Company Registration No. 11926496 (England and Wales)
R J TREVARTHEN LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
6 APRIL 2025
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
R J TREVARTHEN LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Balance sheet
13 - 14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 34
R J TREVARTHEN LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M Rowe
Mrs Z Rowe
(Appointed 18 November 2024)
Company number
11926496
Registered office
Roskrow Abattoir
Roskrow
Penryn
Cornwall
England
TR10 9AP
Auditor
TC Group
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
R J TREVARTHEN LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 6 APRIL 2025
- 2 -

The directors present the strategic report for the period ended 6 April 2025.

Review of the business

Key performance indicators

Turnover remained broadly consistent with the previous year at £12.79m (FY24: £12.79m). However, gross profit reduced to £1.45m (11.3% of turnover) from £1.81m (14.1%) in the previous year. This reduction reflects the combined impact of higher input costs across several key areas - notably the National Insurance increase, wage inflation, and rising cattle prices - all of which have influenced overall margins during the period. The company has sought to mitigate these pressures by implementing proportionate price increases to customers, ensuring that quality and service levels remain unaffected. While this has protected turnover and customer retention, it has not fully offset the timing and scale of increased costs experienced during the year.

Administrative expenses increased slightly to £1.42m (FY24: £1.39m), reflecting higher employment and operating costs, including increased energy, maintenance, and compliance expenditure. Despite this, the company maintained tight control over discretionary spending and continued to invest in essential plant, vehicles, and site infrastructure to safeguard operational capacity and efficiency.

Operating profit decreased significantly to £27,203 (FY24: £415,001), illustrating the compression of trading margins in the year. After including exceptional income of £160,765 relating primarily to the write-off of historic loans, the company reported a profit before taxation of £183,483 (FY24: £407,349), and a profit after tax of £128,928 (FY24: £297,109).

The balance sheet remains strong, with net assets of £1.69m (FY24: £1.65m) and healthy liquidity supported by £502k in cash and conservative gearing. The company continues to operate well within its available banking facilities.

The company continues to operate its abattoir and butchery facilities, supplying a loyal base of trade and retail customers throughout the region. Demand for locally sourced, high-quality meat remains resilient, and the company’s commitment to maintaining high animal welfare, hygiene, and traceability standards remains central to its operations.

The increase in the cost of cattle during the year, coupled with higher wage and National Insurance contributions, has directly affected production costs. While these costs have largely been passed through to customers, the lag in price adjustments has temporarily impacted profitability. Nonetheless, the company’s reputation for reliability and quality continues to underpin customer loyalty and retention.

Investment in plant and equipment of £225,855 during the year demonstrates the directors’ commitment to maintaining operational efficiency and future capacity. This forms part of a broader strategic plan to ensure the business remains competitive, compliant, and capable of sustaining long-term growth.

R J TREVARTHEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 3 -
Principal risks and uncertainties

The company remains exposed to fluctuations in livestock and feed prices, labour market pressures, and regulatory costs, all of which can have a direct impact on margins. In response, management continues to work closely with suppliers and industry partners to ensure continuity of supply alongside fair and transparent pricing mechanisms.

A continued focus on employee retention and development helps mitigate the risk of rising wage costs and skill shortages in a tight labour market. The directors also maintain close oversight of evolving Food Standards Agency and environmental compliance requirements to ensure full regulatory compliance.

In December 2024, it was discovered that an animal rights group had gained unauthorised access to our premises and installed hidden cameras within our abattoir. The footage, dated from early October 2024, depicted various procedures undertaken in the course of our operations. All live animal operations at our facility are monitored through our own CCTV system, which retains footage for 90 days. Additionally, we have full-time Food Standards Agency (FSA) vets and meat inspectors on site, and our own animal welfare officers to ensure compliance with all relevant regulations. We use EU Regulation-compliant stunning equipment for the humane slaughter of lamb and pork.

