ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

TREVESTER LIMITED - Company Information

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Registered Number:06718720













TREVESTER LIMITED






ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021










 
TREVESTER LIMITED
 

 
COMPANY INFORMATION


Directors
Mr M J Denney 
Mr A M Evers 
Mr S M Ewers 




Company secretary
M Paveley



Registered number
06718720



Registered office
New Road

Tiptree

Essex

CO5 0HQ




Independent auditor
Scrutton Bland LLP
Chartered Accountants & Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG





 
TREVESTER LIMITED
 


CONTENTS



Pages
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Consolidated Statement of Comprehensive Income (including the Profit and Loss Account)
8
Consolidated Balance Sheet
9 - 10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Analysis of Net Debt
16
Notes to the Financial Statements
17 - 32


 
TREVESTER LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021

Business review
 
T.J.Evers Limited's construction activities saw a small reduction in turnover in the year resulting from continuing shock waves brought about by the  COVID 19 pandemic and Brexit turmoil. Despite this the company showed slight growth in the underlying gross profit margin and maintained a strong balance sheet. 
 
Tiptree Building Supplies has traded strongly through the whole of the year to experience significant increases in merchant sales whilst maintaining a good margin at similar rate to the previous period.  
The Directors can report that gross profit margins have been maintained at over 10 %, improving from 10.5% in the previous year to over 11%, leading to another profitable outcome for this period.  This has added to already strong levels of reserves on the balance sheet to bolster plans to support and grow the business. 
The ripples of market conditions with world conflict and resulting economic uncertainties continue to create some turbulence.  We can report good levels of merchant activity in the early year. We are also receiving good levels of enquiries, and have secured construction contracts that provide the path returning towards the cautious growth plans for the group pre-epidemic.  

Principal risks and uncertainties
 
The businesses have adapted to incorporate trading restrictions from the Coronavirus pandemic and are now returning towards normal levels of activity. 
 
Overhead budgets for the group business continue to be managed closely by the Directors. Contingency forecasts and budget plans have been prepared to demonstrate the robustness of the balance sheet which underpins the business. 
Political and economic uncertainties surrounding world conflict, energy and resource prices have the potential to bring some difficulties with contractual risks and costs associated with availability of labour and material resources in our supply chains. These are considered and reviewed on each project with risks fairly shared with clients. 

Financial key performance indicators
 
Indicators show that the company is in a secure position with sufficient reserves to deal with the challenges presented and can look forward to some success during period of the anticipated economic recovery during 2022.  


This report was approved by the board on 22 July 2022 and signed on its behalf.



Mr M J Denney
Director

Page 1

 
TREVESTER LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021

The directors present their report and the financial statements for the year ended 31 October 2021.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £167,073 (2020 - £259,478).

Directors

The directors who served during the year and to the date of this report were:

Mr M J Denney 
Mr A M Evers 
Mr S M Ewers 

Directors indemnity 
Throughout the year and to the date of this report the directors were covered by an indemnity insurance policy.

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 and;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and Group'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.

Page 2

 
TREVESTER LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021

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 and the Group'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 and the Group's auditor is aware of that information.

This report was approved by the board on 22 July 2022 and signed on its behalf.
 





Mr M J Denney
Director

Page 3

 
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 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Company Statement of Changes in Equity and Group 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 2021 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 4

 
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 2, 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 5

 
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 noncompliance 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 UK GDPR. Auditing standards limit the required audit procedures to identify noncompliance 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 ISASs (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 6

 
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.





Adam Smith (Senior Statutory Auditor)
  
for and on behalf of
Scrutton Bland LLP
 
Chartered Accountants
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

25 July 2022
Page 7

 
TREVESTER LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2021

2021
2020
Notes
£
£

  

Turnover
 4 
19,693,291
20,696,614

Cost of sales
  
(17,505,297)
(18,520,533)

Gross profit
  
2,187,994
2,176,081

Administrative expenses
  
(2,011,674)
(2,168,560)

Other operating income
 5 
106,179
335,506

Operating profit
 6 
282,499
343,027

Interest receivable and similar income
 10 
270
10,394

Interest payable and similar expenses
 11 
(2,404)
(1,785)

Profit before taxation
  
280,365
351,636

Tax on profit
 12 
(111,102)
(90,500)

Profit for the financial year being Total comprehensive income
  
169,263
261,136

  

  

Profit for the year attributable to:
  

Non-controlling interests
  
2,190
1,658

Owners of the Parent Company
  
167,073
259,478

  
169,263
261,136

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
2,190
1,658

Owners of the Parent Company
  
167,073
259,478

  
169,263
261,136

The notes on pages 17 to 32 form part of these financial statements.

