Company registration number 11332191 (England and Wales)
TRUSTLAND HOLDINGS LIMITED
GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TRUSTLAND HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J R Bagley
Mr D Leatt
Company number
11332191
Registered office
Unit 4 Brunel Road
Croft Business Park
Bromborough
Wirral
Merseyside
CH62 3NY
Auditor
Hammond McNulty LLP
Bank House
Market Square
Congleton
Cheshire
United Kingdom
CW12 1ET
TRUSTLAND HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
TRUSTLAND HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Review of the business
TRUSTLAND HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

Resource availability (Trade) – The construction industry, as a whole, has underperformed in the area of training trades people. A continuing trend of tier 1 and 2 contractors managing sub-contractors rather than employing tradespeople means that training has been left behind. This is now reflected in a shortage of skilled resource. Construction Industry in the North West of England is particularly busy at this time with major developments, including high profile sites such as Wirral Waters regeneration, Bramley Moore Dock stadium, the Co-op arena and many infrastructure and residential and commercial inner city developments. This further compounds the resource shortage.

Trustland manage this risk by maintaining a skilled workforce, training apprentices and building relationships with our supply chain.

Resource availability (management/professional) – Attracting young professional candidates who strive for a career in construction is difficult. This is managed by offering excellent training and progression routes, both internal and external mentoring, competitive rates and an excellent working environment.

Loss of a main customer – Our reliance on just eight main customers can be a concern. A considerable amount of effort is placed on relationship building with existing customers and also seeking out new customers. Additional mitigation measures include the company actively sourcing new customers who fit within our ideal market. This includes high reputation customers who work in regulated industries and have a set up in the NW of England. Efforts towards the end of the period have secured two further customers who fit this criteria that, we hope, will bring additional turnover in the current period.

Non payment of invoices by Customer – Trustland rarely receive any advance payments for any project work that we carry out. As such we often carry out 30, 60 and sometimes 90 days of work before receiving any payment. In the event that a customer stopped trading mid project we could potentially lose considerable sums of money putting pressure on our cash flow and potentially resulting in us having difficulty paying our supply chain. To mitigate this Trustland work for reputable, blue chip customers. We use credit referencing agencies to ensure the credit worthiness of potential new customers. We retain a reserve pot that can fund our operations for at least three months. All contracts that we enter into are reviewed by our commercial team who are trained and experienced in both JCT and NEC contracts and we ensure that all contractual notifications are formally documented and communicated.

Financial instability – The Company actively manages cash flow and retains a reserves fund to finance any short fall in turnover or late payment of invoices.

Price instability – A large percentage of the Company’s turnover is carried out under framework agreements with regular review periods. Rising costs can be addressed during these reviews.

Key performance indicators

Turnover increased by 11% to £12,092k, returning, as expected, to our 2023 numbers. Wee are confident that turnover levels will continue to increase through the next 2 years. Pre-tax profit remained fairly constant £1.3M

New recruits were offset by retirements so staffing remained constant but the total cost of renumeration increased slightly to £3.259M as a result of inflation linked pay rises.

The forecast for the coming period is good with turnover expected to increase and margins expected to be retained. A good pipeline of projects is in hand for the coming period and discussions have started with a number of potential long term customers.

Other information and explanations

Trustland have been successful in reaching the turnover levels that we desire. We have also secured new customers who have great potential and started a significant project that will continue into the new financial year, boosting our turnover forecasts for 2025/6.

Our commitment to investing in our people has resulted in our People Plan being developed through the year and being roller out in December 2024. Efforts are being made throughout this year to ensure the plan continues to evolve.

TRUSTLAND HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

On behalf of the board

Mr J R Bagley
Director
1 October 2025
TRUSTLAND HOLDINGS 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 and group continued to be that of holding company and construction business.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £378,658. The directors do not recommend payment of a further 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 J R Bagley
Mr D Leatt
Research and development

During the year the group expensed £362,675 (202 4: £416,471) on research and development which is included in the profit and loss account.

Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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 auditor of the company 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 auditor of the company is aware of that information.

TRUSTLAND HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
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 J R Bagley
Director
1 October 2025
TRUSTLAND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRUSTLAND HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Trustland Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 March 2025 and of the group's profit 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 group and parent 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 group's and parent 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:

- T he 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.

