Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-04-01falseProperty development00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11921492 2022-04-01 2022-12-31 11921492 2021-04-01 2022-03-31 11921492 2022-12-31 11921492 2022-03-31 11921492 c:Director1 2022-04-01 2022-12-31 11921492 d:CurrentFinancialInstruments 2022-12-31 11921492 d:CurrentFinancialInstruments 2022-03-31 11921492 d:Non-currentFinancialInstruments 2022-12-31 11921492 d:Non-currentFinancialInstruments 2022-03-31 11921492 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11921492 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11921492 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11921492 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11921492 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 11921492 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 11921492 d:ShareCapital 2022-12-31 11921492 d:ShareCapital 2022-03-31 11921492 d:RetainedEarningsAccumulatedLosses 2022-12-31 11921492 d:RetainedEarningsAccumulatedLosses 2022-03-31 11921492 c:FRS102 2022-04-01 2022-12-31 11921492 c:AuditExempt-NoAccountantsReport 2022-04-01 2022-12-31 11921492 c:FullAccounts 2022-04-01 2022-12-31 11921492 c:PrivateLimitedCompanyLtd 2022-04-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 11921492










TRINITY (CW) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
TRINITY (CW) LIMITED
REGISTERED NUMBER: 11921492

BALANCE SHEET
AS AT 31 DECEMBER 2022

31 December
31 March
2022
2022
Note
£
£

  

Current assets
  

Stocks
 4 
27,191,785
4,272,971

Debtors: amounts falling due within one year
 5 
169,180
20,141

Cash at bank and in hand
 6 
205,023
88,136

  
27,565,988
4,381,248

Creditors: amounts falling due within one year
 7 
(13,033,215)
(4,723,078)

Net current assets/(liabilities)
  
 
 
14,532,773
 
 
(341,830)

Total assets less current liabilities
  
14,532,773
(341,830)

Creditors: amounts falling due after more than one year
 8 
(15,610,185)
-

  

Net liabilities
  
(1,077,412)
(341,830)


Capital and reserves
  

Called up share capital 
  
3,872
3,872

Profit and loss account
  
(1,081,284)
(345,702)

  
(1,077,412)
(341,830)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Nicholas Harry Jacobs
Director
Page 1

 
TRINITY (CW) LIMITED
REGISTERED NUMBER: 11921492
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022


Date: 16 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
TRINITY (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Trinity (CW) Limited is a private limited company incorporated in England with the company number 11921492. The financial statements are for the period ended 31 December 2022. The comparative period is for the year to 31 March 2022.
The Company's registered office is 9th Floor 80 Mosley Street, Manchester, United Kingdom, M2 3FX.

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 following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The Company is dependent upon the continued financial support of the shareholder to continue operating and to meet its liabilities as they fall due. The shareholder agrees to continue to provide financial support to the Company and not to call on the shareholder loan until such a time as the Company is in a position to repay the loan. Accordingly the directors have prepared the accounts under the going concern concept.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional currency is pound sterling in which the financial statements are presented. This is rounded to the nearest pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue includes rental income from properties

Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straightline basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 3

 
TRINITY (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

 
2.6

Borrowing costs

Borrowing costs incurred on qualifying assets are capitalised into the cost of the asset in the period in which they are incurred.

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

  
2.7

Stocks

Property, including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock and is measured at the lower of cost and net realisable value.
Cost comprises of the invoiced value of the development works to date, planning application fees and other planning related costs. The land acquisition was recognised at the date of legal completion deemed to be the unconditional date of exchange.
Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.
At each reporting date, an assessment is made for impairment and any excess of the carrying amount of stocks over its net realisable value is recognised as an impairment loss in the profit and loss account.

 
2.8

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.

Page 4

 
TRINITY (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.9

Financial Instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured a the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (31 March 2022 - £NIL).

Page 5

 
TRINITY (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Stocks

31 December
31 March
2022
2022
£
£

Work in progress
27,191,785
4,272,971

27,191,785
4,272,971


Page 6

 
TRINITY (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Debtors

31 December
31 March
2022
2022
£
£


Trade debtors
11,780
-

Other debtors
91,387
20,141

Prepayments and accrued income
66,013
-

169,180
20,141



6.


Cash and cash equivalents

31 December
31 March
2022
2022
£
£

Cash at bank and in hand
205,023
88,136

205,023
88,136



7.


Creditors: Amounts falling due within one year

31 December
31 March
2022
2022
£
£

Trade creditors
745,673
11,937

Amounts owed to group undertakings
11,016,460
-

Other creditors
19,280
4,352,000

Accruals and deferred income
1,251,802
359,141

13,033,215
4,723,078


Included in amounts owed to group undertakings is £11,016,460 (31 March 2022: £nil) owed to Trinity Midco (CW) Limited, the Company's immediate parent company. The amount is interest free, unsecured and repayable on demand.

Included within accruals is £277k (31 March 2022: £Nil) of accrued interest, and £351k (31 March 2022: £nil) of accrued exit fees incurred in relation to the Ingenious Real Estate Finance LLP bank loan (note 9). 
Page 7

 
TRINITY (CW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

31 December
31 March
2022
2022
£
£

Bank loans
15,610,185
-

15,610,185
-


Bank loans comprise the £17.55m Ingenious Real Estate Finance LLP senior loan facility drawn in October 2022. The Company drew £16.2m of this facility in October 2022 and repaid £0.4m in November 2022.  The facility has a maximum term of 24 months and incurs interest at a fixed rate of 0.66% per calendar month. Bank loans are shown net of unamortised loan issuance costs of £240k (31 March 2022: £Nil).


9.


Loans


Analysis of the maturity of loans is given below:


31 December
31 March
2022
2022
£
£


Amounts falling due 1-2 years

Bank loans
15,610,185
-


15,610,185
-



15,610,185
-



10.


Controlling party

As at the year end date, Trinity (CW) Limited is a wholly owned subsidiary of Trinity Holdco (CW) Limited, which is incorporated in the United Kingdom.

Trinity Holdco (CW) Limited is owned by Trinity Finco (CW) Limited and Taurus Trinity Limited, both of which are registered in the United Kingdom. The ultimate controlling party is considered to be Taurus Trinity Limited due to its majority shareholding.
Page 8