Following the discovery of the footage, our operations have been subject to scrutiny by the organisations with whom we hold accreditations, as they assess the impact on their brands. In response, we have worked closely with Red Tractor and the FSA to address any concerns and to make improvements to our plant. After recent follow up inspections which have been undertaken both during and since the end of the financial year to which these financial statements relate, both the FSA and Red Tractor are satisfied with their findings of those visits and no further matters of non-compliance have been identified.

At present, the FSA is continuing to investigate the initial incident in respect of the actions of both the company and certain staff members, and the outcome of their investigation cannot be predicted at this stage, and this creates a material uncertainty related to events that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

As explained in note 1.2 to the financial statements, we remain confident in the ongoing viability of the business. Despite the challenges encountered, we are committed to upholding the highest standards of animal welfare, as required by law, and to continuing our growth trajectory. The directors have carefully considered these events and, based on the actions taken and the overall financial position of the company, believe that the company will continue to operate as a going concern, and the accounts have been prepared on that basis.

Future developments

While the outlook for FY26 remains cautious, the directors are confident that the measures taken to control costs, improve productivity, and align pricing strategies with market conditions will strengthen the company’s trading position. Investment in modernisation and operational resilience will remain a priority to ensure the long-term sustainability of the business.

R J TREVARTHEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 4 -

On behalf of the board

Mr M Rowe
Director
5 March 2026
R J TREVARTHEN LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 6 APRIL 2025
- 5 -

The directors present their annual report and financial statements for the period ended 6 April 2025.

Principal activities

The principal activity of the company continued to be that of the processing and preserving of meat, the sale of meat products and the provision of transport services.

Results and dividends

The results for the period are set out on page 12.

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

Directors

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

Mr M Rowe
Mrs Z Rowe
(Appointed 18 November 2024)
Financial instruments
Objectives and policies

The company's principal financial instruments comprise of bank balances, trade creditors, invoice discounting, bank and other loans. The main purpose of these instruments is to raise funds for the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The principal risks faced by the company have been mitigated as follows:

Liquidity risk

The company manages this particular risk through regular review of the management figures by the Directors. Where necessary, additional funds are sought to ensure that necessary funds are available to continue the company objectives.

Price risk

The company regularly monitors customer prices in light of wholesale costs and other economic factors. Management information is produced on a monthly basis and the directors review this information alongside economic forecasts, changes in customer behaviour in terms of demand and ability to pay, and also maintaining quality and reputation in order to address this risk.

Operational risk

The Directors are aware of the continual changes in laws and regulations particularly around food standards and animal welfare and the associated compliance costs and plan ahead accordingly.

Credit risk

Customers are given clear payment terms, and the Directors regularly review customer accounts, apply appropriate credit limits and regularly follow up overdue amounts, the Directors do not believe the company is adversely exposed to credit risk

R J TREVARTHEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 6 -
Post reporting date events

Information relating to events since the end of the year is given in the Strategic Report, and within the notes to the financial statements.

Future developments

Details of future developments can be found in the strategic report.

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Review of Business within the Strategic Report.

Auditor

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

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 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;

- 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.

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.

R J TREVARTHEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 7 -
On behalf of the board
Mr M Rowe
Mrs Z Rowe
Director
Director
5 March 2026
R J TREVARTHEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R J TREVARTHEN LIMITED
- 8 -
Opinion

We have audited the financial statements of R J Trevarthen Limited (the 'company') for the period ended 6 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, 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 6 April 2025 and of its profit for the period 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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company is subject to an investigation by the Food Standards Agency following an incident which occurred during the year. As explained in note 1.2, the outcome of the investigation is not known at the date of approving these financial statements, and this indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. 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.

R J TREVARTHEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R J TREVARTHEN LIMITED
- 9 -

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 period 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

R J TREVARTHEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R J TREVARTHEN LIMITED
- 10 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We reviewed the reports of inspections carried out by the Food Standards Agency and other organisations with which the company holds accreditations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

R J TREVARTHEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R J TREVARTHEN LIMITED
- 11 -

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.

James Pearce (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
6 March 2026
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
R J TREVARTHEN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 6 APRIL 2025
- 12 -
371 days
Year
ended
ended
6 April
31 March
2025
2024
Notes
£
£
Turnover
3
12,790,294
12,790,548
Cost of sales
(11,344,719)
(10,984,737)
Gross profit
1,445,575
1,805,811
Administrative expenses
(1,418,371)
(1,390,810)
Operating profit
5
27,204
415,001
Interest receivable and similar income
9
6,445
8,209
Interest payable and similar expenses
10
(10,930)
(15,861)
Exceptional items - other credits
160,764
-
0
Profit before taxation
183,483
407,349
Tax on profit
11
(52,147)
(110,240)
Profit for the financial period
131,336
297,109

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

R J TREVARTHEN LIMITED
BALANCE SHEET
AS AT
6 APRIL 2025
06 April 2025
- 13 -
6 April 2025
31 March 2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
286,877
306,549
Tangible assets
13
1,242,344
1,128,532
1,529,221
1,435,081
Current assets
Stocks
14
328,396
360,996
Debtors
15
1,141,820
1,161,671
Cash at bank and in hand
501,972
754,375
1,972,188
2,277,042
Creditors: amounts falling due within one year
16
(1,598,971)
(1,871,275)
Net current assets
373,217
405,767
Total assets less current liabilities
1,902,438
1,840,848
Creditors: amounts falling due after more than one year
17
(115,706)
(124,729)
Provisions for liabilities
Deferred tax liability
19
95,801
68,584
(95,801)
(68,584)
Net assets
1,690,931
1,647,535
Capital and reserves
Called up share capital
21
65
100
Capital redemption reserve
35
-
0
Profit and loss reserves
1,690,831
1,647,435
Total equity
1,690,931
1,647,535

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

R J TREVARTHEN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
6 APRIL 2025
06 April 2025
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 5 March 2026 and are signed on its behalf by:
Mr M Rowe
Mrs Z Rowe
Director
Director
Company registration number 11926496 (England and Wales)
R J TREVARTHEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 6 APRIL 2025
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
100
-
0
1,350,326
1,350,426
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
297,109
297,109
Balance at 31 March 2024
100
-
0
1,647,435
1,647,535
Period ended 6 April 2025:
Profit and total comprehensive income
-
-
131,336
131,336
Own shares acquired
-
-
(87,940)
(87,940)
Redemption of shares
21
(35)
35
-
0
-
0
Balance at 6 April 2025
65
35
1,690,831
1,690,931
R J TREVARTHEN LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 6 APRIL 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
698,074
319,931
Interest paid
(10,930)
(15,861)
Income taxes paid
(135,656)
(76,169)
Net cash inflow from operating activities
551,488
227,901
Investing activities
Purchase of tangible fixed assets
(225,855)
-
0
Proceeds from disposal of tangible fixed assets
7,000
-
0
Interest received
6,445
8,209
Net cash (used in)/generated from investing activities
(212,410)
8,209
Financing activities
Purchase of own shares
(87,940)
-
0
Repayment of borrowings
(425,001)
79
Repayment of bank loans
(78,540)
(69,247)
Net cash used in financing activities
(591,481)
(69,168)
Net (decrease)/increase in cash and cash equivalents
(252,403)
166,942
Cash and cash equivalents at beginning of period
754,375
587,433
Cash and cash equivalents at end of period
501,972
754,375
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 APRIL 2025
- 17 -
1
Accounting policies
Company information

R J Trevarthen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Roskrow Abattoir, Roskrow, Penryn, Cornwall, England, TR10 9AP.

1.1
Reporting period

The company's accounting reference date has been extended by 6 days from 31 March 2025 to 6 April 2025, accordingly the accounting period covers one year and six days while the comparative figures cover a period of one year. The company continues to prepare its accounts to 31 March 2025 this year, which falls within the seven days either side of the period end as allowed by The Companies Act.

