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Registered number: NI636189 (Northern Ireland)














TRELIANT LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023


 
TRELIANT LIMITED
 

 
COMPANY INFORMATION


Directors
M D Castleforte 
N Potter 
D Samuels 
H Eisenhardt 




Registered number
NI636189



Registered office
20 Adelaide Street

Belfast

Northern Ireland

BT2 8GD




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
TRELIANT LIMITED
 


CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16
Notes to the Financial Statements
 
17 - 36



 
TRELIANT LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report for the period ended 31 December 2023 for Treliant Limited  ("the Company") and its subsidiaries ("the Group").
The wider group headed by TVG-Treliant Holdings, LLC being the ultimate parent of Treliant Limited ("the Treliant Group") is a multi-disciplinary advisory firm built to address the regulatory, strategic and operational issues that confront financial services firms. The Treliant Group has been a consulting partner to the global financial industry. Our teams are led by practitioners from the industry and regulatory communities, bound together by our mission to help our clients meet regulatory obligations, manage risk, and address business change. We do this through the delivery of data-driven, technology-enabled advisory, implementation, and outsourced operations.
The Treliant Group as a whole has U.S. headquarters in Washington, DC and has its offices in New York, Belfast, London and Lódz. 

Business review
 
In August 2021, the Group was acquired by TVG Treliant Holdings, LLC. As a result of the merger, the Group has benefited from the corporate services synergies, i.e. integration of HR, Finance, Sales, Recruitment.  
The majority of UK operations are dedicated to one of the Group's key clients. The Belfast office operates as a Service Delivery Centre providing services for different business units. 
The synergy from the merger is paying off today as the Group has developed a presence in both the EMEA and US markets with improved operational resources available across whole organisations. This has provided flexibility and opportunities in developing the Group's workforce and customer base.
During the financial period the Group experienced a decline in revenue to £14.8m (31 March 2023: £22.5m), primarily the result of a decrease in expenditure, with a reduction in the use of contracted employees.

Principal risks and uncertainties
 
The business environment in which the Group operates continues to be very challenging and competitive pricing across the industry continues to put pressure on margins.
Operationally, losses may be incurred as a result of delayed onboarding, project delays or other unforeseen circumstances. Ensuring that contracts are completed on time and in line with budgeted costs remains our key focus. Although business conditions in the current climate remain challenging, the Group continues to investigate opportunities to grow and diversify the business.
The Treliant Capital Markets division is heavily dependent upon CitiBank as a client. The Group is targeting to diversify its client base from 2024 onwards.
Further to this, the Group's ultimate parent has outstanding term debt at the end of 2024 totaling $102m. This presents a risk in relation to going concern for the entire group, including Treliant Limited and its subsidiaries. The directors are confident that the group will achieve additional equity investment in the near future which will stabilise this position.

Page 1


 
TRELIANT LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The KPIs are monitored by the board to ensure they are progressing as planned and to take potential actions if there is a risk of not achieving company internal goals. 
The balance sheet continues to present a solid position, with net assets increasing from £2.8m to £3.9m.
Gross profit and gross profit margin: £3.5m, 23.8% (31 March 2023 – £5.2m, 23.1%)
Net profit and net profit margin: £1.3m, 8.7% (31 March 2023 – £1.1m, 5.0%)
EBITDA (earnings before interest, tax, depreciation and amortisation) and EBITDA margin: £1.7m, 11.4% (31 March 2023 - £1.5m, 6.6%).
Group management understands that in order to maintain profitability, cost savings should occur from a reduction in overheads. There is a periodic review for the administrative cost performed in order to keep the company profitable.  
Future Developments
The directors anticipate the business environment will remain competitive, although trading conditions in the
current climate remain challenging, the directors continue to investigate opportunities to grow the business.
Except for outstanding loan balances at the ultimate paret company level, which the directors believe will be repaid upon a transaction, they believe that the Group is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and service margins, as well as continuing to review the state of the market and the activities of competitors, the directors are confident that the Group will maintain and build on this position. The ultimate parent company is actively seeking new investment opportunities which they expect to close by 30 June 2025, it is hoped that any investment will help to continue to secure the trading status of the Group.


This report was approved by the board and signed on its behalf.


H Eisenhardt
Director

Date: 3 June 2025

Page 2


 
TRELIANT LIMITED
 

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the period ended 31 December 2023. In accordance with s414c(II) of the Companies Act 2006, certain information that is required to be included in the Directors' Report has been otherwise included in the Strategic Report, including information in relation to future developments.

Principal activity

The principal activity of the Group during the period was that of financial intermediation provided to the ultimate parent company.

Directors

The directors who served during the period were:

M D Castleforte 
N Potter 
D Samuels 
H Eisenhardt (appointed 31 July 2023)
B M Gorman (resigned 31 July 2023)
C Reid (resigned 31 July 2023)
T Robinson (resigned 31 July 2023)

Results and dividends

The profit for the period, after taxation, amounted to £1,286,280 (31 March 2023 - £1,123,501).

No dividends were declared, paid or payable during the reporting report (31 March 2023: £NIL).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3


 
TRELIANT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the period end.

This report was approved by the board and signed on its behalf.
 


H Eisenhardt
Director

Date: 3 June 2025

Page 4


 
TRELIANT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRELIANT LIMITED

Opinion


We have audited the financial statements of Treliant Limited (the 'Parent Company') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that the Group is reliant on support and continuance of cost plus funding from the ultimate parent. As stated in note 2.3, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5


 
TRELIANT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRELIANT LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6


 
TRELIANT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRELIANT LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Group through discussions with management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC.

 
Page 7


 
TRELIANT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRELIANT LIMITED (CONTINUED)

We identified that fraud risk in relation to revenue recognition is a significant risk in line with ISA 240 and designed and implemented appropriate audit procedures in this area. Audit procedures included reconciliations from statements of works, through to billable hours on projects and subsequent invoices. Additionally, appropriate year-end cut off testing was performed to ensure revenue was included in the correct period.
 
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Edward Wallis ACA (Senior Statutory Auditor)
for and on behalf of
ZEDRA Corporate Reporting Services (UK) Limited
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU

 
Date: 
4 June 2025
Page 8


 
TRELIANT LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended 31 December 2023
Year ended 31 March 2023
Note
£
£

  

Turnover
 4 
14,750,885
22,518,310

Cost of sales
  
(11,237,643)
(17,319,184)

Gross profit
  
3,513,242
5,199,126

Administrative expenses
  
(2,002,238)
(4,120,686)

Other operating income
 5 
452
231,088

Operating profit
 6 
1,511,456
1,309,528

Interest payable and similar expenses
 9 
(10,084)
-

Profit before taxation
  
1,501,372
1,309,528

Tax on profit
 10 
(215,092)
(186,027)

Profit for the financial period/year
  
1,286,280
1,123,501

  

Foreign exchange arising on translation of subsidiary
  
(112,190)
(17,279)

Other comprehensive income for the period/year
  
(112,190)
(17,279)

Total comprehensive income for the period/year
  
1,174,090
1,106,222

Profit for the period/year attributable to:
  

Owners of the parent Company
  
1,286,280
1,123,501

  
1,286,280
1,123,501

The notes on pages 17 to 36 form part of these financial statements.

All results were derived from continuing operations.

Page 9


 
TRELIANT LIMITED
REGISTERED NUMBER:NI636189


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
£
£

Fixed assets
  

Intangible fixed assets
 12 
809,952
896,243

Tangible fixed assets
 13 
590,560
227,386

  
1,400,512
1,123,629

Current assets
  

Debtors: amounts falling due within one year
 15 
6,892,592
5,810,786

Bank and cash balances
  
390,572
208,427

  
7,283,164
6,019,213

Creditors: amounts falling due within one year
 16 
(4,730,276)
(4,379,317)

Net current assets
  
 
 
2,552,888
 
 
1,639,896

Total assets less current liabilities
  
3,953,400
2,763,525

Provisions for liabilities
  

Deferred tax
 17 
(15,785)
-

  
 
 
(15,785)
 
 
-

Net assets
  
3,937,615
2,763,525

Page 10


 
TRELIANT LIMITED
REGISTERED NUMBER:NI636189

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 18 
1,102
1,102

Share premium account
 19 
792,454
792,454

Capital contribution reserve
 19 
572,158
572,158

Foreign exchange reserve
 19 
(113,574)
(1,384)

Profit and loss account
 19 
2,685,475
1,399,195

  
3,937,615
2,763,525


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

H Eisenhardt
Director

Date: 3 June 2025

The notes on pages 17 to 36 form part of these financial statements.

Page 11


 
TRELIANT LIMITED
REGISTERED NUMBER:NI636189


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
586,357
223,422

Investments
 14 
1,871,179
1,871,179

  
2,457,536
2,094,601

Current assets
  

Debtors: amounts falling due within one year
 15 
6,488,891
5,198,959

Bank and cash balances
  
190,211
41,302

  
6,679,102
5,240,261

Creditors: amounts falling due within one year
 16 
(6,181,465)
(4,735,363)

Net current assets
  
 
 
497,637
 
 
504,898

Total assets less current liabilities
  
2,955,173
2,599,499

  

Provisions for liabilities
  

Deferred taxation
 17 
(65,877)
(7,954)

  
 
 
(65,877)
 
 
(7,954)

Net assets
  
2,889,296
2,591,545

Page 12


 
TRELIANT LIMITED
REGISTERED NUMBER:NI636189

    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 18 
1,102
1,102

Share premium account
 19 
792,454
792,454

Capital redemption reserve
 19 
572,158
572,158

Profit and loss account
 19 
1,523,582
1,225,831

  
2,889,296
2,591,545


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 

H Eisenhardt
Director

Date: 3 June 2025

The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
TRELIANT LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital contribution reserve
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 April 2022
1,102
792,454
572,158
15,895
275,694
1,657,303



Comprehensive income for the year


Profit for the year
-
-
-
-
1,123,501
1,123,501


Exchange difference on translation of subsidiaries
-
-
-
(17,279)
-
(17,279)





At 1 April 2023
1,102
792,454
572,158
(1,384)
1,399,195
2,763,525



Comprehensive income for the period


Profit for the period
-
-
-
-
1,286,280
1,286,280


Exchange difference on translation of subsidiaries
-
-
-
(112,190)
-
(112,190)



At 31 December 2023
1,102
792,454
572,158
(113,574)
2,685,475
3,937,615



Page 14 

 
TRELIANT LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
1,102
792,454
572,158
629,415
1,995,129


Comprehensive income for the year

Profit for the year
-
-
-
596,416
596,416



At 1 April 2023
1,102
792,454
572,158
1,225,831
2,591,545


Comprehensive income for the year

Profit for the period
-
-
-
297,751
297,751


At 31 December 2023
1,102
792,454
572,158
1,523,582
2,889,296


Page 15


 
TRELIANT LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Cash flows from operating activities
  

Profit for the financial period
  
1,286,280
1,123,501

Adjustments for:
  

Depreciation of tangible assets
 13 
88,035
41,723

Amortisation of intangible assets
 12 
86,291
115,055

Taxation charge
 10 
215,092
186,027

(Increase) in debtors
 15 
(1,118,561)
(2,567,948)

Increase in creditors
 16 
291,056
735,794

Corporation tax (paid)
 10 
(102,649)
(12,880)

Foreign exchange
  
(112,190)
(17,279)

Net cash generated from operating activities

  

633,354
(396,007)

  

Cash flows from investing activities
  

Purchase of tangible fixed assets
 13 
(451,209)
(190,264)

Net cash from investing activities

  

(451,209)
(190,264)

  

Net increase/(decrease) in cash and cash equivalents
  
182,145
(586,271)

Cash and cash equivalents at beginning of period/year
  
208,427
794,698

Cash and cash equivalents at the end of period/year
  
390,572
208,427


Cash and cash equivalents at the end of period/year comprise:
  

Cash at bank and in hand
  
390,572
208,427

  
390,572
208,427


The notes on pages 17 to 36 form part of these financial statements.

Page 16


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Treliant Limited is a private company limited by shares incorporated in the United Kingdom and registered in Northern Ireland. The registered office is 20 Adelaide Street, Belfast, Northern Ireland, BT2 8GD.
The principal activity of the Group is to provide consulting services to its parent entity, Treliant, LLC.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.


The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Group is in a net asset position, primarily supported by the intercompany loan balance due from the ultimate parent company TVG-Treliant Holdings, LLC. The Group has received written confirmation from it’s ultimate parent company that it will continue to provide financial support to the Group for a period of at least 12 months from the date of signing these financial statements.
As a result, the directors have considered the financial outlook for the ultimate parent company for that period. The ultimate parent company is in a net liability position with term loans totalling $102.5m at the date of approval of these financial statements. Ongoing discussions relating to possible investment from external parties are expected to repay this debt position and stabilise the cash position of the entire group. However, no conclusion has been reached on these and therefore there is a material uncertainty in relation to the ability of the ultimate parent to continue supporting its subsidiaries.
Given the uncertainty of the availability of cash and constraints on the financial support available, the directors have delayed payments to creditors, including HMRC which has accumulated additional debt within the Group. This may cast uncertainty about the ability of the Group to continue trading without additional cash investment from external parties or its ultimate parent company. Despite this uncertainty and with the confidence that additional investment will be achieved, the directors continue to prepare these financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The parent company's functional currency is GBP
The functional currency of Treliant (formely Delv Global Solutions LLC) is USD and the functional currency of Treliant Sp. z o.o (formerly Delv Global Services Sp. z o.o) is Polish Zloty (PLN). Both of these differ to the presentational currency of GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

On consolidation, the results of overseas operations are translated into GBP at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group recognises turnover from two primary sources, an intercompany service agreement with its parent company and consulting services to third parties.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the intercompany service agreement;
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover from consultancy services to third parties is recognised on a monthly basis, representing the hours worked and agreed charge out rates within that month. Sales to third parties are recognised when the following conditions are satisfied:

the significant risks and rewards of ownership have transferred to the buyer;
the amount of revenue can be measured reliably;
it is probable that the associated economic benefits will flow to the entity; and
the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 
2.6

Operating leases: the Group as lessee

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.

  
2.7

Government grants

Grants are accounted under the performance model, upon meeting conditions set out by the legislation, as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensice Income in the same period as the related expenditure.

Page 19


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independelty administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

Page 20


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life.

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.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis for both short-term leasehold improvements and computer equipment and a reducing balance basis for office equipment.

The estimated useful lives range as follows:

Short-term leasehold improvements
-
10 year straight line
Office equipment
-
20% reducing balance
Computer equipment
-
3 year straight line

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayble on demand.

Page 21


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
2.16

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.

Page 22


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities are addressed below. 
Impairment of investments
The directors review fixed asset investments annually for any indication of impairment based on available financial and performance information in relation to the unlisted investments. The directors have determined that the profitability of the trading subsidiaries does not indicate any impairment and as such continue to carry the investment at cost. This is a significant judgement based on the directors' ability to assess the current activity of the subsidiaries.
Useful life and impairment of Goodwill
The Group has adopted the policy of amortising goodwill on a straight-line basis over ten years. This reflects management's best estimate of its useful life.
Management have evaluated the Goodwill by reference to the cash generating units of the business which continue to generate positive returns. As a result, they have determined that there are no indicators of impairment which would reduce the carrying value of Goodwill, this is a significant judgement.
Recoverability of intercompany debt
Management have reviewed the net intercompany receivable position and believe that the debt is recoverable based on continued financing being made available to the Group. This is an uncertain position based on the information given in note 2.3 to these financial statements. Although, at the balance sheet date there is no evidence of impairment of the intercompany receivable assets and as such this is a significant judgement that the balance remains recoverable.

