Company registration number 14134083 (England and Wales)
TRIAGG GROUP TRUSTEES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TRIAGG GROUP TRUSTEES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TRIAGG GROUP TRUSTEES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
200
200
Investments
4
64,205
67,580
64,405
67,780
Creditors: amounts falling due within one year
5
(23,002)
(47,975)
Net current assets
41,403
19,805
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
41,203
19,605
Total equity
41,403
19,805

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
D Foster
Director
Company registration number 14134083 (England and Wales)
TRIAGG GROUP TRUSTEES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

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.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.3
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.

Basic financial assets

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.

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.

TRIAGG GROUP TRUSTEES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial 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.

1.4
Equity instruments

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.

1.5
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
TRIAGG GROUP TRUSTEES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Current asset investments
2024
2023
£
£
Investments in parent undertaking
64,205
67,580

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.

 

5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
21,002
45,975
Other creditors
2,000
2,000
23,002
47,975
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
200
200
200
200

On incorporation, 200 ordinary £1 shares were issued at par value.

7
Audit report information

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.

Senior Statutory Auditor:
Kapil Davda
Statutory Auditor:
Haines Watts High Wycombe Limited
Date of audit report:
1 August 2024
TRIAGG GROUP TRUSTEES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Controlling party

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.

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