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COMPANY REGISTRATION NUMBER: 07638045
Trinity Purchasing UK Limited
Filleted Financial Statements
30 September 2021
Trinity Purchasing UK Limited
Statement of Financial Position
30 September 2021
30 Sep 21
31 Dec 20
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
525
775
Current assets
Debtors
6
93,119
74,548
Cash at bank and in hand
26,525
2,657
---------
--------
119,644
77,205
Creditors: amounts falling due within one year
7
321,301
210,752
---------
---------
Net current liabilities
201,657
133,547
---------
---------
Total assets less current liabilities
( 201,132)
( 132,772)
---------
---------
Net liabilities
( 201,132)
( 132,772)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 201,133)
( 132,773)
---------
---------
Shareholders deficit
( 201,132)
( 132,772)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 10 August 2022 , and are signed on behalf of the board by:
Mr J Cooper
Mr M Carroll
Director
Director
Company registration number: 07638045
Trinity Purchasing UK Limited
Notes to the Financial Statements
Period from 1 January 2021 to 30 September 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Gladiator Way, Ascent 4, Farnborough, GU14 6XN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. Subsequently those are measured at amortised cost less any provision for impairment. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not they are presented as non current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on amounts recognised in the financial statements are discussed below. Allowances for impairment of trade debtors The company estimates the allowance for doubtful receivables based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. Estimate of useful life for fixed assets Fixed assets consist of computer equipment. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review theses asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Revenue recognition
Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. The turnover shown in the profit and loss account represents the amounts invoiced during the year, exclusive of Value Added Tax, as well as uninvoiced amounts.
Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the group exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the group exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. The group exchange rate is updated on a periodic basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The assets of the scheme are held separately from those of the company.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2020: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2021 (as restated) and 30 September 2021
1,000
1,000
-------
-------
Depreciation
At 1 January 2021
225
225
Charge for the period
250
250
-------
-------
At 30 September 2021
475
475
-------
-------
Carrying amount
At 30 September 2021
525
525
-------
-------
At 31 December 2020
775
775
-------
-------
6. Debtors
30 Sep 21
31 Dec 20
(restated)
£
£
Trade debtors
62,332
26,698
Other debtors
30,787
47,850
--------
--------
93,119
74,548
--------
--------
7. Creditors: amounts falling due within one year
30 Sep 21
31 Dec 20
(restated)
£
£
Trade creditors
279
Amounts owed to group undertakings
291,907
179,702
Social security and other taxes
8,235
18,906
Other creditors
21,159
11,865
---------
---------
321,301
210,752
---------
---------
Included in amounts owed to group undertakings is a loan of £50,000 which is subject to interest at the rate of 3.781% per annum, and is unsecured and repayable on demand. All other amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. Prior period errors
The accounts have been restated to incorporate the effect of a misstatement of turnover in the years to 31 December 2019 and 31 December 2020. This has resulted in the following balances being restated:
2020 Adjustment Restated 2020
£ £ £
Turnover 94,496 15,711 110,207
Loss for financial year (115,038) 15,711 (99,327)
Closing reserves (167,802) 35,029 (132,773)
Other debtors 12,821 35,029 47,850
2019 Adjustment Restated 2019
£ £ £
Turnover 128,692 19,318 148,010
Loss for the financial year (37,796) 19,318 (18,478)
Closing reserves (52,764) 19,318 (33,446)
Other debtors 17,051 19,318 36,369
9. Summary audit opinion
The auditor's report for the period dated 10 August 2022 was unqualified .
The senior statutory auditor was Ms Kate Crossan , for and on behalf of Lenfestey & Co .
10. Related party transactions
The company has taken advantage of the exemption under FRS 102 in relation to disclosure of related party transactions with subsidiary companies within the group.
11. Ethical standards
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the statutory financial statements.
12. Controlling party
The company is a wholly owned subsidiary of Aramark Investments Ltd , a company incorporated in the United Kingdom with a registered office address at Ascent 4 Farnborough Aerospace Centre, Farnborough, Hampshire, United Kingdom, GU14 6XN. The parent of the largest group in which the results are consolidated is Aramark Inc ., incorporated in the state of Delaware, USA. The consolidated financial statements of Aramark Inc. are available to the public from aramark.gcs-web.com/financial-information.