ACCOUNTS - Final Accounts

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

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Registered Number:06718720

TREVESTER LIMITED

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022


TREVESTER LIMITED

COMPANY INFORMATION

Directors	Mr M J Denney
	Mr A M Evers
	Mr S M Ewers
	Mr K P Howell (appointed 1 April 2022)
	Mr S C Cooper (appointed 1 April 2022)


Company secretary	M Paveley


Registered number	06718720


Registered office	New Road
	Tiptree
	Essex
	CO5 0HQ


Independent auditor	SB Audit LLP
	Chartered Accountants & Statutory Auditor
	Fitzroy House
	Crown Street
	Ipswich
	Suffolk
	IP1 3LG


Bankers	Barclays Bank Plc
	75 High Street
	Brentwood
	Essex
	CM14 4RP


TREVESTER LIMITED

CONTENTS

	Pages
Group Strategic Report	1
Directors' Report	2 - 3
Independent Auditor's Report	4 - 7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9 - 10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Analysis of Net Debt	15
Notes to the Financial Statements	16 - 33


TREVESTER LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The Directors present their Annual Report and the financial statements for the year ended 31 October 2022.

Business review

T.J.Evers Limited's construction activities has seen a growth in turnover and pleasingly in the underlying gross profit margin allowing the addition of further reserves to the Balance sheet.
Tiptree Building Supplies has taken opportunity in a buoyant local market and has continued to trade strongly through the whole of the year. Experiencing a significant 18% increases in merchant sales, a rise in the operating profit driven by increased margin, and this providing the addition of reserves on to the Balance sheet.
The Directors are pleased to report that group turnover increased by 7.5% and gross profit margins of 11% in previous year being improved to over 12% driving a profitable outcome for this period. This allowed strong levels of reserves adding to a strong Balance sheet to bolster plans to support the modest sustained growth and opportunities for all businesses in the group.
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. Also receiving good levels of enquiries and secured construction contracts that provide the path towards the continued growth plans for the group in 2023.

Principal risks and uncertainties

The businesses have learned the importance of resilience and adapted from the restrictions during the periods of pandemic and economic turmoil and is now enjoying a return to normal levels of activity with resources placed to take opportunities in 2023.
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 resources in our supply chains. These are considered and reviewed on each project with these commercial risks fairly shared with clients.

Key performance indicators

Indicators show that the company is in a secure position with sufficient reserves to deal with the challenges presented and now anticipate looking forward to gentle sustained growth during 2023.

This report was approved by the Board on 4 July 2023 and signed on its behalf.

Mr M J Denney

Director

Page 1


TREVESTER LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The Directors present their report and the financial statements for the year ended 31 October 2022.

Directors

The Directors who served during the year and to the date of this report, except as stated otherwise, were:

Mr M J Denney

Mr A M Evers

Mr S M Ewers

Mr K P Howell (appointed 1 April 2022)

Mr S C Cooper (appointed 1 April 2022)

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £265,434 (2021 - £167,073).
The Directors do not recommend the payment of a dividend (2021 - £Nil).

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;

∙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 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.

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.

Page 2

TREVESTER LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

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.

Auditor

Our auditor Scrutton Bland LLP transferred part of their business to a newly incorporated limited liability partnership, SB Audit LLP, on 1 April 2023. Accordingly Scrutton Bland LLP formally resigned as the Company's auditor with the Directors duly appointing SB Audit LLP to fill the vacancy arising.
The auditor, SB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 4 July 2023 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 2022, which comprise of the Consolidated Statement of Comprehensive Income, the Consoliated 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 2022 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Company 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 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 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

SB Audit LLP

Chartered Accountants

Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG

17 July 2023

Page 7


TREVESTER LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)

