Trident Commercial Holdings Limited
Annual report and financial statements
For the year ended 30 November 2023
Trident Commercial Holdings Limited
Company information
Directors
Mr R M Tudor
Mr C K Martin
Mrs J Tudor
Mr D J Tudor
Secretary
Mr C K Martin
Company number
01388121
Registered office
Factory Road West
Sandycroft
Deeside
Flintshire
CH5 2QJ
Auditor
DJH Mitten Clarke Audit Limited
The Glades
Festival Way
Stoke-on-Trent
Staffordshire
ST1 5SQ
Trident Commercial Holdings Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
Trident Commercial Holdings Limited
Strategic report
For the year ended 30 November 2023
- 1 -
The directors present the strategic report for the year ended 30 November 2023.
Review of the business
The directors are satisfied with the year’s trading performance of the company.
Turnover has increased by 5.5% despite a 16% reduction in comparable average LME values, which reflects the investment in production capacity the company has made during the year and the strength of customer demand for our products.
There continued to be significant upward pressure on costs during the year as a result of ongoing worldwide economic uncertainty, but the control measures implemented to mitigate this have helped the company achieve a 16.7% operating profit margin.
Forward plans
The directors intend to continue strengthening the company’s already well established business relationships and further develop production capability to benefit from anticipated future increased volumes due to strong projected demand in the aerospace sector.
Principal risks and uncertainties
The company’s operations expose it to a variety of financial and other risks of which the main risks are as follows:-
Metals Price Movements
As metal prices are linked to the LME, the company is exposed to the impact of movements in prices. To mitigate this the directors use hedging facilities to secure prices and do not speculate on market price movements.
Foreign Exchange Risk
The company is exposed to currency risk on foreign sales. This risk is mitigated by entering into forward currency contracts to fix sterling values.
Credit Risk
The directors set approved credit limit and payment terms for all customers which are supported by a strict debt collection policy.
Health and Safety Risks
These risks are mitigated by internal controls that are continually monitored and reviewed with assistance from outsourced professional support.
Industry Related Regulations
The directors ensure that the company complies with all relevant industry regulations and legislation, maintaining all necessary licences and permits including ISO 9001:2015 and ISO 14001 accreditations.
Mr C K Martin
Secretary
3 April 2024
Trident Commercial Holdings Limited
Directors' report
For the year ended 30 November 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of metal merchants and aluminium smelters.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £817,500. 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:
Mr R M Tudor
Mr C K Martin
Mrs J Tudor
Mr D J Tudor
Auditor
The auditor, DJH Mitten Clarke Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
By order of the board
Mr C K Martin
Secretary
3 April 2024
Trident Commercial Holdings Limited
Directors' responsibilities statement
For the year ended 30 November 2023
- 3 -
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.
TRIDENT COMMERCIAL HOLDINGS LIMITED
Trident Commercial Holdings Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIDENT COMMERCIAL HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Trident Commercial Holdings Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 November 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.
TRIDENT COMMERCIAL HOLDINGS LIMITED
Trident Commercial Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIDENT COMMERCIAL 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
TRIDENT COMMERCIAL HOLDINGS LIMITED
Trident Commercial Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIDENT COMMERCIAL HOLDINGS LIMITED
- 6 -
The extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our previous knowledge and experience of the client and businesses in similar sectors;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing legal and professional expenses for potential ongoing litigation work; and
reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
TRIDENT COMMERCIAL HOLDINGS LIMITED
Trident Commercial Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIDENT COMMERCIAL HOLDINGS LIMITED
- 7 -
Robert Morris
Senior Statutory Auditor
For and on behalf of DJH Mitten Clarke Audit Limited
8 April 2024
Accountants
Statutory Auditor
The Glades
Festival Way
Stoke-on-Trent
Staffordshire
ST1 5SQ
Trident Commercial Holdings Limited
Statement of comprehensive income