TRUSTLAND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUSTLAND HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 parent 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 parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, and employment legislation.

We enquired of the directors, reviewed correspondence with HMRC and reviewed legal fees for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.

The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas:

related party transactions, revenue recognition and management override.

We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

We enquired of the directors about actual and potential litigation and claims.

We performed analytical procedures at the planning stage to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

TRUSTLAND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUSTLAND HOLDINGS LIMITED
- 8 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Other matters which we are required to address

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.

Danielle Sullivan FCCA CTA (Senior Statutory Auditor)
For and on behalf of Hammond McNulty LLP, Statutory Auditor
Chartered Certified Accountants
Bank House
Market Square
Congleton
Cheshire
CW12 1ET
United Kingdom
1 October 2025
TRUSTLAND HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
12,092,679
10,867,128
Cost of sales
(8,153,481)
(6,900,768)
Gross profit
3,939,198
3,966,360
Administrative expenses
(2,788,036)
(2,722,662)
Other operating income
49,837
163,593
Operating profit
4
1,200,999
1,407,291
Interest receivable and similar income
6
98,661
10,245
Profit before taxation
1,299,660
1,417,536
Tax on profit
7
(274,359)
(245,535)
Profit for the financial year
1,025,301
1,172,001
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TRUSTLAND HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
34,326
43,479
Total intangible assets
34,326
43,479
Tangible assets
10
675,455
727,539
Investment property
11
550,000
550,000
Investments
12
1,200
1,200
1,260,981
1,322,218
Current assets
Debtors
15
5,418,187
3,412,771
Cash at bank and in hand
2,632,282
2,384,677
8,050,469
5,797,448
Creditors: amounts falling due within one year
16
(3,659,858)
(2,123,781)
Net current assets
4,390,611
3,673,667
Total assets less current liabilities
5,651,592
4,995,885
Creditors: amounts falling due after more than one year
17
(29,164)
(8,343)
Provisions for liabilities
Deferred tax liability
19
105,386
117,143
(105,386)
(117,143)
Net assets
5,517,042
4,870,399
Capital and reserves
Called up share capital
21
204
204
Capital redemption reserve
102
102
Other reserves
112,164
112,164
Profit and loss reserves
5,404,572
4,757,929
Total equity
5,517,042
4,870,399

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

The financial statements were approved by the board of directors and authorised for issue on 1 October 2025 and are signed on its behalf by:
01 October 2025
Mr J R Bagley
Director
Company registration number 11332191 (England and Wales)
TRUSTLAND HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
1,285,306
1,285,306
1,285,306
1,285,306
Current assets
Cash at bank and in hand
1,751,929
186,458
Creditors: amounts falling due within one year
16
(1,006)
(35,484)
Net current assets
1,750,923
150,974
Net assets
3,036,229
1,436,280
Capital and reserves
Called up share capital
21
204
204
Capital redemption reserve
102
102
Profit and loss reserves
3,035,923
1,435,974
Total equity
3,036,229
1,436,280

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,978,607 (2024 - £523,233 profit).

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 1 October 2025 and are signed on its behalf by:
01 October 2025
Mr J R Bagley
Director
Company registration number 11332191 (England and Wales)
TRUSTLAND HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Merger Reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
306
93,499
-
0
112,164
4,812,472
5,018,441
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
-
1,172,001
1,172,001
Dividends
8
-
-
-
-
(371,443)
(371,443)
Redemption of shares
21
(102)
-
102
-
(948,600)
(948,600)
Transfers
-
(93,499)
-
-
93,499
-
Balance at 31 March 2024
204
-
0
102
112,164
4,757,929
4,870,399
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
-
1,025,301
1,025,301
Dividends
8
-
-
-
-
(378,658)
(378,658)
Balance at 31 March 2025
204
-
0
102
112,164
5,404,572
5,517,042
TRUSTLAND HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
306
-
0
2,232,783
2,233,089
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
523,234
523,234
Dividends
8
-
-
(371,443)
(371,443)
Redemption of shares
21
(102)
102
(948,600)
(948,600)
Balance at 31 March 2024
204
102
1,435,974
1,436,280
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,978,607
1,978,607
Dividends
8
-
-
(378,658)
(378,658)
Balance at 31 March 2025
204
102
3,035,923
3,036,229
TRUSTLAND HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
996,054
2,284,825
Income taxes paid
(333,506)
(421,317)
Net cash inflow from operating activities
662,548
1,863,508
Investing activities
Purchase of tangible fixed assets
(128,067)
(65,257)
Proceeds from disposal of tangible fixed assets
1,042
30,499
Interest received
98,661
10,245
Net cash used in investing activities
(28,364)
(24,513)
Financing activities
Redemption of shares
-
0
(948,600)
Payment of finance leases obligations
(7,921)
(9,709)
Dividends paid to equity shareholders
(378,658)
(371,443)
Net cash used in financing activities
(386,579)
(1,329,752)
Net increase in cash and cash equivalents
247,605
509,243
Cash and cash equivalents at beginning of year
2,384,677
1,875,434
Cash and cash equivalents at end of year
2,632,282
2,384,677
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

