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REGISTERED NUMBER: 01548920 (England and Wales)















TRIDAN ENGINEERING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


TRIDAN ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
P M Hawkins
M Lynch
A D Deves



SECRETARY: A D Deves



REGISTERED OFFICE: Bingham's Melcombe
Dorchester
Dorset
DT2 7PZ



BUSINESS ADDRESS: Oakwood Business Park
Stephenson Road West
Clacton-on-Sea
Essex
CO15 4TL



REGISTERED NUMBER: 01548920 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 733,538 955,166

CURRENT ASSETS
Inventories 4 970,958 947,945
Debtors 5 2,261,379 1,931,169
Cash at bank 123,983 13,958
3,356,320 2,893,072
CREDITORS
Amounts falling due within one year 6 2,908,560 2,883,463
NET CURRENT ASSETS 447,760 9,609
TOTAL ASSETS LESS CURRENT LIABILITIES 1,181,298 964,775

CREDITORS
Amounts falling due after more than one year 7 - (89,700 )

PROVISIONS FOR LIABILITIES 9 (72,683 ) (99,635 )
NET ASSETS 1,108,615 775,440

CAPITAL AND RESERVES
Called up share capital 10 1,000,000 1,000,000
Retained earnings 108,615 (224,560 )
SHAREHOLDERS' FUNDS 1,108,615 775,440

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





J C Langham - Director


TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is a subsidiary of Langham Industries Limited. Consolidated financial statements of Langham
Industries Limited can be obtained from:

Companies House
Crown Way
Cardiff
CF14 3UZ

Revenue
Revenue represents sales of goods and services at invoice value less trade discounts allowed and excluding value added tax. Revenue is recognised upon despatch of goods or when services are performed.

Revenue includes foreign exchange gains in relation to overseas sales of £51,371 (2022 - £140,136).

Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation and accumulated impairment losses.

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

Plant and machinery - 10% to 25% on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories
Raw materials are valued at the lower of cost and fair value less costs to complete and sell and due allowance is made for obsolete and excess inventories.

Work in progress and finished goods are valued at the lower of cost, including relevant works overheads, and fair value less costs to complete and sell.

Inventories are accounted for on a first-in-first-out basis.

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

Current or deferred taxation assets and liabilities are not discounted.

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


TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial reporting date. Transactions in foreign currencies are converted to sterling at the exchange rates ruling at the date of transaction. Gains and losses arising in the normal course of trade are included in the income statement.

Hire purchase and leasing commitments
Assets acquired under finance leases and hire purchase contracts are capitalised, with finance charges being written off to the income statement over the term of the agreement. Payments under operating leases are written off to the income statement when incurred.

Pension costs and other post-retirement benefits
The company is a member of the Langham Industries Group Personal Pension Plan. This Plan is a money purchase scheme and contributions payable for the year are charged to the income statement. Assets for the Plan are held in separate trustee administered funds.

Amounts recoverable on contract
Revenue is recognised on contracts where the company has obtained a right to consideration. Revenue recognised in this manner is based on an assessment of the fair value of the goods and services provided at the balance sheet date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors believe that this basis is appropriate because the company's ultimate parent company, Langham Industries Limited, has stated that it will provide financial support for the foreseeable future.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

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. Accounts 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.

TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 58 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 January 2023 4,067,851
Additions 72,190
At 31 December 2023 4,140,041
DEPRECIATION
At 1 January 2023 3,112,685
Charge for year 293,818
At 31 December 2023 3,406,503
NET BOOK VALUE
At 31 December 2023 733,538
At 31 December 2022 955,166

Included in the net book value are assets held under hire purchase contracts with a net book value of £221,135 (2022 - £258,510).

4. INVENTORIES
2023 2022
£    £   
Raw materials and consumables 712,098 707,058
Work-in-progress 28,934 128,034
Finished goods 229,926 112,853
970,958 947,945

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 530,518 534,952
Amounts recoverable on contract 1,536,231 1,204,874
Other debtors 63,185 70,140
Amounts owed by group undertakings 131,445 121,203
2,261,379 1,931,169

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 183,827
Hire purchase contracts 89,700 89,700
Trade creditors 351,275 392,037
Amounts owed to group undertakings 2,127,814 2,040,391
Corporation tax 95,050 -
Other taxes and social security 185,627 138,298
Other creditors and accruals 59,094 39,210
2,908,560 2,883,463

TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 89,700

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 183,827
Hire purchase contracts 89,700 179,400
89,700 363,227

The company's bankers hold a fixed and floating charge over all assets. Hire purchase creditors are secured on the asset to which they relate.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 36,756 60,930
Other timing differences (2,778 ) -
Gains rolled over 38,705 38,705
72,683 99,635

Deferred
tax
£   
Balance at 1 January 2023 99,635
Transfer to income statement (26,952 )
Balance at 31 December 2023 72,683

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000,000 Ordinary shares £1 1,000,000 1,000,000

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

The Report of the Auditors was unqualified.

Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

12. CONTINGENT LIABILITIES

There are unlimited inter-company guarantees given by the company, thirteen fellow subsidiary companies and the parent company, in favour of Barclays plc. The total amount secured in respect of fellow group companies as at 31 December 2023, excluding this company, was £124,578 (2022 - £NIL).

TRIDAN ENGINEERING LIMITED (REGISTERED NUMBER: 01548920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments as shown below.

Minimum lease payments under non-cancellable operating leases fall due as follows :

20232022
££
Within one year11,53798,652
Between one and five years11,2834,333
22,820102,985

14. ULTIMATE PARENT COMPANY

The ultimate parent company is Langham Industries Limited which is registered in England and Wales. The ultimate parent company's registered office is the same as that shown on the company information page.

The ultimate controlling party of Langham Industries Limited is the Langham family.