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Registered Number:06718720 TREVESTER LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
TREVESTER LIMITED
COMPANY INFORMATION
Directors | Mr A M Evers
| Mr S M Ewers
| Mr K P Howell
| Mr S C Cooper
Company secretary | M Paveley
Registered number | 06718720
Registered office | New Road
| Tiptree
| Essex
| CO5 0HQ
Independent auditor | Sumer Auditco Limited
| Fitzroy House
| Crown Street
| Ipswich
| Suffolk
| IP1 3LG
Bankers | Barclays Bank Plc
| 75 High Street
| Brentwood
| Essex
| CM14 4RP
TREVESTER LIMITED
CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Consolidated Statement of Comprehensive Income (including the Profit and Loss Account) | 9
Consolidated Balance Sheet | 10 - 11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13 - 14
Company Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 34
TREVESTER LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The Directors present their Annual Report and the financial statements for the year ended 31 October 2025. Trevester Limited is the parent company of T J Evers Limited and Tiptree Building Supplies Limited.
Business review
TJ Evers turnover decreased in the twelve months to 31st October 2025 (£26.011m in 24 to £21.394m in 25), whilst both Gross Profit and Profit before Tax improved in the same period. This reflects the Directors ability to navigate the contracting business through the shifting commercial landscape, to the benefit of the Group at large. Contracting business activities remained strong in the historically safe havens of the Education and Commercial sectors of the industry, with new avenues of workflow being opened up in terms of a larger proportion of public building work being undertaken in the period. Tiptree Building Supplies turnover increased in the twelve months to 31st October 2025 (£4.345m in 24 to £4.794m in 25), however, 2025 was seen as another challenging year in the merchanting sector of the industry, with both Gross Profit and Profit before Tax being slightly lower than those achieved in 2024. The financial successes delivered within the contracting division more than compensated for the difficulties faced in the merchanting division, and the Directors are pleased to be able to report that whilst group turnover decreased, both Gross Profit and Profit before Tax significantly improved when compared to 2024. This demonstrates the sound financial management at the very core of the group of businesses. Management changes implemented towards the end of 2025 financial year within the merchanting business, are expected to deliver improvements in 2026 in terms of both increased turnover and profit. It is widely anticipated the merchanting business also will benefit from the expected increase in workflow within the contracting arm of the group during 2026.
Principal risks and uncertainties
Trevesters position in the industry, together with senior Directors involvements with external agencies at National Level, ensures the business is aware of industry change before it becomes a challenge. This ensures Trevester can seek business opportunity in traditionally considered safer sectors of the Construction Industry. Overhead budgets for the group continue to be closely managed by the Directors, with financial forecasting being strengthened by continued investment in IT and software. Government policy and global affairs continue to be a contributing factor, which culminate in risk and uncertainty. The widely anticipated increase in housebuilding has failed to materialise, however, the contracting arm of the group has made significant developments into, and managed to secure contracts and lots on DPS’s which it is expected will bring with it residential building contracts throughout 2026. Page 1
TREVESTER LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Key performance indicators
The Directors utilise KPI’s to ensure the business is being managed and is operating at optimum levels. These KPI’s include: • Tendering and sales pipeline • Order book and secured orders • Cashflow and cash position • Resource utilisation All of these KPI’s are reviewed, monitored and reported on each month by the Directors. Indicators show that the company is in a secure position with sufficient reserves to deal with those challenges presented and can look forward to another satisfactory year ahead while continuing to constrain overhead cost.
Financial Instruments
The Group’s principal financial instruments comprise trade debtors and trade creditors arising directly from operations and amounts due to group companies. The Group does not enter into derivative transactions. The Group's approach to managing the principal risks and uncertainties is shown below. Price risk: Any fluctuations in the cost of supply are closely monitored by the Group with actions taken (where deemed appropriate) to protect the Group's gross margin. Credit Risk The Group has minimal exposure to credit risk due to the nature of the trading activities. For customers who wish to trade on credit terms, they are subject to credit verification procedures. All credit levels and amounts outstanding are reviewed regularly. The Group has not suffered from significant bad debts and maintains a healthy debtor ageing profile for the sector in which it operates. Any new customers are subjected to credit reference checks and the Group has an active credit control function. Liquidity and cash flow risk: The Group manages its cash requirements in order to ensure sufficient liquid resources are maintained to meet the operating needs of the business. This report was approved by the Board on 22 May 2026 and signed on its behalf.
Mr K P Howell Director
Page 2
TREVESTER LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The Directors present their report and the financial statements for the year ended 31 October 2025.