Trustland Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Trustland Holdings Limited and all of its subsidiaries.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Trustland Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

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:

Leasehold improvements
Over the leasehold
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Website developments
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 recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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 it 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.12
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.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 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 m ethod 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 group 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 group after deducting all of its liabilities.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
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. Amounts 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.

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 subsequently 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction
12,092,679
10,867,128
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,092,679
10,867,128
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 22 -
2025
2024
£
£
Other revenue
Interest income
98,661
10,245
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
362,675
416,471
Fees payable to the group's auditor for the audit of the group's financial statements
5,000
5,000
Depreciation of owned tangible fixed assets
203,749
209,885
Loss/(profit) on disposal of tangible fixed assets
7,175
(10,577)
Amortisation of intangible assets
9,153
9,154
Operating lease charges
35,000
35,000
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
2
2
Employees
63
64
-
-
Total
65
66
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,656,565
2,382,300
-
0
-
0
Social security costs
290,080
266,076
-
-
Pension costs
313,121
301,146
-
0
-
0
3,259,766
2,949,522
-
0
-
0
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
98,661
10,245
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
291,635
287,005
Adjustments in respect of prior periods
(5,518)
(401)
Total current tax
286,117
286,604
Deferred tax
Origination and reversal of timing differences
(11,758)
(41,069)
Total tax charge
274,359
245,535

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

2025
2024
£
£
Profit before taxation
1,299,660
1,417,536
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
324,915
354,384
Tax effect of expenses that are not deductible in determining taxable profit
7,409
8,975
Tax effect of income not taxable in determining taxable profit
-
0
(30,000)
Amortisation on assets not qualifying for tax allowances
2,288
2,292
Research and development tax credit
(54,401)
(89,725)
Under/(over) provided in prior years
(5,518)
(402)
Losses generated
-
0
11
Tax at lower rate 19%
(334)
-
0
Taxation charge
274,359
245,535
8
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
378,658
371,443
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
91,537
Amortisation and impairment
At 1 April 2024
48,058
Amortisation charged for the year
9,153
At 31 March 2025
57,211
Carrying amount
At 31 March 2025
34,326
At 31 March 2024
43,479
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Website developments
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
710,055
105,981
229,111
360,506
34,375
1,440,028
Additions
-
0
10,073
6,813
142,996
-
0
159,882
Disposals
-
0
-
0
(4,664)
(26,290)
-
0
(30,954)
At 31 March 2025
710,055
116,054
231,260
477,212
34,375
1,568,956
Depreciation and impairment
At 1 April 2024
265,097
46,484
164,175
202,358
34,375
712,489
Depreciation charged in the year
141,969
8,931
9,731
43,118
-
0
203,749
Eliminated in respect of disposals
-
0
-
0
(1,231)
(21,506)
-
0
(22,737)
At 31 March 2025
407,066
55,415
172,675
223,970
34,375
893,501
Carrying amount
At 31 March 2025
302,989
60,639
58,585
253,242
-
0
675,455
At 31 March 2024
444,958
59,497
64,936
158,148
-
0
727,539
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
-
0
8,626
-
0
-
0

Prior year adjustment

There has been a prior year adjustment to move l and and buildings with a fair value amount of £550,000 from freehold property to investment property as it was rented to a third party in 2024.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
459,478
459,478
Accumulated depreciation
(141,357)
(132,167)
Carrying value
318,121
327,311
11
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
550,000
-