FOR THE YEAR ENDED 31 OCTOBER 2022

	2022	2021
Notes	£	£


Turnover	4	21,169,483	19,693,291
Cost of sales		(18,594,422)	(17,505,297)
Gross profit		2,575,061	2,187,994
Administrative expenses		(2,278,359)	(2,011,674)
Other operating income	5	14,050	106,179
Operating profit	6	310,752	282,499
Interest receivable and similar income	10	14,187	270
Interest payable and similar expenses	11	(1,461)	(2,404)
Profit before taxation		323,478	280,365
Tax on profit	12	(55,095)	(111,102)
Profit for the financial year		268,383	169,263

Other comprehensive income for the year
Unrealised surplus on revaluation of tangible fixed assets	2,160	2,160
Other comprehensive income for the year	2,160	2,160

Total comprehensive income for the year	270,543	171,423

Profit for the year attributable to:
Non-controlling interests	2,949	2,190
Owners of the Parent Company	265,434	167,073
	268,383	169,263

Total comprehensive income for the year attributable to:
Non-controlling interest	2,949	2,190
Owners of the Parent Company	267,594	169,233
	270,543	171,423

There were no recognised gains and losses for the year ended 31 October 2022 or 2021 other than those included in the Consolidated Statement of Comprehensive Income (including the Profit and Loss Account), above.

The notes on pages 16 to 33 form part of these financial statements.

Page 8


TREVESTER LIMITED REGISTERED NUMBER:06718720

CONSOLIDATED BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022		2021
Notes		£		£

Fixed assets
Intangible assets	13		48,908		73,364
Tangible assets	14		2,023,041		2,133,891
Investments	15		2,050		2,050
			2,073,999		2,209,305
Current assets
Stocks	16	823,107		727,475
Debtors: amounts falling due after more than one year	17	85,130		670,289
Debtors: amounts falling due within one year	17	3,622,266		3,243,915
Cash at bank and in hand	18	5,053,270		5,824,008
		9,583,773		10,465,687
Creditors: amounts falling due within one year	19	(6,570,043)		(7,833,870)
Net current assets			3,013,730		2,631,817
Total assets less current liabilities			5,087,729		4,841,122
Provision for liabilities
Deferred taxation	20	(220,779)		(242,555)
			(220,779)		(242,555)
Net assets			4,866,950		4,598,567

Page 9


TREVESTER LIMITED REGISTERED NUMBER:06718720

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2022

		2022		2021
Notes		£		£

Capital and reserves
Called up share capital	21	8,116	8,116
Share premium account	22	37,600	37,600
Revaluation reserve	22	241,307	243,467
Capital redemption reserve	22	23,584	23,584
Profit and loss account	22	4,525,623	4,258,029
Equity attributable to owners of the Parent Company		4,836,230	4,570,796
Non-controlling interests		30,720	27,771
		4,866,950	4,598,567

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 4 July 2023.

Mr M J Denney

Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10


TREVESTER LIMITED REGISTERED NUMBER:06718720

COMPANY BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022		2021
Notes		£		£

Fixed assets
Investments	15		828,461		828,461
			828,461		828,461
Current assets
Debtors	17	13,500		13,500
		13,500		13,500
Creditors: amounts falling due within one year	19	(814,050)		(814,050)
Net current liabilities			(800,550)		(800,550)


Total assets less current liabilities being net assets			27,911		27,911

Capital and reserves
Called up share capital	21		8,116		8,116
Share premium account	22		13,200		13,200
Capital redemption reserve	22		6,595		6,595
Profit for the year		-		-
Shareholders' funds			27,911		27,911

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 4 July 2023.

Mr M J Denney

Director

The notes on pages 16 to 33 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 (2021 - £Nil).

