REGISTERED NUMBER: 04955894 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Trisoft Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W J Smith

N P Rogers

R Van Liere

SECRETARY:

N P Rogers

REGISTERED OFFICE:

Suite 109, Stanford House

19 Castle Gate

Nottingham

Nottinghamshire

NG1 7AQ

REGISTERED NUMBER:

04955894 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

FIXED ASSETS

Intangible assets

4

1,760,271

1,971,997

Tangible assets

5

11,033

24,800

Investments

6

122,717

122,717

1,894,021

2,119,514

CURRENT ASSETS

Stocks

7

32,790

83,427

Debtors

8

407,818

274,240

Cash at bank and in hand

88,586

160,698

529,194

518,365

CREDITORS

Amounts falling due within one year

9

1,284,226

1,240,196

NET CURRENT LIABILITIES

(755,032

)

(721,831

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,138,989

1,397,683

CREDITORS

Amounts falling due after more than one year

10

122,717

159,175

NET ASSETS

1,016,272

1,238,508

CAPITAL AND RESERVES

Called up share capital

300,000

300,000

Share premium

194,652

194,652

Retained earnings

521,620

743,856

SHAREHOLDERS' FUNDS

1,016,272

1,238,508

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

N P Rogers - Director

1.	STATUTORY INFORMATION

Trisoft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company balance sheet shows net current liabilities of £755,032 (2023: £721,831). The directors have prepared a cashflow forecast which shows the company cash generative. The company directors will also look to continue to support the company cashflow where necessary.

As a result of the forecast cash generation and the ongoing support that will be received, the directors consider it appropriate to prepare the accounts on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Trisoft Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents revenue recognised in respect of goods and services supplied, excluding value added tax and trade discounts.

Income from support contracts is deferred over the period to which it relates.

Revenue on contracts is valued on a contract by contract basis. When the outcome of a contract can be estimated reliably contract revenue and costs are recognised by reference to the degree of completion of each contract as measured by the proportion of total costs at the balance sheet date to the estimated total cost of the contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred, where it is probable these costs will be recovered.

When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as an expense in the period in which they are incurred.

Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as amounts recoverable on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as payments on account within creditors.

Goodwill

Goodwill relates to the amount paid in connection with the acquisition of various companies in prior years. All the trade and assets of these companies were hived up on 1st January 2014 and amortised evenly over its useful life of 20 years from the year of acquisition.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. Financial assets classified as debtors within one year are not amortised and are therefore measured at transaction price plus transaction costs. Assets receivable after more than one year are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction. In this latter case, the transaction is measured at the present value of future receipts discounted at a market rate of interest.

We derecongise financial assets are in three scenarios. Firstly, when the contractual rights to the cash flows from the assets expire or are settled. Secondly, when all the risks and rewards of the ownership of the asset substantially transfer to another party. Thirdly, when control of the asset transfers to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, bank loans and intercompany loans, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probably that some or all of the facility will be drawn down. In this case, the fees is deferred until the draw-down occurs. To the extent that there is no evidence that it is probably that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. We classify trade creditors are current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The company does not apply hedge accounting for interest rate and foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or has expired.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Development costs that are directly attributable to development and testing of identifiable and unique software products under the companies control, are recognised as an intangible asset when the following criteria are met.

- Its is technically feasible to complete the software so it is available for use.

- The company intends to complete the software and to use or sell it

- Conditions are present to use or sell the software

- It can be demonstrated how the software will generate probable future economic benefits

- Adequate terminological, financial, and other resources are available to complete development and to use or sell the software

- The expenses directly attributable to the software, during its development can be reliably measured.

Directly attributable expenses that are capitalized as part of the software development include staff costs. Other development costs that do not meet these criteria are charged as they arise.

Development costs for software recognised as an asset are depreciated over its estimated useful life.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2024

2,726,824

1,473,258

4,200,082

Additions

-

108,363

108,363

At 31 December 2024

2,726,824

1,581,621

4,308,445

AMORTISATION

At 1 January 2024

2,058,085

170,000

2,228,085

Charge for year

136,341

183,748

320,089

At 31 December 2024

2,194,426

353,748

2,548,174

NET BOOK VALUE

At 31 December 2024

532,398

1,227,873

1,760,271

At 31 December 2023

668,739

1,303,258

1,971,997

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

137,056

465,471

602,527

Additions

-

2,407

2,407

At 31 December 2024

137,056

467,878

604,934

DEPRECIATION

At 1 January 2024

136,546

441,181

577,727

Charge for year

510

15,664

16,174

At 31 December 2024

137,056

456,845

593,901

NET BOOK VALUE

At 31 December 2024

-

11,033

11,033

At 31 December 2023

510

24,290

24,800

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

5,079,753

PROVISIONS

At 1 January 2024

and 31 December 2024

4,957,036

NET BOOK VALUE

At 31 December 2024

122,717

At 31 December 2023

122,717

Trisoft Limited is the ultimate parent company of Matrix (Computer Support) Limited. The shares are held by Matrix (Computers) Limited, a subsidiary of Trisoft Limited.

7.

STOCKS

31/12/24

31/12/23

(Unaudited)

£

£

Stocks

32,790

83,427

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

(Unaudited)

£

£

Trade debtors

332,183

205,222

Prepayments and accrued income

75,635

69,018

407,818

274,240

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

(Unaudited)

£

£

Bank loans and overdrafts

36,458

62,500

Trade creditors

147,627

169,694

Social security and other taxes

155,371

118,878

Directors' current accounts

5,157

5,021

Accruals and deferred income

939,613

884,103

1,284,226

1,240,196

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

(Unaudited)

£

£

Bank loans - 1-2 years

-

36,458

Amounts owed to group undertakings

122,717

122,717

122,717

159,175

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/24

31/12/23

(Unaudited)

£

£

Within one year

7,328

29,850

Between one and five years

-

7,328

7,328

37,178

12.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/24

31/12/23

(Unaudited)

£

£

Directors loan account

5,157

5,021

A debenture is outstanding all monies due or to become due on any account to W J Smith Settlement Trust, created on 25 June 2007, held over all assets of the company.

After the year end on 25 February 2015 a charge was created by National Westminster Bank plc in respect of a new overdraft facility.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Douglas Perry FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

14.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension charge for the year represents the contribution payable by the company and amounted to £46,296 (2023: £47,748).

The were outstanding contributions at the balance sheet date of £11,751 (2023: £8,723).

15.	ULTIMATE CONTROLLING PARTY

The controlling party is W J Smith.