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REGISTERED NUMBER: SC124270 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

TRI-FIX INDUSTRIAL FASTENERS LIMITED

TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TRI-FIX INDUSTRIAL FASTENERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: C McGuigan
I McCulloch
S D McGuigan
R Magennis



REGISTERED OFFICE: Tri-Fix House
Canyon Road
Excelsior Park
Wishaw
ML2 0EG



REGISTERED NUMBER: SC124270 (Scotland)



AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY



BANKERS: Barclays Bank UK PLC
Leicester
LE87 2BB

TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,046,002 973,602

CURRENT ASSETS
Stocks 289,814 301,854
Debtors 5 904,753 757,313
Cash at bank and in hand 532,236 497,746
1,726,803 1,556,913
CREDITORS
Amounts falling due within one year 6 918,876 1,099,082
NET CURRENT ASSETS 807,927 457,831
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,853,929

1,431,433

CREDITORS
Amounts falling due after more than one
year

7

(385,456

)

(17,367

)

PROVISIONS FOR LIABILITIES (23,971 ) -
NET ASSETS 1,444,502 1,414,066

CAPITAL AND RESERVES
Called up share capital 11,888 11,888
Revaluation reserve 8 685,549 685,549
Capital redemption reserve 28,312 28,312
Retained earnings 718,753 688,317
SHAREHOLDERS' FUNDS 1,444,502 1,414,066

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 26 August 2024 and were signed on its behalf by:





C McGuigan - Director


TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Tri-Fix Industrial Fasteners Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - not provided
Plant and machinery etc - 33 1/3% on cost and 25% on cost

No depreciation is charged on the revalued land and buildings as the directors consider the carrying value on an annual basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

Basic financial liabilities
Basic financial liabilities, including certain creditors, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 950,000 199,161 1,149,161
Additions - 126,303 126,303
At 30 November 2023 950,000 325,464 1,275,464
DEPRECIATION
At 1 December 2022 - 175,559 175,559
Charge for year - 53,903 53,903
At 30 November 2023 - 229,462 229,462
NET BOOK VALUE
At 30 November 2023 950,000 96,002 1,046,002
At 30 November 2022 950,000 23,602 973,602

Cost or valuation at 30 November 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2015 (3,955 ) - (3,955 )
Valuation in 2022 275,000 - 275,000
Cost 678,955 325,464 1,004,419
950,000 325,464 1,275,464

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 678,955 678,955

Value of land in freehold land and buildings 68,400 68,400

Freehold land and buildings were valued on an open market basis on 3 August 2022 by Whyte & Barrie Chartered Surveyors .

TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
Additions 59,085
At 30 November 2023 59,085
DEPRECIATION
Charge for year 19,692
At 30 November 2023 19,692
NET BOOK VALUE
At 30 November 2023 39,393

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 450,237 624,618
Amounts owed by group undertakings 300,000 -
Amounts owed by related undertakings 127,428 108,745
Other debtors 27,088 23,950
904,753 757,313

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 14,769 -
Trade creditors 398,068 510,609
Taxation and social security 94,435 69,684
Other creditors 411,604 518,789
918,876 1,099,082

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 38,161 -
Other creditors 347,295 17,367
385,456 17,367

TRI-FIX INDUSTRIAL FASTENERS LIMITED (REGISTERED NUMBER: SC124270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


8. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 685,549

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay

10. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking and controlling party is Tri-Fix Holdings Ltd.