Truman Contractors (East Midlands) Limit - Accounts to registrar (filleted)

REGISTERED NUMBER: 02110105 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRUMAN CONTRACTORS (EAST MIDLANDS)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P I Clayton

M W Truman

D W Truman

SECRETARY:

M W Truman

REGISTERED OFFICE:

Hill Top Farm

Lawn Lane

Old Dalby

Melton Mowbray

Leicestershire

LE14 3LW

REGISTERED NUMBER:

02110105 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2 Charnwood Edge Business Park

Syston Road, Leicester

LE7 4UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Tangible assets

4

589,720

621,844

Investments

5

341,565

416,565

Investment property

6

741,058

399,000

1,672,343

1,437,409

CURRENT ASSETS

Stocks

1,715,909

3,369,955

Debtors

7

2,888,093

1,538,783

Cash at bank

4,558,430

3,288,294

9,162,432

8,197,032

CREDITORS

Amounts falling due within one year

8

(1,559,101

)

(879,902

)

NET CURRENT ASSETS

7,603,331

7,317,130

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,275,674

8,754,539

CREDITORS

Amounts falling due after more than one
year

9

(14,162

)

(13,267

)

PROVISIONS FOR LIABILITIES

(170,099

)

(177,178

)

NET ASSETS

9,091,413

8,564,094

CAPITAL AND RESERVES

Called up share capital

5,000

Revaluation reserve

204,034

Capital redemption reserve

5,000

Retained earnings

8,877,379

8,350,060

9,091,413

8,564,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

P I Clayton - Director

1.	STATUTORY INFORMATION

Truman Contractors (East Midlands) Limited is a limited company, registered in England and Wales. Its registered office address is as detailed on the company information page, and the registered number is 02110105.

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 as modified by the revaluation of certain assets.

Turnover

Turnover 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 Company 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.

Tangible fixed assets

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

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on reducing balance, 20% on cost and 15% on cost

Investments in associates

Investment in the subsidiary company is held at cost less accumulated impairment losses.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and 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.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest.

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

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Long

leasehold

Fixtures

land &

Plant and

and

Motor

buildings

machinery

fittings

vehicles

Totals

£

COST

At 1 January 2024

98,175

1,056,351

33,697

288,646

1,476,869

Additions

-

69,611

-

124,772

194,383

Disposals

-

(78,294

)

-

(59,424

)

(137,718

)

At 31 December 2024

98,175

1,047,668

33,697

353,994

1,533,534

DEPRECIATION

At 1 January 2024

89,793

529,707

30,216

205,309

855,025

Charge for year

3,927

142,464

912

52,803

200,106

Eliminated on disposal

-

(51,893

)

-

(59,424

)

(111,317

)

At 31 December 2024

93,720

620,278

31,128

198,688

943,814

NET BOOK VALUE

At 31 December 2024

4,455

427,390

2,569

155,306

589,720

At 31 December 2023

8,382

526,644

3,481

83,337

621,844

5.	FIXED ASSET INVESTMENTS

2024

2023

£

Participating interests

259,065

Loans to undertakings in which the company
has a participating interest

82,500

157,500

341,565

416,565

Additional information is as follows:

Interest

in

associate

£

COST

At 1 January 2024

and 31 December 2024

259,065

NET BOOK VALUE

At 31 December 2024

259,065

At 31 December 2023

259,065

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated companies

Truman Aviation Limited

Registered office: United Kingdom

Nature of business: Provision of aircraft servicing

%

Class of shares:

holding

Ordinary

50.00

31/10/24

31/10/23

£

Aggregate capital and reserves

399,638

404,268

(Loss)/profit for the year

(6,172

)

61,739

Nottingham City Airport Limited

Registered office: United Kingdom

Nature of business: Leasing of Tollerton Airport

%

Class of shares:

holding

Ordinary

30.00

30/6/24

30/6/23

£

Aggregate capital and reserves

4,910,150

4,579,365

Profit for the year

450,654

462,015

Loans to

associates

£

At 1 January 2024

157,500

Repayment in year

(75,000

)

At 31 December 2024

82,500

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

399,000

Reclassification/transfer

342,058

At 31 December 2024

741,058

NET BOOK VALUE

At 31 December 2024

741,058

At 31 December 2023

399,000

During the year, a property which was held as Work In Progress in the previous year, has been reclassified as Investment Property. The market value of this property is not deemed to be materially different to the actual cost of this property, at the year end following the reclassification.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2008

105,034

Valuation in 2022

99,000

Cost

537,024

741,058

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

194,966

-

Investment property was valued on an open market basis on 31 December 2022 by the directors .

The directors believe that the value of the investment property had not moved materially between the valuation date and the year end.

7.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Trade debtors

818,204

275,177

Bonds recoverable

140,903

Other debtors

1,415,934

834,504

Tax

474,223

270,000

Prepayments and accrued income

26,039

16,928

2,875,303

1,537,512

Amounts falling due after more than one year:

Trade debtors

12,790

1,271

Aggregate amounts

2,888,093

1,538,783

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other loans

125,000

Hire purchase contracts (see note 10)

30,261

24,772

Trade creditors

299,117

173,887

Tax

370,857

289,214

Social security and other taxes

48,635

34,301

VAT

237,062

28,037

Other creditors

118,832

139,610

Accruals and deferred income

329,337

65,081

1,559,101

879,902

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Hire purchase contracts (see note 10)

14,162

13,267

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Net obligations repayable:

Within one year

30,261

24,772

Between one and five years

14,162

13,267

44,423

38,039

Non-cancellable

operating leases

2024

2023

£

Within one year

23,127

Between one and five years

11,845

31,958

34,972

55,085