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REGISTERED NUMBER: 06736940 (England and Wales)















TRIMITE TECHNOLOGIES LIMITED

Financial Statements for the Year Ended 31 March 2023






TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 10


TRIMITE TECHNOLOGIES LIMITED

Company Information
for the year ended 31 March 2023







Directors: N E Smith
T P Westwood



Registered office: Unit 1 Colemeadow Road
Moons Moat North Industrial Estate
Redditch
Worcestershire
B98 9PB



Registered number: 06736940 (England and Wales)



Auditors: Cooper Parry Group Limited
Statutory Auditor
CUBO Birmingham
Office 401, 4th Floor
Birmingham
West Midlands
B3 3AX



Bankers: HSBC UK Bank plc
1 Centenary Square
Birmingham
B1 1HQ

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 398,307 105,867
398,307 105,867

Current assets
Stocks 6 574,524 628,738
Debtors 7 5,659,963 4,322,681
Cash at bank 38,220 25,218
6,272,707 4,976,637
Creditors
Amounts falling due within one year 8 2,390,643 2,057,053
Net current assets 3,882,064 2,919,584
Total assets less current liabilities 4,280,371 3,025,451

Capital and reserves
Called up share capital 11 2 2
Retained earnings 4,280,369 3,025,449
Shareholders' funds 4,280,371 3,025,451

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





N E Smith - Director


TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements
for the year ended 31 March 2023

1. Statutory information

Trimite Technologies Limited is a private company limited by shares and incorporated in England and Wales. Registered number 06736940. The registered head office is located at 1 Dover Street, Birmingham, B18 5HW.The financial statements are presented in sterling (£).

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The net debt position of the Trimite Top Co Limited group, of which Trimite Technologies Limited forms a part, is carefully managed and the business retains an excellent relationship with the primary lender, Duke Royalty UK Limited, who remains supportive of the group's medium term strategy and growth plans.

The directors obtained a pledge of continued financial support from the ultimate parent company, Trimite Top Co Limited until at least 30 April 2025.

On this basis the directors consider that the company has sufficient resources to continue operating as a going concern for a period of at least twelve months from the date of signing the financial statements. The financial statements have therefore been prepared on a going concern basis.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sales of goods
Revenue from the sale of good is recognised when all the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is generally recognised on dispatch.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Freehold property- 5 years straight line
Plant and machinery- 4 to 10 years straight line
Motor vehicles - 3 years straight line
Fixtures and fittings - 1 to 8 years straight line

The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At the balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to it selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable and receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows, discounted at the rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the differences between an asset;s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. Accounting policies - continued
Current and deferred taxation
The tax expense for the year compromises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, expect that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on straight line basis over the lease term.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction cost, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with significant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Government grants
Grants of a revenue nature are recognised in other operating income within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough').

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. Accounting policies - continued

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

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet, The assets of the plan are held separately from the Company in independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, talking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3. Employees and directors

The average number of employees during the year was 8 (2022 - 12 ) .

4. Intangible fixed assets
Intellectual
property
£   
Cost
At 1 April 2022
and 31 March 2023 60,152
Amortisation
At 1 April 2022
and 31 March 2023 60,152
Net book value
At 31 March 2023 -
At 31 March 2022 -

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 April 2022 40,171 538,341 363,369 - 941,881
Additions 17,719 205,336 93,294 12,995 329,344
At 31 March 2023 57,890 743,677 456,663 12,995 1,271,225
Depreciation
At 1 April 2022 39,604 441,663 354,747 - 836,014
Charge for year 411 30,736 5,757 - 36,904
At 31 March 2023 40,015 472,399 360,504 - 872,918
Net book value
At 31 March 2023 17,875 271,278 96,159 12,995 398,307
At 31 March 2022 567 96,678 8,622 - 105,867

6. Stocks
2023 2022
£    £   
Raw materials 3,924 76,723
Finished goods 570,600 552,015
574,524 628,738

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,092,600 957,017
Amounts owed by group undertakings 4,383,405 3,348,651
Other debtors 85,500 -
Corporation tax 15,948 15,948
Deferred tax asset 59,379 -
Prepayments 23,131 1,065
5,659,963 4,322,681

Amounts owed by group undertakings and related parties are interest free, unsecured and repayable on demand.

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 136 -
Trade creditors 311,216 226,896
Amounts owed to group undertakings 1,339,546 946,017
Amounts owed to participating interests 4,615 -
Social security and other taxes 7,202 15,188
VAT 87,139 129,148
Other creditors 890 11,625
Invoice discounting facility 553,218 645,680
Accruals and deferred income 86,681 82,499
2,390,643 2,057,053

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

8. Creditors: amounts falling due within one year - continued

The invoice discounting facility is secured by a fixed and floating charge on the Company's assets.

Amounts owed to group undertakings are interest free and repayable on demand.

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 112,209 82,852
Between one and five years 444,662 1,043
In more than five years 459,333 -
1,016,204 83,895

The company acquired a lease for a new office at Colemeadow from 31 December 2022 instead of renewing the lease for the previous property, which expired prior to year end (18 March 2023)..

10. Deferred tax
£   
Provided during year (59,379 )
Balance at 31 March 2023 (59,379 )

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified, and signed on 28 March 2024 by George Style, Senior Statutory
Auditor, for and on behalf of Cooper Parry Group Limited.

Material Uncertainty in relation to going concern

We draw attention to note 2 'Going concern' in the Financial Statements and to the Consolidated Financial Statements of Trimite Top Co Limited, of which Trimite Technologies Limited forms a part.

The consolidated management accounts of Trimite Top Co Limited for the year ended 31 March 2023 show that the group incurred a net loss of £0.38M during the year ended 31 March 2023 and, as of that date, the group's current liabilities exceeded the current assets by £5.5M.

These conditions indicate the existence of a material uncertainty which may cast significant doubt over the company and group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company or group were unable to continue as a going concern.

The group is reliant on its primary lender, Duke Royalty UK Limited, who remains supportive of the group's medium term strategy and growth plans. The group has received a pledge of continued financial support from Duke Royalty UK Limited until at least twelve months from the date of the approval of the Trimite Topco Limited accounts for the year ended 31 March 2023.

We also draw attention to the contingent liabilities note within the financial statements which states that, as a result of prevailing market conditions, whilst the group was able to fulfil all of its loan repayment obligations, it was unable to meet certain debt servicing benchmarks set out in its bank and other loan agreements during the year ended 31 March 2023. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the entity's ability to continue to adopt the going concern basis of accounting including a review of commitment they have received from Duke Royalty UK Limited

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

George Style (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

13. Contingent liabilities

The company and certain fellow group companies have entered into a cross-guarantee agreements in relation to loan facilities with Duke Royalty UK Limited. At 31 March 2023 the contingent liability under these arrangements was £14,711,084 (2022 £12,174,914)).

Whilst the group was able to fulfil all of its loan repayment obligations, it was unable to meet certain debt servicing benchmarks set out in its bank and other loan agreements during the year ended 31 March 2023. Duke Royalty UK Limited have formally waived the breach for 2023. The group expects to be in breach for the year ended 31 March 2024.

14. Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,075 (2021 - £5,539). Contributions totalling £1,054 (2021- £1,067) were payable to the fund at the balance sheet date and are included in creditors.

TRIMITE TECHNOLOGIES LIMITED (REGISTERED NUMBER: 06736940)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

15. Related party disclosures

The company has taken advantage of the exemption available under FRS102 not to disclose transactions between the group company and its parent and 100% owned subsidiaries within the Trimite Top Co Limited group.

Key management is considered to include all of the directors who are remunerated through other group companies.

16. Ultimate controlling party

The immediate parent company is Trimite Bid Co Limited, a company registered in England.

The ultimate parent company is Trimite Top Co Limited, a company registered in England. The issued share capital of Trimite Top Co Limited is owned by numerous parties and therefore, in the opinion of the Directors, there is no ultimate controlling party in the Company.