Page 11

		TREVESTER LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2022

	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
Excess depreciation arising on revalued tangible fixed assets	-	-	-	-	2,160	2,160	-	2,160
Total comprehensive income for the year	-	-	-	-	169,233	169,233	2,190	171,423
Transfer from revaluation reserve	-	-	-	(2,160)	-	(2,160)	-	(2,160)

At 1 November 2021	8,116	37,600	23,584	243,467	4,258,029	4,570,796	27,771	4,598,567
Comprehensive income for the year
Profit for the year	-	-	-	-	265,434	265,434	2,949	268,383
Excess depreciation arising on revalued tangible fixed assets	-	-	-	-	2,160	2,160	-	2,160
Total comprehensive income for the year	-	-	-	-	267,594	267,594	2,949	270,543
Transfer from revaluation reserve	-	-	-	(2,160)	-	(2,160)	-	(2,160)
At 31 October 2022	8,116	37,600	23,584	241,307	4,525,623	4,836,230	30,720	4,866,950

The notes on pages 16 to 33 form part of these financial statements.

Page 12

		TREVESTER LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2022

	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 1 November 2021	8,116	13,200	6,595	27,911
At 31 October 2022	8,116	13,200	6,595	27,911

The notes on pages 16 to 33 form part of these financial statements.

Page 13


TREVESTER LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2022

			2022	2021
			£	£

Cash flows from operating activities
Profit for the financial year	268,383	169,263
Adjustments for:
Amortisation of intangible fixed assets	24,456	24,456
Depreciation of tangible fixed assets	275,343	278,049
Profit on disposal of tangible assets	(22,335)	(55,766)
Interest payable and similar expenses	1,461	2,404
Interest receivable and similar income	(14,187)	(270)
Taxation charge	55,095	111,102
(Increase) in stocks	(95,632)	(168,939)
Decrease/(increase) in debtors	206,808	(787,989)
(Decrease) in creditors	(1,304,183)	(749,342)
Corporation tax (paid)	(36,515)	(65,577)
Net cash used in operating activities	(641,306)	(1,242,609)

Cash flows from investing activities
Purchase of tangible fixed assets	(186,417)	(322,925)
Proceeds from the sale of tangible fixed assets	44,259	70,964
Interest received	14,187	270
Net cash used in investing activities	(127,971)	(251,691)
Cash flows from financing activities
Interest paid	(1,461)	(2,404)
Net cash used in financing activities	(1,461)	(2,404)
Net (decrease) in cash and cash equivalents	(770,738)	(1,496,704)
Cash and cash equivalents at beginning of year	5,824,008	7,320,712
Cash and cash equivalents at the end of year	5,053,270	5,824,008

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	5,053,270	5,824,008

The notes on pages 16 to 33 form part of these financial statements.

Page 14


TREVESTER LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 OCTOBER 2022


At 1 November 2021	Cash flows	At 31 October 2022
£	£	£

Cash at bank and in hand	5,824,008	(770,738)	5,053,270
Debt due within 1 year	(54,985)	(8,706)	(63,691)
	5,769,023	(779,444)	4,989,579

The notes on pages 16 to 33 form part of these financial statements.

Page 15


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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. Details of the principal activities of the subsidiary undertakings can be found in note 15.

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 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 qualiying 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 16


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 thy 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.

Page 17


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

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.

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 or 33% on a straignt 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.

Page 18


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

2.8

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

2.9

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.

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.

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.

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

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

2.15

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 to and from related parties and investments in non-puttable ordinary shares.

2.16

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.

2.17

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.

2.18

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.

2.19

Interest income

Interest income is recognised in the Consolidated Statements of Comprehensive Income using the effective interest method.

2.20

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 20


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

2.21

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 21


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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.

Construction contracts	16,243,934	15,760,034
Sale of building supplies	4,889,985	3,851,281
Hire of equipment	35,564	81,976
	21,169,483	19,693,291

All turnover arose within the United Kingdom.

Page 22


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

5.	Other operating income
		2022	2021
		£	£

Rents receivable	8,760	8,760
Government grants receivable	-	90,090
Sundry income	5,290	7,329
	14,050	106,179

Depreciation of tangible fixed assets	275,343	278,049
Other operating lease rentals	68,261	54,175
Amortisation of intangible assets, including goodwill	24,456	24,456
Profit on disposal of tangible fixed assets	(22,335)	(46,286)
Defined contribution pension cost	220,106	210,384

Fees payable to the Group's auditor for the audit of the Group's annual financial statements

3,380

2,950

	The fees payable to the Group's auditor in respect of the audit of subsidiary undertakings companies in the year amounted to £29,377 (2021: £25,300). Fees for taxation services amounted to £2,125 (2021: £1,965).

