Company registration number 01431715 (England and Wales)
TRIGON HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
TRIGON HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J E Eden
M J Eden
Secretary
C L Eden
Company number
01431715
Registered office
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
Auditor
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
TRIGON HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
TRIGON HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present the strategic report for the year ended 30 June 2023.
Review of the business
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
The company derives income from rental of properties to its wholly owned subsidiary and from the provision of management services to that same subsidiary.
The company's key financial and other performance indicators during the year were as followed:
Financial KPIs
Units
2023
2022
Turnover
£
1,585,083
1,120,500
Profit before tax
£
2,709,152
3,223,966
Property valuation
£
10,288,405
8,300,298
Borrowing as a proportion of property values
%
4
13
Principal risks and uncertainties
The principal risks and uncertainties in this company surround the fair value of the properties, the potential for changes in interest rates and the success of the subsidiary company.
The directors manage the first two of these risks as far as possible by ensuring that the properties are kept in good order and by ensuring that the group has sufficient liquidity and headroom so that borrowing levels and financing costs are not a burden to the group. Two additional properties were added during the financial year and borrowing at 4% of total property values remains comfortable. Borrowing is taken on a mix of fixed and variable rates and whilst it is expected that interest rates will increase from the current level, the company is well placed to deal with any increase in interest costs.
The Subsidiary company continues to grow and trade successfully and presents its own strategic review in its accounts in relation to the risks and uncertainties that it faces.
M J Eden
Director
14 February 2024
TRIGON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J H Eden
(Resigned 7 February 2023)
J E Eden
M J Eden
Principal activities
The principal activity of the company is a holding company, owning property that is let to subsidiary and connected companies. The company also operates to provide management services to its subsidiary.
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.
Financial instruments
Objectives and policies
The Company is exposed to the following risks from its use of financial instruments:
- Credit Risk
- Liquidity Risk
The Directors have overall responsibility for the establishment and oversight of the Company’s risk management framework.
The company does not have a formal risk management policy program. The exposure to the above risks are monitored by the Board of Directors as part of its daily management of the company activities.
TRIGON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Price risk, credit risk, liquidity risk and cash flow risk
The company’s principal financial instruments comprise of bank balances and inter- group debtor balances.
In respect of bank balances, liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The bank balances comprise of mortgages, in respect of the company’s properties, as well as cash held in ordinary current accounts.
Inter group debtor balances are managed in respect of credit risk by the regular monitoring of amounts outstanding. The amounts presented in the balance sheet are net of specific allowances for doubtful debts.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
M J Eden
Director
14 February 2024
TRIGON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIGON HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Trigon Holdings Limited (the 'company') for the year ended 30 June 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 30 June 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.
TRIGON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIGON HOLDINGS LIMITED
- 5 -
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
TRIGON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIGON HOLDINGS LIMITED
- 6 -
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;
• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;
• enquiring of management as to actual and potential fraud, litigation and claims;
• designing our audit procedures to respond to our risk assessment;
• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
• performing analytical procedures to identify any large, unusual or unexpected relationships.
• review minutes of the meetings of management and those charged with governance.
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.
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.
David Mark Newborough (Senior Statutory Auditor)
For and on behalf of Ashgates Corporate Services Limited, Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
14 February 2024
TRIGON HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
1,585,083
1,120,500
Administrative expenses
(355,612)
(222,725)
Fair value adjustment
826,280
Operating profit
4
1,229,471
1,724,055
Interest receivable and similar income
1,540,000
1,550,000
Interest payable and similar expenses
7
(60,319)
(50,089)
Profit before taxation
2,709,152
3,223,966
Tax on profit
8
(199,146)
(215,565)
Profit for the financial year
2,510,006
3,008,401
The profit and loss account has been prepared on the basis that all operations are continuing operations.
TRIGON HOLDINGS LIMITED
BALANCE SHEET
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,893
6,116
Investment property
11
10,288,405
8,300,298
Investments
12
10,000
10,000
10,303,298
8,316,414
Current assets
Debtors
14
888,259
1,455,940
Cash at bank and in hand
911,910
940,363
1,800,169
2,396,303
Creditors: amounts falling due within one year
15
(1,104,213)
(504,530)
Net current assets
695,956
1,891,773
Total assets less current liabilities
10,999,254
10,208,187
Creditors: amounts falling due after more than one year
16
(304,181)
(919,726)
Provisions for liabilities
Deferred tax liability
18
154,994
218,388
(154,994)
(218,388)
Net assets
10,540,079
9,070,073
Capital and reserves
Called up share capital
20
2,201
2,201
Revaluation reserve
1,946,856
1,946,856
Profit and loss reserves
21
8,591,022
7,121,016
Total equity
10,540,079
9,070,073
TRIGON HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
- 9 -
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 14 February 2024 and are signed on its behalf by:
M J Eden
Director
Company registration number 01431715 (England and Wales)
TRIGON HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
2,201
1,166,317
5,753,154
6,921,672
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
3,008,401
3,008,401
Dividends
9
-
-
(860,000)
(860,000)
Transfers
-
780,539
(780,539)
-
Balance at 30 June 2022
2,201
1,946,856
7,121,016
9,070,073
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
2,510,006
2,510,006
Dividends
9
-
-
(1,040,000)
(1,040,000)
Balance at 30 June 2023
2,201
1,946,856
8,591,022
10,540,079
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
1
Accounting policies
Company information
Trigon Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG.
The principal place of activity of the business is Ripley, Derbyshire.
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.
The company meets the definition of a qualifying entity under the FRS 102 standards and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have also been taken in relation to the presentation of a cash flow statement.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Trigon Holdings Limited is a wholly owned subsidiary of Trigon Group Limited and the results of Trigon Holdings Limited are included in the consolidated financial statements of Trigon Group Limited which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
1.2
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from rent is recognised on a straight line basis over the term of the lease, or where no formal lease is in place based on the rental period covered. Revenue from management charges is recognised when the work is performed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
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:
Fixtures and fittings
20% reducing balance
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
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.
1.8
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.
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are set out below:
Valuation of investment properties
These valuations rely on a number of estimations and assumptions being made in relation to market conditions and developments.
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rental income from investment property
525,083
460,500
Management charges
1,060,000
660,000
1,585,083
1,120,500
2023
2022
£
£
Interest receivable and similar income
Dividends received
1,540,000
1,550,000
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,675
4,950
Depreciation of owned tangible fixed assets
1,223
1,529
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration and support
6
6
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
53,496
53,496
Social security costs
580
1,221
Pension costs
260,000
128,000
314,076
182,717
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
26,748
26,748
Company pension contributions to defined contribution schemes
80,000
8,000
106,748
34,748
The number of directors accruing benefits under defined contribution schemes amounted to 2 (2022 - 2).
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
58,976
48,496
Other interest on financial liabilities
1,343
1,593
60,319
50,089
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
261,292
160,946
Adjustments in respect of prior periods
1,248
Total current tax
262,540
160,946
Deferred tax
Origination and reversal of timing differences
(63,394)
54,619
Total tax charge
199,146
215,565
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Taxation
(Continued)
- 16 -
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
2,709,152
3,223,966
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
555,376
612,553
Tax effect of expenses that are not deductible in determining taxable profit
28,946
Tax effect of income not taxable in determining taxable profit
(315,637)
(294,500)
Adjustments in respect of prior years
1,248
Deferred tax movement on revalued properties
(63,394)
54,505
Fair value adjustment
(156,993)
Effect of capital allowances and depreciation
(7,393)
Taxation charge for the year
199,146
215,565
The standard rate of corporation tax has changed in the current year due to an increase in UK tax rates during the year from 19% to 25%.
9
Dividends
2023
2022
£
£
Interim paid
1,040,000
860,000
10
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2022 and 30 June 2023
22,800
Depreciation and impairment
At 1 July 2022
16,684
Depreciation charged in the year
1,223
At 30 June 2023
17,907
Carrying amount
At 30 June 2023
4,893
At 30 June 2022
6,116
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
11
Investment property
2023
£
Fair value
At 1 July 2022
8,300,298
Additions through external acquisition
1,988,107
At 30 June 2023
10,288,405
The fair value of the investment properties were reviewed by the directors at 30 June 2023. The fair values have been determined by carrying out a review of the property and investment yields in the area. These properties were valued at £10,288,405 (2022 - £8,300,298). The historic cost of the investment properties is £8,248,324 (2022 - £6,267,012).
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
10,000
10,000
13
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eden Tyre Sales Limited
5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG, UK
Ordinary
100.00
The principal activity of Eden Tyre Sales Limited is that of Retail Tyre & Servicing centres, which supply
vehicle services, brakes, MOT’s, tyres, vehicle repairs and associated products and services; and also tyre
wholesale supplying a variety of customers around the Midlands and beyond from a dedicated tyre
warehouse
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
875,914
1,344,150
Other debtors
12,345
111,790
888,259
1,455,940
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Loans and borrowings
17
64,581
193,772
Trade creditors
6,537
8,692
Amounts owed to group undertakings
325,147
Corporation tax
182,689
91,823
Other taxation and social security
140,551
929
Other creditors
227,123
193,134
Accruals and deferred income
157,585
16,180
1,104,213
504,530
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Loans and borrowings
17
304,181
919,726
17
Loans and borrowings
2023
2022
£
£
Bank loans
368,762
1,113,498
Payable within one year
64,581
193,772
Payable after one year
304,181
919,726
All of the company's facilities with its bankers are secured by virtue of legal charge over all of the company's investment properties.
Bank borrowings due after more than 5 years
Included in bank borrowings are amounts due after more than 5 years by instalments of £nil (2022 - £316,810).
Interest is payable on one loan at base rate plus 5.49% per annum and is repayable over 168 equal instalments.
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
8,122
36,516
-
-
Retirement benefit obligations
-
-
35,000
-
Investment property
181,872
181,872
-
-
189,994
218,388
35,000
-
2023
Movements in the year:
£
Liability at 1 July 2022
218,388
Credit to profit or loss
(63,394)
Liability at 30 June 2023
154,994
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
260,000
128,000
The company operates a defined contribution pension scheme for all qualifying employees. Contributions payable to the scheme at the end of the year were £140,000.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,100
1,100
1,100
1,100
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1,067
1,067
1,067
1,067
Ordinary D of £1 each
1
1
1
1
Ordinary E of £1 each
10
10
10
10
Ordinary F of £1 each
1
1
1
1
Ordinary G of £1 each
10
10
10
10
Ordinary H of £1 each
11
11
11
11
2,201
2,201
2,201
2,201
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
20
Share capital
(Continued)
- 20 -
Rights, preferences and restrictions
Ordinary A, B, C, D, E, F, G, H shares have the following rights, preferences and restrictions: All shares rank equally, each share entitles each holder to 1 vote, entitles the holder to dividend payments or any due distribution the directors declare, each share entitles the holder pari passu to any return of capital on a pro rate basis, and shares are not to be redeemed or liable to be redeemed whether at the option of the company or shareholders.
21
Reserves
Fair value reserve
Where investment properties are measured at fair value a transfer is made to the fair value reserve along with any related deferred tax movements, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution.
Profit and loss reserve
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
22
Operating lease commitments
Lessor
The total of future minimum lease receipts due in respect of the company's investment properties is as followed:
2023
2022
£
£
Within one year
479,500
292,500
Between two and five years
1,814,667
1,066,667
In over five years
2,416,333
652,917
4,710,500
2,012,084
23
Events after the reporting date
Since the balance sheet date, dividends of £780,000 have been voted.
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
107,966
37,113
TRIGON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
24
Related party transactions
(Continued)
- 21 -
The company has an interest free loan, repayable on demand, with an Other Related Party.
Other related parties can be defined as entities which are under common control and/or are members of the same group.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
6,084
27,165
The company has taken advantage of the exemption in FRS102 Section 33 "Related Party Disclosures' from disclosing transactions with other wholly owned members of the group.
25
Directors' transactions
The company has made interest free loans, which are repayable on demand, to one of its directors. Advances and repayments are as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Interest free loan receivable
-
7,587
33,575
(28,817)
12,345
7,587
33,575
(28,817)
12,345
At the balance sheet date, the directors' are due £221,039 (2022 - £193,134) from the company by way of interest free loans which are repayable on demand.
26
Ultimate controlling party
The company's immediate parent is Trigon Group Limited, (formerly Trigon Holdings Limited) incorporated in England.
Relationship between entity and parents
The smallest and largest group in which these financial statements are consolidated is Trigon Group Limited, incorporated in England.
The address of Trigon Group Limited is:
5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG
These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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