Company registration number 02167522 (England and Wales)
TRICEL (PORTSMOUTH) LIMITED
(FORMERLY ACTION PUMPS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
TRICEL (PORTSMOUTH) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
TRICEL (PORTSMOUTH) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. K Dunford
Mr. R P Stack
Mr. C J Stack
Mr. M J Stack
Mr. R S Stack
Company number
02167522
Registered office
Unit 14 Arnside Road
Waterlooville
Hampshire
United Kingdom
PO7 7UP
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
TRICEL (PORTSMOUTH) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
146,962
168,606
Current assets
Stocks
583,166
351,164
Debtors
6
5,804,761
3,784,195
Cash at bank and in hand
293,148
483,653
6,681,075
4,619,012
Creditors: amounts falling due within one year
7
(2,036,191)
(719,621)
Net current assets
4,644,884
3,899,391
Total assets less current liabilities
4,791,846
4,067,997
Provisions for liabilities
(30,316)
(24,476)
Net assets
4,761,530
4,043,521
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
4,761,430
4,043,421
Total equity
4,761,530
4,043,521
TRICEL (PORTSMOUTH) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr. K Dunford
Director
Company Registration No. 02167522
The notes on pages 4 to 11 form part of these financial statements
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Tricel (Portsmouth) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14 Arnside Road, Waterlooville, Hampshire, United Kingdom, PO7 7UP.
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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts receivable during the year exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the rendering of services under a contract, is recognised by reference to the stage of completion of the performance conditions contained within the contract. Where the contract outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
over the life of the lease
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
33.3% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises all costs incurred in bringing the stocks to their present location and condition. Net realisable value is assessed as the estimated selling price less costs to sell. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its assessed net realisable value is recognised as an impairment loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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, loans to fellow group companies 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.
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument 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 are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at 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 payment is due within one year or 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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.
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
26
23
4
Directors' remuneration
2022
2021
£
£
Remuneration paid to directors
223,463
270,675
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
5
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2022
130,712
65,487
7,265
83,428
153,829
440,721
Additions
112
23,469
12,603
36,184
Disposals
(8,095)
(8,095)
At 31 December 2022
130,824
80,861
7,265
96,031
153,829
468,810
Depreciation and impairment
At 1 January 2022
90,924
41,371
5,975
66,510
67,335
272,115
Depreciation charged in the year
16,656
4,879
138
10,022
21,912
53,607
Eliminated in respect of disposals
(3,874)
(3,874)
At 31 December 2022
107,580
42,376
6,113
76,532
89,247
321,848
Carrying amount
At 31 December 2022
23,244
38,485
1,152
19,499
64,582
146,962
At 31 December 2021
39,788
24,116
1,290
16,918
86,494
168,606
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,454,191
1,149,566
Amounts owed by group undertakings
3,303,331
2,583,571
Other debtors
3,250
3,250
Prepayments and accrued income
43,989
47,808
5,804,761
3,784,195
Amounts owed by group undertakings, included within debtors falling due within one year, are repayable on demand, but have no formal repayment terms in place.
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,567,451
273,298
Amounts owed to group undertakings
15,631
51,211
Corporation tax
93,812
34,952
Other taxation and social security
144,202
115,840
Other creditors
5,159
1,121
Accruals and deferred income
209,936
243,199
2,036,191
719,621
TRICEL (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Lucy Filer FCA.
The auditor was TC Group.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
123,140
212,780
10
Related party transactions
Transactions with related parties
The company has applied the exemptions available within Section 33.1A of FRS 102 not to disclose transactions with wholly owned group undertakings.
11
Directors' transactions
During the year the company paid rent for the use of property totalling £71,760 (2021 - £71,753) to a partnership in which one of the current directors is a member.
12
Parent company
Tricel Holdings (UK) Limited is the parent company. Tricel Holdings (UK) Limited's ultimate parent undertaking is ACSTK (Holdings) Unlimited Company, incorporated in the Republic of Ireland, whose registered office is Ballyspillane Industrial Estate, Killarney, Co Kerry, ROI.
2022-12-312022-01-01false23 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr. K DunfordMr. R P StackMr. C J StackMr. M J StackMr. R S Stackfalse021675222022-01-012022-12-3102167522bus:Director12022-01-012022-12-3102167522bus:Director22022-01-012022-12-3102167522bus:Director32022-01-012022-12-3102167522bus:Director42022-01-012022-12-3102167522bus:Director52022-01-012022-12-3102167522bus:RegisteredOffice2022-01-012022-12-31021675222022-12-31021675222021-12-3102167522core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3102167522core:PlantMachinery2022-12-3102167522core:FurnitureFittings2022-12-3102167522core:ComputerEquipment2022-12-3102167522core:MotorVehicles2022-12-3102167522core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3102167522core:PlantMachinery2021-12-3102167522core:FurnitureFittings2021-12-3102167522core:ComputerEquipment2021-12-3102167522core:MotorVehicles2021-12-3102167522core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102167522core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3102167522core:CurrentFinancialInstruments2022-12-3102167522core:CurrentFinancialInstruments2021-12-3102167522core:ShareCapital2022-12-3102167522core:ShareCapital2021-12-3102167522core:RetainedEarningsAccumulatedLosses2022-12-3102167522core:RetainedEarningsAccumulatedLosses2021-12-3102167522core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-3102167522core:PlantMachinery2022-01-012022-12-3102167522core:FurnitureFittings2022-01-012022-12-3102167522core:ComputerEquipment2022-01-012022-12-3102167522core:MotorVehicles2022-01-012022-12-31021675222021-01-012021-12-3102167522core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3102167522core:PlantMachinery2021-12-3102167522core:FurnitureFittings2021-12-3102167522core:ComputerEquipment2021-12-3102167522core:MotorVehicles2021-12-31021675222021-12-3102167522core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-3102167522bus:PrivateLimitedCompanyLtd2022-01-012022-12-3102167522bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3102167522bus:FRS1022022-01-012022-12-3102167522bus:Audited2022-01-012022-12-3102167522bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP