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Registered number: 00536483
















TRIUMPH INTERNATIONAL LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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TRIUMPH INTERNATIONAL LIMITED

 
COMPANY INFORMATION


DIRECTORS
M Kovacs 
E McMillan 
J Hawkes (resigned 15 December 2023)




REGISTERED NUMBER
00536483



REGISTERED OFFICE
Arkwright Road
Groundwell

Swindon

Wiltshire

SN25 5BE




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Barclays Bank Plc
27-28 Regent Street

Swindon

SN1 1QB





HSBC PLC

Unit 6

The Lock

Canal Walk

Swindon

SN1 1LD




SOLICITORS
RWK Goodman
3 Newbridge Square

Swindon

SN1 1BY






TRIUMPH INTERNATIONAL LIMITED


CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Analysis of net debt
14
Notes to the financial statements
15 - 32


TRIUMPH INTERNATIONAL LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The directors present their Strategic Report for Triumph International Limited (the "Company") for the year ended 31 December 2023.

BUSINESS REVIEW
 
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.

STRATEGY
 
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.

Page 1


TRIUMPH INTERNATIONAL LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

FINANCIAL KEY PERFORMANCE INDICATORS
 
         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.



M Kovacs
Director
Page 2


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.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


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 2006They 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.

PRINCIPAL ACTIVITY

The principal activities of the Company comprise the distribution and wholesale of women's and men's underwear and leisurewear in the United Kingdom and the Republic of Ireland.

GOING CONCERN

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.

RESULTS AND DIVIDENDS

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)

DIRECTORS

The directors who served during the year were:

M Kovacs 
E McMillan 
J Hawkes (resigned 15 December 2023)

Page 3


TRIUMPH INTERNATIONAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
FINANCIAL RISK MANAGEMENT

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.

FUTURE DEVELOPMENTS

The future developments of the Company are discussed in the Strategic Report on page 2.

COMPANY'S POLICY FOR PAYMENT OF CREDITORS

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). 

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The Parent Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Page 4


TRIUMPH INTERNATIONAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

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.

AUDITORS

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.
 






M Kovacs
Director

Date: 23 September 2024

Page 5


TRIUMPH INTERNATIONAL LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED
OPINION


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 policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 6


TRIUMPH INTERNATIONAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 7


TRIUMPH INTERNATIONAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)

AUDITORS' 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 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
Page 8


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.


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 2006Our 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.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

23 September 2024
Page 9


TRIUMPH INTERNATIONAL LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
17,015
19,268

Cost of sales
  
(13,101)
(13,707)

Gross profit
  
3,914
5,561

Administrative expenses
  
(3,460)
(5,174)

Other operating expense
  
(41)
24

Operating profit
 5 
413
411

Interest receivable and similar income
  
26
10

Interest payable and similar expenses
  
(70)
(28)

Other finance expense
 9 
(464)
(362)

(Loss)/profit before tax
  
(95)
31

Tax on (loss)/profit
 10 
66
91

(Loss)/profit for the financial year
  
(29)
122

Other comprehensive income for the year
  

Actuarial gains on defined benefit pension scheme
  
1,038
274

Movement of deferred tax relating to pension asset
  
(260)
(69)

Other comprehensive income for the year
  
778
205

Total comprehensive income for the year
  
749
327

The notes on pages 15 to 32 form part of these financial statements.
Page 10


TRIUMPH INTERNATIONAL LIMITED
REGISTERED NUMBER:00536483

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
60
70

  
60
70

Current assets
  

Stocks
 12 
1,346
1,939

Debtors: amounts falling due after more than one year
 13 
1,261
1,423

Debtors: amounts falling due within one year
 13 
1,464
2,095

Cash at bank and in hand
 14 
2,082
2,334

  
6,153
7,791

Creditors: amounts falling due within one year
 15 
(7,026)
(8,784)

Net current liabilities
  
 
 
(873)
 
 
(993)

Total assets less current liabilities
  
(813)
(923)

Provisions for liabilities
  

Other provisions
 17 
(283)
(148)

Net assets excluding pension asset
  
 
 
(1,096)
 
 
(1,071)

Pension asset
  
1,136
362

Net assets/(liabilities)
  
40
(709)


Capital and reserves
  

Called up share capital 
 18 
17,600
17,600

Other reserves
 19 
2,250
2,250

Profit and loss account
 19 
(19,810)
(20,559)

