Company Registration No. 12315631 (England and Wales)
TRB Lightweight Structures America Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
TRB Lightweight Structures America Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
TRB Lightweight Structures America Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Stocks
5
-
678,111
Debtors
6
466,059
885,073
Cash at bank and in hand
264,312
249,522
730,371
1,812,706
Creditors: amounts falling due within one year
7
(676,513)
(1,641,255)
Net current assets
53,858
171,451
Provisions for liabilities
-
0
(114,897)
Net assets
53,858
56,554
Capital and reserves
Called up share capital
8
77
77
Share premium account
15,491,126
15,491,126
Profit and loss reserves
(15,437,345)
(15,434,649)
Total equity
53,858
56,554

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Richard Holland
Director
Company Registration No. 12315631
TRB Lightweight Structures America Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

TRB Lightweight Structures America Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Clifton Road, St Peter's Hill, Huntingdon, PE29 7EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Sterling, which is the presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The functional currency of the company is US dollars.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of TRB Technology Group Limited. These consolidated financial statements are available from its registered office, 12 Clifton Road, St Peter's Hill, Huntingdon, Cambridgeshire, PE29 7EN.

1.2
Basis of preparation

Following the loss of a major customer after the year end, the directors have made the decision to close the factory in the US during 2023, and sell the majority of the remaining assets of the business. At the time of signing these accounts, the company has fulfilled its final orders and closed the factory. For this reason, the directors have not prepared the accounts on a going concern basis, and have impaired the assets down to their recoverable market value. The company remains able to pay its liabilities as they fall due, and the directors are considering the next steps for the company.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (when the goods are made available for collection), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

TRB Lightweight Structures America Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value. Cost comprises direct material and, where applicable, director labour costs that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of the stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TRB Lightweight Structures America Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TRB Lightweight Structures America Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.14
Foreign exchange

(a) Transactions and balances

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

 

(b) Preparation of financial statements

These accounts have been presented in Sterling because the majority of the Group's trade is conducted in this currency. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are classified as equity and transferred to a separate component of equity.

 

The average rate during the year was $1.24 (2022 - $1.24) to the Pound Sterling. The opening exchange rate was $1.21(2022 - $1.33) to the Pound Sterling and the closing exchange rate was $1.27 (2022 - $1.21) to the Pound Sterling.

2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,038
12,000
3
Employees

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

2023
2022
Number
Number
Total
13
31
TRB Lightweight Structures America Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Intangible fixed assets
Licences
Commercial contract
Total
£
£
£
Cost
At 1 January 2023
8,062,227
4,179,804
12,242,031
Disposals
(8,062,227)
(4,179,804)
(12,242,031)
At 31 December 2023
-
0
-
0
-
0
Amortisation and impairment
At 1 January 2023
8,062,227
4,179,804
12,242,031
Disposals
(8,062,227)
(4,179,804)
(12,242,031)
At 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
5
Stocks
2023
2022
£
£
Stocks
-
678,111
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,956
166,375
Amounts owed by group undertakings
59,623
30,907
Other debtors
391,480
687,791
466,059
885,073
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,632
73,433
Amounts owed to group undertakings
488,499
1,467,405
Other creditors
160,382
100,417
676,513
1,641,255
TRB Lightweight Structures America Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
Creditors: amounts falling due within one year (continued)
7

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares A of $0.01 each
10,200
7,650
77
58
Ordinary Shares B of $0.01 each
-
2,550
-
19
10,200
10,200
77
77

A and B shares each carry one vote, carry no right to fixed income, are not redeemable and rank pari passu in the event of a winding up of the company.

 

On 22 April 2023, all $0.01 Ordinary B shares were re-designated to $0.01 Ordinary A shares.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - basis of preparation

We draw attention to Note 1.2 in the financial statements which explains that the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2.

 

Our opinion is not modified in respect of this matter

Senior Statutory Auditor:
Ross Lomas
Statutory Auditors:
Saffery LLP
Date of audit report:
26 September 2024
10
Operating lease commitments
Lessee

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

2023
2022
£
£
-
0
485,304
TRB Lightweight Structures America Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
11
Related party transactions
Transactions with related parties

In accordance with the available exemption under FRS 102, the Company has not disclosed transactions with other wholly owned members of the same group undertakings.

12
Parent company

The ultimate controlling party is J McQueen by virtue of majority shareholding in TRB Technology Group Limited.

 

The directors consider the ultimate parent undertaking to be TRB Technology Group Limited, a company incorporated in the United Kingdom.

 

TRB Technology Group Limited is the immediate parent and is the smallest and largest company for which consolidated accounts, including TRB Lightweight Structures America Limited, are prepared. The consolidated accounts of TRB Technology Group Limited are available from its registered office, 12 Clifton Road, St Peter's Hill, Huntingdon, Cambridgeshire, PE29 7EN.

 

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