FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
COMPANY INFORMATION
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TRIUMPH INTERNATIONAL LIMITED
CONTENTS
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TRIUMPH INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their Strategic Report for Triumph International Limited (the "Company") for the year ended 31 December 2023.
With the Triumph collections for 2023, we remained committed to bringing innovation to the assortment and continued our successful 'Smart' range of lingerie with a new addition called 'Lift Smart'. This series uses revolutionary 4D technology to adapt to the wearer's body, offering a bespoke fit and uncompromising support to our customers. Triumph Swimwear introduced an exclusive collaboration with British brand 'WILDEHOUSE', supporting local British talent and delivering creativity and innovations in our designs. This collection received a positive reaction from both customers and press with strong coverage in key print and digital media.
We recognise that women's lives have evolved and during our in-depth, global consumer insights, we learnt that now more than ever, women are re-evaluating their purchases and making considered brand choices. Our brand with its strong heritage brings customer trust and loyalty and following the previous year's brand repositioning, our focus is to elevate the Triumph brand further.
2023 saw a notable shift of consumers back into stores with the bricks and mortar business, from the stark shift to online that we saw during the pandemic years. We have started a collaboration with key wholesale partners in the UK and Ireland updating our product and brand representation in stores and online, elevating the consumer experience and delivering a contemporary, editorial look and feel.
During 2023, we launched our first UK shop-in-shop concept, giving consumers the experience they are stepping into a Triumph store and offering a wide assortment of product. Further development of this concept is planned for 2024.
Sloggi remains consistent in its brand mission 'to liberate true comfort'. Sloggi achieved its target for Sloggi products to be wire free by 2023, removing all wire from the Sloggi bra collection while still offering unrivalled support through innovative technology. Ranges now feature simple sizing across all products in the assortment.
2023 saw the introduction of Sloggi intimate apparel and bodywear collections, including a new series 'Ever Infused' - a range of intimate apparel and bodywear products which each season involves frabric infusions such as Aloe Vera and Vitamin C.
Sustainability remains a key focus for us and we have a strong team dedicated to leading the initiatives and upholding our company commitments to build a more positive future for our business, society and planet. We saw a significant shift within our packaging, moving all our hangers to a 100% recycled version and eliminating all virgin plastics and conventional paper in product packaging by the end of 2023. We stay committed to achieve our goal that by the end of 2025 over 60% of seasonal launches to consist of materials with lower environmental impact and have already taken steps to update our best-sellers to be more sustainable.
In reaction to the continued economic cost of living challenges, we developed a new collection under the brand name 'Style Lab'. This collection houses a series of products in various shapes and styles at an entry price point. The range has been welcomed by our wholesale partners and consumers and gave us a clear lead in the second half of the year.
However, during the second part of 2023 stock availability as a consequence of supply chain and shipping challenges resulting from wider political and economic factors impacted revenue. Overall, revenue in 2023 decreased by 12% versus prior year and 3% on a like-for-like basis, as actuals in 2022 included revenue of a distant retail account which, since the start of Q2 in 2022, is reported centrally as revenue as part of Triumph Intertrade AG.
Our purpose remains that through collective empowerment Triumph strives to make a difference, together. For the company, our employees, consumers and for the environment.
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TRIUMPH INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Cost of living increases due to the rise of interest rates and inflation continue to impact our consumers and we expect that volatility will continue to impact in 2024. While we continue our focus on cost management, we are excited to be expanding our sales team in 2024 to increase coverage across both UK and Ireland and are working on opportunities with new and existing business partners.
2023 2022 2021 2020
Profit/(loss) before taxation (£'000) (95) 31 244 127
Accounts receivable days 39 36 39 53
Cash at bank and in hand (£'000) 2,082 2,334 3,817 3,168
The reduction in 2023 profit before taxation versus prior year was due to an increase in pension scheme fees reported under Other Finance Expense, which increased from £362k to £464k covering actuarial services in relation to GMP equalisation and services related to the pension bulk annuity agreement.
Overall debtors days increased by 3 days in 2023 as a result of the movement in revenue in the year.
The end of year cash position of the business reduced, following a reduction in the amounts owed to group undertakings.
This report was approved by the board on 23 September 2024 and signed on its behalf.
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TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future as a result of the continued support of its parent undertaking. For this reason, they have adopted the going concern basis in preparing these Financial Statements.
The loss for the year, before taxation, amounted to £95,000 (2022: profit of £31,000).
The directors do not recommend the payment of a dividend (2022: £Nil)
The directors who served during the year were:
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TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Following the 2023 year end, a final settlement was received by the Pension Trustees following the bulk annuity agreement with Legal and General which went on risk on 30 September 2021. After market adjustments, the total premium true down on the original premium of £49.4m was £1.2m.
A temporary loan of £200k was granted in July 2023 by the Company to the Pension Scheme to provide temporary liquidity regarding illiquid assets. This was repaid in full to Triumph International Limited in April 2024.
Cash flow risk
The Company's exposure to the financial risks of changes in foreign currency exchange rates is limited as its primary market is in the United Kingdom and costs of goods sold are nominated in pound sterling. There is no requirement to hold interest bearing assets and liabilities at fixed rates to ensure certainty of cash flows.