  
40
(709)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Kovacs
Director

Date: 23 September 2024

The notes on pages 15 to 32 form part of these financial statements.
Page 11


TRIUMPH INTERNATIONAL LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2022
17,600
2,250
(20,886)
(1,036)


Comprehensive income for the year

Profit for the year

-
-
122
122

Actuarial gains on pension scheme
-
-
205
205


Other comprehensive income for the year
-
-
205
205


Total comprehensive income for the year
-
-
327
327



At 1 January 2023
17,600
2,250
(20,559)
(709)


Comprehensive income for the year

Loss for the year

-
-
(29)
(29)

Actuarial gains on pension scheme
-
-
778
778


Other comprehensive income for the year
-
-
778
778


Total comprehensive income for the year
-
-
749
749


At 31 December 2023
17,600
2,250
(19,810)
40


The notes on pages 15 to 32 form part of these financial statements.

Page 12


TRIUMPH INTERNATIONAL LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

(Loss)/profit for the financial year
(29)
122

Adjustments for:

Depreciation of tangible assets
32
84

Loss on disposal of tangible assets
-
4

Interest charge
70
28

Interest income
(26)
(10)

Taxation charge/(credit)
(66)
(91)

Decrease/(increase) in stocks
593
(1,616)

Decrease in debtors
599
1,301

(Decrease) in creditors
(1,758)
(1,518)

Increase/(decrease) in provisions
135
(79)

Increase in net pension assets/liabilities
464
362

Net cash generated from operating activities

14
(1,413)


Cash flows from investing activities

Purchase of tangible fixed assets
(22)
(52)

Loan to pension scheme
(200)
-

Interest received
26
10

Net cash from investing activities

(196)
(42)

Cash flows from financing activities

Interest paid
(70)
(28)

Net cash used in financing activities
(70)
(28)

Net (decrease) in cash and cash equivalents
(252)
(1,483)

Cash and cash equivalents at beginning of year
2,334
3,817

Cash and cash equivalents at the end of year
2,082
2,334


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,082
2,334

2,082
2,334


The notes on pages 15 to 32 form part of these financial statements.

Page 13


TRIUMPH INTERNATIONAL LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£000

£000

£000

Cash at bank and in hand

2,334

(252)

2,082



2,334
(252)
2,082

The notes on pages 15 to 32 form part of these financial statements.

Page 14


TRIUMPH INTERNATIONAL LIMITED

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

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

 
2.2

GOING CONCERN

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. 

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 15


TRIUMPH INTERNATIONAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

The company operated on both a credit sales and consignment model and revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The company operated on both a credit sales and consignment model and revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

The company operated on both a credit sales and consignment model and revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer through the retailer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16


TRIUMPH INTERNATIONAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

DEFINED BENEFIT PENSION PLAN

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

The defined benefit pension scheme is now closed to new members.

Page 17


TRIUMPH INTERNATIONAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Short-term leasehold property
-
3 to 10 years (10% - 33% per annum)
Fixtures and fittings
-
3 to 10 years (10% - 33% per annum)

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.

Page 18


TRIUMPH INTERNATIONAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

FINANCIAL INSTRUMENTS

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
Page 19


TRIUMPH INTERNATIONAL LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.16
FINANCIAL INSTRUMENTS (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.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company males estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.

(ii) Defined benefit pension scheme

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determing the net pension obligation in the Balance Sheet. The assumptions reflect historical experience and current trends. In 2021 the pension trustees decided to enter into an agreement with Legal and General to insure the future pension liabilities. This change in the investment strategy has treated the value of the buy in asset being calculated equal to the corresponding FRS 102 value of the insured liabilities and any difference between this and the buy-in premium flowing through other comprehensive income as an asset loss. See note 20 for the disclosures relating to the defined benefit pension scheme.

(iii) Recoverability of deferred tax

The company has recognised a deferrred tax asset in its financial statements relating to tax losses carried forward which requires judgement for determining the extent of its recoverability at each Balance Sheet date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. The Company assesses recoverability with reference to forecasts of future taxable profits. These forecasts require the use of assumptions and estimates. 

Page 20


TRIUMPH INTERNATIONAL LIMITED

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

4.


