Company registration number 08296389 (England and Wales)
Trivandi Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
Trivandi Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 10
Trivandi Limited
Balance Sheet
As At 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
30,604
26,699
Investments
6
264,834
270,256
295,438
296,955
Current assets
Debtors
8
1,638,059
789,247
Cash at bank and in hand
100,204
364,954
1,738,263
1,154,201
Creditors: amounts falling due within one year
9
(2,029,478)
(1,058,060)
Net current (liabilities)/assets
(291,215)
96,141
Net assets
4,223
393,096
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
4,123
392,996
Total equity
4,223
393,096

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 4 February 2025 and are signed on its behalf by:
Mr J Bulley
Director
Company registration number 08296389 (England and Wales)
Trivandi Limited
Notes To The Financial Statements
For The Year Ended 31 March 2024
Page 2
1
Accounting policies
Company information

Trivandi Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 King William Street, London, EC4N 7BP.

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
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

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. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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, fittings & equipment
25% Reducing balance

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.

Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
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 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 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 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, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.11
Retirement benefits

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

1.12
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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
Page 6
3
Employees

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

2024
2023
Number
Number
Total
24
20
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
8,225
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
38,258
Additions
14,718
Disposals
(8,571)
At 31 March 2024
44,405
Depreciation and impairment
At 1 April 2023
11,559
Depreciation charged in the year
6,915
Eliminated in respect of disposals
(4,673)
At 31 March 2024
13,801
Carrying amount
At 31 March 2024
30,604
At 31 March 2023
26,699
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
27,683
33,105
Other investments other than loans
237,151
237,151
264,834
270,256
Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
6
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
33,105
237,151
270,256
Adjustments to opening balance
(5,422)
-
(5,422)
At 31 March 2024
27,683
237,151
264,834
Carrying amount
At 31 March 2024
27,683
237,151
264,834
At 31 March 2023
33,105
237,151
270,256
7
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Trivandi DMCC
United Arab Emirates
Ordinary shares
100.00
Trivandi LLC
Qatar
Ordinary Shares
100.00
Trivandi ICC
Kingdom of Saudi Arabia
Ordinary Shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Trivandi DMCC
3,127,662
2,192,632
Trivandi LLC
65,872
(207,096)
Trivandi ICC
874,517
869,245

Trivandi LLC has ceased trading as at 31 December 2023 and their accounts have been prepared under the liquidation basis. Trivandi LLC was dissolved on 23 July 2024 and will no longer operate.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
830,768
378,896
Other debtors
807,291
410,351
1,638,059
789,247
Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
Page 8
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,032
182,686
Corporation tax
-
0
8,199
Other taxation and social security
40,519
102,143
Other creditors
1,871,927
765,032
2,029,478
1,058,060
10
Share-based payment transactions

During the year, the reporting entity granted options under its share option schemes.

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
7,485
-
0
14.96
-
0
Granted
-
0
8,000
-
0
14.96
Forfeited
(1,685)
(515)
14.96
14.96
Outstanding at 31 March 2024
5,800
7,485
14.96
14.96
Exercisable at 31 March 2024
-
0
-
0
-
0
-
0

The options outstanding at 31 March 2024 had a weighted average exercise price of £14.958, and remaining contractual lives of between 8 and 9 years.

11
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:

2024
2023
£
£
480,480
27,272
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
12
Related party transactions
(Continued)
Page 9
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1,594,832
1,281,782
17,680
2,363

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,559,887
658,658

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
592,851
277,448
Trivandi Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
Page 10
13
Directors' transactions

Dividends totalling £502,000 (2023 - £154,000) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted to the company by the directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr J Bulley -
-
(45,438)
191,303
145,865
Mr P May -
-
(29,118)
26,029
(3,089)
(74,556)
217,332
142,776
2024-03-312023-04-01false03 February 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr James BulleyMr Paul MayMrs Elizabeth Jointfalsefalse082963892023-04-012024-03-31082963892024-03-31082963892023-03-3108296389core:OtherPropertyPlantEquipment2024-03-3108296389core:OtherPropertyPlantEquipment2023-03-3108296389core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3108296389core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108296389core:CurrentFinancialInstruments2024-03-3108296389core:CurrentFinancialInstruments2023-03-3108296389core:ShareCapital2024-03-3108296389core:ShareCapital2023-03-3108296389core:RetainedEarningsAccumulatedLosses2024-03-3108296389core:RetainedEarningsAccumulatedLosses2023-03-3108296389bus:Director12023-04-012024-03-3108296389core:FurnitureFittings2023-04-012024-03-31082963892022-04-012023-03-3108296389core:UKTax2023-04-012024-03-3108296389core:UKTax2022-04-012023-03-3108296389core:OtherPropertyPlantEquipment2023-03-3108296389core:OtherPropertyPlantEquipment2023-04-012024-03-3108296389core:Non-currentFinancialInstruments2024-03-3108296389core:Non-currentFinancialInstruments2023-03-3108296389core:WithinOneYear2024-03-3108296389core:WithinOneYear2023-03-31082963892023-03-31082963892022-03-3108296389core:AllSubsidiariescore:SaleOrPurchaseGoods2023-04-012024-03-3108296389core:AllSubsidiariescore:SaleOrPurchasePropertyOrOtherAssets2022-04-012023-03-3108296389bus:PrivateLimitedCompanyLtd2023-04-012024-03-3108296389bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108296389bus:FRS1022023-04-012024-03-3108296389bus:AuditExemptWithAccountantsReport2023-04-012024-03-3108296389bus:Director22023-04-012024-03-3108296389bus:Director32023-04-012024-03-3108296389bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP