Company Registration Number 11790834
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TRITILITY LIMITED
REGISTERED NUMBER: 11790834
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
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Restated 2023 (unaudited)
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2024.
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Mr Jonathan Gould
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The notes on pages 2 to 10 form part of these financial statements.
Page 1
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Tritility Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11790834. The registered office is Tritility Limited, Strathmore Building, Rolling Mill Road, Jarrow, England, NE32 3DP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
The financial statements have been presented in sterling, and rounded to the nearest pound.
The following principal accounting policies have been applied:
At the end of the financial year, the company has net assets of £118,406 (2023: net liabilities £197,970) including cash at bank of £1,034,442 (2023: £375,769). The company has external borrowings of £20,231 (2023: £32,137), comprising of bank loans.
The company has prepared detailed financial forecasts for a period of at least 12 months from the date of approval of these financial statements. The company has also prepared a plausible downside forecast for the same period. In both cases these forecasts show that the company will maintain sufficient cash funds to continue to trade and will not require any additional external funding.
Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Customer energy contracts
The company procures energy and utility contracts for its customers and in doing so generates revenue from commissions received and receivable from the energy and utility suppliers. The expected commission on a contract is recognised at the point that a customer and supplier contract is signed as this is considered to be the point at which it is probable that economic benefits will accrue to the company. Commissions are variable as they are based on expected energy and utility usage by the customer over the expected contract term. The revenue recognised on each contract is constrained and adjusted over the time of the contract to reflect expected variances in commission caused by fluctuations in customer energy and utility usage and to reflect expected contract attrition.
Page 2
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Page 3
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The comparative numbers were not audited.
Throughout the audit of year end 31 May 2024, various errors were found in the prior year figures which have been corrected in this set of financial statements, and thus prior year figures show a restated position.
Further details of the changes made are disclosed in Note 13 of the accounts.
Page 5
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 129 (2023 - 105).
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Charge for the year on owned assets
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Page 6
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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Charge for the year on owned assets
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Page 7
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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Restated 2023 (unaudited)
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Due after more than one year
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Other debtors (see note 3)
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Restated 2023 (unaudited)
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Other taxation and social security
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Accruals and deferred income
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Page 8
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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Creditors: Amounts falling due after more than one year
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Restated 2023 (unaudited)
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In these financial statements the company has changed its accounting policy on the recognition of turnover from customer energy contracts. In previous periods the company recognised turnover from these contracts only at the point that commission was due to be received in cash. The amended accounting policy is disclosed in Note 2 of the accounts.
In addition to the above, the company has also reclassified certain balance sheet captains to correctly classify their nature.
A summary of the impact of these changes is documented below:
Turnover FY 23: reduced by £1,716,344
Opening reserves FY 23: reduced by £406,309
Presentation of the FY 23 balance sheet: bank loans, represented amounts due > 1 year by £11,908, now presented as < 1 year; corporation tax debtor balance held within creditors, now presented within debtors; other creditor balance in a positive position, now presented within debtors.
The dividends declared in the 2023 accounts were at the time made lawfully, when the company had sufficient reserves to pay these. The prior year adjustments posted have reduced the reserves into a negative position, making the dividends appear unlawful, however at the time were considered lawful. The results for the year ended 31 May 2024 show that the company holds sufficient reserves to make these dividends remain reasonable for the prior year.
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Related party transactions
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During the year the company recognised the net write back of £331,958 (2023 - £Nil) against amounts advanced and due from Energy Procurement Group Limited (debtor £973,100) and Utility Tri Limited (liability £1,305,057) (see Note 4). Both companies are 100% owned by Mr J Gould, a director of Tritility Limited. Following this write back, the amounts due from Energy Procurement Group Limited and Utility Tri Limited at the year end is £Nil.
Included within other debtors due within one year are loans to the following directors:
J Wyatt £200,000 (2023: liability £48,169)
J Gould £298,803 (2023: liability £55,446)
Both have been satisfied since the year end.
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The company is controlled by the Directors, J Wyatt and J Gould.
Page 9
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TRITILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.
The audit report was signed on 12 December 2024 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.
Page 10
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