For the year ended 30 November 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
14,666,114
13,910,518
Cost of sales
(11,135,255)
(9,940,430)
Gross profit
3,530,859
3,970,088
Distribution costs
(164,301)
(149,707)
Administrative expenses
(912,758)
(948,667)
Operating profit
3
2,453,800
2,871,714
Interest receivable and similar income
6
73,860
1,154
Interest payable and similar expenses
(287)
Profit before taxation
2,527,373
2,872,868
Tax on profit
7
(590,009)
(544,622)
Profit for the financial year
1,937,364
2,328,246
Other comprehensive income
Revaluation of tangible fixed assets
12,750
12,750
Total comprehensive income for the year
1,950,114
2,340,996
Trident Commercial Holdings Limited
Balance sheet
As at 30 November 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
937,719
994,676
Investments
10
2
2
937,721
994,678
Current assets
Stocks
12
724,513
1,940,822
Debtors
13
832,271
1,085,393
Cash at bank and in hand
5,788,798
3,950,826
7,345,582
6,977,041
Creditors: amounts falling due within one year
14
(2,209,639)
(3,021,446)
Net current assets
5,135,943
3,955,595
Total assets less current liabilities
6,073,664
4,950,273
Provisions for liabilities
Deferred tax liability
15
6,641
15,864
(6,641)
(15,864)
Net assets
6,067,023
4,934,409
Capital and reserves
Called up share capital
17
15,540
15,540
Revaluation reserve
18
500,184
490,761
Capital redemption reserve
19
5,460
5,460
Profit and loss reserves
5,545,839
4,422,648
Total equity
6,067,023
4,934,409
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 3 April 2024 and are signed on its behalf by:
Mr R M Tudor
Director
Company registration number 01388121 (England and Wales)
Trident Commercial Holdings Limited
Statement of changes in equity
For the year ended 30 November 2023
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2021
15,540
481,338
5,460
2,543,575
3,045,913
Year ended 30 November 2022:
Profit
-
-
-
2,328,246
2,328,246
Other comprehensive income:
Revaluation of tangible fixed assets
-
12,750
-
-
12,750
Total comprehensive income
-
12,750
-
2,328,246
2,340,996
Dividends
8
-
-
-
(452,500)
(452,500)
Transfers
-
(3,327)
-
3,327
-
Balance at 30 November 2022
15,540
490,761
5,460
4,422,648
4,934,409
Year ended 30 November 2023:
Profit
-
-
-
1,937,364
1,937,364
Other comprehensive income:
Revaluation of tangible fixed assets
-
12,750
-
-
12,750
Total comprehensive income
-
12,750
-
1,937,364
1,950,114
Dividends
8
-
-
-
(817,500)
(817,500)
Transfers
-
(3,327)
-
3,327
-
Balance at 30 November 2023
15,540
500,184
5,460
5,545,839
6,067,023
Trident Commercial Holdings Limited
Statement of cash flows
For the year ended 30 November 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
3,453,992
2,057,556
Interest paid
(287)
Income taxes paid
(826,421)
(272,364)
Net cash inflow from operating activities
2,627,284
1,785,192
Investing activities
Purchase of tangible fixed assets
(46,967)
(211,940)
Proceeds from disposal of tangible fixed assets
1,295
66,381
Interest received
73,860
1,154
Net cash generated from/(used in) investing activities
28,188
(144,405)
Financing activities
Dividends paid
(817,500)
(452,500)
Net cash used in financing activities
(817,500)
(452,500)
Net increase in cash and cash equivalents
1,837,972
1,188,287
Cash and cash equivalents at beginning of year
3,950,826
2,762,539
Cash and cash equivalents at end of year
5,788,798
3,950,826
Trident Commercial Holdings Limited
Notes to the financial statements
For the year ended 30 November 2023
- 12 -
1
Accounting policies
Company information
Trident Commercial Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Factory Road West, Sandycroft, Deeside, Flintshire, CH5 2QJ.
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 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 the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 402 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.
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
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold land and buildings
over 7 to 50 years in respect of buildings
Plant and machinery
over 5 to 7 years
Fixtures, fittings and equipment
over 3 to 10 years
Motor vehicles
over 4 years
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
Fixed asset investments
Interests in subsidiaries 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.
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
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.
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.
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
Retirement benefits
The company operates defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
- 14 -
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
14,666,114
13,910,518
2023
2022
£
£
Turnover analysed by geographical market
U.K.
8,330,954
9,133,250
Rest of Europe
6,335,160
4,777,268
14,666,114
13,910,518
2023
2022
£
£
Other revenue
Interest income
73,860
1,154
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
5,500
Depreciation of owned tangible fixed assets
116,674
97,821
Profit on disposal of tangible fixed assets
(1,295)
(59,152)
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office and management
5
5
Production and distribution
16
15
Total
21
20
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
4
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,038,130
855,860
Social security costs
122,985
98,228
Pension costs
61,178
271,179
1,222,293
1,225,267
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
346,393
279,879
Company pension contributions to defined contribution schemes
23,609
241,097
370,002
520,976
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
189,339
175,442
Company pension contributions to defined contribution schemes
15,895
68,977
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
69,674
Other interest income
4,186
1,154
Total income
73,860
1,154
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
599,232
520,772
Adjustments in respect of prior periods
8,649
Total current tax
599,232
529,421
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
7
Taxation
2023
2022
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(9,223)
15,201
Total tax charge
590,009
544,622
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
2,527,373
2,872,868
Expected tax charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
581,296
545,845
Tax effect of expenses that are not deductible in determining taxable profit
2,300
1,525
Permanent capital allowances in excess of depreciation
(676)
(5,171)
Depreciation on assets not qualifying for tax allowances
2,933
2,423
Deferred tax adjustments in respect of change in tax rates
3,871
Other adjustments
285
Taxation charge for the year
590,009
544,622
8
Dividends
2023
2022
£
£
Interim paid
817,500
452,500
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
- 17 -
9
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2022
700,000
985,131
31,844
376,094
2,093,069
Additions
24,874
22,093
46,967
Disposals
(18,795)
(18,795)
At 30 November 2023
700,000
1,010,005
31,844
379,392
2,121,241
Depreciation and impairment
At 1 December 2022
825,077
31,844
241,472
1,098,393
Depreciation charged in the year
12,750
43,552
60,372
116,674
Eliminated in respect of disposals
(18,795)
(18,795)
Revaluation
(12,750)
(12,750)
At 30 November 2023
868,629
31,844
283,049
1,183,522
Carrying amount
At 30 November 2023
700,000
141,376
96,343
937,719
At 30 November 2022
700,000
160,054
134,622
994,676
The company's freehold land and buildings were valued at 30 November 2015 by an external valuer, Lambert Smith Hampton, Consultant Surveyors. In the opinion of the directors the valuation of £700,000 would not have been materially different at 30 November 2023.
The revaluation surplus is disclosed in note 18.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings
2023
2022
£
£
Cost
493,165
493,165
Accumulated depreciation
(293,348)
(283,925)
Carrying value
199,817
209,240
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
- 18 -
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
2
2
Fixed asset investments not carried at market value
Investments in subsidiaries are included at cost.
11
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Trident Metals Limited
Factory Road West, Sandycroft, Deeside, Flintshire, CH5 2QJ
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Trident Metals Limited
2
12
Stocks
2023
2022
£
£
Raw materials and consumables
446,676
1,708,367
Finished goods and goods for resale
277,837
232,455
724,513
1,940,822
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
690,874
508,419
Other debtors
60,920
512,533
Prepayments and accrued income
80,477
64,441
832,271
1,085,393
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
- 19 -
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,754,960
2,313,126
Corporation tax
302,232
529,421
Other taxation and social security
27,409
22,645
Other creditors
92,092
119,693
Accruals and deferred income
32,946
36,561
2,209,639
3,021,446
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
8,144
16,087
Retirement benefit obligations
(253)
(223)
Other timing differences
(1,250)
-
6,641
15,864
2023
Movements in the year:
£
Liability at 1 December 2022
15,864
Credit to profit or loss
(9,223)
Liability at 30 November 2023
6,641
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,178
271,179
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.
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
- 20 -
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
13,986
13,986
13,986
13,986
Ordinary B shares of £1 each
1,554
1,554
1,554
1,554
15,540
15,540
15,540
15,540
18
Revaluation reserve
2023
2022
£
£
At the beginning of the year
490,761
481,338
Revaluation surplus arising in the year
12,750
12,750
Transfer to retained earnings
(3,327)
(3,327)
At the end of the year
500,184
490,761
The revaluation reserve is in respect of the company's freehold land and buildings. If the land and buildings were sold at their revalued amount, no tax would be payable (2022 - £nil).
19
Capital redemption reserve
2023
2022
£
£
At the beginning and end of the year
5,460
5,460
20
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.00
496,780
155,860
4,167
(657,500)
(693)
496,780
155,860
4,167
(657,500)
(693)
Trident Commercial Holdings Limited
Notes to the financial statements (CONTINUED)
For the year ended 30 November 2023
- 21 -
21
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,937,364
2,328,246
Adjustments for:
Taxation charged
590,009
544,622
Finance costs
287
Investment income
(73,860)
(1,154)
Gain on disposal of tangible fixed assets
(1,295)
(59,152)
Depreciation and impairment of tangible fixed assets
116,674
97,821
Movements in working capital:
Decrease/(increase) in stocks
1,216,309
(644,891)
Decrease/(increase) in debtors
253,122
(585,778)
(Decrease)/increase in creditors
(584,618)
377,842
Cash generated from operations
3,453,992
2,057,556
22
Analysis of changes in net funds
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
3,950,826
1,837,972
5,788,798
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