Company registration number 09998136 (England and Wales)
TRITON CONSTRUCTION HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TRITON CONSTRUCTION HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M J Parkinson (Chairman)
Mr P Clarkson
Mr J P Duffey
Mr P A Halloran
Company number
09998136
Registered office
Hare Park Mills
Hare Park Lane
Hightown
Liversedge
WF15 8EP
Auditor
Wheawill & Sudworth Limited
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
TRITON CONSTRUCTION HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
TRITON CONSTRUCTION HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the group during the year was that of a general construction contractor.

Review of the business

It is pleasing to report that the business has made good progress during the period on its way to recovery from the difficult trading conditions of the prior year. Schemes that have been secured during the period have performed well and delivered margins in line with performance recorded pre-covid. This has allowed us to draw a line under a number of old projects and bad debt provisions against a client in liquidation, without which the results would have been well beyond expectations.

The board have made the decision to hold all the residual profit made within the company and further strengthen our balance sheet going forward. It is also pleasing to see our cash figures again remained strong, this ensures that our supply chain is paid on time, thereby enhancing our reputation and building strong long-term relationships.

We continue to focus our efforts on securing work across a broad range of sectors, from good quality clients, whilst ensuring that risks are closely evaluated and eradicated wherever possible. Risk controls are high on our priorities, and these continue to be reviewed and developed. Good progress has also been made on our quality assurance systems and smart working practices linked to new on-site IT systems, which have shown great benefits and improved productivity.

We have continued to refine our response to the nett Zero challenges that face our industry and wider society with a number of decarbonisation schemes completed and 2 Frameworks awarded in the same sector. Also through our drive to electrification of our fleet with chargers installed at HQ and planned in the NW, along with planned upgrading of heating and lighting at our offices to more efficient systems.

We start the new financial period with a record order book and many high-quality opportunities in our pipeline. This is allowing us to be more selective and provides for a balanced workload without exposure in any particular area. We are also pleased to see one of our key clients, Premier Inn, return to the construction market with big plans for growth over the coming years. We now enter our fourteenth year of partnership with Whitbread Premier Inn in the North of England and look forward to the new schemes that are now coming through the system. We also continue to see progress on public sector frameworks and approved lists, which have resulted in a more balanced mix of public and private sector works.

As we enter our twentieth year of trading, it is satisfying to see the business moving forward positively. The businesses reputation continues to build and yet again we have received recognition through industry awards this year on our Hyde Park picture house project, to add to our collection. Great efforts have been made to develop our staff through our apprenticeship routes and skills & personal development plans. The longevity of many of our team sees a number of our staff also hitting the milestone of 20 years’ service and I am sure this will continue for many more to come.

We look forward to the coming year with great optimism as trading conditions continue to improve. Our enthusiastic, skilled and dedicated staff always remain the back backbone of the business and the board once again wish to thank everyone for their efforts.

Principal risks and uncertainties

The company does not carry any formal debt or borrowing. It maintains positive bank balances which are closely managed to maximise the returns from these funds.

 

Trade receivables and trade payables are monitored on an on-going basis as part of the company's management of working capital. Short-term liquidity is a KPI within the company's rolling risk assessment procedures, along with measurement of contract margins and projection of the forward order book.

 

No derivative or hedging instruments are utilised by the company.

TRITON CONSTRUCTION HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

Mr M J Parkinson (Chairman)
Director
12 July 2024
TRITON CONSTRUCTION HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on pages 8 to 27.

No ordinary dividends were paid. The directors do not recommend payment of a further 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 M J Parkinson (Chairman)
Mr P Clarkson
Mr J P Duffey
Mr P A Halloran
Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr M J Parkinson (Chairman)
Director
12 July 2024
TRITON CONSTRUCTION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRITON CONSTRUCTION HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Triton Construction Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

Basis for opinion

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 group and parent 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 group's and parent 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.

