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COMPANY REGISTRATION NUMBER: 07298569
Triad Controls Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Triad Controls Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
157,870
166,998
Current assets
Stocks
245,790
173,489
Debtors
6
363,481
143,215
Investments
7
103,483
95,795
Cash at bank and in hand
62,417
95,794
---------
---------
775,171
508,293
Creditors: amounts falling due within one year
8
505,213
350,172
---------
---------
Net current assets
269,958
158,121
---------
---------
Total assets less current liabilities
427,828
325,119
Creditors: amounts falling due after more than one year
9
113,704
131,070
Provisions
Taxation including deferred tax
15,193
12,103
---------
---------
Net assets
298,931
181,946
---------
---------
Triad Controls Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
8
8
Profit and loss account
298,923
181,938
---------
---------
Shareholders funds
298,931
181,946
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr S J Smithard
Director
Company registration number: 07298569
Triad Controls Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hall Farm, Ashby Road, Coleorton, LE67 8FB, Leicestershire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 9 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2023
325,925
25,736
351,661
Additions
43,250
2,279
45,529
---------
--------
---------
At 30 June 2024
369,175
28,015
397,190
---------
--------
---------
Depreciation
At 1 July 2023
165,854
18,809
184,663
Charge for the year
50,830
3,827
54,657
---------
--------
---------
At 30 June 2024
216,684
22,636
239,320
---------
--------
---------
Carrying amount
At 30 June 2024
152,491
5,379
157,870
---------
--------
---------
At 30 June 2023
160,071
6,927
166,998
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
362,481
141,829
Other debtors
1,000
1,386
---------
---------
363,481
143,215
---------
---------
7. Investments
2024
2023
£
£
Other investments
103,483
95,795
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
187,508
192,966
Corporation tax
144,855
45,282
Social security and other taxes
66,322
27,413
Other creditors
106,528
84,511
---------
---------
505,213
350,172
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
113,704
131,070
---------
---------