Silverfin false false 31/12/2023 01/01/2023 31/12/2023 S G Cozens 16/06/2022 A M Al Othman 16/06/2022 09 October 2024 The principal activity of the Company is that of property development. 14178031 2023-12-31 14178031 bus:Director1 2023-12-31 14178031 bus:Director2 2023-12-31 14178031 2022-12-31 14178031 core:CurrentFinancialInstruments 2023-12-31 14178031 core:CurrentFinancialInstruments 2022-12-31 14178031 core:Non-currentFinancialInstruments 2023-12-31 14178031 core:Non-currentFinancialInstruments 2022-12-31 14178031 core:ShareCapital 2023-12-31 14178031 core:ShareCapital 2022-12-31 14178031 core:RetainedEarningsAccumulatedLosses 2023-12-31 14178031 core:RetainedEarningsAccumulatedLosses 2022-12-31 14178031 bus:OrdinaryShareClass1 2023-12-31 14178031 2023-01-01 2023-12-31 14178031 bus:FilletedAccounts 2023-01-01 2023-12-31 14178031 bus:SmallEntities 2023-01-01 2023-12-31 14178031 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 14178031 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14178031 bus:Director1 2023-01-01 2023-12-31 14178031 bus:Director2 2023-01-01 2023-12-31 14178031 2022-06-16 2022-12-31 14178031 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 14178031 bus:OrdinaryShareClass1 2022-06-16 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14178031 (England and Wales)

TRIDENT HOUSE DEVELOPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TRIDENT HOUSE DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TRIDENT HOUSE DEVELOPMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TRIDENT HOUSE DEVELOPMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Current assets
Stocks 3 4,064,621 612,770
Debtors 4 376,284 3,078
Cash at bank and in hand 1,308 0
4,442,213 615,848
Creditors: amounts falling due within one year 5 ( 2,835,675) ( 8,313)
Net current assets 1,606,538 607,535
Total assets less current liabilities 1,606,538 607,535
Creditors: amounts falling due after more than one year 6 ( 1,775,644) ( 632,974)
Net liabilities ( 169,106) ( 25,439)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 169,206 ) ( 25,539 )
Total shareholder's deficit ( 169,106) ( 25,439)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Trident House Development Limited (registered number: 14178031) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

S G Cozens
Director

09 October 2024

TRIDENT HOUSE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TRIDENT HOUSE DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Trident House Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company made a loss for the period and had net liabilities of £169,106 at the statement of financial position date. The directors confirm that they will continue to support the Company for the foreseeable future and that the group loans will not be recalled until such time that the Company can afford to repay them. On this basis they consider it appropriate to prepare the financial statements on a going concern basis.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes property purchases, associated completion costs, property development costs and other direct costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

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

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

Year ended
31.12.2023
Period from
16.06.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Stocks

31.12.2023 31.12.2022
£ £
Stocks 4,064,621 612,770

4. Debtors

31.12.2023 31.12.2022
£ £
Amounts owed by group undertakings 86,329 100
Prepayments 125 0
VAT recoverable 289,830 2,978
376,284 3,078

5. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 321,841 0
Amounts owed to group undertakings 2,509,113 5,133
Accruals 4,721 3,180
2,835,675 8,313

6. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Amounts owed to group undertakings 1,775,644 632,974

7. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Where possible, the company has taken advantage of the exemption conferred by FRS 102 Section 33.1A from the requirement to disclose transactions with wholly owned group undertakings.

9. Ultimate controlling party

The intermediate parent undertaking is Eden Real Estate Property Investments Ltd, a company registered in the United Arab Emirates. The ultimate parent undertaking is Eden Global Investments Ltd, a company registered in United Arab Emirates.