Other information

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:

TRITON CONSTRUCTION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRITON CONSTRUCTION HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

TRITON CONSTRUCTION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRITON CONSTRUCTION HOLDINGS LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

 

Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

 

Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations;

 

Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity;

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Use of our 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.

TRITON CONSTRUCTION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRITON CONSTRUCTION HOLDINGS LIMITED
- 7 -
David Butterworth (Senior Statutory Auditor)
For and on behalf of Wheawill & Sudworth Limited
12 July 2024
Chartered Accountants
Statutory Auditor
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
TRITON CONSTRUCTION HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
50,944,870
62,161,524
Cost of sales
(47,802,795)
(59,612,337)
Gross profit
3,142,075
2,549,187
Administrative expenses
(3,055,340)
(3,014,804)
Other operating income
4,615
11,212
Exceptional items
4
(145,000)
(129,285)
Operating loss
5
(53,650)
(583,690)
Interest receivable and similar income
8
4,828
23,780
Interest payable and similar expenses
9
(24,200)
(4,200)
Loss before taxation
(73,022)
(564,110)
Tax on loss
10
37,477
75,655
Loss for the financial year
(35,545)
(488,455)
Loss for the financial year is all attributable to the owners of the parent company.
TRITON CONSTRUCTION HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Loss for the year
(35,545)
(488,455)
Other comprehensive income
-
-
Total comprehensive income for the year
(35,545)
(488,455)
Total comprehensive income for the year is all attributable to the owners of the parent company.
TRITON CONSTRUCTION HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,025,197
1,539,682
Tangible assets
12
76,524
117,346
1,101,721
1,657,028
Current assets
Debtors
15
12,863,826
11,462,938
Cash at bank and in hand
3,189,049
3,248,356
16,052,875
14,711,294
Creditors: amounts falling due within one year
16
(14,299,765)
(13,468,046)
Net current assets
1,753,110
1,243,248
Total assets less current liabilities
2,854,831
2,900,276
Provisions for liabilities
Deferred tax liability
17
4,850
14,750
(4,850)
(14,750)
Net assets
2,849,981
2,885,526
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
2,848,981
2,884,526
Total equity
2,849,981
2,885,526
The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
12 July 2024
Mr P Clarkson
Director
Company registration number 09998136 (England and Wales)
TRITON CONSTRUCTION HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
8,231,100
8,231,100
Current assets
Debtors
15
1,000
1,000
Creditors: amounts falling due within one year
16
(1,287,707)
(1,059,283)
Net current liabilities
(1,286,707)
(1,058,283)
Net assets
6,944,393
7,172,817
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
6,943,393
7,171,817
Total equity
6,944,393
7,172,817

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £228,423 (2023 - £127,576 loss).

The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
12 July 2024
Mr P Clarkson
Director
Company registration number 09998136 (England and Wales)
TRITON CONSTRUCTION HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,000
3,372,981
3,373,981
Year ended 31 March 2023:
Loss and total comprehensive income
-
(488,455)
(488,455)
Balance at 31 March 2023
1,000
2,884,526
2,885,526
Year ended 31 March 2024:
Loss and total comprehensive income
-
(35,545)
(35,545)
Balance at 31 March 2024
1,000
2,848,981
2,849,981
TRITON CONSTRUCTION HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,000
7,299,393
7,300,393
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(127,576)
(127,576)
Balance at 31 March 2023
1,000
7,171,817
7,172,817
Year ended 31 March 2024:
Profit and total comprehensive income
-
(228,424)
(228,424)
Balance at 31 March 2024
1,000
6,943,393
6,944,393
TRITON CONSTRUCTION HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(122,164)
(2,585,474)
Interest paid
(24,200)
(4,200)
Income taxes refunded/(paid)
100,640
(80,603)
Net cash outflow from operating activities
(45,724)
(2,670,277)
Investing activities
Purchase of tangible fixed assets
(28,303)
(50,307)
Proceeds from disposal of tangible fixed assets
9,892
-
Proceeds from disposal of investments
-
518,377
Interest received
4,828
489
Other income received from investments
-
0
23,291
Net cash (used in)/generated from investing activities
(13,583)
491,850
Net decrease in cash and cash equivalents
(59,307)
(2,178,427)
Cash and cash equivalents at beginning of year
3,248,356
5,426,783
Cash and cash equivalents at end of year
3,189,049
3,248,356
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Triton Construction Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Triton Construction Holdings Limited and all of its subsidiaries.

