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Company registration number: 09125265







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


TRINITY ROSE LIMITED






































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TRINITY ROSE LIMITED
 


 
COMPANY INFORMATION


Directors
Mr R Kirby 
Mr R Mott 
Mr G Price (resigned 11 May 2024)
Mrs P Mott (appointed 14 June 2024)
Mrs S Price (appointed 14 June 2024)




Registered number
09125265



Registered office
Trinity House
123 Winchester Road

Chandler's Ford

Eastleigh

Hampshire

SO53 2DR




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


TRINITY ROSE LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11


 


TRINITY ROSE LIMITED
REGISTERED NUMBER:09125265



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
135,819
156,191

Tangible assets
 5 
7,711
12,769

Investments
 6 
214,946
214,946

  
358,476
383,906

Current assets
  

Debtors
 7 
668,929
652,275

Cash at bank and in hand
 8 
174,804
141,600

  
843,733
793,875

Creditors: amounts falling due within one year
 9 
(338,401)
(351,445)

Net current assets
  
 
 
505,332
 
 
442,430

Total assets less current liabilities
  
863,808
826,336

Creditors: amounts falling due after more than one year
 10 
(62,485)
(128,989)

Provisions for liabilities
  

Deferred tax
  
(1,463)
(2,769)

  
 
 
(1,463)
 
 
(2,769)

Net assets
  
799,860
694,578

Page 1

 


TRINITY ROSE LIMITED
REGISTERED NUMBER:09125265


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
4
4

Share options reserve
  
39,155
-

Profit and loss account
  
760,701
694,574

  
799,860
694,578


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 income and retained earnings 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 by: 




Mr R Mott
Director

Date: 26 March 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 


TRINITY ROSE LIMITED
 


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

1.


General information

Trinity Rose Limited is a private company, limited by shares and incoporated and domiciled in England and Wales within the United Kingdom. The company's registered office is disclosed on the Company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

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.

Page 3

 


TRINITY ROSE LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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.


 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

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.

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.

 
2.7

Tangible fixed assets

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

 


TRINITY ROSE LIMITED
 


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

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

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.

 
2.10

Creditors

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.

 
2.11

Provisions for liabilities

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 19).

Page 5

 


TRINITY ROSE LIMITED
 


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

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
228,727



At 31 March 2024

228,727



Amortisation


At 1 April 2023
72,536


Charge for the year on owned assets
20,372



At 31 March 2024

92,908



Net book value



At 31 March 2024
135,819



At 31 March 2023
156,191



Page 6

 


TRINITY ROSE LIMITED
 


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

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
30,175


Additions
1,558



At 31 March 2024

31,733



Depreciation


At 1 April 2023
17,406


Charge for the year on owned assets
6,616



At 31 March 2024

24,022



Net book value



At 31 March 2024
7,711



At 31 March 2023
12,769


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
214,946



At 31 March 2024
214,946




Page 7

 


TRINITY ROSE LIMITED
 


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

7.


Debtors


2024
2023
£
£



Trade debtors
127,315
165,218

Other debtors
315,534
315,534

Prepayments and accrued income
121,228
71,582

Tax recoverable
104,852
99,941

668,929
652,275



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
174,804
141,600

174,804
141,600



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,004
50,004

Trade creditors
33,845
18,838

Amounts owed to group undertakings
95,729
30,773

Corporation tax
-
11,197

Other taxation and social security
109,018
115,404

Other creditors
20,515
109,709

Accruals and deferred income
29,290
15,520

338,401
351,445


Page 8

 


TRINITY ROSE LIMITED
 


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

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
62,485
112,489

Other creditors
-
16,500

62,485
128,989


National Westminster Bank PLC holds a fixed and floating charge over all assets and undertakings of the Company in respect of the outstanding bank loan.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
50,004
50,004


50,004
50,004


Amounts falling due 2-5 years

Bank loans
62,485
112,489


62,485
112,489


112,489
162,493


Page 9

 


TRINITY ROSE LIMITED
 


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

12.


Share-based payments

Options have been granted to certain employees for O Ordinary shares in the in year ultimate parent company, CEAL Holdings Limited.
If the options remain unexercised after a period of ten years from the date of grant, the options expire. At the discretion of the Company, options may be forfeited if the employee leaves the company before the options vest. Per the scheme rules, the options are exercisable where the parent company is listed or sold at a price above a stated benchmark.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.01

78

0.01
 
78
 
Outstanding at the end of the year
0.01

78

0.01
 
78
 

All options outstanding at year end were exercised on 5 July 2024.




13.


Pension commitments

The Company operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the Company in an indepdenently adminstered fund. The pension expense represents contributions payable by the Company to the fund and amounted to £14,407 (2023 - £17,672).
Contributions due at the balance sheet date amounted to £4,015 (2023 - £3,765).


14.


Post balance sheet events

On 26 April 2024 100% of the share capital in the company was transferred from CEAL Holdings Limited to personal shareholders.
There has been no change in the ultimate ownership of the entity.
Subsequently, all share options noted in note 8 became exercisable. These options over shares in CEAL Holdings Limited were exercised in full on 5 July 2024.


15.


Parent company

During the year, the Company was a wholly owned subsidiary of CEAL Holdings Limited whose registered office is 13 Oakmount Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 2LG.
CEAL Holdings Limited is now in voluntary liquidation.
Since the year end, the Company is no longer part of a corporate group. Refer to note 16.

Page 10

 


TRINITY ROSE LIMITED
 


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

16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 26 March 2025 by James Hadfield FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 11