Page 8

 
TREVESTER LIMITED
REGISTERED NUMBER:06718720


CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2021

2021
2020
Notes
£
£

Fixed assets
  

Intangible assets
 14 
73,364
97,820

Tangible assets
 15 
2,133,891
2,104,213

Investments
 16 
2,050
2,050

  
2,209,305
2,204,083

Current assets
  

Stocks
 18 
727,475
558,536

Debtors: amounts falling due after more than one year
 19 
670,289
352,468

Debtors: amounts falling due within one year
 19 
3,243,915
2,773,747

Cash at bank and in hand
 20 
5,824,008
7,320,712

  
10,465,687
11,005,463

Creditors: amounts falling due within one year
 21 
(7,833,870)
(8,612,168)

Net current assets
  
 
 
2,631,817
 
 
2,393,295

Total assets less current liabilities
  
4,841,122
4,597,378

Provision for liabilities
  

Deferred taxation
 22 
(242,555)
(168,074)

  
 
 
(242,555)
 
 
(168,074)

Net assets
  
4,598,567
4,429,304

Page 9

 
TREVESTER LIMITED
REGISTERED NUMBER:06718720

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2021

2021
2020
Notes
£
£

Capital and reserves
  

Called up share capital 
 23 
8,116
8,116

Share premium account
  
37,600
37,600

Revaluation reserve
  
243,467
245,627

Capital redemption reserve
  
23,584
23,584

Profit and loss account
  
4,258,029
4,088,796

Equity attributable to owners of the parent Company
  
4,570,796
4,403,723

Non-controlling interests
  
27,771
25,581

  
4,598,567
4,429,304


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2022.




Mr M J Denney
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
TREVESTER LIMITED
REGISTERED NUMBER:06718720


COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2021

2021
2020
Notes
£
£

Fixed assets
  

Investments
 16 
828,461
828,461

  
828,461
828,461

Current assets
  

Debtors: amounts falling due within one year
 19 
13,500
13,500

  
13,500
13,500

Creditors: amounts falling due within one year
 21 
(814,050)
(814,050)

Net current liabilities
  
 
 
(800,550)
 
 
(800,550)

Total assets less current liabilities
  
27,911
27,911

  

  

Net assets excluding pension asset
  
27,911
27,911

Net assets
  
27,911
27,911


Capital and reserves
  

Called up share capital 
 23 
8,116
8,116

Share premium account
  
13,200
13,200

Capital redemption reserve
  
6,595
6,595

  
27,911
27,911


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2022.


Mr M J Denney
Director

The notes on pages 17 to 32 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 profit after tax of the Parent Company for the year was £Nil (2020 - £Nil).

Page 11

 
TREVESTER LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021



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 2020
8,116
37,600
23,584
245,627
4,088,796
4,403,723
25,581
4,429,304



Comprehensive income for the year


Profit for the year

-
-
-
-
167,073
167,073
2,190
169,263


Transfer from revaluation reserve
-
-
-
-
2,160
2,160
-
2,160

Total comprehensive income for the year
-
-
-
-
169,233
169,233
2,190
171,423


Transfer to profit and loss account
-
-
-
(2,160)
-
(2,160)
-
(2,160)



At 31 October 2021
8,116
37,600
23,584
243,467
4,258,029
4,570,796
27,771
4,598,567



The notes on pages 17 to 32 form part of these financial statements.