Page 23


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

Wages and salaries	3,537,089	3,318,120
Social security costs	431,570	362,717
Cost of defined contribution pension scheme	220,106	210,384
	4,188,765	3,891,221

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

					2022	2021
					£	£


Construction	56	56
Office	33	30
	89	86

The Company has no employees other than the Directors, who did not receive any remuneration for qualifying services from the Company for the year (2021 - £Nil).

9.	Directors' remuneration
		2022	2021
		£	£

Directors' emoluments	518,450	363,284
Company contributions to defined contribution pension scheme	109,500	86,988
	627,950	450,272

During the year retirement benefits were accruing to 5 Directors (2021 - 3) in respect of the defined contribution pension scheme.
The highest paid Director received remuneration in respect of qualifying services during the year amounting to £153,973 (2021 - £142,718).
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 (2021 - £29,004).

Page 24


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

10.	Interest receivable and similar income
		2022	2021
		£	£

Bank interest receivable

14,187

270

11.	Interest payable and similar expenses
		2022	2021
		£	£

Directors' loan account interest payable	1,428	2,391
Other interest payable	33	13
	1,461	2,404

Current tax
UK Corporation tax on profit for the year	76,871	36,621

Deferred tax
Origination and reversal of timing differences	(21,776)	16,268
Effect of changes to tax rate	-	58,213
Total deferred tax	(21,776)	74,481


	Taxation on profit on ordinary activities	55,095	111,102

Page 25


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

12.Taxation (continued)

Profit on ordinary activities before tax

323,478

280,365

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	61,461	53,269
Effects of:
Expenses not deductible for tax purposes	6,109	6,325
Enhanced tax allowance deduction	(7,982)	-
Effect of changes in tax rate	(4,493)	51,508
Total tax charge for the year	55,095	111,102

Factors that may affect future tax charges

In the Spring Budget 2021 the UK Government announced that the rate of UK Corporation tax would increase to 25% for the financial year beginning 1 April 2023 with an introduction of a small profits rate of 19% at the same point in time. These changes were substantively enacted in May 2021.
Accordingly deferred tax assets and liabilities are stated at 25% (2021 - 25%).

Page 26


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

13.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 November 2021	331,032
	At 31 October 2022	331,032
	Amortisation
	At 1 November 2021	257,668
	Charge for the year	24,456
	At 31 October 2022	282,124
	Net book value
	At 31 October 2022	48,908
	At 31 October 2021	73,364

The goodwill relates to the acquisition of Tiptree Building Supplies Limited in August 2009. It is being amortised on a straight-line basis of 10 years from the date of transition to FRS 102, being the Directors' estimate of the useful economic life of the business acquired.
The amortisation charge is recognised within administrative expenses.

Page 27


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

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 2021	1,284,764	1,592,380	1,102,114	115,147	121,453	4,215,858
Additions	38,357	131,062	12,000	3,633	1,365	186,417
Disposals	-	(52,553)	(59,884)	(3,625)	(470)	(116,532)
At 31 October 2022	1,323,121	1,670,889	1,054,230	115,155	122,348	4,285,743
Depreciation
At 1 November 2021	153,638	1,099,286	642,111	96,179	90,753	2,081,967
Charge for the year	8,439	113,457	139,814	5,634	7,999	275,343
Disposals	-	(46,269)	(44,378)	(3,561)	(400)	(94,608)
At 31 October 2022	162,077	1,166,474	737,547	98,252	98,352	2,262,702
Net book value
At 31 October 2022	1,161,044	504,415	316,683	16,903	23,996	2,023,041
At 31 October 2021	1,131,126	493,094	460,003	18,968	30,700	2,133,891

Included in freehold property is freehold land amounting to £479,314 (2021 - £479,314) 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 revalution as deemed cost. The historical cost of the freehold land and property as at 31 October 2022 would have been £1,017,014 (2021 - £978,657).

