Company registration number 354544 (England and Wales)
T N ROBINSON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
T N ROBINSON LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of income and retained earnings
11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
T N ROBINSON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr C Drake
Mr I Gregory
Ms M C Anderson
Mr S M S Thwaite
Ms P M Yates
Secretary
Mr I Gregory
Company number
354544
Registered office
94-98 Daw Bank
Stockport
Cheshire
SK3 0EH
Auditor
Xeinadin Audit Limited
Riverside House Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
T N ROBINSON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The Directors record ed a pre-tax loss for the year of -£75,246 (2024: £192,652).

The Company's key financial and other performance indicators during the year were as follows:

| Unit | 202 4/2 5 | 202 3/2 4
Turnover | £'000 | 1 7,487 | 16,487
Gross margin | % | 2 6.5 | 27
Profit/(loss) before tax | £'000 | (75) | 1 9 3

A 6% increase in turnover was recorded in the year but this was off-set by the reduction in margin conceded to achieve this growth and by high wage inflation as the increase in minimum wage of 6.7% had a knock on effect on all salaries.

Costs were also incurred during the year following the acquisition of new rental premises for our Ashton branch in October 2024. The move to a modern industrial/retail estate has given the branch much more public visibility but at the cost of higher rent and rates and legal fees incurred on the acquisition of the lease.

The same costs were also increased by the acquisition of a 13th trading branch in Holyhead on Anglesey in the Autumn of 2024 with the branch expected to be trading profitably by the end of 2025.

Other significant overheads which affected the bottom line include:-

- Computer Depreciation – an annual charge of over £80,000 is being incurred, predominantly in relation to the IT upgrade in 2022. This is being depreciated over 5 years so will be significantly reduced by 2027.

- Bad Debts – The bad debt charge more than doubled against the previous financial year due to the insolvency of one long-standing but un-insured customer.

On a more positive note, interest rates fell slightly which reduced the costs of borrowing on the invoice finance facility by almost £10,000, and some stability was restored to the energy market which meant that gas and electric costs remained in line with expectations.

T N ROBINSON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Principal risks and uncertainties

Risk of Bad Debts

Potential exposure to bad debt remains an on-going issue. The company continues to mitigate this risk via reference to credit reference agencies and credit insurance where available. The nature of the industry however, means that occasional risks need to be taken in supplying customers outside of insured limits but any such risks are always subject to directors’ approval.

Availability of Finance

The company is reliant upon the provision of adequate finance facilities from its bankers.

During the course of the current, or any previous, arrangements there has been no breach of any provisions or covenants to suggest that facilities will not be renewed on an on-going basis. The headroom within the existing facility is felt to be more than sufficient to meet the company’s requirements for the foreseeable future and the company’s relationship with its finance providers is very strong.

The sale of a long lease property previously occupied by the Ashton branch was completed in April 2025 and has significantly reduced the level of borrowings.

Wage Inflation

With staff costs being by far the largest overhead of the company, continued wage inflation has a proportionate impact on the bottom line. Reductions in headline inflation rates are welcome but any statutory increases in national minimum wage over and above prevailing rates is a risk to profitability. The Directors therefore keep close control over all branch staffing levels such as to control these as much as possible.

Future Developments

The company has no immediate plans to further develop its branch network but is always keen to review any acquisition or growth opportunities that may arise.

As mentioned above, the company sold its long-leasehold interest at its former Ashton branch for £900,000 in April 2025.

On behalf of the board

Mr C Drake
Director
28 October 2025
T N ROBINSON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of wholesale supply of electrical goods and appliances.

Results and dividends

The Directors recorded a pre-tax loss for the year of -£75,246 (2024: £192,652).

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Michael Drake
(Deceased 23 April 2024)
Mr C Drake
Mr I Gregory
Ms M C Anderson
Mr S M S Thwaite
Ms P M Yates
Financial instruments
Objectives and policies

The company holds or issues financial instruments in order to achieve three main objectives, being:

i) to finance its operations;

ii) to manage its exposure to interest, credit and liquidity risks arising from its operations and from its sources of finance; and

iii) for trading purposes.

