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Registered Number:
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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COMPANY INFORMATION
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CONTENTS
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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.
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.
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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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.
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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.
The Directors who served during the year were:
The profit for the year, after taxation and minority interests, amounted to £354,186 (2024 - £300,898).
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.
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.
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.
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TREVESTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Information regarding the performance of the company and principal risks and uncertainties can be found in the Strategic Report.
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED
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).
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.
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.
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TREVESTER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)
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.
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.
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.
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TREVESTER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)
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.
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TREVESTER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVESTER LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2025
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CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2025
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
The notes on pages 17 to 34 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
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).
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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