Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 1,108,126 | 1,015,684 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 207,589 | 271,555 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (367,621) | (152,806) | ||
| Total assets less current liabilities | 740,505 | 862,878 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Trigen Limited (registered number:
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A P Ryan
Director |
A M Ryan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Trigen Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Browne Jacobson Llp (Cs) 15th Floor, 103 Colmore Row, Birmingham, B3 3AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements.. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Other intangible assets |
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| Office equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.
Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 February 2024 |
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| Additions |
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| At 31 January 2025 |
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| Accumulated amortisation | |||
| At 01 February 2024 |
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| Charge for the financial year |
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| At 31 January 2025 |
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| Net book value | |||
| At 31 January 2025 |
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| At 31 January 2024 |
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| Office equipment | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 February 2024 |
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| At 31 January 2025 |
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| Accumulated depreciation | |||
| At 01 February 2024 |
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| Charge for the financial year |
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| At 31 January 2025 |
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| Net book value | |||
| At 31 January 2025 |
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| At 31 January 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| Corporation tax |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to directors |
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| Convertible loan notes |
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| Accruals and deferred income |
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| Other taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Convertible loan notes |
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The Company issued £200,000 of convertible loan notes on 26th August 2022. The company then issued a further £100,000 on the 18th July 2023 and £100,000 on 21st November 2023. The convertible loan notes are convertible into ordinary shares of the Company at any time between the date of issue of the notes and their settlement date. On issue, the loan notes were convertible at a price per loan note equal to a price per share. If the notes have not been converted, they will be redeemed at a later date according to the terms of the deed. Interest of 8 per cent will be due annually up until that settlement date.
The net proceeds received from the issue of the convertible loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:
| 2025 | |
| £ | |
| Nominal value of convertible loan notes issued | 400,000 |
| Equity component | 0 |
| Liability components at date of issue | 400,000 |
| Interest charged | 47,218 |
| Interest paid | 0 |
| Liability component at 31 January 2025 |
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The liability component has been classified as basic on the grounds that there is a potential conversion within 12 months and no guaranteed premium payable upon that conversion per the deed. It is consequently measured at amortised cost.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 151,865.20 | 151,865.20 |