1.2
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. The principal accounting policies adopted are set out below.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

In December 2024, it was discovered that an animal rights group had gained unauthorised access to our premises and installed hidden cameras within our abattoir. The footage, dated from early October 2024, depicted various procedures undertaken in the course of our operations. All live animal operations at our facility are monitored through our own CCTV system, which retains footage for 90 days. Additionally, we have full-time Food Standards Agency (FSA) vets and meat inspectors on site, and our own animal welfare officers to ensure compliance with all relevant regulations. We use EU Regulation-compliant stunning equipment for the humane slaughter of lamb and pork.

Following the discovery of the footage, our operations have been subject to scrutiny by the organisations with whom we hold accreditations, as they assess the impact on their brands. In response, we have worked closely with Red Tractor and the FSA to address any concerns and to make improvements to our plant. After recent follow up inspections which have been undertaken both during and since the end of the financial period to which these financial statements relate, both the FSA and Red Tractor are satisfied with the findings of those visits and no further matters of non-compliance have been identified.

At present, the FSA is continuing to investigate the initial incident in respect of the the actions of both the company and certain staff members, and the outcome of their investigation cannot be predicted at this stage, and this creates a material uncertainty related to events that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

The directors consider the invoice discounting facility to be a key source of finance for the company, and the directors are pleased to note that the facility was renewed prior to the date of signing the accounts.

1.4
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.

Revenue is recognised for the sale of meat products, when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured. This typically occurs at the point when goods are dispatched to customers.

Revenue for the provision of slaughter and butchery services is recognised when it is probable that the economic benefits will flow to the entity and can be reliably measured. This will typically occur at the point when the service has been completed and resulting product is dispatched to the customer.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
1.5
Intangible fixed assets - goodwill

Goodwill arising from the incorporation of the partnership known as R J Trevarthen in 2019, to form the company R J Trevarthen Limited, is amortised on a straight line basis. FRS102 permits an amortisation period in excess of 10 years where a reliable estimate can be made, and based on the directors assessment of the useful life of the goodwill and the cash flows arising from the brand and reputation of the former R J Trevarthen partnership which was first established during the 1980's, amortisation is calculated over a period of 20 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.

1.6
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.

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:

Land and property
2% on cost
Plant and equipment
20% Reducing Balance
Motor vehicles
25% Reducing Balance

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.

The cost of land within land and property is not depreciated.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
1
Accounting policies
(Continued)
- 20 -

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.

1.8
Stocks

Stocks are valued at the lower of cost and net realisable value using the first in first out method, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised 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.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
1
Accounting policies
(Continued)
- 21 -
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.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and other loans, 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.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 company’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 when the company has 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.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
1
Accounting policies
(Continued)
- 23 -
1.13
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.

1.14
Retirement benefits

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

1.15
Leases

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 s asset are consumed.

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.

The directors do not believe there are any critical judgements that have been made in applying the company's accounting policies.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible assets

The company makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that assessment of useful life, taking into account any impairment that has been identified.

Useful economic life of goodwill

The company makes an estimate for the useful economic life of goodwill taking into account the initial assessment of the future cash flows arising from the goodwill acquired on incorporation and any revisions to those expectations, and applies a policy to charge amortisation on a systematic basis over that assessment of useful life.

Stock valuation

The company applies a policy of valuing stock at the lower of cost and net realisable value which involves making an assessment of cost, based on prices of raw materials and ingredients from a range of suppliers, and any processing involved, and assessing the net realisable value of the goods taking into account the selling prices of those goods to a range of customers.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Wholesalers
1,698,474
1,765,776
Butchers
3,670,825
3,628,336
Bakeries
1,887,237
1,841,462
Catering and retail
5,170,811
5,177,326
Transport
362,947
377,648
12,790,294
12,790,548
2025
2024
£
£
Other revenue
Interest income
6,445
8,209

The turnover and profit before tax in the current and previous year arises from the principle activity of the company in a single geographic market, being the United Kingdom.

