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Registered number: 05899894
TRIODE ACQUISITIONS UK LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TRIODE ACQUISITIONS UK LIMITED
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CONTENTS
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Statement of Directors' Responsibilities in respect of the Directors' Report and the Financial Statements
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Independent Auditor's Report to the members of Triode Acquisitions UK Limited
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Statement of Profit and Loss and Other Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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TRIODE ACQUISITIONS UK LIMITED
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COMPANY INFORMATION
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P Donohoe (Irish resident)
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S Marriott (Irish resident)
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The Governor and Company of the Bank of Ireland
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Barclays Bank Ireland Plc
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Rabobank
76 Sir Rogerson's Quay
Dublin 2, Ireland
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TRIODE ACQUISITIONS UK LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements of Triode Acquisitions UK Limited for the year ended 30 September 2024.
Business review and principal activity
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The principle activity of the company is an investment and holding company.
The nature of the business has not changed significantly during the year. The directors consider that both the results for the year and the trading prospects for the future are satisfactory and it is the directors' intention to continue to develop the existing business.
Details of the loss for the year are set out in the Statement of Profit and Loss and Other Comprehensive Income on page 9 and the related notes. Turnover of €NIL (2023: €NIL) was achieved in the year ended 30 September 2024 and the company generated an operating loss of €0.07m (2023: €0.02m) for the year ended 30 September 2024. The net assets of the company total €273.6m (2023: €273.7m).
The loss for the year, after taxation, amounted to €0.07m (2023: €0.02m).
There were no dividends proposed or paid during the year (2023: €NIL).
Directors' and secretary's interests
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The directors who served during the year were:
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P Donohoe (Irish resident)
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S Marriott (Irish resident)
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In accordance with the constitution, the directors are not required to retire by rotation and accordingly they will continue in office.
There has been no contract or arrangement with the company during the year in which a director of the company was materially interested and which was significant in relation to the company's business.
The company secretary does not have any interest in the shares of Triode Acquisitions UK Limited.
During the year, the company made no political or charitable contributions that would require disclosure
(2023: €NIL).
Principal risks and uncertainties
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The company holds investments in subsidiary companies, as a result the directors consider the principal risk to be the recovery of its investments.
The company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company has complied with all applicable legislation and regulations.
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TRIODE ACQUISITIONS UK LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The financial statements have been prepared on a going concern basis.
At year end, the Company is in a net current liability position and as such has received a letter of financial support from BWG Group Unlimited Company undertaking to provide financial support to the Company for a period not less than twelve months from the date of these financial statements.
The directors have a reasonable expectation that the company as a whole has adequate resources to continue in operational existence for the foreseeable future.
For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Exemption to preparation of strategic report
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The company has availed of the exemption available under Section 414B of the Companies Act 2006 (Strategic Report and Director's report) Regulation 2014 from implementing the strategic report requirements as the company qualifies as a small company for Company Law purposes.
Disclosure of information to auditor
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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's auditor is 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's auditor is aware of that information.
Post balance sheet events
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There were no significant post balance sheet events which require adjustment to, or disclosure in,
the company's financial statements.
The auditor, KPMG, will be proposed for reappointment in accordance with section 487 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TRIODE ACQUISITIONS UK LIMITED
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STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE DIRECTORS' REPORT AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors are responsible for preparing the Directors' Report and the financial statements of Triode Acquisitions UK Limited in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements of Triode Acquisitions UK Limited for each financial year. Under that law the directors have elected to prepare the financial statements of Triode Acquisitions UK Limited in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.
Under company law the directors must not approve the financial statements of Triode Acquisitions UK Limited unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements of Triode Acquisitions UK Limited, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis.
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 to enable them to ensure that the comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIODE ACQUISITIONS UK LIMITED
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Triode Acquisitions UK Limited (‘‘the Company’’) for the year ended 30 September 2024, set out on pages 9 to 20, which comprise the statement of profit and loss account and other comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including the summary of significant accounting policies set out in note 1. The financial reporting framework that has been applied in their preparation is UK law and FRS 101 Reduced Disclosure Framework.