Directors
The Directors who served during the year were:
Mr A M Evers
Mr S M Ewers
Mr K P Howell
Mr S C Cooper
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £354,186 (2024 - £300,898).
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgments 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 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 the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
Looking ahead, it is anticipated 2026 has the opportunity of being a year where the Directors will manage to reignite the growth and expansion plans of the business. Significant resource invested during 2025 in Business Development and the Pre Construction team is expected to show returns in terms of increased tender opportunities and an increased order book. Gains in the Social Housing and Care Home sectors are expected to bolster growth and turnover in 2026. This, together with the ever present opportunity of negotiating projects and securing work with repeat clients is seen as a significant strength of the business. Page 3
TREVESTER LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of the Directors which were in place during the year and remain in force at the date of this report.
Matters covered in the Group Strategic Report
Information regarding the performance of the company and principal risks and uncertainties can be found in the Strategic Report.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
Other than any issues which may be addressed within the Group Strategic Report, there have been no significant events affecting the Group since the year end.
Auditor
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the Board on 22 May 2026 and signed on its behalf.
Mr K P Howell Director
Page 4
TREVESTER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED
Opinion
We have audited the financial statements of Trevester Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Changes in Equity, the Consolidated Statement of Cash Flows, and the related notes, including a summary of 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 of the Parent Company's affairs as at 31 October 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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. Page 5
TREVESTER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. 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' Responsibilities Statement set out on page 3, 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 Group's and 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
TREVESTER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)
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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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, through discussion with the Directors (as required by auditing standards), inspection of the Group’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, building regulations, human rights and employment law, environmental regulations and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, review of Board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 7
TREVESTER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)
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. Steven Burgess (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Fitzroy House Crown Street Ipswich Suffolk IP1 3LG 5 June 2026 Page 8
TREVESTER LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Notes | £ | £
Turnover | 4 | 24,525,818 | 28,775,680
Cost of sales |  | (21,392,131) | (26,121,947)
Gross profit |  | 3,133,687 | 2,653,733
Administrative expenses |  | (2,782,056) | (2,359,425)
Other operating income | 5 | 28,804 | 32,891
Operating profit | 6 | 380,435 | 327,199
Income from fixed assets investments |  | 11,000 | -
Interest receivable and similar income | 11 | 84,386 | 90,916
Interest payable and similar expenses | 12 | (1,217) | (4,294)
Profit before taxation |  | 474,604 | 413,821
Tax on profit | 13 | (117,663) | (111,180)
Profit for the financial year |  | 356,941 | 302,641
Unrealised surplus on revaluation of tangible fixed assets |  | 2,160 | 2,160
Other comprehensive income for the year |  | 2,160 | 2,160
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 2,755 | 1,743
Owners of the parent Company |  | 354,186 | 300,898
|  | 356,941 | 302,641
Total comprehensive income for the year attributable to: |  |  |
Non-controlling interest |  | 2,755 | 1,743
Owners of the parent Company |  | 356,346 | 303,058
|  | 359,101 | 304,801
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income (including the profit and loss account).
The notes on pages 17 to 34 form part of these financial statements.