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 on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

 

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The financial statements consolidate the financial statements of Triton Construction Holdings Limited and all of its subsidiary undertakings.

 

The results of the subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

 

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

 

TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are detailed at 1.10.

1.6
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its residual value, over the useful life of that asset as follows:

 

Goodwill                10% years straight line

1.7
Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short Leasehold Property
6 years straight line
Fixtures and fittings
6 years straight line
Computer equipment
3 years straight line
Motor vehicles
6 years straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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 group after deducting all of its liabilities.

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.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

1.15
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.16
Leases

Lease payments where substantially all of the benefits and risk of ownership remain with the lessor are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of any lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

 

Government grants are recognised using the accrual model and the performance model.

 

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which it becomes receivable.

 

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

 

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance- related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
Construction contracts- UK
50,944,870
62,161,524
2024
2023
£
£
Other revenue
Interest income
4,828
23,780
Royalty income
1,938
9,804
Grants received
2,677
1,408
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
4
Exceptional item
2024
2023
£
£
Expenditure
Redundancy costs
-
129,285
Bad debts
145,000
-
145,000
129,285
5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
(2,677)
(1,408)
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
59,475
53,301
Profit on disposal of tangible fixed assets
(242)
-
Amortisation of intangible assets
514,485
514,485
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Number of employees
64
72
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,496,029
4,388,706
145,860
92,747
Social security costs
390,756
451,133
18,334
9,880
Pension costs
148,710
161,434
13,965
10,648
4,035,495
5,001,273
178,159
113,275
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
7
Directors' remuneration

The director' aggregate remuneration in respect of qualifying services for the year ended 31st March 2024 was:

 

Remuneration £330,166 (2023: £349,290) .

Company contributions to defined contribution pension plans £20,131 (2023: £19,429).

Total : £350,297 (2023: 368,719).

 

The number of directors who accrued benefits under company pension plans for the year ended 31st March 2024 was: Defined contribution plans - 4 (2023: 4).

 

Remuneration of the highest paid director in respect of qualifying services for the year ended 31st March 2024 was:

 

Aggregate remuneration £108,133 (2023: £106,601).

Company contributions to defined contribution pension plans £4,646 (2023: £4,391).

Total: £112,779 (2023: £110,992).

 

 

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,828
489
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
-
0
23,291
Total income
4,828
23,780
2024
2023
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
-
0
23,291
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
24,200
4,200
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
73,063
-
0
Adjustments in respect of prior periods
(100,640)
(79,105)
Total current tax
(27,577)
(79,105)
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(9,900)
-
0
Other adjustments
-
0
3,450
Total deferred tax
(9,900)
3,450
Total tax credit
(37,477)
(75,655)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(73,022)
(564,110)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(18,256)
(107,181)
Tax effect of expenses that are not deductible in determining taxable profit
131,438
101,717
Adjustments in respect of prior years
(100,640)
(79,105)
Effect of change in corporation tax rate
-
901
Permanent capital allowances in excess of depreciation
-
0
(2,867)
Other adjustments
(6,138)
10,880
Group relief brought forward
(43,881)
-
0
Taxation credit
(37,477)
(75,655)
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
5,144,856
Amortisation and impairment
At 1 April 2023
3,605,174
Amortisation charged for the year
514,485
At 31 March 2024
4,119,659
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 31 March 2024
1,025,197
At 31 March 2023
1,539,682
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
12
Tangible fixed assets
Group
Short Leasehold Property
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
72,158
77,428
236,519
70,591
456,696
Additions
8,460
-
0
14,843
5,000
28,303
Disposals
-
0
-
0
-
0
(69,480)
(69,480)
At 31 March 2024
80,618
77,428
251,362
6,111
415,519
Depreciation and impairment
At 1 April 2023
64,467
68,220
158,218
48,445
339,350
Depreciation charged in the year
3,484
3,438
39,363
13,190
59,475
Eliminated in respect of disposals
-
0
-
0
-
0
(59,830)
(59,830)
At 31 March 2024
67,951
71,658
197,581
1,805
338,995
Carrying amount
At 31 March 2024
12,667
5,770
53,781
4,306
76,524
At 31 March 2023
7,691
9,208
78,301
22,146
117,346
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
8,231,100
8,231,100
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
8,231,100
Carrying amount
At 31 March 2024
8,231,100
At 31 March 2023
8,231,100
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Triton Construction Group Limited (Dormant)
UK
Ordinary
100.00
Triton Construction Limited (Construction contractor)
UK
Ordinary
100.00
Remstone Construction Limited (Construction contractor)
UK
Ordinary
100.00

