IRIS Accounts Production v24.3.0.553 01036744 Board of Directors 1.4.23 31.3.24 31.3.24 25.11.24 false true false false true false Auditors Opinion Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh010367442023-03-31010367442024-03-31010367442023-04-012024-03-31010367442022-03-31010367442022-04-012023-03-31010367442023-03-3101036744ns15:EnglandWales2023-04-012024-03-3101036744ns14:PoundSterling2023-04-012024-03-3101036744ns10:Director12023-04-012024-03-3101036744ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101036744ns10:SmallEntities2023-04-012024-03-3101036744ns10:Audited2023-04-012024-03-3101036744ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101036744ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101036744ns10:FullAccounts2023-04-012024-03-3101036744ns10:OrdinaryShareClass12023-04-012024-03-3101036744ns10:Director22023-04-012024-03-3101036744ns10:RegisteredOffice2023-04-012024-03-3101036744ns5:CurrentFinancialInstruments2024-03-3101036744ns5:CurrentFinancialInstruments2023-03-3101036744ns5:ShareCapital2024-03-3101036744ns5:ShareCapital2023-03-3101036744ns5:SharePremium2024-03-3101036744ns5:SharePremium2023-03-3101036744ns5:CapitalRedemptionReserve2024-03-3101036744ns5:CapitalRedemptionReserve2023-03-3101036744ns5:RetainedEarningsAccumulatedLosses2024-03-3101036744ns5:RetainedEarningsAccumulatedLosses2023-03-3101036744ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3101036744ns5:PlantMachinery2023-04-012024-03-3101036744ns5:FurnitureFittings2023-04-012024-03-3101036744ns5:LandBuildings2023-03-3101036744ns5:PlantMachinery2023-03-3101036744ns5:LandBuildings2023-04-012024-03-3101036744ns5:LandBuildings2024-03-3101036744ns5:PlantMachinery2024-03-3101036744ns5:LandBuildings2023-03-3101036744ns5:PlantMachinery2023-03-3101036744ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101036744ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101036744ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 01036744 (England and Wales)















TRIAD TIMBER COMPONENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


TRIAD TIMBER COMPONENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr A G Stead
Mr L L Fuller



REGISTERED OFFICE: Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX



BUSINESS ADDRESS: Unit A, 17 Peter Road
Lancing Business Park
Lancing
West Sussex
BN15 8TH



REGISTERED NUMBER: 01036744 (England and Wales)



SENIOR STATUTORY AUDITOR: Ashley Phillips FCCA



AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 299,809 352,627

CURRENT ASSETS
Stocks 199,300 202,815
Debtors 6 947,341 695,513
Cash at bank and in hand 711,792 925,731
1,858,433 1,824,059
CREDITORS
Amounts falling due within one year 7 693,198 645,191
NET CURRENT ASSETS 1,165,235 1,178,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,465,044

1,531,495

PROVISIONS FOR LIABILITIES 73,323 86,170
NET ASSETS 1,391,721 1,445,325

CAPITAL AND RESERVES
Called up share capital 9 2,035 2,035
Share premium 79 79
Capital redemption reserve 1,025 1,025
Retained earnings 1,388,582 1,442,186
SHAREHOLDERS' FUNDS 1,391,721 1,445,325

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





Mr A G Stead - Director


TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Triad Timber Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets, reconcilability of debtors due to the current economic environment and the valuation of the deferred tax liability due to changes to substantively enacted tax rates which means that the rate applicable will vary dependent on profit levels in each year.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Income is recognised when the company has obtained the right to consideration upon delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 20% on cost and straight line over 2 years
Plant and machinery - 25% on cost, 20% on cost and 10% on cost
Office Equipment and Fittings - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contributions scheme and no additional liability arises other than payments to the pension scheme which are charged to the profit and loss account in the year in which they are made.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

Going concern
The directors have assessed the major risks to which the company is exposed and assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements. There have been no significant risks identified that would prevent the company from continuing as a going concern.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 95,170 925,359 1,020,529
Disposals - (290,815 ) (290,815 )
At 31 March 2024 95,170 634,544 729,714
DEPRECIATION
At 1 April 2023 95,170 572,732 667,902
Charge for year - 44,647 44,647
Eliminated on disposal - (282,644 ) (282,644 )
At 31 March 2024 95,170 334,735 429,905
NET BOOK VALUE
At 31 March 2024 - 299,809 299,809
At 31 March 2023 - 352,627 352,627

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 405,521 692,039
Amounts owed by group undertakings 480 3,474
Other debtors 67,340 -
Associated company loan 474,000 -
947,341 695,513

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 160,363 220,901
Amounts owed to group undertakings 338,998 243,904
Other creditors 32,458 27,037
Other taxes and PAYE 147,098 139,502
Accrued expenses 14,281 13,847
693,198 645,191

TRIAD TIMBER COMPONENTS LIMITED (REGISTERED NUMBER: 01036744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. SECURED DEBTS

Any bank overdraft is secured by a mortgage debenture incorporating a fixed and floating charge over all the company's assets and a legal mortgage over the company's leasehold premises.

There is an inter-company guarantee between Calldene Limited, Triad Timber Components Limited and Dover Trussed Roof Company Limited which is unlimited.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2,035 Ordinary Shares £1 2,035 2,035

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashley Phillips FCCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

11. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements 31,500 -

12. RELATED PARTY DISCLOSURES

During the year the company purchased goods and services from Pinewood Structures Limited at arm's length totalling £nil (2023: £355). As at the balance sheet date the company owed £nil (2023: £nil) in respect of these goods and services, which is included in trade creditors.

During the year the company also made sales to Pinewood Structures Limited at arm's length totalling £106,352 (2023: £21,704). As at the balance sheet date the company was owed £nil (2023: £nil) in respect of these sales, which is included in trade debtors.

Pinewood Structures Limited is a company which shares directors with Triad Timber Components Limited.

During the year the company purchased goods and services from The Docklands Settlements at arm's length totalling £nil (2023: £1,000).

The Docklands Settlements is a company which shares directors with Triad Timber Components Limited.

13. PARENT COMPANY AND ULTIMATE PARENT COMPANY

The parent company is Calldene Limited and the ultimate parent company is Hardwood Limited.