Page 12

 
TREVESTER LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2020



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 2019
8,116
37,600
23,584
247,787
3,827,158
4,144,245
23,923
4,168,168



Comprehensive income for the year


Profit for the year

-
-
-
-
259,478
259,478
1,658
261,136


Transfer from revaluation reserve
-
-
-
-
2,160
2,160
-
2,160

Total comprehensive income for the year
-
-
-
-
261,638
261,638
1,658
263,296


Transfer to profit and loss account
-
-
-
(2,160)
-
(2,160)
-
(2,160)



At 31 October 2020
8,116
37,600
23,584
245,627
4,088,796
4,403,723
25,581
4,429,304



The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
TREVESTER LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021


Called up share capital
Share premium account
Capital redemption reserve
Total equity

£
£
£
£

At 1 November 2020
8,116
13,200
6,595
27,911


At 31 October 2021
8,116
13,200
6,595
27,911


The notes on pages 17 to 32 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2020


Called up share capital
Share premium account
Capital redemption reserve
Total equity

£
£
£
£

At 1 November 2019
8,116
13,200
6,595
27,911


At 31 October 2020
8,116
13,200
6,595
27,911


The notes on pages 17 to 32 form part of these financial statements.

Page 14

 
TREVESTER LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit for the financial year
169,263
261,136

Adjustments for:

Amortisation of intangible assets
24,456
24,456

Depreciation of tangible assets
278,049
255,010

Profit on disposal of tangible assets
(55,766)
(28,999)

Interest payable and similar expenses
2,404
1,785

Interest receivable and similar income
(270)
(10,394)

Taxation charge
111,102
90,500

(Increase) in stocks
(168,939)
(49,787)

(Increase)/decrease in debtors
(787,989)
1,411,017

(Decrease) in creditors
(749,342)
(1,689,849)

Corporation tax (paid)
(65,577)
(32,676)

Net cash (used in)/generated from operating activities

(1,242,609)
232,199


Cash flows from investing activities

Purchase of tangible fixed assets
(322,925)
(255,225)

Sale of tangible fixed assets
70,964
42,592

Interest received
270
10,394

Investments converted into cash
-
1,000,000

Net cash (used in)/generated from investing activities

(251,691)
797,761

Cash flows from financing activities

Interest paid
(2,404)
(1,785)

Net cash used in financing activities
(2,404)
(1,785)

Net (decrease)/increase in cash and cash equivalents
(1,496,704)
1,028,175

Cash and cash equivalents at beginning of year
7,320,712
6,292,537

Cash and cash equivalents at the end of year
5,824,008
7,320,712


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,824,008
7,320,712


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
TREVESTER LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2021




At 1 November 2020
Cash flows
At 31 October 2021
£

£

£

Cash at bank and in hand

7,320,712

(1,496,704)

5,824,008

Debt due within 1 year

(75,685)

20,049

(55,636)


7,245,027
(1,476,655)
5,768,372

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1.


General information

Trevester Limited is a company incorporated in England and Wales.
Its registered office is New Road, Tiptree, Colchester, Essex, CO5 0HQ.
Its principal activity is that of a holding company. Details of the subsidiary companies can be found in notes 15 and 16.

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 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 Parent 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 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.

  
2.3

Going concern

The directors have considered the financial position of the Group by reviewing monthly
management accounts, future orders and planned expenditure, alongside the balance sheet and
believe that the Group is well placed to manage its business risks successfully despite the current
uncertain economic outlook. The Company also has sufficient cash headroom to continue operating
for the foreseeable future.
After making enquiries the directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. Accordingly, the directors
continue to adopt the going concern basis in preparing the annual report and financial statements.
The directors have taken into account the ongoing COVID-19 pandemic and believe that the
preparation of the accounts on a going concern basis remains appropriate.

Page 17

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
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 the year and the debtor for amounts recoverable on contracts at the year end.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 18

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, this is deemed to be 10 years from the date of transition to FRS 102.

 
2.7

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 and 33% on cost
Motor vehicles
-
10% to 25% on cost
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.

 
2.8

Revaluation of tangible fixed assets

From the date of transition to FRS 102 on 1 November 2014 the freehold land and property at New Road, Tiptree, which had previously been held at a revalued amount, is now held at deemed cost using the previous UK GAAP revaluation of the property.