In addition various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Liquidity risk

Working capital and liquidity is managed as part of day to day business routines such as the company has no significant concentrations of liquidity risk. Working capital facilities like the invoice financing allows to maintain a good level of liquid funds.

Interest rate risk

The company manages the interest rate risk by agreeing terms of finance with hire purchase providers in advance and also managing the invoice financing facility so as to not draw down unused amounts.

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks and credit insurance meets its objectives of managing exposure to credit risk.

The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

T N ROBINSON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C Drake
Mr I Gregory
Director
Director
28 October 2025
T N ROBINSON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

T N ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T N ROBINSON LIMITED
- 7 -
Opinion

We have audited the financial statements of T N Robinson Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

T N ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T N ROBINSON LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

T N ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T N ROBINSON LIMITED (CONTINUED)
- 9 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

T N ROBINSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T N ROBINSON LIMITED (CONTINUED)
- 10 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Jones BA(Hons) ACCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
Riverside House Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
United Kingdom
28 October 2025
T N ROBINSON LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
17,486,574
16,486,502
Cost of sales
(12,845,156)
(11,955,447)
Gross profit
4,641,418
4,531,055
Distribution costs
(2,165,740)
(1,943,800)
Administrative expenses
(2,548,246)
(2,346,467)
Other operating income
99,828
68,500
Operating profit
4
27,260
309,288
Interest receivable and similar income
8
2,646
404
Interest payable and similar expenses
9
(105,152)
(117,040)
(Loss)/profit before taxation
(75,246)
192,652
Tax on (loss)/profit
10
12,179
(77,561)
(Loss)/profit for the financial year
(63,067)
115,091
Retained earnings brought forward
3,021,500
2,906,409
Retained earnings carried forward
2,958,433
3,021,500

The profit and loss account has been prepared on the basis that all operations are continuing operations.

T N ROBINSON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,718,996
1,665,876
Investments
13
5,050
5,050
1,724,046
1,670,926
Current assets
Stocks
14
2,741,283
2,737,665
Debtors
15
3,702,251
3,403,689
Cash at bank and in hand
8,144
60,540
6,451,678
6,201,894
Creditors: amounts falling due within one year
16
(4,701,532)
(4,303,967)
Net current assets
1,750,146
1,897,927
Total assets less current liabilities
3,474,192
3,568,853
Creditors: amounts falling due after more than one year
17
(287,549)
(306,964)
Provisions for liabilities
Deferred tax liability
19
93,210
105,389
(93,210)
(105,389)
Net assets
3,093,433
3,156,500
Capital and reserves
Called up share capital
21
135,000
135,000
Profit and loss reserves
2,958,433
3,021,500
Total equity
3,093,433
3,156,500

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 October 2025 and are signed on its behalf by:
Mr C Drake
Mr I Gregory
Director
Director
Company registration number 354544 (England and Wales)
T N ROBINSON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
130,638
637,125
Interest paid
(105,152)
(117,040)
Income taxes paid
(36,651)
(15,228)
Net cash (outflow)/inflow from operating activities
(11,165)
504,857
Investing activities
Purchase of tangible fixed assets
(303,483)
(338,925)
Proceeds from disposal of tangible fixed assets
13,851
73,899
Interest received
2,646
404
Net cash used in investing activities
(286,986)
(264,622)
Financing activities
Repayment of borrowings
(40,000)
(40,000)
Payment of finance leases obligations
40,316
96,540
Net cash generated from financing activities
316
56,540
Net (decrease)/increase in cash and cash equivalents
(297,835)
296,775
Cash and cash equivalents at beginning of year
(920,610)
(1,217,385)
Cash and cash equivalents at end of year
(1,218,445)
(920,610)
Relating to:
Cash at bank and in hand
8,144
60,540
Bank overdrafts included in creditors payable within one year
(1,226,589)
(981,150)
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

T N Robinson Limited is a private company limited by shares incorporated in England and Wales. The registered office is 94-98 Daw Bank, Stockport, Cheshire, SK3 0EH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

In concluding the company is a going concern, the directors have made the following considerations:

The directors have reviewed a 2 year cashflow forecast and statement of profit and loss forecast for a period ending 31st March 2026, which was prepared by management. The results of the forecasts led management to conclude the company could continue to exist for a period of at least 12 months from the date of the audit report.