In our opinion:
∙the financial statements give a true and fair view of the state of the Company’s affairs as at 30 September 2024 and of its loss for the year then ended;
∙the financial statements have been properly prepared in accordance with FRS 101 Reduced Disclosure Framework issued by the UK’s Financial Reporting Council; and
∙the financial statements have been properly 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 Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)'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.
Conclusions relating to going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors' conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIODE ACQUISITIONS UK LIMITED
Report on the audit of the financial statements (continued)
Conclusions relating to going concern (continued)
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Company will continue in operation.
Detecting irregularities including fraud
We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessment procedures included: inquiring with the directors as to the Company’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the directors have knowledge of any actual or suspected non-compliance with laws or regulations or alleged fraud; inspecting the Company’s regulatory and legal correspondence; and reading Board minutes.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.
The Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.
The company, is not subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition. We did not identify any additional fraud risks.
In response to risk of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIODE ACQUISITIONS UK LIMITED
Report on the audit of the financial statements (continued)
Other information
The directors are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the directors’ report. The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.
Opinions on other matters prescribed by the Companies Act 2006
Based solely on our work on the other information undertaken during the the course of audit;
∙we have not identified material misstatements in the directors report;
∙in our opinion, the information given in the directors’ report is consistent with the financial statements;
∙in our opinion, the directors’ report has been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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;
We have nothing to report in regard to these respects.
Respective responsibilities and restrictions on use
Responsibilities of directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 4, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the 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 they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRIODE ACQUISITIONS UK LIMITED
Respective responsibilities and restrictions on use(continued)
Auditor’s 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, other irregularities or error, and to issue an opinion in an auditor's report. 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, other irregularities 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 financial statements.
A fuller description of our responsibilities is provided on FRC's website at;
www.frc.org.uk/auditresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 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 auditor’s 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.
Keith Watt (Audit partner) Date:27 March 2025
for and on behalf of
KPMG
Chartered Accountants, Statutory Audit Firm
1 Stokes Place
St. Stephen's Green
Dublin 2
Ireland
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TRIODE ACQUISITIONS UK LIMITED
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STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Loss for the financial year
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The notes on pages 12 to 20 form part of these financial statements.
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There are no items of comprehensive income in the financial year or preceding financial year other than those dealt with in the profit and loss account. Accordingly no statement of other comprehensive income has been prepared.
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TRIODE ACQUISITIONS UK LIMITED
REGISTERED NUMBER:05899894
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BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.
The notes on pages 12 to 20 form part of these financial statements.
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TRIODE ACQUISITIONS UK LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Comprehensive loss for the year
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Comprehensive loss for the year
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The notes on pages 12 to 20 form part of these financial statements.
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements are presented in euro and have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101") and the Companies Act 2006.
The preparation of financial statements are presented in euro and in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The company was, at the end of the year, a subsidiary of another company incorporated outside the EEA and in accordance with Section 401 of the Companies Act 2006, is not required to produce, and has not published, consolidated accounts.
The company has considered and adopted all new standards, interpretations and amendments to existing standards that are effective as at year end. These amendments had no material impact on the financial statements.
The financial statements have been prepared on a going concern basis.
At year end, the Company is in a net current liability position and as such has received a letter of financial support from BWG Group Unlimited Company undertaking to provide financial support to the Company for a period not less than twelve months from the date of these financial statements.
The directors have a reasonable expectation that the company as a whole has adequate resources to continue in operational existence for the foreseeable future.
For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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Financial reporting standard 101 - reduced disclosure exemptions
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In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.
The company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
Financial assets comprise of cash. These are initially recognised at fair value plus initial direct costs and subsequently measured at amortised cost using the effective interest rate method.
Financial Liabilities
Financial liabilities include amounts owed to group undertakings and accruals. These are initially recognised at fair value plus initial direct costs and subsequently measured at amortised cost using the effective interest rate method.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is euros.
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 year 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 except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Profit and Loss and Other Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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 operates and generates 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; 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 balance sheet date.