Page 9
TREVESTER LIMITED REGISTERED NUMBER:06718720
CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Notes |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,204,718 |  | 2,281,812
Investments | 15 |  | 102,050 |  | 102,050
|  |  | 2,306,768 |  | 2,383,862
Current assets |  |  |  |  |
Stocks | 16 | 783,382 |  | 701,509 |
Debtors: amounts falling due after more than one year | 17 | 186,942 |  | 473,578 |
Debtors: amounts falling due within one year | 17 | 3,582,648 |  | 4,467,870 |
Cash at bank and in hand | 18 | 6,367,723 |  | 5,766,381 |
|  | 10,920,695 |  | 11,409,338 |
Creditors: amounts falling due within one year | 19 | (8,205,482) |  | (9,097,872) |
Net current assets |  |  | 2,715,213 |  | 2,311,466
Total assets less current liabilities |  |  | 5,021,981 |  | 4,695,328
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (256,654) |  | (286,931) |
|  |  | (256,654) |  | (286,931)
Net assets |  |  | 4,765,327 |  | 4,408,397
Page 10
TREVESTER LIMITED REGISTERED NUMBER:06718720
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Notes |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 5,816 |  | 5,816
Share premium account | 22 |  | 37,600 |  | 37,600
Revaluation reserve | 22 |  | 234,827 |  | 236,987
Capital redemption reserve | 22 |  | 25,884 |  | 25,884
Profit and loss account | 22 |  | 4,432,708 |  | 4,077,075
Equity attributable to owners of the parent Company |  |  | 4,736,835 |  | 4,383,362
Non-controlling interests |  |  | 28,492 |  | 25,035
|  |  | 4,765,327 |  | 4,408,397
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
Mr K P Howell
Director
The notes on pages 17 to 34 form part of these financial statements. Page 11
TREVESTER LIMITED REGISTERED NUMBER:06718720
COMPANY BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 809,530 |  | 828,461
|  |  | 809,530 |  | 828,461
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 20,284 |  | 13,500 |
|  | 20,284 |  | 13,500 |
Creditors: amounts falling due within one year | 19 | (814,050) |  | (814,050) |
Net current liabilities |  |  | (793,766) |  | (800,550)
Net assets |  |  | 15,764 |  | 27,911
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 5,816 |  | 5,816
Share premium account | 22 |  | 13,200 |  | 13,200
Capital redemption reserve | 22 |  | 8,895 |  | 8,895
Profit and loss account carried forward |  |  | (12,147) |  | -
|  |  | 15,764 |  | 27,911
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
Mr K P Howell
Director
The notes on pages 17 to 34 form part of these financial statements. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £(12,147) (2024 - profit after tax £1,009,533). Page 12

|  | TREVESTER LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
|  | Called up share capital | Share premium account | Capital redemption reserve | Revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £ | £
| At 1 November 2023 | 8,116 | 37,600 | 23,584 | 239,147 | 4,783,550 | 5,091,997 | 33,074 | 5,125,071
| Profit for the year | - | - | - | - | 300,898 | 300,898 | 1,743 | 302,641
| Excess depreciation arising on revalued tangible fixed assets | - | - | - | - | 2,160 | 2,160 | - | 2,160
| Total comprehensive income for the year | - | - | - | - | 303,058 | 303,058 | 1,743 | 304,801
| Dividends: Equity capital | - | - | - | - | - | - | (9,782) | (9,782)
| Transfer from revaluation reserve | - | - | - | (2,160) | - | (2,160) | - | (2,160)
| Purchase of own shares | (2,300) | - | 2,300 | - | (1,009,533) | (1,009,533) | - | (1,009,533)
| At 1 November 2024 | 5,816 | 37,600 | 25,884 | 236,987 | 4,077,075 | 4,383,362 | 25,035 | 4,408,397
| Profit for the year | - | - | - | - | 354,186 | 354,186 | 2,755 | 356,941
| Excess depreciation arising on revalued tangible fixed assets | - | - | - | - | 2,160 | 2,160 | - | 2,160
| Total comprehensive income for the year | - | - | - | - | 356,346 | 356,346 | 2,755 | 359,101
| Transfer from revaluation reserve | - | - | - | (2,160) | - | (2,160) | - | (2,160)
| Increase in non-controlling interest arising from sale of shares | - | - | - | - | (20,483) | (20,483) | 27,267 | 6,784
| Purchase of own shares | - | - | - | - | 19,770 | 19,770 | (26,565) | (6,795)
| At 31 October 2025 | 5,816 | 37,600 | 25,884 | 234,827 | 4,432,708 | 4,736,835 | 28,492 | 4,765,327
Page 13

|  | TREVESTER LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
| The notes on pages 17 to 34 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
|  | Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 November 2023 | 8,116 | 13,200 | 6,595 | - | 27,911
| Comprehensive income for the year |  |  |  |  |
| Profit for the year | - | - | - | 1,009,533 | 1,009,533
| Contributions by and distributions to owners |  |  |  |  |
| Purchase of own shares | (2,300) | - | 2,300 | (1,009,533) | (1,009,533)
| At 1 November 2024 | 5,816 | 13,200 | 8,895 | - | 27,911
| Comprehensive income for the year |  |  |  |  |
| Loss for the year | - | - | - | (12,147) | (12,147)
| At 31 October 2025 | 5,816 | 13,200 | 8,895 | (12,147) | 15,764
| The notes on pages 17 to 34 form part of these financial statements.
