General Information
Trimlace Limited is a private company, limited by shares, registered in England and Wales, registration number 01751856, registration address Unit 2 Sherbrook Enterprise, 100 Sherbrook Road, Daybrook, Nottingham, Nottinghamshire, NG5 6AB.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of profitability during the accounting period to 31 December 2025, and continues to reduce costs where possible, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
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.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
12.5% Straight Line
|
| Lace Drafts |
25% Reducing Balance
|
| Fixtures and Fittings |
15% Reducing Balance
|
| Computer Equipment |
3 years Straight Line
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Invoice Discounting
The company includes invoice discounting debts within trade debtors since most of the risks and rewards of ownership of the debts remain with the company. A corresponding liability is included in liabilities in respect of the proceeds received from the lender.
|
| 2. |
Average number of employees
Average number of employees during the year was 5 (2023 : 8).
|
| 3. |
Financial Commitments, Guarantees and Contingencies
The company had futures commitments of £3,163 (2023 - £37,125).
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Lace Drafts |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2024 |
13,054 |
|
100,863 |
|
1,877 |
|
190 |
|
115,984 |
| Additions |
5,100 |
|
- |
|
1,227 |
|
1,455 |
|
7,782 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 December 2024 |
18,154 |
|
100,863 |
|
3,104 |
|
1,645 |
|
123,766 |
| Depreciation |
| At 01 January 2024 |
9,666 |
|
100,863 |
|
608 |
|
142 |
|
111,279 |
| Charge for year |
1,494 |
|
- |
|
252 |
|
448 |
|
2,194 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 December 2024 |
11,160 |
|
100,863 |
|
860 |
|
590 |
|
113,473 |
| Net book values |
| Closing balance as at 31 December 2024 |
6,994 |
|
- |
|
2,244 |
|
1,055 |
|
10,293 |
| Opening balance as at 01 January 2024 |
3,388 |
|
- |
|
1,269 |
|
48 |
|
4,705 |
|
| 5. |
Stocks
|
2024
£ |
|
2023
£ |
| Stocks |
34,500 |
|
47,700 |
|
34,500 |
|
47,700 |
|
| 6. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
55,843 |
|
64,121 |
| Prepayments & Accrued Income |
1,662 |
|
3,711 |
| VAT |
10,416 |
|
2,001 |
|
67,921 |
|
69,833 |
|
| 7. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
27,745 |
|
60,895 |
| Invoice Discounting |
37,764 |
|
44,844 |
| PAYE & Social Security |
778 |
|
1,435 |
| Accrued Expenses |
1,599 |
|
1,998 |
| Other Creditors |
21,020 |
|
22,689 |
| Wages & Salaries Control Account |
864 |
|
1,191 |
| Directors' Current Accounts |
77,049 |
|
77,049 |
|
166,819 |
|
210,101 |
Invoice discounting is secured against both the assets of the business and the debt to which they relate.
|
| 8. |
Share Capital
Authorised
501 Ordinary A shares of £1.00 each
501 Ordinary B shares of £1.00 each
Allotted, called up and fully paid
|
2024
£ |
|
2023
£ |
|
501
Ordinary A shares of £1.00 each |
501 |
|
501 |
|
501
Ordinary B shares of £1.00 each |
501 |
|
501 |
|
1,002 |
|
1,002 |
|
| 9. |
Share premium account
|
2024
£ |
|
2023
£ |
| Equity Share Premium b/fwd |
192,898 |
|
192,898 |
|
192,898 |
|
192,898 |
|
| 10. |
Capital Redemption Reserve
|
2024
£ |
|
2023
£ |
| Capital Redemption Reserve b/fwd |
500 |
|
500 |
|
500 |
|
500 |
|
|
Redundancy Costs
During the year the company paid out redundancy costs of £1,955 (2023 - £20,142).
|
|
S M Wright
During the year a loan existed, made from S M Wright, a director of the company. The loan is unsecured, has no fixed repayment date and carries interest at a rate as per HM Revenue and Customs.
Advances from the director during the year were £Nil (2023 - £12,500).
The balance at the year end was £12,500 included in creditors (2023 - £12,500).
|
|
C M Herrick
During the year a loan existed, made from C M Herrick, a director of the company. The loan is unsecured, has no fixed repayment date and carries interest at a rate as per HM Revenue and Customs.
The balance at the year end was £64,549 included in creditors (2023 - £64,549).
|
3
|