Investment property comprises of one rental unit. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by Mason Owen property consultants, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Rental income of £35,000 (2024: £35,000) was received during the year.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Investment property
(Continued)
- 26 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
502,312
502,312
-
-
Accumulated depreciation
-
-
-
-
Carrying amount
502,312
502,312
-
-
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,285,306
1,285,306
Unlisted investments
1,200
1,200
-
0
-
0
1,200
1,200
1,285,306
1,285,306
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024 and 31 March 2025
1,200
Carrying amount
At 31 March 2025
1,200
At 31 March 2024
1,200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
1,285,306
Carrying amount
At 31 March 2025
1,285,306
At 31 March 2024
1,285,306
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Trustland Construction Limited
4 Brunel Road, Wirral, Merseyside, CH62 3NY
Ordinary
100.00
-
Trustland Development Limited
4 Brunel Road, Wirral, Merseyside, CH62 3NY
Ordinary
0
100.00
The Trustland Group Limited
4 Brunel Road, Wirral, Merseyside, CH62 3NY
Ordinary
0
100.00
14
Construction contracts
Group
Company
2025
2024
2025
2024
£
£
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
234,425
227,176
-
0
-
0
Contract revenues recognised
Contract costs incurred plus recognised profits less recognised losses to date
2,235,763
849,962
-
-
Less: progress billing
(3,499,941)
(1,005,434)
-
-
(1,264,178)
(155,472)
-
-
Advances received from customers
918,460
-
-
-
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,081,005
3,058,670
-
0
-
0
Gross amounts owed by contract customers
234,425
227,176
-
0
-
0
Other debtors
13,471
39,088
-
0
-
0
Prepayments and accrued income
89,286
87,837
-
0
-
0
5,418,187
3,412,771
-
-
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
18
8,343
5,270
-
0
-
0
Trade creditors
1,292,056
879,466
-
0
-
0
Corporation tax payable
87,248
134,638
1,006
-
0
Other taxation and social security
599,879
561,377
-
-
Other creditors
1,547,632
426,601
-
0
35,484
Accruals and deferred income
124,700
116,429
-
0
-
0
3,659,858
2,123,781
1,006
35,484

Amounts due under finance lease and hire purchase contracts are secured on the assets to which they relate.

17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
18
29,164
8,343
-
0
-
0
18
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
29,164
5,270
-
0
-
0
In two to five years
8,343
8,343
-
0
-
0
37,507
13,613
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
105,386
117,143
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
117,143
-
Credit to profit or loss
(11,757)
-
Liability at 31 March 2025
105,386
-

T he deferred tax liability set out above is expected to reverse within future tax returns and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
313,121
301,146

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
200
200
200
200
C Ordinary of £1 each
2
2
2
2
D Ordinary of £1 each
2
2
2
2
204
204
204
204
TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
22
Fair value reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
213,499
-
-
-
Non distributable profits in the year
-
213,499
-
-
At the end of the year
213,499
213,499
-
-
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
28,032
32,510
-
-
Between two and five years
13,980
40,551
-
-
42,012
73,061
-
-
24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent
2025
2024
£
£
Group
Other related parties
35,000
35,000

The above transactions are in relation to rental payments paid to a SSAS that the directors are trustees in and that owns the property that they trade from.

TRUSTLAND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
25
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,025,301
1,172,001
Adjustments for:
Taxation charged
274,359
245,535
Investment income
(98,661)
(10,245)
Loss/(gain) on disposal of tangible fixed assets
7,175
(10,577)
Fair value gain on investment properties
-
0
(120,000)
Amortisation and impairment of intangible assets
9,153
9,154
Depreciation and impairment of tangible fixed assets
203,749
209,885
Movements in working capital:
(Increase)/decrease in debtors
(2,005,416)
550,926
Increase in creditors
1,580,394
238,146
Cash generated from operations
996,054
2,284,825
26
Analysis of changes in net funds - group
1 April 2024
Cash flows
New finance leases
31 March 2025
£
£
£
£
Cash at bank and in hand
2,384,677
247,605
-
2,632,282
Obligations under finance leases
(13,613)
7,921
(31,815)
(37,507)
2,371,064
255,526
(31,815)
2,594,775
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