4
Exceptional item
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
4
Exceptional item
(Continued)
- 25 -

During the period ended 6 April 2025, the company wrote off a historic trade creditor balance of £35,000 which was, upon review, considered to no longer be due.

Also, the company negotiated an agreement to repay the loan account due to the estate of the late Mrs J Trevarthen at a reduced sum. This resulted in a reduction in the amount payable of £126,000.

5
Operating profit
2025
2024
Operating profit for the period is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
108,878
103,146
(Profit)/loss on disposal of tangible fixed assets
(3,835)
16,577
Amortisation of intangible assets
19,672
19,672
Operating lease charges
96,307
89,237
6
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
17,060
18,500
For other services
All other non-audit services
14,925
14,925
7
Employees

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

2025
2024
Number
Number
Directors
2
1
Factory and office workers
55
57
Total
57
58
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
7
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,545,239
1,512,436
Social security costs
138,704
135,857
Pension costs
45,050
39,836
1,728,993
1,688,129
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
87,638
80,440
Company pension contributions to defined contribution schemes
15,022
11,168
102,660
91,608

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 1).

9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
6,445
8,084
Other interest income
-
0
125
Total income
6,445
8,209
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,445
8,084
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 27 -
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,930
15,861
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
24,930
135,657
Deferred tax
Origination and reversal of timing differences
27,217
(25,417)
Total tax charge
52,147
110,240

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

2025
2024
£
£
Profit before taxation
183,483
407,349
Expected tax charge based on the standard rate of corporation tax in the UK of 23.04% (2024: 25.00%)
42,274
101,837
Permanent capital allowances in excess of depreciation
(16,460)
29,676
Deferred tax movement
27,217
(25,417)
(Profit) / Loss on disposal of assets
(884)
4,144
Taxation charge for the period
52,147
110,240
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 28 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 6 April 2025
393,434
Amortisation and impairment
At 1 April 2024
86,885
Amortisation charged for the period
19,672
At 6 April 2025
106,557
Carrying amount
At 6 April 2025
286,877
At 31 March 2024
306,549
13
Tangible fixed assets
Land and property
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
897,000
338,226
293,885
1,529,111
Additions
28,000
100,865
96,990
225,855
Disposals
-
0
-
0
(10,419)
(10,419)
At 6 April 2025
925,000
439,091
380,456
1,744,547
Depreciation and impairment
At 1 April 2024
61,549
181,171
157,859
400,579
Depreciation charged in the period
13,940
43,567
51,371
108,878
Eliminated in respect of disposals
-
0
-
0
(7,254)
(7,254)
At 6 April 2025
75,489
224,738
201,976
502,203
Carrying amount
At 6 April 2025
849,511
214,353
178,480
1,242,344
At 31 March 2024
835,451
157,055
136,026
1,128,532

Included in cost of land and property is freehold land of £200,000 (2024: £200,000) which is not depreciated.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 29 -
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
328,396
360,996
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
985,976
1,046,158
Other debtors
66,754
78,478
Prepayments and accrued income
89,090
37,035
1,141,820
1,161,671
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
78,385
72,902
Other borrowings
18
150,000
700,764
Trade creditors
665,699
496,444
Corporation tax
24,931
135,657
Other creditors
527,642
311,543
Accruals and deferred income
152,314
153,965
1,598,971
1,871,275

The invoice discounting account creditor relates to sales invoice finance facility of up to £900,000 which provides for an advance of 85% of approved invoiced amounts and the company incurs a service fee of 0.261% and a discount charge of 3% above the base rate.

At the end of the year the balance outstanding on the facility, included within Other creditors, was £252,735 (2024 Other debtors: £36,862).

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 30 -
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
40,706
124,729
Other creditors
75,000
-
0
115,706
124,729
18
Loans and overdrafts
2025
2024
£
£
Bank loans
119,091
197,631
Other loans
150,000
700,764
269,091
898,395
Payable within one year
228,385
773,666
Payable after one year
40,706
124,729

Bank loans and invoice discounting liabilities are secured on the property and other assets of the company by the way of fixed and floating charges.