1.3
Turnover

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.

1.4
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

1.5
Amortisation

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
over the duration of the lease
Leasehold improvements
over the duration of the lease
Fixtures and fittings
10-25% straight line
Computers equipment
10-25% straight line
Motor vehicles
25% straight line

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.

1.7
Borrowing costs

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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average method.

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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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.

T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and 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. Financial assets classified as receivable within one year are not amortised.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 income 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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

1.12
Retirement benefits

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.

1.13
Leases
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

1.14
Foreign exchange

The functional currency of the company is Sterling. Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the income statement.

1.15

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2
Judgements and key sources of estimation uncertainty

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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant estimates.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
UK
17,473,094
16,486,502
2025
2024
£
£
Other revenue
Interest income
2,646
404
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,600
12,400
Depreciation of owned tangible fixed assets
248,441
226,591
Profit on disposal of tangible fixed assets
(11,929)
(17,427)
Operating lease charges
322,672
297,688
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,600
12,400
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration and support
22
25
Sales, marketing and distribution
61
58
Total
83
83

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,534,668
2,382,189
Social security costs
249,357
228,762
Pension costs
103,052
89,194
2,887,077
2,700,145
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
263,298
277,521
Company pension contributions to defined contribution schemes
42,741
32,927
306,039
310,448
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 20 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
137,506
108,888
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,646
404
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
6,246
9,813
Interest on invoice finance arrangements
87,500
97,230
Other interest on financial liabilities
1,777
1,579
95,523
108,622
Other finance costs:
Interest on finance leases and hire purchase contracts
9,629
8,418
105,152
117,040
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
36,652
Deferred tax
Origination and reversal of timing differences
(12,179)
40,909
Total tax (credit)/charge
(12,179)
77,561
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 21 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(75,246)
192,652
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 25.00%)
(14,297)
48,163
Tax effect of expenses that are not deductible in determining taxable profit
2,866
3,624
Tax effect of income not taxable in determining taxable profit
(2,032)
-
0
Permanent capital allowances in excess of depreciation
13,463
(15,135)
UK deferred tax movement
(12,179)
40,909
Taxation (credit)/charge for the year
(12,179)
77,561

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate would increase to 25%. This new law was substantively enacted on 24 May 2021. Deferred tax balances have been remeasured to either 19% or 25% depending on when the Directors expect these timing differences to reverse. The impact of the change in tax rate has been recognised in tax expense in profit or loss, except to the extent that it relates to items previously recognised outside profit or loss. For the company, such items include, in particular, remeasurements of post-employment benefit liabilities and the expected tax deduction in excess of the recognised expense for equity settled share-based payments.

T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2024
645,033
1,156,968
122,878
636,073
598,063
416,737
3,575,752
Additions
-
0
12,645
66,324
70,349
37,515
116,650
303,483
Disposals
-
0
-
0
-
0
(4,933)
(97,511)
(87,104)
(189,548)
At 31 March 2025
645,033
1,169,613
189,202
701,489
538,067
446,283
3,689,687
Depreciation and impairment
At 1 April 2024
298,636
438,634
98,765
556,597
322,297
194,947
1,909,876
Depreciation charged in the year
13,174
24,596
9,557
24,964
83,502
92,648
248,441
Eliminated in respect of disposals
-
0
-
0
-
0
(4,559)
(97,511)
(85,556)
(187,626)
At 31 March 2025
311,810
463,230
108,322
577,002
308,288
202,039
1,970,691
Carrying amount
At 31 March 2025
333,223
706,383
80,880
124,487
229,779
244,244
1,718,996
At 31 March 2024
346,397
718,334
24,113
79,476
275,766
221,790
1,665,876
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Tangible fixed assets
(Continued)
- 23 -

Included within the net book value of motor vehicles above is £137,8 80 in respect of assets held under hire purchase contracts (202 4: £204,232). Depreciation for the year on these assets was £72,149 (202 4: £52,739).

12
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
T N Robinson (Crewe) Limited
94-98 Daw Bank, Stockport, Cheshire, SK3 0EH
Dormant company
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
T N Robinson (Crewe) Limited
1,050
-
0
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
1,050
1,050
Other investments
4,000
4,000
5,050
5,050
14
Stocks
2025
2024
£
£
Raw materials and consumables
2,741,283
2,737,665
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,389,240
3,140,215
Amounts owed by group undertakings
121,663
106,600
Other debtors
24,023
13,596
Prepayments and accrued income
167,325
143,278
3,702,251
3,403,689
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
1,266,589
1,021,150
Obligations under finance leases
72,969
53,238
Trade creditors
3,125,504
2,935,920
Amounts owed to group undertakings
1,050
1,050
Corporation tax
-
0
36,651
Other taxation and social security
186,100
169,653
Other creditors
18,849
17,684
Accruals and deferred income
30,471
68,621
4,701,532
4,303,967
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
142,549
121,964
Other borrowings
18
145,000
185,000
287,549
306,964
18
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
1,226,589
981,150
Preference shares
135,000
135,000
Hire Purchase and finance lease liabilities
215,518
175,202
Other loans
50,000
90,000
1,627,107
1,381,352
Payable within one year
1,339,558
1,074,388
Payable after one year
287,549
306,964

The drawdown on invoice discounting facility is secured by way of an all assets debenture, an unlimited corporate guarantee executed by T N Robinson (Holdings) Limited and a limited personal guarantee executed by the directors.

Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
93,210
105,389
2025
Movements in the year:
£
Liability at 1 April 2024
105,389
Credit to profit or loss
(12,179)
Liability at 31 March 2025
93,210
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
103,052
89,194

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
135,000
135,000
135,000
135,000
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
of £1 each
135,000
135,000
135,000
135,000
Preference shares classified as liabilities
135,000
135,000
T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Share capital
(Continued)
- 26 -

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

The ordinary shares have full voting rights.

Preference shares have the following rights, preferences and restrictions:

The shares are non voting, redeemable at the company's discretion with a 3 month notice period and hold preferential ranking re any distributions.

22
Operating lease commitments
As lessee

The total of future minimum lease payments is as follows:

2025
2024
£
£
Within 1 year
82,376
35,128
Years 2-5
168,383
231,966
After 5 years
117,412
60,300
368,171
327,394
23
Related party transactions
2025
2024
Amounts due to related parties
£
£
1,050
1,050

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
121,663
106,600
Other information

The amounts due to and from related parties are interest free and repayable on demand.

24
Ultimate controlling party

The company's immediate parent is T N Robinson (Holdings) Limited.

The ultimate controlling party is Mr C Drake.

T N ROBINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
25
Cash generated from operations
2025
2024
£
£
(Loss)/profit after taxation
(63,067)
115,091
Adjustments for:
Taxation (credited)/charged
(12,179)
77,561
Finance costs
105,152
117,040
Investment income
(2,646)
(404)
Gain on disposal of tangible fixed assets
(11,929)
(17,427)
Depreciation and impairment of tangible fixed assets
248,441
226,591
Movements in working capital:
(Increase)/decrease in stocks
(3,618)
173,728
Increase in debtors
(298,562)
(204,289)
Increase in creditors
169,046
149,234
Cash generated from operations
130,638
637,125
26
Analysis of changes in net debt
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
60,540
(52,396)
8,144
Bank overdrafts
(981,150)
(245,439)
(1,226,589)
(920,610)
(297,835)
(1,218,445)
Borrowings excluding overdrafts
(225,000)
40,000
(185,000)
Lease liabilities
(175,202)
(40,316)
(215,518)
(1,320,812)
(298,151)
(1,618,963)
2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2025.200 Mr Michael Drake Mr C Drake Ms M C Anderson Mr S M S Thwaite Ms P M Yates Ms P M Yates Mr I Gregory 354544 2024-04-01 2025-03-31 354544 bus:Director2 2024-04-01 2025-03-31 354544 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 354544 bus:Director3 2024-04-01 2025-03-31 354544 bus:Director4 2024-04-01 2025-03-31 354544 bus:Director5 2024-04-01 2025-03-31 354544 bus:CompanySecretary1 2024-04-01 2025-03-31 354544 bus:Director1 2024-04-01 2025-03-31 354544 bus:Director6 2024-04-01 2025-03-31 354544 bus:RegisteredOffice 2024-04-01 2025-03-31 354544 2025-03-31 354544 2023-04-01 2024-03-31 354544 core:RetainedEarningsAccumulatedLosses 2024-03-31 354544 core:RetainedEarningsAccumulatedLosses 2023-03-31 354544 core:ShareCapital 2025-03-31 354544 core:ShareCapital 2024-03-31 354544 core:RetainedEarningsAccumulatedLosses 2025-03-31 354544 core:RetainedEarningsAccumulatedLosses 2024-03-31 354544 2024-03-31 354544 core:ShareCapitalOrdinaryShareClass1 2025-03-31 354544 core:ShareCapitalOrdinaryShareClass1 2024-03-31 354544 core:ShareCapitalPreferenceShareClass1 2025-03-31 354544 core:ShareCapitalPreferenceShareClass1 2024-03-31 354544 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 354544 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-03-31 354544 core:LeaseholdImprovements 2025-03-31 354544 core:FurnitureFittings 2025-03-31 354544 core:ComputerEquipment 2025-03-31 354544 core:MotorVehicles 2025-03-31 354544 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 354544 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-03-31 354544 core:LeaseholdImprovements 2024-03-31 354544 core:FurnitureFittings 2024-03-31 354544 core:ComputerEquipment 2024-03-31 354544 core:MotorVehicles 2024-03-31 354544 2024-03-31 354544 2023-03-31 354544 core:WithinOneYear 2025-03-31 354544 core:WithinOneYear 2024-03-31 354544 core:Goodwill 2024-04-01 2025-03-31 354544 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 354544 core:LandBuildings core:LongLeaseholdAssets 2024-04-01 2025-03-31 354544 core:LeaseholdImprovements 2024-04-01 2025-03-31 354544 core:FurnitureFittings 2024-04-01 2025-03-31 354544 core:ComputerEquipment 2024-04-01 2025-03-31 354544 core:MotorVehicles 2024-04-01 2025-03-31 354544 core:UKTax 2024-04-01 2025-03-31 354544 core:UKTax 2023-04-01 2024-03-31 354544 1 2024-04-01 2025-03-31 354544 1 2023-04-01 2024-03-31 354544 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 354544 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-03-31 354544 core:LeaseholdImprovements 2024-03-31 354544 core:FurnitureFittings 2024-03-31 354544 core:ComputerEquipment 2024-03-31 354544 core:MotorVehicles 2024-03-31 354544 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 354544 core:Subsidiary1 2024-04-01 2025-03-31 354544 core:Subsidiary1 1 2024-04-01 2025-03-31 354544 core:Subsidiary1 2025-03-31 354544 core:Non-currentFinancialInstruments 2025-03-31 354544 core:Non-currentFinancialInstruments 2024-03-31 354544 core:CurrentFinancialInstruments 2025-03-31 354544 core:CurrentFinancialInstruments 2024-03-31 354544 core:FinancialLiabilitiesHeldForTrading core:FinancialInstrumentsHeldForSale 2025-03-31 354544 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 354544 bus:PreferenceShareClass1 2024-04-01 2025-03-31 354544 bus:OrdinaryShareClass1 2025-03-31 354544 bus:OrdinaryShareClass1 2024-03-31 354544 bus:PreferenceShareClass1 2025-03-31 354544 bus:PreferenceShareClass1 2024-03-31 354544 core:BetweenTwoFiveYears 2025-03-31 354544 core:MoreThanFiveYears 2025-03-31 354544 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 354544 bus:FRS102 2024-04-01 2025-03-31 354544 bus:Audited 2024-04-01 2025-03-31 354544 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP