Trevase Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 2623455

Trevase Limited

Filleted Unaudited Financial Statements

31 December 2024

Trevase Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	461,362	481,194

Current assets

Stocks		45,385	57,453
Debtors	6	17,280	35,876
Cash at bank and in hand		433,962	427,456
		---------	---------
		496,627	520,785

Creditors: amounts falling due within one year	7	155,017	231,156
		---------	---------
Net current assets		341,610	289,629
		---------	---------
Total assets less current liabilities		802,972	770,823

Creditors: amounts falling due after more than one year	8	67,328	91,037

Provisions

Taxation including deferred tax	12,790	12,790
	---------	---------
Net assets	722,854	666,996
	---------	---------

Capital and reserves

Called up share capital	680	680
Share premium account	4,185	4,185
Profit and loss account	717,989	662,131
	---------	---------
Shareholders funds	722,854	666,996
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Trevase Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 21 August 2025 , and are signed on behalf of the board by:

Mr P Ruddick
Director

Company registration number: 2623455

Trevase Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 5C Business Centre, Concorde Drive, Clevedon, North Somerset, BS21 6UH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The life of the assets. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Estimated costs of expenses not yet invoiced.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2.5% on buildings only
Plant and machinery	-	15% reducing balance
Showroom equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance and 20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2023: 17 ).

5. Tangible assets

	Freehold property	Plant and machinery	Showroom equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	415,941	118,506	328,394	85,300	948,141
Additions	–	–	–	8,995	8,995
	---------	---------	---------	--------	---------
At 31 December 2024	415,941	118,506	328,394	94,295	957,136
	---------	---------	---------	--------	---------
Depreciation
At 1 January 2024	68,034	109,171	273,920	15,822	466,947
Charge for the year	5,200	1,401	4,388	17,838	28,827
	---------	---------	---------	--------	---------
At 31 December 2024	73,234	110,572	278,308	33,660	495,774
	---------	---------	---------	--------	---------
Carrying amount
At 31 December 2024	342,707	7,934	50,086	60,635	461,362
	---------	---------	---------	--------	---------
At 31 December 2023	347,907	9,335	54,474	69,478	481,194
	---------	---------	---------	--------	---------

Included in Freehold Property is land with an estimated value of £207,941 which has not been depreciated.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	49,749
	--------
At 31 December 2023	66,334
	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	6,223	12,513
Other debtors	11,057	23,363
	--------	--------
	17,280	35,876
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	11,003	19,906
Trade creditors	38,304	58,168
Corporation tax	15,265	23,772
Social security and other taxes	29,075	32,286
Other creditors	61,370	97,024
	---------	---------
	155,017	231,156
	---------	---------

The bank loan is secured by way of a Legal Mortgage over the freehold property at Unit3, 5c Business Centre, Concorde Drive, Clevedon.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	20,141	32,795
Other creditors	47,187	58,242
	--------	--------
	67,328	91,037
	--------	--------

The bank loan is secured by way of a Legal Mortgage over the freehold property at Unit3, 5c Business Centre, Concorde Drive, Clevedon.

Included in Creditors due after more than one year is £2,541 (2023: £4,671) payable in instalments after more than five years.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	21,000	21,000
Later than 1 year and not later than 5 years	84,000	84,000
Later than 5 years	21,000	42,000
	---------	---------
	126,000	147,000
	---------	---------

10. Related party transactions

A director made a loan to the company of £Nil (2023 £6,346). No interest has been charged on this loan and there are no fixed terms for repayment.