Registration number:
Trumeter Technologies Limited
for the Year Ended 31 December 2024
Trumeter Technologies Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Trumeter Technologies Limited
Company Information
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Directors |
Mr JC Smith Mr J Carr Mr G Copitch Mr D Weidenbaum |
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Company secretary |
Mr D Weidenbaum |
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Registered office |
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Auditors |
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Trumeter Technologies Limited
(Registration number: 07115948)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Audit report
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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 where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% straight line |
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Furniture, fittings and equipment |
25% straight line |
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Leasehold improvements |
10% straight line |
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is possible that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Development Costs |
3-5 years straight line |
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any), Where is is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets note yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company
becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose
of the financial assets and is determined at the time of recognition.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially
measured at transaction price including transaction costs are subsequently carried at amortised cost using the
effective interest method 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.
Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or
joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that
investments in equity instruments that are not publicly traded and whose fair values cannot be measured
reliably are measured at cost less impairment.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies
and preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Auditors' remuneration |
The company has taken advantage of not disclosing auditors' remuneration in the individual financial statements as they are disclosed in the consolidated financial statements of the parent company Trumeter Group Limited.
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Intangible assets |
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Development costs |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions - internally developed |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Intangible assets as at 31 December 2024 represent development costs capitalised during the year. These costs have been capitalised as the directors are satisfied as to the technical, commercial and financial viability of the individual projects to which they relate. Capitalised development costs are being amortised over expected product life. Amortisation rates can be found in the accounting policies.
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Leasehold improvements |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
- |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes Leasehold Improvements of £180,607 (2023: £200,674) which are held under finance leases and hire purchase contracts.
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Stocks |
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2024 |
2023 |
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Stocks |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
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Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Loans and borrowings |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance leases and HP contracts |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Finance leases and HP contracts |
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Other borrowings |
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Included within Bank overdrafts is £61,434 (2023: £110,818) which is secured by a fixed and floating charge dated 20 March 2012 over all the property and undertakings of the company.
Included within Other borrowings is £83,695 (2023: £133,324) in relation to a invoice discount facility which is secured by a fixed and floating charge dated 1 March 2019 over all the property or undertakings of the company. There is also a debtor balance in relation to the same invoice discount facility of £29,901 included within Other debtors. This charge was satisfied on 21 February 2025.
Finance leases and HP contracts are secured against the assets to which they relate, the carrying value of these assets have been detailed within the tangible asset notes.
Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Deferred taxation |
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes at the relevant rates of 2024: 25% 2023: 25%:
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2024 |
Assets 2024 |
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Accelerated capital allowances |
( |
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Tax losses |
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Other timing differences |
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Deferred tax asset |
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2023 |
Assets 2023 |
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Accelerated capital allowances |
( |
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Tax losses |
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Other timing differences |
( |
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Deferred tax asset |
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Financial commitments, guarantees and contingent liabilities |
The company is party to certain loan facilities with its fellow group undertaking. Trumeter Company Inc. that are secured on the assets of the company (Trumeter Technologies Limited). The maximum liability that Trumeter Company Inc. had in respect of this loan facility at 31 December 2024 was £746,475 $935,781 (2023: £828,978 $1,055,371).
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Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Trumeter Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Operating leases
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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- |
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Related party transactions |
The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A. These accounts are consolidated within the group financial statements prepared by Trumeter Group Limited.
During the year the Directors and the company's that they own made charges of £423,375 (2023: £413,692) to the company in respect of management services and corporate finance services provided.
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Parent and ultimate parent undertaking |
The company's immediate parent and ultimate parent undertaking is
The parent of the largest group in which these financial statements are consolidated is
The address of Trumeter Group Limited is:
Alfred Street
Bury
Lancashire
England
BL9 9JR