The results of the above companies are included in this consolidation.

15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,541,130
2,568,940
-
0
-
0
Unpaid share capital
1,000
1,000
1,000
1,000
Other debtors
9,020,222
8,591,213
-
0
-
0
Prepayments and accrued income
301,474
301,785
-
0
-
0
12,863,826
11,462,938
1,000
1,000

Certain retention debtors may be recoverable more than one year after the balance sheet date.

TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Debenture loans
420,000
420,000
420,000
420,000
Trade creditors
13,015,142
12,562,886
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
865,120
635,083
Corporation tax payable
73,063
-
0
-
0
-
0
Other taxation and social security
549,362
276,713
-
-
Other creditors
27,953
960
-
0
-
0
Accruals and deferred income
214,245
207,487
2,587
4,200
14,299,765
13,468,046
1,287,707
1,059,283

Certain retention creditors may be payable more than one year after the balance sheet date.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
7,850
14,750
Other timing differences
(3,000)
-
4,850
14,750
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
14,750
-
Credit to profit or loss
(9,900)
-
Liability at 31 March 2024
4,850
-
TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
148,710
161,434

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
20
Reserves

Profit and loss account- This reserve records retained earnings and accumulated earnings.

21
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
136,990
121,758
-
-
Between two and five years
509,380
635,486
-
-
646,370
757,244
-
-
22
Related party transactions

Group

Rental payments totalling £50,000 (2023: £50,000) have been made to a pension scheme for the benefit of M J Parkinson relating to a property occupied by the group.

 

Company

Included in creditors is a liability of £865,120 (2023: £635,083) owed to other group undertakings. These loans are unsecured, repayable on demand and currently interest-free. Also included in creditors are unsecured loan notes owed partly to certain of the directors. These are unsecured bear interest at a commercial rate and are redeemable based on the group's surplus capital, subject to accelerate payment at the discretion of the company.

 

The company is under the control of the Triton Employee Ownership Trust of which there is no one controlling party.

TRITON CONSTRUCTION HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
23
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(35,545)
(488,455)
Adjustments for:
Taxation credited
(37,477)
(75,655)
Finance costs
24,200
4,200
Investment income
(4,828)
(23,780)
Gain on disposal of tangible fixed assets
(242)
-
Amortisation and impairment of intangible assets
514,485
514,485
Depreciation and impairment of tangible fixed assets
59,475
53,301
Movements in working capital:
(Increase)/decrease in debtors
(1,400,888)
2,150,316
Increase/(decrease) in creditors
758,656
(4,719,886)
Cash absorbed by operations
(122,164)
(2,585,474)
24
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,248,356
(59,307)
3,189,049
Borrowings excluding overdrafts
(420,000)
-
(420,000)
2,828,356
(59,307)
2,769,049
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