Company registration number 04628386 (England and Wales)
Triton Security & Facilities
Management Limited
Annual Report and
Financial Statements
for the year ended 31 December 2023
Triton Security & Facilities Management Limited
Company Information
Directors
G Foxcroft
A Wood
L Gibson
L Paver
Company number
04628386
Registered office
Templar House
1 Sandbeck Court
Sandbeck Way
Wetherby
West Yorkshire
LS22 7BA
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Triton Security & Facilities Management Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Statement of income and retained earnings
11
Statement of financial position
12
Notes to the financial statements
13 - 20
Triton Security & Facilities Management Limited
Strategic Report
for the year ended 31 December 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
Triton Security & Facilities Management Limited are a leading integrated security and safety organisation, specialising in the provision of risk management services and solutions to clients operating in high risk and potentially vulnerable environments including critical, national assets and infrastructure.
The company is the largest division within the Triton Group, providing quality national manned security services and facilities management to a wide range of customers. This encompasses a host of different services from manned security, waking watch, cleaning, and indeed a full facilities package for our loyal clients.
The Board present a balanced and comprehensive review of the development and performance of the business during the period and of its position at the period end. The review is consistent with the size and nature of our business and is written in the context of the opportunities and risks the company faces.
What we do
As a seasoned security and facilities management company, our commitment extends beyond mere service provision — we are dedicated to establishing enduring partnerships through the delivery of unparalleled services. Operating throughout the United Kingdom, we take pride in the meticulous management and steadfast support of our valued clientele.
With a legacy dating back to 2003, we have been entrusted with the security and facilities management of some of the UK's largest enterprises. Our headquarters in Yorkshire serve as the nerve centre from which we have cultivated a reputation built on trust and reliability, earning the confidence of each client we serve.
At the core of our service philosophy lies the concept of added value. We go beyond conventional offerings, presenting proposals that not only enhance but actively contribute to the advancement of our customers' sites. Delving deep into the intricacies of our clients' needs, we strive to comprehend their operations thoroughly, enabling us to introduce innovative solutions that elevate both their security and broader facilities provision.
Our Purpose
Here at Triton Security & Facilities Management Ltd, we take care of people and places and our services help businesses prosper and our people enjoy experiences from the everyday, to the extraordinary safely together. Whilst the range of our service offering is broad, our focus is single-minded.
Values
Our company cares about the things that really matter. We place great emphasis on social value and behaving in a way that benefits our people, partners, clients and communities.
We believe in doing things the right way, and this starts close to home by treating our colleagues with respect and looking after their well-being, because taking good care of our colleagues means that they can take better care of our customers. When a business like ours thrive, the whole community benefits. Our social value team are dedicated to overseeing our forward-thinking commitment to support diversity, inclusion, and the communities of the whole Triton community. This commitment is supported by rigorous company policies that ensure all of our staff know what we expect from them, and what they can expect from us as an employer. Staff wellbeing is something we take extremely seriously.
Across the company, we show our support for a variety of charities and good causes. Our staff receive a package of benefits designed to take care of their health and wellbeing. Every staff member has access to a Health Employee Assistance Programme which includes support for their mental health through cognitive behavioural therapy. We have trained workplace mental health first aiders, who can support every member of our team. This programme also supports our employees’ physical health by providing help with dental and opticians costs.
It's our belief that the key to securing confidence is within our own workforce. We follow the model that “you don’t build a business-you build people- and then people build your business”.
Triton Security & Facilities Management Limited
Strategic Report (continued)
for the year ended 31 December 2023
- 2 -
We pledge to carry out our work with integrity, to be committed to learning and striving for the best. Our company culture is based on our core values to be trustworthy, accountable and always dependable. We believe hard work should always be rewarded.
Our services and products are designed with environmental sustainability as a priority. We take a long-term view to creating sustainable solutions for our clients. We understand the positive influence we can have on the environment and that our clients are looking to work with sustainability-minded businesses. Choosing to use green technology has made a big impact, especially in transport, and we are proud to run a fleet of electric vehicles. We also act to promote recycling; the reduction of waste and we even operate paperless systems in our head office.
Vision
At Triton Security, our mission for the future is rooted in an unwavering commitment to pioneering security solutions and redefining the landscape of facilities management. We aspire to be at the forefront of innovation, seamlessly adapting to emerging challenges and technological advancements in the security industry. Our focus extends beyond traditional service boundaries, aiming to create a future where businesses thrive, and individuals experience a heightened sense of safety and well-being. Through strategic partnerships, continuous improvement, and a forward-thinking approach. Triton Security envisions a future where our influence transcends conventional boundaries, nurturing a world where the seamless integration of security and facilities management not only safeguards communities but also lays the foundation for a safer, more prosperous, and interconnected tomorrow.
Mission Statement
Proud to be different, Proud to be Triton.
Chief Executive's Review, Graham Foxcroft
Dear Shareholders,
It is my pleasure to present the Strategic Report for 2023 outlining the performance and key highlights of Triton Security & Facilities Management Limited.
Financial Performance:
Revenue:
In the fiscal year under review, our total revenue experienced an impressive surge, recording a remarkable 36.0% increase and culminating in an outstanding £40,491,260. This substantial growth is a testament to the unwavering commitment of our commercial team in propelling revenue.
Profitability:
The company has maintained a robust financial position, with a 73.6% increase in net profit, reflecting our commitment to operational efficiency and strategic financial management.
Operational Highlights:
A significant milestone in Triton's operational journey is the notable expansion of our contract manager team, reflecting our unwavering commitment to delivering exceptional service. Over the past year, we have strategically increased our headcount within the contract manager team, ensuring a more robust and responsive approach to our clients' needs. This deliberate enhancement aligns with our vision of maintaining the highest standards in security and facilities management.
Market Expansion:
In the past year, our strategic initiatives propelled us to successfully broaden our market presence into Scotland. Additionally, securing partnerships with major blue-chip organizations marked a significant milestone. This dual accomplishment not only fuelled our revenue growth but also strategically positioned us for sustained success in the long term.
Triton Security & Facilities Management Limited
Strategic Report (continued)
for the year ended 31 December 2023
- 3 -
Triton Security & Facilities Management Limited
Strategic Report (continued)
for the year ended 31 December 2023
- 4 -
Innovation and Sustainability:
We will continue to prioritize innovation in our service delivery, introducing state-of-the-art security solutions that leverage the latest advancements in technology. Additionally, Triton Security is dedicated to enhancing our sustainability initiatives, aligning our operations with eco-friendly practices to contribute positively to the environment.
Our client-centric approach places the needs and satisfaction of our clients at the forefront of every decision and action we take.
Employee Development:
We know our people are our greatest asset, Triton Security is committed to ongoing investment in employee development programs. This includes advanced training, leadership development, and initiatives that prioritise the well-being of our dedicated team, ensuring they are equipped to deliver the highest standards of service.
Triton Security is confident in its ability to navigate the dynamic landscape of the security industry and emerge as a leading force in delivering innovative, sustainable, and client-focused security solutions in the years to come.
Appreciation:
I would like to express my sincere appreciation to our employees, whose hard work and dedication have been instrumental in our achievements. I also extend my gratitude to our shareholders, customers, and business partners for their continued support.
In conclusion, I am confident that Triton Security & Facilities Management is well-positioned for continued growth and success in the coming years.
Results
The pre-tax profit for the year is £6,930,449 (2022: £3,750,911). Net assets of the company have increased to £727,828 (2022: £686,114). This was a group decision to distribute profits to the parent company.
Key Performance Indicators
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
EBITDA as a percentage of turnover | | | | | |
The information above represents a 12 month period to 31 December 2023 and a 12 month period to 31 December 2022. The company has performed well against its budgeted activities.
Financial Performance Summary
Turnover has increased by 36.0% over the 12 months in comparison to the same period covered by the results for the period ended 31st December 2022.
Future Developments
The company is continuing to develop its IT and software systems that will assist in delivering a more efficient and transparent service for its customers. This is an ongoing program of works the company expects to complete within the next 2-3 years. Since the balance sheet date, the company has continued to be successful in winning new customers and new contracts. The board is hoping to achieve a further growth in revenues of circa 20% for the coming year. There are no plans to incur further overheads other than those necessary to deliver the levels of service required and expected by customers.
Principal Risk and Uncertainties
The company’s principal financial instruments comprise cash, invoice discounting, and various items such as trade, debtors, and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company’s operations. The existence of these financial instruments exposes the company to a number of financial risks.
Triton Security & Facilities Management Limited
Strategic Report (continued)
for the year ended 31 December 2023
- 5 -
The main risks arising from the company's financial risk are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Credit risk
The company seeks to manage its credit risk by dealing with established customers in the industry.
Liquidity risk
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest in cash assets safely and profitably.
Interest rate risk
The company's exposure is due to changes in interest rates. The company seeks to manage this risk by keeping bank borrowings to a minimum.
G Foxcroft
Director
28 March 2024
Triton Security & Facilities Management Limited
Directors' Report
for the year ended 31 December 2023
- 6 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of security providers and facilities management.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £5,167,775. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Foxcroft
A Wood
L Gibson
L Paver
Auditor
The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Triton Security & Facilities Management Limited
Directors' Report (continued)
for the year ended 31 December 2023
- 7 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
G Foxcroft
Director
28 March 2024
Triton Security & Facilities Management Limited
Independent Auditor's Report
to the members of Triton Security & Facilities Management Limited
- 8 -
Opinion
We have audited the financial statements of Triton Security & Facilities Management Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Triton Security & Facilities Management Limited
Independent Auditor's Report (continued)
to the members of Triton Security & Facilities Management Limited
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.;
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Triton Security & Facilities Management Limited
Independent Auditor's Report (continued)
to the members of Triton Security & Facilities Management Limited
- 10 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Charles R Moorby
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
28 March 2024
Triton Security & Facilities Management Limited
Statement of Income and Retained Earnings
for the year ended 31 December 2023
- 11 -
2023
2022
Notes
£
£
Turnover
2
40,491,260
29,770,434
Cost of sales
(30,698,597)
(23,524,363)
Gross profit
9,792,663
6,246,071
Administrative expenses
(2,572,459)
(2,250,242)
Operating profit
3
7,220,204
3,995,829
Interest receivable
18,069
26,231
Interest payable
7
(307,824)
(271,149)
Profit before taxation
6,930,449
3,750,911
Tax on profit
8
(1,720,960)
(750,575)
Profit for the financial year
5,209,489
3,000,336
Retained earnings brought forward
663,244
696,854
Dividends
9
(5,167,775)
(3,033,946)
Retained earnings carried forward
704,958
663,244
The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.
Triton Security & Facilities Management Limited
Statement of financial position
as at 31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
393,863
Current assets
Debtors
11
11,472,710
11,344,796
Cash at bank and in hand
951,883
355,659
12,424,593
11,700,455
Creditors: amounts falling due within one year
12
(11,543,401)
(10,943,845)
Net current assets
881,192
756,610
Total assets less current liabilities
881,192
1,150,473
Creditors: amounts falling due after more than one year
13
(153,364)
(464,359)
Net assets
727,828
686,114
Capital and reserves
Called up share capital
14
200
200
Share premium account
22,670
22,670
Profit and loss reserves
704,958
663,244
Total equity
727,828
686,114
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
G Foxcroft
Director
Company registration number 04628386 (England and Wales)
Triton Security & Facilities Management Limited
Notes to the financial statements
for the year ended 31 December 2023
- 13 -
1
Accounting policies
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.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available to it.
The financial statements of the company are consolidated in the financial statements of TTGOC Ltd. These consolidated financial statements are available from its registered office, Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period and derives from the provision of goods falling within the company's ordinary activities. Turnover is recognised upon the provision of services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% - 20% reducing balance
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.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 14 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
The pension costs charged in the financial statements represent the contribution payable by the company during the period. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on a straight line basis over the period of the lease.
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.
2
Turnover
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Security & cleaning
39,707,648
29,592,941
Facilities management
358,740
175,764
CCTV
424,872
1,729
40,491,260
29,770,434
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 15 -
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Audit fee
7,500
7,500
Depreciation of owned tangible fixed assets
379,569
103,650
Loss on disposal of tangible fixed assets
6,927
167,878
Operating lease charges
123,929
120,013
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
209
211
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
5,774,975
5,214,280
Pension costs
118,587
139,340
5,893,562
5,353,620
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
33,130
36,140
Company pension contributions to defined contribution schemes
10,000
45,000
43,130
81,140
6
Retirement benefit schemes
2023
2022
£
£
Charge to profit or loss
118,587
139,340
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 16 -
7
Interest payable
2023
2022
£
£
Interest on bank overdrafts and loans
53,326
84,659
Interest on invoice finance arrangements
106,502
78,561
Interest on finance leases and hire purchase contracts
203
4,769
Invoice finance charges
147,146
96,277
Other interest
647
6,883
307,824
271,149
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,720,960
756,845
Deferred tax
Origination and reversal of timing differences
(6,270)
Total tax charge
1,720,960
750,575
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
6,930,449
3,750,911
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,630,042
712,673
Tax effect of expenses that are not deductible in determining taxable profit
21,656
14,209
Change in unrecognised deferred tax assets
69,262
23,693
Taxation charge for the year
1,720,960
750,575
9
Dividends
2023
2022
£
£
Interim paid
5,167,775
3,033,946
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 17 -
10
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
593,396
34,000
627,396
Disposals
(471,910)
(34,000)
(505,910)
At 31 December 2023
121,486
121,486
Depreciation and impairment
At 1 January 2023
215,868
17,665
233,533
Depreciation charged in the year
377,528
2,041
379,569
Eliminated in respect of disposals
(471,910)
(19,706)
(491,616)
At 31 December 2023
121,486
121,486
Carrying amount
At 31 December 2023
At 31 December 2022
377,528
16,335
393,863
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,217,506
6,879,188
Amounts owed by group undertakings
2,959,099
3,327,839
Other debtors
545,062
Prepayments and accrued income
296,105
592,707
11,472,710
11,344,796
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 18 -
12
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
129,070
100,000
Obligations under finance leases
3,400
Trade creditors
8,023,594
7,621,089
Invoice finance
346,798
656,346
Corporation tax
228,060
456,845
Other taxation and social security
1,251,955
911,411
Other creditors
132,716
48,353
Accruals and deferred income
1,431,208
1,146,401
11,543,401
10,943,845
Obligations under finance leases are secured. Bank loans are secured. The invoice finance creditor is secured on the book debts of the company.
13
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
153,364
444,392
Obligations under finance leases
5,100
Taxation and social security
8,993
Other creditors
5,874
153,364
464,359
Obligations under finance leases are secured. Bank loans are secured.
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 19 -
14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
190
190
190
190
A Ordinary shares of £1 each
5
5
5
5
B Ordinary shares of £1 each
5
5
5
5
200
200
200
200
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
82,558
52,627
Between two and five years
101,073
44,908
183,631
97,535
16
Related party transactions
In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.
During the year the company sold goods and services to Triton Project Solutions Limited amounting to £132,855 (2022 : £213,988). The company paid for goods and services from Triton Project Solutions Limited amounting to £22,039 (2022 : £18,192). The balance due from Triton Project Solutions Limited at 31 December 2023 was £8,653 (2022 : £543,895).
During the year the company sold goods and services to TritonTrak Limited amounting to £18,152 (2022 : £55,554). The company paid for goods and services from TritonTrak Limited amounting to £3,238 (2022 : £2,740). The balance due from TritonTrak Limited at 31 December 2023 was £400 (2022 : (£1,612)). G Foxcroft & A Wood are directors of this company.
During the year the company sold goods and services to Triton Recruitment Limited amounting to £27,804 (2022 : £63,634). The company paid for goods and services from Triton Recruitment Limited amounting to £630 (2022 : £nil). The balance due from Triton Recruitment Limited at 31 December 2023 was £2,773 (2022 : £2,653). G Foxcroft & A Wood are directors of this company.
17
Parent company
The parent company of Triton Security & Facilities Management Ltd is Triton Group Holdings Ltd and its registered office is Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
The ultimate parent company of Triton Securities & Facilities Management Ltd is TTGOC Ltd and its registered office is Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
Triton Security & Facilities Management Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 20 -
18
Company information
Triton Security & Facilities Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
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