REGISTERED NUMBER: 05480144 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Trustmark (2005) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S E Ayers

Mrs M E Barclay

Mrs L C Baxter

B F Gregory

Ms E C Harvey

C R Pond

R J Saggers

REGISTERED OFFICE:

Arena Business Centre

The Square

Basing View

Basingstoke

Hampshire

RG21 4EB

REGISTERED NUMBER:

05480144 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Lane

AUDITOR:

CSL Partnership Limited

Chartered Certified Accountants

Statutory Auditors

238 Station Road

Addlestone

Surrey

KT15 2PS

FIXED ASSETS

Intangible assets

4

1,862,233

1,944,287

Tangible assets

5

163,038

126,292

2,025,271

2,070,579

CURRENT ASSETS

Debtors

6

564,442

391,941

Cash at bank

4,162,417

1,547,303

4,726,859

1,939,244

CREDITORS

Amounts falling due within one year

7

(3,703,408

)

(2,340,332

)

NET CURRENT ASSETS/(LIABILITIES)

1,023,451

(401,088

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,048,722

1,669,491

CREDITORS

Amounts falling due after more than one year

8

-

(523,697

)

PROVISIONS FOR LIABILITIES

(17,924

)

-

NET ASSETS

3,030,798

1,145,794

RESERVES

Income and expenditure account

3,030,798

1,145,794

3,030,798

1,145,794

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

S E Ayers - Director

1.	STATUTORY INFORMATION

Trustmark (2005) Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents income receivable in furtherance of the objects of the company, and it is stated excluding VAT.

Intangible assets

Intangible assets are initial measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Included within intangible assets are the following:

Development costs associated with the setting up of the Data Warehouse.

The Data Warehouse is considered to be an asset of the company as it generates future income and has therefore been capitalised rather than being written off as a cost. The development costs are amortised over 5 years beginning in the month of development. Five years is deemed reasonable due to the pace of technological change and the expected life of government schemes, due to current government policy and expectations. The directors also consider the likely useful life of the Data Warehouse to be 5 years as it will generate income over this period before it is required to be significantly updated and it is for this reason the costs have been capitalised. The capitalised cost is not a realised loss. Internal cost is not capitalised.

Specific development has been amortised over the lower of the life of the scheme the development is supporting or 5 years. Analytics platform development is amortised over 5 years from the date of development.

Website development is amortised over 5 years from the date of the website operating satisfactorily

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have a reasonable expectation that Trustmark (2005) Limited has adequate resources to continue in operational existence for the foreseeable future, and for this reason, they continue to adopt the going concern basis in preparing the financial statements. This assessment has considered the company's financial performance, liquidity position, and cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements, in accordance with the guidance set out under FRS 102 Section 3.8.

As part of this assessment, the directors have considered both internal and external factors, including the expected inclusion of the company in the Government's Warm Homes Plan, scheduled to be announced in October 2025 and to commence in 2026. This initiative is expected to provide a positive economic stimulus to the company by increasing demand for Trustmark-registered contractors and quality assurance services, contributing to improved revenue and cash flow generation.

The directors have also considered the potential risks and uncertainties, including the timing of government funding, sector uptake, and operational capacity, and are satisfied that appropriate controls and contingency measures are in place. Based on this review, the directors have concluded that there are no material uncertainties that cast significant doubt on the company's ability to continue as a going concern.

Accordingly, the financial statements have been prepared on a going-concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 56 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

3,604,622

Additions

471,777

Reclassification/transfer

(494,967

)

At 31 December 2024

3,581,432

AMORTISATION

At 1 January 2024

1,660,335

Charge for year

553,831

Reclassification/transfer

(494,967

)

At 31 December 2024

1,719,199

NET BOOK VALUE

At 31 December 2024

1,862,233

At 31 December 2023

1,944,287

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

185,708

113,623

299,331

Additions

65,390

29,097

94,487

Disposals

-

(35,233

)

(35,233

)

At 31 December 2024

251,098

107,487

358,585

DEPRECIATION

At 1 January 2024

80,440

92,599

173,039

Charge for year

42,086

15,655

57,741

Eliminated on disposal

-

(35,233

)

(35,233

)

At 31 December 2024

122,526

73,021

195,547

NET BOOK VALUE

At 31 December 2024

128,572

34,466

163,038

At 31 December 2023

105,268

21,024

126,292

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

228,371

93,696

Other debtors

234,944

122,612

Tax

-

45,209

Deferred tax asset

-

58,393

Prepayments

101,127

72,031

564,442

391,941

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

172,103

122,901

Tax

599,371

-

VAT

394,191

287,876

Other creditors

1,759,773

1,306,714

Accruals and deferred income

777,970

622,841

3,703,408

2,340,332

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

-

523,697

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

42,701

77,067

Between one and five years

3,815

7,074

46,516

84,141

The above commitments at the year end were in respect of contract hire motor vehicles and mobile phone contracts.

Additionally, the company occupies premises. This has a rolling 6 month termination following notice being able to be given by either party. The monthly licence fee is £20,950 plus VAT.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Andrew Lane (Senior Statutory Auditor)

for and on behalf of CSL Partnership Limited

11.	POST BALANCE SHEET EVENTS

Since the balance sheet date, the company has renegotiated with its lender to reschedule the repayment of a loan of £1,083,697 included within other creditors falling due within one year.

As part of the renegotiation, £103,043 of the loan balance has been repaid since the year end and a further £49,032 is due to be repaid by 31 December 2025. The remainder of the loan falls due in stages after 31 December 2025 with a final repayment date of 31 March 2028.