Page 14

TREVESTER LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 356,941 | 302,641
Adjustments for: |  |
Amortisation of intangible assets | - | 24,452
Depreciation of tangible assets | 267,460 | 282,750
Loss on disposal of tangible assets | (28,661) | (20,623)
Interest payable and similar expenses | 1,217 | 4,294
Interest receivable and similar income | (95,386) | (90,916)
Taxation charge | 117,663 | 111,180
(Increase)/decrease in stocks | (81,873) | 43,346
Decrease/(increase) in debtors | 622,445 | (336,101)
(Decrease)/increase in creditors | (405,503) | 344,088
Corporation tax (paid) | (85,414) | (44,465)
Net cash generated from operating activities | 668,889 | 620,646
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (204,427) | (347,736)
Proceeds from the sale of tangible fixed assets | 42,722 | 24,546
Interest received | 84,386 | 90,916
Dividends received | 11,000 | -
Net cash from investing activities | (66,319) | (232,274)
Cash flows from financing activities |  |
Interest paid | (1,217) | (4,294)
Dividends paid to non-controlling interests | 6,784 | (9,782)
Purchase of own shares | (6,795) | (1,009,533)
Net cash used in financing activities | (1,228) | (1,023,609)
Net increase/(decrease) in cash and cash equivalents | 601,342 | (635,237)
Cash and cash equivalents at beginning of year | 5,766,381 | 6,401,618
Cash and cash equivalents at the end of year | 6,367,723 | 5,766,381
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 6,367,723 | 5,766,381
The notes on pages 17 to 34 form part of these financial statements.
Page 15
TREVESTER LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 OCTOBER 2025
| At 1 November 2024 | Cash flows | At 31 October 2025
| £ | £ | £
| - | - | -
Cash at bank and in hand | 5,766,381 | 601,342 | 6,367,723
Debt due within 1 year | (27,893) | 3,731 | (24,162)
The notes on pages 17 to 34 form part of these financial statements.
Page 16
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Trevester Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales. The Company's registered number is 06718720 and the address of the registered office is New Road, Tiptree, Colchester, Essex CO5 0HQ. Its principal activity is that of an investment holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The Company has taken advantage of the exemptions available to qualifying entities from preparing a Company Statement of Cash Flows. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 17
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Directors have considered the future financial position of the Company and the Group by reviewing monthly management accounts, future orders and planned expenditure, alongside the Balance Sheet and believe that the Company and the Group are well placed to manage their business risks successfully despite the current uncertain economic outlook. The Company and the Group also have sufficient cash headroom to continue operating for the foreseeable future. After making enquiries the Directors have a reasonable expectation that the Company and the Group have adequate resources to meet their liabilities as they fall due and to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and financial statements.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. The level of completion of the construction contracts in progress at the year end is assessed by independent surveyors and these surveys make up the basis for recognition of contracts income for he year and the debtor for amounts recoverable on contracts at the year end. Revenue in respect to the short term hire contracts of less than 2 weeks, are invoiced on a weekly basis and will be recognised on the return of the equipment. Page 18
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue (continued)
Hire contracts which span a period of more than 2 weeks, are invoiced on a monthly basis and the revenue is accounted for in the period to which the hire relates. For any contracts which span the year end, the proportion of hire contract revenue earned before the year end is accounted for as revenue in that year.
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 1% on cost
|  |  |  | Plant and machinery | - | 15% to 25% on reducing balance or 33% on a straight line basis
|  |  |  | Motor vehicles | - | 10% to 25% on a straight line basis
|  |  |  | Fixtures and fittings | - | 25% on reducing balance
|  |  |  | Office equipment | - | 25% on reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. No depreciation is provided on freehold land.
| 2.6 | Revaluation of tangible fixed assets
As at the date of transition to FRS 102 on 1 November 2014 the freehold land and property at New Road, Tiptree, Essex, which had previously been held at a revalued amount, is now held at deemed cost using the previous UK GAAP revaluation of the land and property at that date.
| 2.7 | Investments
Investments in subsidiary undertakings are measured at cost less accumulated impairment charges. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where the market value cannot be reliably determined, such investments are stated at historic cost less impairment charges. Page 19
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Debtors are measured at transaction price, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Page 20
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are Page 21
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
discharged or cancelled.
| 2.13 | Finance costs
Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.14 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.
| 2.15 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.16 | Interest income
Interest income is recognised in the Consolidated Statements of Comprehensive Income using the effective interest method. Page 22
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.17 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 23
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Useful economic life of intangible fixed assets The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets. Construction contracts A significant judgement and key area of estimation for the Group is the extent to which construction contracts are complete in order to calculate the amounts recoverable on contracts. The Directors base these calculations on the valuations that take place both pre and post year end. The level of future subcontractor liabilities to be provided for and the amounts for any potential claims for rectification are calculated by the Directors based upon their knowledge of how each contract is progressing.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction contracts | 20,440,478 | 24,981,038
| Sale of building supplies | 4,020,276 | 3,753,282
| Hire of equipment | 65,064 | 41,360
|  | 24,525,818 | 28,775,680
| All turnover arose within the United Kingdom.
