Company registration number 11424078 (England and Wales)
TRIDENT (FALMOUTH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TRIDENT (FALMOUTH) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TRIDENT (FALMOUTH) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
154,901
154,901
Investment property
5
350,000
320,000
Investments
6
300
300
505,201
475,201
Current assets
Debtors
7
145,257
152,462
Cash at bank and in hand
3,479
2,532
148,736
154,994
Creditors: amounts falling due within one year
8
(451,113)
(451,896)
Net current liabilities
(302,377)
(296,902)
Total assets less current liabilities
202,824
178,299
Creditors: amounts falling due after more than one year
9
(119,462)
(124,865)
Provisions for liabilities
(20,792)
(10,102)
Net assets
62,570
43,332
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
10
62,374
43,064
Distributable profit and loss reserves
96
168
Total equity
62,570
43,332
TRIDENT (FALMOUTH) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
Mr R J Bull
Mr A D Kent
Director
Director
Mr S Norris
Mr L P J Sleeman
Director
Director
Company registration number 11424078 (England and Wales)
TRIDENT (FALMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Trident (Falmouth) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B2, Church View Business Park, Falmouth, United Kingdom, TR11 4FZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover consists of rental income generated from the investment property held, as per the terms of the lease. It is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets consist of land purchased in 2021 and is not depreciated.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Financial instruments
The company only has financial assets and financial liabilities that qualify as basic financial instruments (excluding investments in subsidiaries dealt with separately). Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of bank loans that are measured at amortised cost,
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TRIDENT (FALMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
TRIDENT (FALMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023 and 31 August 2024
154,901
Depreciation and impairment
At 1 September 2023 and 31 August 2024
Carrying amount
At 31 August 2024
154,901
At 31 August 2023
154,901
5
Investment property
2024
£
Fair value
At 1 September 2023
320,000
Revaluations
30,000
At 31 August 2024
350,000
Investment property has been measured at fair value by the directors, taking into account the market value at the purchase date (April 2019) and considering any subsequent changes.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
266,834
266,834
Accumulated depreciation
(26,685)
(21,348)
Carrying amount
240,149
245,486
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
300
300
TRIDENT (FALMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
779
240
Other debtors
144,478
152,222
145,257
152,462
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
13,165
13,165
Trade creditors
4,889
994
Amounts owed to group undertakings
385,329
394,174
Corporation tax
17,885
13,837
Other taxation and social security
4,205
1,686
Other creditors
25,640
28,040
451,113
451,896
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
119,462
124,865
Investment property with a carrying value of £350,000 is pledged as security for the company's bank loan.
Amounts included above which fall due after five years are as follows:
Payable by instalments
79,967
85,370
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
43,064
53,166
Non distributable profits in the year
19,310
(10,102)
At the end of the year
62,374
43,064
The non-distributable reserve relates to unrealised gains on investment property.
TRIDENT (FALMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
11
Related party transactions
The balance outstanding at the balance sheet date from subsidiary Trident Plumbing, Heating and Electrical Limited was £184,538 (2023: £206,049) and is included in creditors.
The balance outstanding at the balance sheet date from subsidiary PAT Test Plus Limited was £200,791 (2023: £188,125) and is included in creditors.
12
Directors' transactions
The following advances and credits to directors subsisted during the year ended 31 August 2024:
Director
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R J Bull - Loan repayable on demand
-
39,746
43,552
(45,000)
38,298
Mr A D Kent - Loan repayable on demand
-
32,945
41,354
(45,000)
29,299
Mr S Norris - Loan repayable on demand
-
34,693
45,439
(45,000)
35,132
Mr L P J Sleeman - Loan repayable on demand
-
44,838
41,911
(45,000)
41,749
152,222
172,256
(180,000)
144,478
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