Company registration number 05352888 (England and Wales)
TRITON CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TRITON CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr M J Parkinson (Chairman)
Mr P Clarkson
Mr J P Duffey
Mr P A Halloran
Mr I D Chapman
Mr P J Dyer
Mr J H Sykes
Company number
05352888
Registered office
Hare Park Mills
Hare Park Lane
Hightown
Liversedge
WF15 8EP
Auditor
Wheawill & Sudworth Limited
Chartered Accountants
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
Bankers
National Westminster Bank plc
2nd Floor, Jardine House
2 Commercial Street
Forster Square
Bradford
BD1 4WD
TRITON CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 24
The following pages do not form part of the statutory financial statements
TRITON CONSTRUCTION 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 company 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.

Financial risk management objectives and policies

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

This report was approved by the board of directors and signed on behalf of the board by:

Mr M J Parkinson (Chairman)
Director
12 July 2024
TRITON CONSTRUCTION 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 page 9.

No ordinary dividends were paid. 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 M J Parkinson (Chairman)
Mr P Clarkson
Mr J P Duffey
Mr P A Halloran
Mr I D Chapman
Mr P J Dyer
Mr J H Sykes
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 company and of the profit or loss of the company 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 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.

Disclosure of information in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal activities, business review and financial risk management objectives and policies.

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.

TRITON CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr M J Parkinson (Chairman)
Director
12 July 2024
TRITON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRITON CONSTRUCTION LIMITED
- 5 -
Opinion

We have audited the financial statements of Triton Construction Limited (the 'company') for the year ended 31 March 2024 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:

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 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.

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

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.

TRITON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRITON CONSTRUCTION LIMITED (CONTINUED)
- 7 -

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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRITON CONSTRUCTION LIMITED (CONTINUED)
- 8 -
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 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
50,944,870
62,151,396
Cost of sales
(47,802,795)
(59,601,585)
Gross profit
3,142,075
2,549,811
Administrative expenses
(2,330,092)
(2,336,759)
Other operating income
4,615
11,212
Exceptional items
4
(145,000)
(129,285)
Operating profit
5
671,598
94,979
Interest receivable and similar income
8
4,828
23,780
Profit before taxation
676,426
118,759
Tax on profit
9
36,977
75,355
Profit for the financial year
713,403
194,114

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRITON CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
713,403
194,114
Other comprehensive income
-
-
Total comprehensive income for the year
713,403
194,114
TRITON CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
76,524
114,764
Current assets
Debtors
11
13,505,589
11,856,182
Cash at bank and in hand
3,188,483
3,248,092
16,694,072
15,104,274
Creditors: amounts falling due within one year
12
(13,699,370)
(12,851,815)
Net current assets
2,994,702
2,252,459
Total assets less current liabilities
3,071,226
2,367,223
Provisions for liabilities
Deferred tax liability
13
4,850
14,250
(4,850)
(14,250)
Net assets
3,066,376
2,352,973
Capital and reserves
Called up share capital
15
100,000
100,000
Share premium account
100,000
100,000
Profit and loss reserves
2,866,376
2,152,973
Total equity
3,066,376
2,352,973
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:
Mr P Clarkson
Director
Company registration number 05352888 (England and Wales)
TRITON CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100,000
100,000
1,958,859
2,158,859
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
194,114
194,114
Balance at 31 March 2023
100,000
100,000
2,152,973
2,352,973
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
713,403
713,403
Balance at 31 March 2024
100,000
100,000
2,866,376
3,066,376
TRITON CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(146,666)
(2,555,214)
Income taxes refunded/(paid)
100,640
(80,603)
Net cash outflow from operating activities
(46,026)
(2,635,817)
Investing activities
Purchase of tangible fixed assets
(28,303)
(50,307)
Proceeds from disposal of tangible fixed assets
9,892
-
0
Proceeds from disposal of investments
-
0
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
(59,609)
(2,143,967)
Cash and cash equivalents at beginning of year
3,248,092
5,392,059
Cash and cash equivalents at end of year
3,188,483
3,248,092
TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Triton Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hare Park Mills, Hare Park Lane, Hightown, Liversedge, WF15 8EP.

 

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

1.2
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 1.6.

1.3
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 improvements
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 credited or charged to profit or loss.

TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.4
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.

 

1.5
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.

1.6
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.

TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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.

1.7
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.

1.8
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.

1.9
Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.

 

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10
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.

1.11
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.

1.12
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.

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.

TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.13

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

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
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
Construction contracts - UK
50,944,870
62,151,396
2024
2023
£
£
Other revenue
Interest income
4,828
23,780
Royalty income
1,938
9,804
Grants received
2,677
1,408
4
Exceptional items
2024
2023
£
£
Expenditure
Redundancy costs
-
129,285
Bad debts
145,000
-
145,000
129,285
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(2,677)
(1,408)
Fees payable to the company's auditor for the audit of the company's financial statements
33,000
28,000
Depreciation of owned tangible fixed assets
56,893
51,595
Profit on disposal of tangible fixed assets
(242)
-
TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
6
Employees

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

2024
2023
Number
Number
Employees
60
71

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,348,226
4,295,959
Social security costs
372,422
441,253
Pension costs
134,745
150,786
3,855,393
4,887,998
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
480,018
573,906
Company pension contributions to defined contribution schemes
21,447
21,466
501,465
595,372

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
102,675
100,279
Company pension contributions to defined contribution schemes
4,646
4,391
TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
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 not measured at fair value through profit or loss
4,828
489
Interest on financial assets measured at fair value through profit or loss
-
0
23,291
9
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)
Deferred tax
Origination and reversal of timing differences
(9,400)
-
0
Other adjustments
-
0
3,750
Total deferred tax
(9,400)
3,750
Total tax credit
(36,977)
(75,355)
TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 21 -

The actual credit 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:

2024
2023
£
£
Profit before taxation
676,426
118,759
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
169,107
22,564
Tax effect of expenses that are not deductible in determining taxable profit
2,817
3,965
Adjustments in respect of prior years
(100,640)
(79,105)
Effect of change in corporation tax rate
-
0
901
Group relief
(101,976)
(20,813)
Permanent capital allowances in excess of depreciation
-
0
(2,867)
Deferred tax adjustments in respect of prior years
(6,293)
-
0
Rounding
8
-
0
Taxation credit for the year
(36,977)
(75,355)
10
Tangible fixed assets
Short leasehold property improvements
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
124,360
112,746
318,151
71,898
627,155
Additions
8,460
-
0
14,843
5,000
28,303
Disposals
-
0
-
0
-
0
(69,480)
(69,480)
At 31 March 2024
132,820
112,746
332,994
7,418
585,978
Depreciation and impairment
At 1 April 2023
116,670
105,204
239,849
50,668
512,391
Depreciation charged in the year
3,484
1,772
39,363
12,274
56,893
Eliminated in respect of disposals
-
0
-
0
-
0
(59,830)
(59,830)
At 31 March 2024
120,154
106,976
279,212
3,112
509,454
Carrying amount
At 31 March 2024
12,666
5,770
53,782
4,306
76,524
At 31 March 2023
7,690
7,542
78,302
21,230
114,764
TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,533,520
2,561,330
Amounts owed by group undertakings
774,838
529,802
Amounts recoverable under contracts
8,899,395
8,466,265
Other debtors
-
639
Prepayments and accrued income
297,836
298,146
13,505,589
11,856,182

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

12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,974,328
12,507,011
Corporation tax
73,063
-
0
Other taxation and social security
548,524
276,713
Other creditors
27,218
225
Accruals and deferred income
76,237
67,866
13,699,370
12,851,815

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

13
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
7,850
14,250
Other timing differences
(3,000)
-
4,850
14,250
2024
Movements in the year:
£
Liability at 1 April 2023
14,250
Credit to profit or loss
(9,400)
Liability at 31 March 2024
4,850
TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,745
150,786

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.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
16
Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

 

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

 

17
Operating lease commitments

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

2024
2023
£
£
Within one year
68,495
60,879
Between two and five years
254,690
317,743
323,185
378,622
18
Related party transactions

The ultimate parent company and the largest and smallest group financial statements that consolidate this company is Triton Construction Holdings Limited, a company registered in the UK. Group accounts are available to the public from the Registrar of Companies. There is no one controlling party of the parent company.

 

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 company.

 

Included in debtors is a loan to the parent undertaking amounting to £758,306 (2023: £528,270). This loan is unsecured, repayable on demand and currently interest free.

 

Included in debtors is a loan to a group undertaking amounting to £16,532 (2023: £1,532). This loan is unsecured, repayable on demand and currently interest free.

 

TRITON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
19
Cash absorbed by operations
2024
2023
£
£
Profit for the year after tax
713,403
194,114
Adjustments for:
Taxation credited
(36,977)
(75,355)
Investment income
(4,828)
(23,780)
Gain on disposal of tangible fixed assets
(242)
-
Depreciation and impairment of tangible fixed assets
56,893
51,595
Movements in working capital:
(Increase)/decrease in debtors
(1,649,407)
2,000,894
Increase/(decrease) in creditors
774,492
(4,702,682)
Cash absorbed by operations
(146,666)
(2,555,214)
20
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,248,092
(59,609)
3,188,483
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