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Triode Acquisitions UK Limited ("the Company") is a private company limited by shares and incorporated, domiciled and registered in the UK. The registered number of the company is 05899894 and the registered office is located at c/o Appleby Westward, Moorlands Trading Estate, Saltash Plymouth, Cornwall, PL12 6LX.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements in conformity with FRS 101 requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Estimates are made by management in respect of the recoverable value of the intercompany investments. When assessing the level of provisions required, factors including current trading experience and the current financial position of the subsidiaries are taken into account.
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The operating loss is stated after charging:
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Auditor's remuneration of €2,000 (2023: €2,000) for audit and tax services was borne by a related company.
The company has no employees other than the directors, who did not receive any remuneration
(2023: €NIL).
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Current tax on loss for the year
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Taxation on loss on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year differs from (2023 - differs from) the standard rate of corporation tax in the UK of 22.0% (2023 - 22.0%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.0% (2023 - 22.0%)
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Expenses not deductible for tax purposes
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Impact of change in tax rates
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Deferred tax not recognised
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Total tax charge for the year
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Under the Finance Act 2021, the current UK corporation tax of 19% increased to 25% from April 2023. Changes in the geographical mix of future earnings will also impact the total tax chage.
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Investments in subsidiary companies
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In the opinion of the directors, the value of the financial assets, none of which are listed, is not less than cost or valuation.
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The following were subsidiary undertakings of the company:
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BWG Foods Holdings Limited
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BWG House, Greenhills Road, Tallaght, Dublin 24
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Appleby Westward Group Limited
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Moorlands Trading Estate, Saltash, Cornwall, United Kingdom
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Moorlands Trading Estate, Saltash, Cornwall, United Kingdom
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Moorlands Trading Estate, Saltash, Cornwall, United Kingdom
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)
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The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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BWG Foods Holdings Limited
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Appleby Westward Group Limited
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Appleby Westward Group Limited financial statements are presented in sterling. For above purposes the share capital and reserves are converted at year end closing rate of 0.8328 and the profit and loss is converted at the year to date average rate of 0.8554.
During the current year, the Company acquired 100% shareholding in the company, BWG Wholesale
Limited for £1, a company incorporated in the United Kingdom with the company number 04116983.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Financial assets measured at amortised cost
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Financial instruments measured at amortised cost
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Financial assets measured at amortised cost comprise of cash.
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Financial liabilities measured at amortised cost comprise of amounts owed to group undertakings and accruals.
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1,000,000,000 ordinary shares of £0.010000 each
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Allotted, called up and fully paid
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6,077,689 ordinary shares of £0.010000 each
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The company and certain of its fellow subsidiaries have unconditionally, jointly and severally guaranteed
up to €250m (2023 : €289m) of Senior Credit Facilities together with outstanding interest thereon. The
actual contingent liability at 30 September 2024 was €133m (2023: €168m).
The Company participates in a cross-guarantee arrangement under the Parent’s group financing
structure for borrowings advanced by third parties outside of the Parent Group. Guarantees provided by
the Company under these arrangements have been classified as financial guarantee contracts and are
treated as financial instruments. These are measured initially at fair value and thereafter at the higher of
(i) any expected credit loss allowance and (ii) the initial fair value amount recognised less any cumulative
amount recognised in income. The Company is a beneficiary under the Parent’s group financing
arrangements. The Company has estimated the fair value of the guarantees to be immaterial.
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TRIODE ACQUISITIONS UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Post balance sheet events
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There were no significant post balance sheet events which require adjustment to, or disclosure in,
the company's financial statements.
The company is a majority owned subsidiary of Triode Deductionco Unlimited Company, a company incorporated in Republic of Ireland. The company's ultimate parent undertaking is The Spar Group Limited, a company incorporated in South Africa. The registered office is 22 Chancery Lane, Po Box, Pinetown 3600.
The Spar Group Limited includes the company in its consolidated financial statements and these are prepared in accordance with the relevant accounting standards, and are available to the public. The inancial statements are available on their website at www.spar.co.za.
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