Page 28


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

15.	Fixed asset investments
	Group

		Unlisted investment
		£
	Cost and net book value
	At 1 November 2021	2,050
	At 31 October 2022	2,050

	Company

		Investments in subsidiary under-takings
		£
	Cost and net book value
	At 1 November 2021	828,461
	At 31 October 2022	828,461

Subsidiary undertakings
As at 31 October 2022, the Company owned 100% of the Ordinary issued share capital of T J Evers Limited and 97% 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 29


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

16.	Stocks
		Group	Group
		2022	2021
		£	£

Raw materials and consumables	98,229	101,767
Work in progress	-	2,055
Finished goods and goods for resale	724,878	623,653
	823,107	727,475

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

17.	Debtors
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

Due after more than one year
Trade debtors	85,130	670,289	-	-

Group	Group	Company	Company
2022	2021	2022	2021
£	£	£	£

Due within one year
Trade debtors	2,231,249	1,731,186	-	-
Amounts recoverable on long term contracts	1,298,531	1,398,158	-	-
Amounts owed by subsidiary undertakings	-	-	13,500	13,500
Other debtors	36,217	58,619	-	-
Prepayments and accrued income	56,269	55,952	-	-
	3,622,266	3,243,915	13,500	13,500

18.	Cash and cash equivalents
		Group	Group
		2022	2021
		£	£

	Cash at bank and in hand	5,053,270	5,824,008

Page 30


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2022	2021	2022	2021
		£	£	£	£

Trade creditors	5,515,781	6,923,038	-	-
Amounts owed to subsidiary undertakings	-	-	814,050	814,050
Corporation tax payable	76,978	36,622	-	-
Other taxation and social security	495,719	502,650	-	-
Other creditors	449,754	338,957	-	-
Accruals and deferred income	31,811	32,603	-	-
	6,570,043	7,833,870	814,050	814,050

20.	Deferred taxation
	Group

	2022	2021
	£	£

At beginning of year	242,555	168,074
(Credit)/charge to profit or loss	(21,776)	74,481
At end of year	220,779	242,555

The deferred tax liability comprises:
	Group	Group
	2022	2021
	£	£

Accelerated capital allowances	220,887	242,661
Other short term timing differences	(108)	(106)
	220,779	242,555

Page 31


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

21.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

8,116 Ordinary shares of £1 each	8,116	8,116

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 2022 the Group had capital commitments as follows:
		Group	Group
		2022	2021
		£	£

Contracted for but not provided in these financial statements

69,521

5,703

The Company had no capital commitments at either 31 October 2021 or 2022.

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 £220,106 (2021 - £210,384). Contributions amounting to £1,152 (2021 - £1,121) were payable to the fund at the year end and are included in other creditors.

Page 32


TREVESTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

25.	Commitments under operating leases
	At 31 October 2022 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2022	2021
		£	£

Not later than 1 year	18,117	13,618
Later than 1 year and not later than 5 years	25,763	10,567
	43,880	24,185

The Company had no commitments under non-cancellable operating leases at the balance sheet date (2021 - £Nil)

26.

Related party transactions

Transactions with the Directors
At 31 October 2022, the Group owed £63,691 (2021 - £54,985) to the Directors. In addition, during the year the Group accrued interest payable on the balances amounting to £1,428 (2021 - £2,391) 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 2022 the Company was owed £13,500 (2021 - £13,500) by T J Evers Limited and owed £814,050 (2021 - £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 £926,239 (2021 - £810,558).

27.	Controlling party

The Directors do not consider that there is an ultimate controlling party at either 31 October 2022 or the date of approval of these financial statements.

Page 33