Page 23


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended 31 December 2023
Year ended 31 March 2023
£
£

Intercompany sales
11,596,330
17,526,500

Consulting services
3,154,555
4,991,810

14,750,885
22,518,310


Analysis of turnover by country of destination:

Period ended 31 December 2023
Year ended 31 March 2023
£
£

United Kingdom
11,596,330
17,526,500

United States
3,154,555
4,991,810

14,750,885
22,518,310


Page 24


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Other operating income

Period ended 31 December 2023
Year ended 31 March 2023
£
£

Grant income
-
231,088

Other income
452
-

452
231,088



6.


Operating profit

The operating profit is stated after charging / (crediting):

Period ended 31 December 2023
Year ended 31 March 2023
£
£

Exchange differences
47,805
(63,942)

Depreciation
88,035
41,723

Auditors' remuneration
19,000
18,000

Operating lease rentals
210,818
200,325

Amortisation
86,291
115,055

Page 25


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Employees

During the period, the directors of Treliant Limited were paid by other group entities. Management determine that the share of remuneration relevant to the services performed in their capacity as directors of Treliant Limited to be insignificant to the business.


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
        2023
        2023
        2023
        2023
            No.
            No.
            No.
            No.









Employees
228
176
142
153


8.


Directors' Remuneration

31 December
31 March
2023
2023
£
£
Directors' emoluments

60,000

180,000
 
Group contributions to defined contribution pension schemes

3,000

9,000
 
63,000

189,000
 

During the period, the directors of Treliant Limited were paid by other group entities. Management have determined that the share of remuneration relevant to the services performed in their capacity as directors of Treliant Limited to be insignificant to be recharged to the Group.


9.


Interest payable and similar expenses

Period ended 31 December 2023
Year ended 31 March 2023
£
£


Other loan interest payable
10,084
-

10,084
-

Page 26


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Taxation


Period ended 31 December 2023
Year ended 31 March 2023
£
£

Corporation tax


Current tax on profits for the period/year
140,256
151,794


Foreign tax on income for the period/year
14,485
12,880

Total current tax
154,741
164,674

Deferred tax


Origination and reversal of timing differences
60,351
21,353

Total deferred tax
60,351
21,353


Taxation on profit on ordinary activities
215,092
186,027
Page 27


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (31 March 2023 - 19%). The differences are explained below:

Period ended 31 December 2023
Year ended 31 March 2023
£
£


Profit on ordinary activities before tax
1,501,372
1,309,528


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
375,343
248,810

Effects of:


Fixed asset differences
12,151
(10,845)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
54,307
7,273

Adjustments to tax charge in respect of prior periods
(1,139)
26,946

Short-term timing difference leading to an increase (decrease) in taxation
-
(937)

Other differences leading to an increase (decrease) in the tax charge
(225,570)
(85,220)

Total tax charge for the period/year
215,092
186,027


11.


Parent company profit for the period

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £297,751 (31 March 2023 - £596,416).

Page 28


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Intangible assets

Group







Goodwill

£



Cost


At 1 April 2023
1,150,625



At 31 December 2023

1,150,625



Amortisation


At 1 April 2023
254,382


Charge for the period on owned assets
86,291



At 31 December 2023

340,673



Net book value



At 31 December 2023
809,952



At 31 March 2023
896,243

During the year ended 31 March 2021, Treliant Limited acquired 100% of  the share capital of Delv Global Holdings Ltd. Goodwill of £1,150,625 arose on the acquisition.
The directors have determined that the useful economic life of goodwill is 10 years based on the assessment of the future expected cashflows from the underlying assets.



