Company registration number 12025609 (England and Wales)
TRINITY MANAGEMENT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
TRINITY MANAGEMENT SERVICES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,787
26,141
Current assets
Debtors
4
1,641,144
1,969,220
Cash at bank and in hand
532
42,017
1,641,676
2,011,237
Creditors: amounts falling due within one year
5
(921,205)
(813,067)
Net current assets
720,471
1,198,170
Total assets less current liabilities
748,258
1,224,311
Creditors: amounts falling due after more than one year
6
(783,558)
(1,389,008)
Net liabilities
(35,300)
(164,697)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(35,400)
(164,797)
Total equity
(35,300)
(164,697)
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Mr R Jacob
Director
Company registration number 12025609 (England and Wales)
TRINITY MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Trinity Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Shaw Gibbs Ltd, 264 Banbury Road, Oxford, OX2 7DY.
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 functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for management consultancy services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.
TRINITY MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Reducing balance
Computers
20% Reducing balance
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
1.6
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 balance sheet 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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
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 trade and other creditors and bank loans are initially recognised at
transaction price unless the arrangement constitutes a financing transaction.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of
transaction costs.
1.8
Taxation
The tax expense represents the current tax expense. Current tax assets are recognised when tax paid
exceeds the tax payable.
TRINITY MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
Current tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax
Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
1.9
Foreign exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
TRINITY MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
1,859
549
75,000
77,408
Additions
24,127
24,127
At 31 October 2023
25,986
549
75,000
101,535
Depreciation and impairment
At 1 November 2022
685
191
50,391
51,267
Depreciation charged in the year
3,659
72
18,750
22,481
At 31 October 2023
4,344
263
69,141
73,748
Carrying amount
At 31 October 2023
21,642
286
5,859
27,787
At 31 October 2022
1,174
358
24,609
26,141
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,832
Corporation tax recoverable
27,642
Other debtors
1,613,502
1,966,388
1,641,144
1,969,220
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
9,132
79,500
Other creditors
902,073
723,567
921,205
813,067
Bank loans of £10,000 (2022: £10,000) relates to amounts received in line with the Coronavirus Bounce Back Loan Scheme (BBLS). The loan incurs interest at a rate of 4.59% and will be repaid in full by April 2025.
TRINITY MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
Other creditors
767,725
1,363,175
783,558
1,389,008
Bank loans of £15,833 (2022: £25,833) relates to amounts received in line with the Coronavirus Bounce Back Loan Scheme (BBLS). The loan incurs interest as a rate of 4.59% and will be repaid in full by April 2025.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
During the year the director advanced £929,175 (2022 as restated: £162,011) to the company of which £911,058 (2022 as restated: £238,500) was repaid. At the year end the director owed the company £3,233 (2022 as restated: £21,350). The outstanding amount is interest free and payable on demand.
9
Prior period adjustment
During the year the director discovered that in the prior year financial statements transactions passing through the Euro bank account had not been accounted for.
Contracts for broadcasting rights dated prior to the year end had not been included resulting in debtors and deferred income being understated.
A film catalogue included within intangible fixed assets which had been sold in 2020, was not disposed of.
These errors have been corrected by restating the prior period financial statements.
TRINITY MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
1 November
31 October
2021
2022
£
£
Adjustments to prior year
Sales
-
(222,798)
Direct costs
-
6,249
Accountancy
-
1,000
Amortisation
-
9,605
Loss on foreign exchange
-
(1,640)
Bank loan interest
-
(66)
Total adjustments
-
(207,650)
Equity as previously reported
202,406
42,953
Equity as adjusted
202,406
(164,697)
Analysis of the effect upon equity
Profit and loss reserves
-
(207,650)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Sales
(222,798)
Direct costs
6,249
Accountancy
1,000
Amortisation
9,605
Loss on foreign exchange
(1,640)
Bank loan interest
(66)
Total adjustments
(207,650)
Loss as previously reported
(159,453)
Loss as adjusted
(367,103)