TURNOVER

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:

2023
2022
£000
£000

United Kingdom
14,038
16,710

Rest of Europe
2,977
2,558

17,015
19,268



5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of tangible assets
32
84

Exchange differences
41
(25)

Other operating lease rentals
72
145


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the Company's financial statements
28
80

Fees payable to the Company's auditors in respect of:

All other services
3
4

Page 21


TRIUMPH INTERNATIONAL LIMITED

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

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£000
£000

Wages and salaries
1,525
1,718

Social security costs
176
250

Cost of defined benefit scheme
125
120

Cost of defined contribution scheme
20
25

1,846
2,113


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and administration
20
24



Services and administration
13
11

33
35


8.


DIRECTORS' REMUNERATION

2023
2022
£000
£000

Directors' emoluments
222
261

Company contributions to defined contribution pension schemes
20
25

242
286


During the year retirement benefits were accruing to 2 directors (2022:3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £136,575 (2022: £128,095).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,573 (2022: £11,880).

Page 22


TRIUMPH INTERNATIONAL LIMITED

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

9.


OTHER FINANCE COSTS

2023
2022
£000
£000

Interest income on pension scheme assets
1,243
736

Interest on pension scheme liabilities
(1,232)
(732)

Pension administration cost
(475)
(366)

(464)
(362)



10.


TAXATION


2023
2022
£000
£000



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
(66)
(91)

TOTAL DEFERRED TAX
(66)
(91)


TAX ON (LOSS)/PROFIT
(66)
(91)

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022:lower than) the standard rate of corporation tax in the UK of 23.52% (2022:19%). The differences are explained below:

2023
2022
£000
£000


(Loss)/profit on ordinary activities before tax
(95)
31


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022:19%)
(22)
6

EFFECTS OF:


Fixed asset differences
-
(3)

Expenses not deductible for tax purposes
2
1

Other differences leading to an increase (decrease) in the tax charge
(5)
-

Remeasurement of deferred tax for changes in tax rates
1
1

Deferred tax not recognised
(42)
(96)

TOTAL TAX CHARGE FOR THE YEAR
(66)
(91)

Page 23


TRIUMPH INTERNATIONAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Total losses carried forward are £21,768,791 (2022: £21,935,431).


11.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Fixtures and fittings
Total

£000
£000
£000



COST OR VALUATION


At 1 January 2023
4,121
4,379
8,500


Additions
22
-
22



At 31 December 2023

4,143
4,379
8,522



DEPRECIATION


At 1 January 2023
4,051
4,379
8,430


Charge for the year on owned assets
32
-
32



At 31 December 2023

4,083
4,379
8,462



NET BOOK VALUE



At 31 December 2023
60
-
60



At 31 December 2022
70
-
70


12.


STOCKS

2023
2022
£000
£000

Finished goods and goods for resale
1,346
1,939

1,346
1,939

Page 24


TRIUMPH INTERNATIONAL LIMITED

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

13.


DEBTORS

As restated
2023
2022
£000
£000

DUE AFTER MORE THAN ONE YEAR

Deferred tax asset
1,261
1,423

1,261
1,423


As restated
2023
2022
£000
£000

DUE WITHIN ONE YEAR

Trade debtors
1,025
1,878

Other debtors
201
3

Prepayments and accrued income
75
20

Deferred taxation
163
194

1,464
2,095



14.


CASH AND CASH EQUIVALENTS

2023
2022
£000
£000

Cash at bank and in hand
2,082
2,334

2,082
2,334



15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£000
£000

Trade creditors
204
474

Amounts owed to group undertakings
5,277
6,290

Other taxation and social security
488
220

Other creditors
4
18

Accruals and deferred income
1,053
1,782

7,026
8,784


The amounts owed to group undertakings are unsecured and interest free.


16.


DEFERRED TAXATION

Page 25


TRIUMPH INTERNATIONAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
16.DEFERRED TAXATION (CONTINUED)




2023


£000






At beginning of year
1,617


Charged to profit or loss
66


Charged to other comprehensive income
(260)



AT END OF YEAR
1,423

The deferred tax asset is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
426
426

Tax losses carried forward
1,251
1,251

Short term timing differences
(254)
(60)

1,423
1,617


17.


PROVISIONS




Cash settlement provision

£000





At 1 January 2023
148


Utilised in year
135



AT 31 DECEMBER 2023
283


18.


