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Registration number: 04269360

Triden Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Triden Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Triden Ltd

(Registration number: 04269360)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,529

26,038

Investment property

5

1,825,000

1,825,000

 

1,844,529

1,851,038

Current assets

 

Debtors

6

694,412

522,651

Cash at bank and in hand

 

240,708

178,785

 

935,120

701,436

Creditors: Amounts falling due within one year

7

(784,082)

(603,139)

Net current assets

 

151,038

98,297

Total assets less current liabilities

 

1,995,567

1,949,335

Provisions for liabilities

(263,843)

(265,191)

Net assets

 

1,731,724

1,684,144

Capital and reserves

 

Called up share capital

496,834

496,834

Retained earnings

1,234,890

1,187,310

Shareholders' funds

 

1,731,724

1,684,144

 

Triden Ltd

(Registration number: 04269360)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

Mrs C Wignall
Director

Mr R Wignall
Director

 
     
 

Triden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Avalon
College Road
Newton Abbot
Devon
TQ12 1EG
England

These financial statements were authorised for issue by the Board on 30 January 2024.

2

Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

The directors have reviewed the financial resources available and are confident that the company will be able to pay its debts as they fall due for the foreseeable future and accordingly have prepared the accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of commercial premises and storage units in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. Other operating income comprises the fair value of the consideration received or receivable from the company's energy supplier for power generated and fed in to the grid.

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.

 

Triden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Plant and equipment

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 tenants for rent 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.

 

Triden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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

A 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

 

Triden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

7,184

56,970

64,154

At 30 June 2023

7,184

56,970

64,154

Depreciation

At 1 July 2022

3,226

34,890

38,116

Charge for the year

989

5,520

6,509

At 30 June 2023

4,215

40,410

44,625

Carrying amount

At 30 June 2023

2,969

16,560

19,529

At 30 June 2022

3,958

22,080

26,038

5

Investment properties

2023
£

At 1 July 2022 and 30 June 2023

1,825,000


 

There was a valuation of the investment property by an independent valuer on 18 October 2018 and the directors consider that this remains a reasonable approximation of market value.

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

103

47

Amounts owed by related parties

9

694,309

522,604

 

694,412

522,651

 

Triden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Due to group undertakings

9

715,160

540,160

Taxation and social security

 

56,499

50,438

Other creditors

 

8,623

9,021

Accruals and deferred income

 

3,800

3,520

 

784,082

603,139

8

Reserves

Retained reserves includes an unrealised fair value adjustment of £1,068,278 (2022 - £1,068,278) on investment properties.

9

Related party transactions

The company has received a loan from its parent company and advanced a loan to another group company. These loans are interest free and repayable on demand. The amount owed at the balance sheet date was £715,160 (2022: £540,160) and the amount owing to the company was £694,309 (2022: £522,604).