 
2.9

Investments

Investments in subsidiaries are measured at cost less accumulated impairment. 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 short term deposits are recorded at transaction price.

Page 19

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.10

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 first in, first out 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.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.
Current asset investments comprise cash held on deposit that does not meet the criteria for cash and cash equivalents set out above.

 
2.13

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.

 
2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

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.

 
2.16

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.

Page 20

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 21

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.20

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The main areas of estimation are 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 amounts for any potential claims for rectification are calculated by the directors based upon their knowledge of how each contract is progressing. Depreciation is calculated based upon the estimated useful lives of fixed assets and the assessment used is set out in accounting policy 2.7.

Page 22

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Construction contracts
15,760,034
17,350,493

Sale of building supplies
3,851,281
3,278,259

Hire of equipment
81,976
67,862

19,693,291
20,696,614


All turnover arose within the United Kingdom.


5.


Other operating income

2021
2020
£
£

Rents receivable
8,760
9,010

Government grants receivable
90,090
321,997

Sundry income
7,329
4,499

106,179
335,506



6.


Operating profit

The operating profit is stated after charging/(crediting):

2021
2020
£
£

Depreciation of tangible fixed assets
278,049
255,010

Other operating lease rentals
54,175
57,249

Amortisation of intangible assets, including goodwill
24,456
24,456

(Profit) on disposal of tangible fixed assets
(46,286)
(33,655)

Defined contribution pension cost
210,384
199,265

Page 23

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

7.


Auditor's remuneration

2021
2020
£
£


Fees payable to the Group's auditor for the audit of the Group's annual financial statements
2,950
2,810


Fees payable to the Group's auditor in respect of:


Audit of subsidiary companies
25,300
23,435

All other services
1,965
3,746

27,265
27,181


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2021
2020
£
£


Wages and salaries
3,318,120
3,586,298

Social security costs
362,717
366,290

Cost of defined contribution scheme
210,384
199,265

3,891,221
4,151,853

The average monthly number of employees, including the directors, during the year was as follows:


2021
2020
£
£


Construction
56
59

Office
30
30

86
89

The Company has no employees other than the directors, who did not receive any remuneration from the Company, (2020 - £NIL).

Page 24

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

9.


Directors' remuneration

2021
2020
£
£


Directors' emoluments
363,284
479,571

Company contributions to defined contribution pension schemes
86,988
85,581

450,272
565,152

During the year retirement benefits were accruing to 3 directors (2020 - 3) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £142,718 (2020 - £169,733).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £29,004 (2020 - £29,004).


10.


Interest receivable

2021
2020
£
£


Bank interest receivable
270
10,394


11.


Interest payable and similar expenses

2021
2020
£
£


Interest payable on loans from directors
2,404
1,785

Page 25

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

12.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
36,621
65,578


Total current tax
36,621
65,578

Deferred tax


Origination and reversal of timing differences
16,268
24,922

Effect of changes to tax rates
58,213
-

Total deferred tax
74,481
24,922


Taxation on profit on ordinary activities
111,102
90,500

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
280,365
351,636


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
53,269
66,811

Effects of:


Expenses not deductible for tax purposes
6,325
(1,546)

Effect of changes in tax rate
51,508
25,235

Total tax charge for the year
111,102
90,500


Factors that may affect future tax charges

The rate of UK Corporation tax is due to increase to 25% from 1 April 2023. This change was introduced by Finance Act 2021.

Page 26

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

13.


Parent company profit for the year

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 profit after tax of the parent Company for the year was £NIL (2020 - £NIL).


14.


Intangible assets

Group





Goodwill

£



Cost


At 1 November 2020
331,032



At 31 October 2021

331,032



Amortisation


At 1 November 2020
233,212


Charge for the year
24,456



At 31 October 2021

257,668



Net book value



At 31 October 2021
73,364



At 31 October 2020
97,820



Page 27

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2020
1,254,351
1,607,839
1,076,193
100,872
119,397
4,158,652


Additions
30,413
99,202
176,430
14,275
2,605
322,925


Disposals
-
(114,661)
(150,509)
-
(549)
(265,719)



At 31 October 2021

1,284,764
1,592,380
1,102,114
115,147
121,453
4,215,858



Depreciation


At 1 November 2020
145,584
1,093,618
644,323
89,857
81,057
2,054,439


Charge for the year
8,054
110,083
143,356
6,322
10,234
278,049


Disposals
-
(104,415)
(145,568)
-
(538)
(250,521)



At 31 October 2021

153,638
1,099,286
642,111
96,179
90,753
2,081,967



Net book value



At 31 October 2021
1,131,126
493,094
460,003
18,968
30,700
2,133,891



At 31 October 2020
1,108,767
514,221
431,870
11,015
38,340
2,104,213

Included in freehold property is land amounting to £479,314 (2020 - £479,314) that is not depreciated. The directors adopted the transitional arrangements under FRS 102 and elected to use the previous UK GAAP revaluation as deemed cost.
The historical cost valuation of freehold property and land would have been £858,820 (2020 - £858,820).

Page 28

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

16.


Fixed asset investments

Group





Unlisted investments

£



Cost 


At 1 November 2020
2,050



At 31 October 2021
2,050




Company





Investments in subsidiary companies

£



Cost 


At 1 November 2020
828,461



At 31 October 2021
828,461





17.


Subsidiary undertakings

As at 31 October 2021, the following were wholly owned subsidiary undertakings of the Company:
Name
T J Evers Limited
Tiptree Building Supplies Limited
The registered office of both subsidiaries is New Road, Tiptree, Essex, CO5 0HQ.
Both subsidiaries have been included in the consolidated financial statements.





Page 29

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

18.


Stocks

Group
Group
2021
2020
£
£

Raw materials and consumables
101,767
93,566

Work in progress (goods to be sold)
2,055
11,969

Finished goods and goods for resale
623,653
453,001

727,475
558,536


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Due after more than one year

Trade debtors
670,289
352,468
-
-


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Due within one year

Trade debtors
1,731,186
1,759,034
-
-

Amounts owed by group undertakings
-
-
13,500
13,500

Other debtors
58,619
23,552
-
-

Prepayments and accrued income
55,952
58,501
-
-

Amounts recoverable on long term contracts
1,398,158
932,660
-
-

3,243,915
2,773,747
13,500
13,500



20.


Cash and cash equivalents

Group
Group
2021
2020
£
£

Cash at bank and in hand
5,824,008
7,320,712


Page 30

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Trade creditors
6,923,038
7,647,143
-
-

Amounts owed to group undertakings
-
-
814,050
814,050

Corporation tax payable
36,622
65,578
-
-

Other taxation and social security
502,650
357,857
-
-

Other creditors
342,457
513,873
-
-

Accruals and deferred income
29,103
27,717
-
-

7,833,870
8,612,168
814,050
814,050



22.


Deferred taxation


Group



2021


£






At beginning of year
168,074


Charged to profit or loss
74,481



At end of year
242,555

The provision for deferred taxation comprises:

Group
Group
2021
2020
£
£

Accelerated capital allowances
242,555
168,074


23.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



8,116 Ordinary shares of £1.00 each
8,116
8,116


Page 31

 
TREVESTER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

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 £210,384 (2020 - £199,265). Contributions totalling £1,121 (2020 - £2,344) were payable to the fund at the year end and are included in other creditors.


25.


Commitments under operating leases

At 31 October 2021 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2021
2020
£
£

Not later than 1 year
13,618
7,761

Later than 1 year and not later than 5 years
10,567
9,054

24,185
16,815

26.


Related party transactions

The Company is related to T J Evers Limited and Tiptree Building Supplies Limited due to holding controlling interests in both entities.
At the year end the Company owed £814,050 (2020 - £814,050) to T J Evers Limited and was owed £13,500 (2020 - £13,500) by T J Evers Limited.
The directors are the key management personnel however they received no remuneration through the
Parent Company. Key management personnel received amounts totalling £502,891 (2020 - £628,251) in T J Evers Limited and  £117,638 (2020 - £106,640) in Tiptree Building Supplies Limited.


27.


Controlling party

The directors deem that there is no ultimate controlling party.

Page 32