Page 24
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rents receivable | 8,760 | 8,760
| Sundry income | 20,044 | 24,131
|  | 28,804 | 32,891
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 267,460 | 282,750
| Other operating lease rentals | 85,249 | 61,291
| Amortisation of intangible assets, including goodwill | - | 24,452
| Profit on disposal of tangible fixed assets | (28,661) | (20,623)
| Defined contribution pension cost | 268,037 | 316,239
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor for the audit of the Group's annual financial statements | 2,450 | 2,250
| The fees payable to the Group's auditor in respect of the audit of subsidiary undertakings companies in the year amounted to £25,950 (2024: £24,050). Fees for taxation services amounted to £4,000 (2024: £3,700).
Page 25
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,573,750 | 3,895,376
| Social security costs | 553,791 | 422,237
| Cost of defined contribution pension scheme | 268,037 | 316,239
|  | 5,395,578 | 4,633,852
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction | 57 | 55
| Office | 38 | 36
|  | 95 | 91
| The Company has no employees other than the Directors, who did not receive any remuneration for qualifying services from the Company for the year (2024 - £Nil).
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 708,275 | 404,078
| Company contributions to defined contribution pension scheme | 140,450 | 195,580
|  | 848,725 | 599,658
| During the year retirement benefits were accruing to 4 Directors (2024 - 4) in respect of the defined contribution pension scheme. The highest paid Director received remuneration in respect of qualifying services during the year amounting to £200,543 (2024 - £130,536). During the year Directors received benefits in kind amounting to £20,541 (2024 - £19,601). The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £37,880 (2024 - £31,006).
Page 26
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
10. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received from unlisted investments | (11,000) | -
|  | (11,000) | -
11. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 84,386 | 90,916
12. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' loan account interest payable | 1,190 | 4,267
| Bank interest payable | 27 | 27
|  | 1,217 | 4,294
Page 27
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| UK Corporation tax on profit for the year | 148,109 | 85,582
| Adjustments in respect of previous periods | (169) | (208)
| Total current tax | 147,940 | 85,374
| Deferred tax |  |
| Origination and reversal of timing differences | (30,277) | 25,806
| Total deferred tax | (30,277) | 25,806
| Taxation on profit on ordinary activities | 117,663 | 111,180
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%)The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 474,604 | 413,821
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 118,651 | 103,455
| Effects of: |  |
| Expenses not deductible for tax purposes | 3,198 | 9,922
| Capital allowances for year in excess of depreciation | - | (1,244)
| Adjustment to tax charge in respect of previous periods | (169) | (208)
| Non-taxable income | (3,053) | -
| Marginal relief | (964) | (745)
| Total tax charge for the year | 117,663 | 111,180
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 28
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Tangible fixed assets
| Group
|  | Freehold land and property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 November 2024 | 1,364,264 | 1,718,980 | 1,307,995 | 115,656 | 122,807 | 4,629,702
| Additions | 5,081 | 60,410 | 135,496 | - | 3,440 | 204,427
| Disposals | - | (86,950) | (77,227) | - | (5,860) | (170,037)
| At 31 October 2025 | 1,369,345 | 1,692,440 | 1,366,264 | 115,656 | 120,387 | 4,664,092
| Depreciation |  |  |  |  |  |
| At 1 November 2024 | 178,953 | 1,209,131 | 748,744 | 105,772 | 105,290 | 2,347,890
| Charge for the year | 8,489 | 96,866 | 154,600 | 2,471 | 5,034 | 267,460
| Disposals | - | (75,628) | (75,306) | - | (5,042) | (155,976)
| At 31 October 2025 | 187,442 | 1,230,369 | 828,038 | 108,243 | 105,282 | 2,459,374
| Net book value |  |  |  |  |  |
| At 31 October 2025 | 1,181,903 | 462,071 | 538,226 | 7,413 | 15,105 | 2,204,718
| At 31 October 2024 | 1,185,311 | 509,849 | 559,251 | 9,884 | 17,517 | 2,281,812
| Included in freehold property is freehold land amounting to £520,457 (2024 - £520,457) that is not depreciated. Prior to the date of transition to FRS 102, on 1 November 2014, the Company revalued the freehold land and property at New Road, Tiptree, Essex. On transition to FRS 102 the Directors adopted the transitional arrangements and elected to use the previous UK GAAP revaluation as deemed cost. The historical cost of the freehold land and property as at 31 October 2022 would have been £1,058,157 (2024 - £1,058,157).
