Company registration number 03856240 (England and Wales)
TRI-LINE NETWORK TELEPHONY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
TRI-LINE NETWORK TELEPHONY LIMITED
COMPANY INFORMATION
Directors
M W Hill
C M Tobin
Secretary
C M Tobin
Company number
03856240
Registered office
9-10 Telfords Yard
The Highway
London
United Kingdom
E1W 2BS
TRI-LINE NETWORK TELEPHONY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TRI-LINE NETWORK TELEPHONY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
389,755
398,551
Investment properties
4
1,068,774
1,068,774
1,458,529
1,467,325
Current assets
Debtors
6
1,320,981
1,092,562
Cash at bank and in hand
533,328
797,183
1,854,309
1,889,745
Creditors: amounts falling due within one year
7
(280,315)
(236,169)
Net current assets
1,573,994
1,653,576
Total assets less current liabilities
3,032,523
3,120,901
Provisions for liabilities
(159,537)
(159,537)
Net assets
2,872,986
2,961,364
Capital and reserves
Called up share capital
2
2
Revaluation reserve
800,642
800,642
Profit and loss reserves
2,072,342
2,160,720
Total equity
2,872,986
2,961,364
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TRI-LINE NETWORK TELEPHONY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
C M Tobin
Director
Company Registration No. 03856240
TRI-LINE NETWORK TELEPHONY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
Tri-Line Network Telephony Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9-10 Telfords Yard, The Highway, London, United Kingdom, E1W 2BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised at the point at which the supply of software is delivered to the customer.
1.3
Tangible fixed assets
Tangible fixed assets other than leasehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Leasehold property
2% on cost
Plant and machinery etc.
20% on cost
1.4
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Investment property is carried at fair value and any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
1.5
Taxation
Current tax
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.
TRI-LINE NETWORK TELEPHONY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to investment properties measured at fair value, is measured using the tax rates and allowances that apply to the sale of the asset.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.8
Expenditure on research and development is written off in the year in which it is incurred.
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
* Investment property valuations - the valuations are prepared by the directors, in conjunction with professional valuers.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
10
11
TRI-LINE NETWORK TELEPHONY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
4
Investment property
2022
£
Fair value
At 1 November 2021 and 31 October 2022
1,068,774
The company's property is valued at the year end by the board of directors at open market value. Any surpluses or deficits on revaluation are netted of and transferred to the revaluation reserve and any permanent diminution in value is recognised in the profit and loss account.
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2021 and 31 October 2022
508,651
29,654
538,305
Depreciation and impairment
At 1 November 2021
113,215
26,539
139,754
Depreciation charged in the year
7,796
1,000
8,796
At 31 October 2022
121,011
27,539
148,550
Carrying amount
At 31 October 2022
387,640
2,115
389,755
At 31 October 2021
395,436
3,115
398,551
Included in the cost of land and buildings is leasehold land of £130,000 (2021: £130,000) which is not depreciated.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
106,490
101,346
Corporation tax recoverable
286,548
232,137
Other debtors
927,943
759,079
1,320,981
1,092,562
TRI-LINE NETWORK TELEPHONY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 6 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
9,966
9,330
Corporation tax
155,300
136,846
Other taxation and social security
106,719
47,856
Other creditors
8,330
42,137
280,315
236,169
8
Related party transactions
The directors jointly controlled the company by virtue of their equal shareholding.
At the year end £472,584 was owed by (2021: £400,854) the director M Hill, and £405,432 was owed by (2021: £313,418) the director C M Tobin.