Credit risk
The Company's principal financial assets are bank balances and cash, trade and other debtors.
The Company's credit risk is primarily attributable to its trade debtors which are present in the Balance Sheet net of allowances for doubtful debts. The Company continues to have a credit insurance agreement in place covering its trade credit exposure.
The Company has no significant concentration of credit risk with exposure spread over a large number of customers. The credit risk on bank balances is limited because the counterparties are banks with high credit ratings assigned by appropriate credit rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of financing, medium-term financing from its parent company and participates in a pan European factoring arrangement providing the entity with a cost effective way of financing.
Any temporary pension funding requirement relating to the pension buy in process due to the liquidity of the pension assets will be supported by Triumph Group.
Price risk
The price risk of goods for resale of the Company is subject to fluctuations due to the impact of price inflation on raw materials, energy and transportation costs and political and economic volatility due to the conflict in Europe.
The future developments of the Company are discussed in the Strategic Report on page 2.
The company has adopted standard creditor payment terms in line with group's standard payment terms. The Company's policy is to agree the payment terms with suppliers, ensuring that suppliers are made aware of terms of payment and abide by the terms of payment. The average creditor days are 117 days (2022: 104 days).
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TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Effective 1 March 2024, Triumph International Limited took on a new 2-year license agreement concerning a London meeting space.
The Pension Trustees received a notification by Legal & General dated 5 March 2024 regarding the true down/refund of the original Bulk Annuity premium, which including market adjustments totalled £1,254,654. Subsequent to the receipt of the refund in April, the Trustees repaid the short-term liquidity loan of £200k in full to Triumph International Limited.
In March 2024, the Trustees of the Triumph Defined Benefit Pension Scheme were informed that the final redemption proceeds for the Orchard fund had been extended to Q4 2027 (previously Q4 2025). Subsequently, the Trustees have started to explore a potential sale of the illiquid assets on the secondary investment market via a potential bundling of the investments amongst various other clients. The potential realisable value may be between 60-72%.
As part of a pan European arrangement, Triumph International Limited became a participant in the cash pool arrangement within the Triumph Group.
Under Section 487(2) of the Companies Act 2006, Bishop Fleming LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with the registrar, whichever is earlier. Bishop Fleming LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED
We have audited the financial statements of Triumph International Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, Analysis of net debt, the Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)
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 Auditors' 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.
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:
Identifying and assessing potential risks related to irregularities
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including the Finance Director, about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. They key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty.
Audit response to risks identified
We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to respond to risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Performed various substantive tests of detail related to the recognition of revevenue;
∙Enquiring of management concerning actual and potential litigation claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
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TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)
risks of material misstatement or fraud;
∙Reviewing correspondence with HMRC; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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TRIUMPH INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
REGISTERED NUMBER:00536483
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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TRIUMPH INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Triumph International Limited (the "Company") is involved in the distribution and retailing of women's and men's underwear and leisurewear in the United Kingdom and in the Republic of Ireland.
The Company is a private company limited by shares and is incorporated in the United Kingdom and domiciled in England. The address of its registered office is Arkwright Road, Groundwell, Swindon, Wiltshire, SN25 5BE.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future as a result of the continued support of its parent undertaking. For this reason, they have adopted the going concern basis in preparing these Financial Statements.
Functional and presentation currency
Transactions and balances
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
DEFINED BENEFIT PENSION PLAN
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to one continuing activity, the distribution of women's and men's underwear and leisurewear.
Analysis of turnover by country of destination:
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
Total losses carried forward are £21,768,791 (2022: £21,935,431).
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
16.DEFERRED TAXATION (CONTINUED)
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other reserves
Profit and loss account
The deferred tax asset included within debtors has been restated in the prior year financial statements to reclassify the balance between due within one year and more than one year to more accurately report the liquidity of the asset.
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £146k (2022: £145k). The Defined Contribution Section closed with effect from 1 April 2007 and no further contributions were payable thereafter.
Defined benefit pension scheme
The Company operates a Defined Benefit Pension Scheme. Triumph International Limited (the "Company") operates a funded pension scheme in the UK (the "Scheme"). The Scheme has both defined benefit and defined contribution sections, both of which are closed to future accrual. In the Defined Benefit Section, pension benefits are related to each member's final pensionable salary and their length of service. The Company's best estimate of expected contributions to the Scheme in the year commencing 1 January 2024 is £Nil. The remainder of this FRS102 pensions note relates only to the Defined Benefit Section of the Scheme. The assumptions used by the actuary are best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice. The fair value of the Scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the Scheme's liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain, were:
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.PENSION COMMITMENTS (CONTINUED)
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.PENSION COMMITMENTS (CONTINUED)
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.PENSION COMMITMENTS (CONTINUED)
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is a subsidiary undertaking of Triumph Universa AG, a company incorporated in Switzerland whose registered address is Triumphweg 6, 5330 Bad Zurzach, Switzerland. The only group in which the results of the Company are consolidated is that headed by Triumph Universa AG.
The Company's ultimate parent undertaking is Triumph Holding AG, a Company incorporated in Switzerland.
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