Triagg Group Trustees Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Triagg House Soho Mill Cottage, Town Lane, Wooburn Green, HP10 0PD.
These financial statements are for the year to 31 March 2024. The comparative results are for the ten months period from incorporation, through to 31 March 2023.
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 £.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
The current asset investments consist entirely of shares held in TriAgg Group Holdings Limited. These shares relate to an EMI Share Option Plan set up for the benefit of employees of Triagg Construction Limited, a fellow subsidiary undertaking.
On 30 November 2022, 1,000,000 shares were acquired in Triagg Group Holdings Limited, the parent company, at a value of £0.09 per share. Stamp duty of £530 was paid on the transaction. These shares related to an EMI Share Option Plan set up for the benefit of employees of Triagg Construction Limited, a fellow subsidiary undertaking. During the year, 255,000 options were issued and all exercised, at a value of £0.09 per option. No further options were in issue, as at 31 March 2023.
On 28 June 2023, a second grant of options occurred, issuing 120,000 options. On 1 July 2023, 12,000 options were exercised at a value of £0.18 per option, realising a gain of £1,080. This gain has been recognised in the Profit and Loss Account. On 31 July 2023, 25,500 options were exercised at a value of £0.09 per option, realising no gain or loss.
On incorporation, 200 ordinary £1 shares were issued at par value.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The immediate parent company is TriAgg Group Holdings Limited by virtue of its 100% shareholding in the company. TriAgg Group Holdings Limited is a company incorporated in England and Wales.
The ultimate controlling party are the directors of TriAgg Group Holdings Limited by virtue of their shareholding in the company.