SHARE CAPITAL

2023
2022
£000
£000
ALLOTTED, CALLED UP AND FULLY PAID



17,600,000 (2022:17,600,000) Ordinary Shares shares of £1.00 each
17,600
17,600


Page 26


TRIUMPH INTERNATIONAL LIMITED

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

19.


RESERVES

Other reserves

Other reserves represent a historical general reserve made by the Company.

Profit and loss account

The profit and loss account represents the accumulated profits, losses and distributions of the Company.


20.


PRIOR YEAR ADJUSTMENT

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. 

Page 27


TRIUMPH INTERNATIONAL LIMITED

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

21.


PENSION COMMITMENTS

 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:



Reconciliation of present value of plan liabilities:


2023
2022
£000
£000



At the beginning of the year
26,020
41,462

Interest cost
1,232
732

Actuarial gains/losses
649
(14,541)

Benefits paid
(1,790)
(1,633)

AT THE END OF THE YEAR
26,111
26,020


Page 28


TRIUMPH INTERNATIONAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
21.PENSION COMMITMENTS (CONTINUED)


Reconciliation of present value of plan assets:


2023
2022
£000
£000


At the beginning of the year
26,382
41,912

Interest income
1,243
736

Actuarial gains/losses
1,687
(14,267)

Contributions
200
-

Benefits paid
(1,790)
(1,633)

Administration cost
(475)
(366)

AT THE END OF THE YEAR
27,247
26,382


Composition of plan assets:


2023
2022
£000
£000


Insured Annuities
26,359
25,794

Cash
(452)
199

Liability and Currency Hedging
27
44

Other
1,313
345

TOTAL PLAN ASSETS
27,247
26,382

The Hedge Funds and "Other" funds comprise portfolios of quoted and unquoted investments.
The pension scheme does not hold any ordinary shares issued or property occupied by Triumph International Limited.

2023
2022
£000
£000


Fair value of plan assets
27,247
26,382

Present value of plan liabilities
(26,111)
(26,020)

NET PENSION SCHEME LIABILITY
1,136
362

Page 29


TRIUMPH INTERNATIONAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
21.PENSION COMMITMENTS (CONTINUED)


The amounts recognised in profit or loss are as follows:

2023
2022
£000
£000


Administration cost
475
366

Interest on obligation
1,232
732

Interest income on plan assets
(1,243)
(736)

TOTAL
464
362



Reconciliation of fair value of plan liabilities were as follows:

2023
2022
£000
£000


Opening defined benefit obligation
26,020
41,462

Interest cost
1,232
732

Actuarial gains and (losses)
649
(14,541)

Benefits paid
(1,790)
(1,633)

CLOSING DEFINED BENEFIT OBLIGATION
26,111
26,020


Reconciliation of fair value of plan assets were as follows:

2023
2022
£000
£000


Opening fair value of scheme assets
26,382
41,912

Interest income on plan assets
1,243
736

Return on assets, excluding interest income
1,687
(14,267)

Contributions by employer
200
-

Scheme administrative cost
(475)
(366)

Benefits paid
(1,790)
(1,633)

27,247
26,382


The cumulative amount of actuarial gains and losses recognised in the Statement of comprehensive income was £1,038,000 (2022:£274,000).





Page 30


TRIUMPH INTERNATIONAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
21.PENSION COMMITMENTS (CONTINUED)

A valuation was carried out as at 30 September 2021 as part of estimating the Scheme's final insurance premium and has been updated to 31 December 2023 by a qualified independent actuary. The major assumptions used by the actuary were (in nominal terms) as follows:

2023
2022
%
%
Discount rate


4.5

4.90
 
Future salary increases


N/A

N/A
 
Inflation Assumption (RPI)


3.3

3.3
 
Inflation assumption (CPI)


2.8

2.8
 
Mortality rates



 
- for a male aged 65 now


21.9

22.4
 
- at 65 for a male aged 45 now


22.9

23.4
 
- for a female aged 65 now


23.6

24.0
 
- at 65 for a female member aged 45 now


24.8

25.2
 






22.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
80
72

Later than 1 year and not later than 5 years
213
206

Later than 5 years
134
189

427
467


23.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption in FRS 102 from disclosing transactions with related parties that are wholly owned within the Triumph Universa AG Group.
Directors' remuneration has been disclosed in note 8.

Page 31


TRIUMPH INTERNATIONAL LIMITED

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

24.


CONTROLLING PARTY

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.
 
Page 32