Page 29
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. | Fixed asset investments
| Group
|  | Unlisted investment
|  | £
| Cost and net book value |
| At 1 November 2024 | 102,050
| At 31 October 2025 | 102,050
| Company
|  | Investments in subsidiary under-takings
|  | £
| Cost and net book value |
| At 1 November 2024 | 828,461
| Disposals | (18,931)
| At 31 October 2025 | 809,530
| Subsidiary undertakings As at 31 October 2025, the Company owned 100% of the Ordinary issued share capital of T J Evers Limited and 95% of the Ordinary issued share capital of Tiptree Building Supplies Limited. The registered office of both subsidiaries is New Road, Tiptree, Essex CO5 0HQ. Both subsidiaries have been included in these consolidated financial statements.
Page 30
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 96,015 | 95,428
| Work in progress | 97,999 | 1,716
| Finished goods and goods for resale | 589,368 | 604,365
|  | 783,382 | 701,509
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Trade debtors | 186,942 | 473,578 | - | -
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 2,331,880 | 3,042,254 | - | -
| Amounts recoverable on long term contracts | 1,152,057 | 1,326,552 | - | -
| Amounts owed by subsidiary undertakings | - | - | 20,284 | 13,500
| Other debtors | 24,708 | 32,222 | - | -
| Prepayments and accrued income | 74,003 | 66,842 | - | -
|  | 3,582,648 | 4,467,870 | 20,284 | 13,500
18. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 6,367,723 | 5,766,381
Page 31
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 6,697,750 | 8,043,400 | - | -
| Amounts owed to subsidiary undertakings | - | - | 814,050 | 814,050
| Corporation tax payable | 148,109 | 85,583 | - | -
| Other taxation and social security | 751,123 | 701,865 | - | -
| Other creditors | 568,784 | 227,481 | - | -
| Accruals and deferred income | 39,716 | 39,543 | - | -
|  | 8,205,482 | 9,097,872 | 814,050 | 814,050
20. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (286,931) | (261,125)
| Charge to profit or loss | 30,277 | (25,806)
| At end of year | (256,654) | (286,931)
| The deferred tax liability is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 256,654 | 286,931
|  | 256,654 | 286,931
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TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,816 (2024: 5,816) Ordinary shares of £1 each | 5,816 | 5,816
22. | Reserves
Share premium account The Share Premium Account includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the Share Premium Account. Revaluation reserve The Revaluation reserve relates to the historical gains and losses on the revaluation of the property at New Road, Tiptree, Essex prior to 1 November 2014. Capital redemption reserve The Capital Redemption reserve represents a capital reserve that is a non-distributable reserve. Profit and loss account The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid. The reserve in the Company is available for distribution to the shareholders.
23. | Capital commitments
| At 31 October 2025 the Group had capital commitments as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Contracted for but not provided in these financial statements | - | 2,569
24. | Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £268,037 (2024 - £316,239). Contributions amounting to £15,398 (2024 - £1,034) were payable to the fund at the year end and are included in other creditors. Page 33
TREVESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
25. | Commitments under operating leases
| At 31 October 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 40,479 | 21,869
| Later than 1 year and not later than 5 years | 76,339 | 32,384
|  | 116,818 | 54,253
| The Company had no commitments under non-cancellable operating leases at the balance sheet date (2024 - £Nil).
26. | Related party transactions
| Transactions with the Directors At 31 October 2025, the Group owed £21,033 (2024 - £27,329) to the Directors. In addition, during the year the Group accrued interest payable on the balances amounting to £1,190 (2024 - £4,266) and is included within accruals at the year end. Transactions with subsidiary undertakings The Company is related to T J Evers Limited and Tiptree Building Supplies Limited due to its controlling shareholding. At 31 October 2025 the Company was owed £13,500 (2024 - £13,500) by T J Evers Limited and owed £814,050 (2024 - £814,050) to T J Evers Limited. Key management personnel The Directors are considered to be key management personnel of the Group however they received no remuneration directly from the Parent Company. Key management personnel remuneration received from subsidiary undertakings in the year amounted to £1,125,598 (2024 - £858,577).
27. | Controlling party
The ultimate controlling party at 31 October 2025 and the date of approval of these financial statements was Alan Michael Evers, a director and shareholder of the company.
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