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Company registration number: 07051745

TritonExec Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 January 2023

 

TritonExec Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

TritonExec Limited

(Registration number: 07051745)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,430

21,198

Investments

5

613

613

 

22,043

21,811

Current assets

 

Debtors

6

1,936,930

1,706,016

Cash at bank and in hand

 

666,617

2,335,301

 

2,603,547

4,041,317

Creditors: Amounts falling due within one year

7

(2,803,807)

(1,636,503)

Net current (liabilities)/assets

 

(200,260)

2,404,814

Total assets less current liabilities

 

(178,217)

2,426,625

Creditors: Amounts falling due after more than one year

7

-

(1,694,562)

Provisions for liabilities

 

Deferred tax asset/(liabilities)

 

603,487

(4,945)

Net assets

 

425,270

727,118

Capital and reserves

 

Called up share capital

150

150

Profit and loss account

425,120

726,968

Total equity

 

425,270

727,118

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 


B D Graham
Director

   
 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

The directors, in their assessment, have considered current and forecast trading and cashflows as well as any funding requirements and the potential for group support.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Turnover arising from the placement of permanent candidates is recognised in line with the criteria of the engagement, with any stage and final invoicing being recognised as revenue when the directors consider the service criteria to have been fulfilled. Turnover arising from temporary placement is recognised over the period that temporary workers are provided.

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Straight line

Computers

25% Straight line

Website

25% Straight line

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 21 (2022 - 15).

4

Tangible assets

Furniture, fittings and equipment
 £

Website
 £

Total
£

Cost or valuation

At 1 February 2022

57,028

26,479

83,507

Additions

13,062

-

13,062

At 31 January 2023

70,090

26,479

96,569

Depreciation

At 1 February 2022

45,629

16,680

62,309

Charge for the year

6,235

6,595

12,830

At 31 January 2023

51,864

23,275

75,139

Carrying amount

At 31 January 2023

18,226

3,204

21,430

At 31 January 2022

11,399

9,799

21,198

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

613

613

Subsidiaries

£

Cost or valuation

At 1 February 2022

613

Provision

Carrying amount

At 31 January 2023

613

At 31 January 2022

613

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,173,437

1,256,054

Amounts owed by group undertakings and undertakings in which the company has a participating interest

619,747

355,240

Prepayments

 

24,463

61,520

Other debtors

 

119,283

33,202

   

1,936,930

1,706,016

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

-

305,438

Trade creditors

 

23,011

30,298

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,218,117

16,590

Taxation and social security

 

296,149

447,111

Corporation tax

 

-

241,881

Other creditors

 

266,530

595,185

 

2,803,807

1,636,503

Due after one year

 

Loans and borrowings

9

-

1,694,562


Amounts owed to group undertakings and undertakings in which the company has a participating interest includes a £2m loan, and whilst there are no set repayment terms the directors do not anticipate repayment of this debt if considered detrimental to the company's ability to pay its future liabilities for a period of at least 12months from the signing date of these accounts. This debt is unsecured.

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

8

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 February 2022

4,241

4,241

Additional provisions

(607,728)

(607,728)

At 31 January 2023

(603,487)

(603,487)

Deferred tax

Deferred tax assets and liabilities:

2023

Asset
£

Tax losses

607,728

   

2022

Liability
£

Accelerated tax depreciation

4,241

   

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

305,438

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

1,694,562

The bank loan owing from TritonExec Limited was paid in full during the year ended 31 January 2023.

10

Parent and ultimate parent undertaking

The company's immediate parent is Hirewell Inc, incorporated in Delaware, US.

 The ultimate parent is Prytek Holdings Pte Ltd , incorporated in Singapore.

 The most senior parent entity producing publicly available financial statements is Prytek Holdings Pte Ltd. These financial statements are available upon request from 4 Battery Road, #25-01 Bank of China Building, Singapore

 

 

TritonExec Limited

Notes to the Financial Statements
for the Year Ended 31 January 2023

11

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 10 November 2023 was Christopher Walford ACA, who signed for and on behalf of Albert Goodman LLP.