Page 29


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group








Short-term leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
-
113,475
205,788
319,263


Additions
371,454
-
79,755
451,209



At 31 December 2023

371,454
113,475
285,543
770,472



Depreciation


At 1 April 2023
-
53,570
38,307
91,877


Charge for the period on owned assets
18,548
11,981
57,506
88,035



At 31 December 2023

18,548
65,551
95,813
179,912



Net book value



At 31 December 2023
352,906
47,924
189,730
590,560



At 31 March 2023
-
59,905
167,481
227,386

Page 30


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company









Short-term leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 April 2023
-
113,475
190,264
303,739


Additions
371,454
-
79,755
451,209



At 31 December 2023

371,454
113,475
270,019
754,948



Depreciation


At 1 April 2023
-
53,570
26,747
80,317


Charge for the period on owned assets
18,548
11,981
57,745
88,274



At 31 December 2023

18,548
65,551
84,492
168,591



Net book value



At 31 December 2023
352,906
47,924
185,527
586,357



At 31 March 2023
-
59,905
163,517
223,422






Page 31


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,871,179



At 31 December 2023
1,871,179





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Treliant (formerly Delv Global Solutions LLC)
1225 23rd Street, NW Suite 500, Washington DC 20037
Ordinary
100%
Treliant Sp. z o.o (formerly Delv Global Services Sp. z o.o)
90-318 Lodz, 82/84 Sienkiewicza Street, Poland.
Ordinary
100%

During 2021, Treliant Limited purchased 100% of the shareholding of Delv Global Holdings Limited a company registered in the United Kingdom (Company number 10490850).
Delv Global Holdings Ltd, Delv Global Ltd and Delv Global Solutions Ltd, all of which were dormant in the prior year, have been dissolved during the current period. They did not contribute to the operational performance of the group.

Page 32


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Debtors

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£


Trade debtors
181,068
626,082
-
23,525

Amounts owed by group undertakings
6,312,384
4,719,775
6,362,065
4,769,455

Other debtors
104,093
352,380
101,850
342,965

Prepayments and accrued income
295,047
75,794
24,976
63,014

Deferred taxation
-
36,755
-
-

6,892,592
5,810,786
6,488,891
5,198,959



16.


Creditors: Amounts falling due within one year

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Bank overdrafts
1,272
11,268
13
6,887

Trade creditors
190,798
210,668
151,552
118,447

Amounts owed to group undertakings
2,658,916
1,617,943
4,446,069
2,347,120

Corporation tax
264,119
204,216
263,515
204,211

Other taxation and social security
478,595
1,506,840
478,595
1,420,062

Other creditors
70,414
88,329
69,481
319

Accruals and deferred income
1,066,162
740,053
772,240
638,317

4,730,276
4,379,317
6,181,465
4,735,363


Page 33


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

17.


Deferred taxation


Group



31 December 2023


£






At beginning of period
36,755


Charged to profit or loss
(52,540)



At end of period
(15,785)

Company


31 December 2023


£






At beginning of period
(7,954)


Charged to profit or loss
(57,923)



At end of period
(65,877)

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Fixed asset timing differences
65,877
36,755
(65,877)
(55,856)

Short term timing differences
(81,662)
-
-
47,902

(15,785)
36,755
(65,877)
(7,954)

Page 34


 
TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

18.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



110,254 (2023 - 110,254) Ordinary share capital shares of £0.01 each
1,102
1,102



19.


Reserves

Share premium account

Share premium relates to shares issued above the deemed nominal value.

Capital contribution reserve

The capital contribution reserve represents amounts contributed to the company by Treliant International, LLC which are not considered to be repayable.

Foreign exchange reserve

Foreign exchange reserves arise on translation of the presentational currencies of Treliant (formely Delv Global Solutions LLC) and Treliant Sp. z o.o (formerly Delv Global Services Sp. z o.o), which both differ to the presentational currency of the financial statements, GBP. The net movement on translation of these two entites gave rise to a £97,929 credit to the reserve.


20.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Not later than one year
114,259
20,130
114,259
20,130

Later than one year and not later than five years
550,206
-
550,206
-

664,465
20,130
664,465
20,130

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TRELIANT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.


Controlling party

TVG-Treliant Holdings,LLC is the ultimate parent of the largest group for which consolidated financial statements are draw up to which the Company is a member. The registered office of the parent company is 1255 23rd Street NW, Suite 500, Washington, DC 20037.


22.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
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