116)

(134,261)

(414,377)

Net debt (before members' debt)
(8,027,771)
5,370,449
(2,657,322)
Net debt


(8,027,771)
5,370,449
(2,657,322)


28.


Prior year adjustment

A prior year adjustment has been recorded to write off a debtor balance within Texo Group which should have been incorporated into the prior year. This has decreased debtors and profit by £720,510. 


29.


Pension commitments

The Company operates a defined contributions 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 £413,786 (2023:
£284,344). Contributions totaling £105,301 (2023: £62,790) were payable to the fund at the balance sheet date and are included in creditors.


30.


Commitments under operating leases

At 30 November 2024 the Group and the LLP 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
385,519
292,219

Later than 1 year and not later than 5 years
2,220,140
1,126,257

2,605,659
1,418,476

Page 46

 
TRAD PROPERTIES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

31.


Related party transactions

During the year the group entered into the following transactions with related parties:


2024
2023
£
£

Other related parties
(7,096,031)
(2,304,724)
Key management personnel
(4,999,046)
(4,999,046)
(12,095,077)
(7,303,770)


32.


Controlling party

The controlling party of Trad Properties LLP is the Trustees of the Trad Scaffolding Co. Limited (H F Smith) FURBS, and H F Smith is the controlling trustee. 

Page 47