The company has four bank loans which repayable by instalments, all of which are ending on various dates in 2026.

Three of the loans are on variable interest rates of between 1.89% and 3% above the base rate, and the fourth loan carries a fixed interest rate of 3.02%.

Other borrowings are amounts payable to the estate of former director, the late Mrs J Trevarthen. These loans are interest free. See details of the repayment terms in the related party transactions note.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 31 -
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
95,801
68,584
2025
Movements in the period:
£
Liability at 1 April 2024
68,584
Charge to profit or loss
27,217
Liability at 6 April 2025
95,801

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature in line with the depreciation of the underlying assets.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,050
39,836

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
Ordinary of £1 each
65
100
65
100

During the year the company acquired 35 shares previously owned by the late J G Trevarthen for proceeds of £87,500.

R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 32 -
22
Operating lease commitments
Lessee

Operating lease commitments relate to agreements to hire 3 lorries and 2 forklift trucks over periods of between 60 and 72 months. The first 3 agreements expired during the year, and the latter 2 agreements expire within 5 years.

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

2025
2024
£
£
Within one year
22,525
29,559
Between two and five years
61,370
29,094
83,895
58,653
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
72,008
15,446

The company paid £72,008 for two motor vehicles before the year end, this was the full amount and is shown as a prepayment at the year end. The vehicles were acquired after the year end.

24
Events after the reporting date

On 29 September 2025 the company completed the buy-back of the remaining 15 shares in the company previously owned by the late Mrs J Trevarthen, from the beneficiaries of her estate in the sum of £37,500.

25
Related party transactions
Remuneration of key management personnel

The key management personnel are considered to be the company's directors and their remuneration is disclosed in the notes to the accounts. Accordingly no separate disclosure of the remuneration of key management personnel is required.

2025
2024
Amounts due to related parties
£
£
Mr M Rowe (director)
274,907
276,542
Estate of Mrs J Trevarthen (deceased)
225,000
700,764
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
25
Related party transactions
(Continued)
- 33 -

The loan to Mr M Rowe has no interest and there are no fixed payment terms. Repayments of £1,635 (2024: £19,414) were made in the year.

The loan to the estate of Mrs J Trevarthen has no interest, payment terms are below:

On 23 August 2024 the company agreed to the repayment of the former shareholder's loan account in the sum of £575,000, comprising of an initial lump sum, and the balance payable by 8 quarterly instalments. At the year end there were 6 instalments outstanding.

26
Ultimate controlling party

The company was controlled by Mr M Rowe (director) and the estate of the late Mrs J Trevarthen, each owning 77% and 23% of the issued share capital respectively at the year end date.

As of 29 September 2025, Mr M Rowe owned 100% of the issued share capital.

27
Cash generated from operations
2025
2024
£
£
Profit for the period after tax
131,336
297,109
Adjustments for:
Taxation charged
52,147
110,240
Finance costs
10,930
15,861
Investment income
(6,445)
(8,209)
(Gain)/loss on disposal of tangible fixed assets
(3,835)
16,577
Exceptional items
(160,764)
-
0
Amortisation and impairment of intangible assets
19,672
19,672
Depreciation and impairment of tangible fixed assets
108,878
103,146
Movements in working capital:
Decrease in stocks
32,600
47,465
Decrease/(increase) in debtors
19,851
(119,578)
Increase/(decrease) in creditors
493,704
(162,352)
Cash generated from operations
698,074
319,931
R J TREVARTHEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 APRIL 2025
- 34 -
28
Analysis of changes in net funds/(debt)
1 April 2024
Cash flows
6 April 2025
£
£
£
Cash at bank and in hand
754,375
(252,403)
501,972
Borrowings excluding overdrafts
(898,395)
629,304
(269,091)
(144,020)
376,901
232,881
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