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Registered number: 11921492
TRINITY (CW) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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TRINITY (CW) LIMITED
REGISTERED NUMBER: 11921492
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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TRINITY (CW) LIMITED
REGISTERED NUMBER: 11921492
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The notes on pages 3 to 8 form part of these financial statements.
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TRINITY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Trinity (CW) Limited is a private limited company incorporated in England with the company number 11921492. The financial statements are for the year ended 31 December 2024.
The Company's registered office is 9th Floor, 80 Mosley Street, Manchester, United Kingdom, M2 3FX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis. The Company is dependent upon the continued financial support of the shareholder to continue operating and to meet its liabilities as they fall due. The shareholder agrees to continue to provide financial support to the Company and not to call on the shareholder loan until such a time as the Company is in a position to repay the loan. Accordingly the directors have prepared the accounts under the going concern concept.
No material uncertainties that may cast significant doubt about the ability of the Company to continue as a going concern have been identified by the directors.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is pound sterling in which the financial statements are presented. This is rounded to the nearest pound.
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.
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Revenue includes rental income from properties
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Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straightline basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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TRINITY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Borrowing costs incurred on qualifying assets are capitalised into the cost of the asset in the period in which they are incurred.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Property, including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as stock and is measured at the lower of cost and net realisable value.
Cost comprises of the invoiced value of the development works to date, planning application fees and other planning related costs. The land acquisition was recognised at the date of legal completion deemed to be the unconditional date of exchange.
Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.
At each reporting date, an assessment is made for impairment and any excess of the carrying amount of stocks over its net realisable value is recognised as an impairment loss in the profit and loss account.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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TRINITY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured a the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year of 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.
Derivatives instruments, including interest rate caps and foreign exchange forward contracts, are not basic financial instruments. Derivatives instruments are initially recognised at fair value on the date a derivative instrument is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in interest payable and similar expenses or interest receivable and similar income as appropriate.
Valuation of interest rate cap
The Company's interest rate cap is valued based on prevailing interest rate information at the balance sheet date. Should the model used to value the interest rate cap be based on assumptions that later change this could have a material effect on the Company's financial position.
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TRINITY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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During the year the company sold a plot of land with a cost of £4.45m for a consideration of £4.45m.
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TRINITY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Derivative financial instruments
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Included in amounts owed by group undertakings are £124,469 (2023: £104,551) owed by Taurus CD244 Trinity Digbeth Limited, a company incorporated in Jersey and £6,133 (2023: £3,433) owed by Taurus Trinity Limited. Both these companies are under common control. These loans are unsecured, interest free and repayable on demand.
On 12 February 2023, the Company entered into an interest rate cap agreement with Chatham Financial for a fee of £75,000. This agreement caps the interest rate payable to the Company's loan provider, Ingenious Real Estate Finance LLP on the Cost of funds fee to 5%. As at 31 December 2024, the derivative financial asset was valued at £Nil (2023: £27,110) and interest receivable accrued thereon amounted to £Nil (2023: £8,227). The fair value loss on the derivative financial instrument during the year amounted to £27,021 (2023: £47,890).
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Cash and cash equivalents
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TRINITY (CW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included in amounts owed to group undertakings is £16,897,480 (2023: £15,539,440) owed to Trinity Midco (CW) Limited, the Company's immediate parent company. The amount is interest free, unsecured and repayable on demand.
Included within accruals is £Nil (2023: £Nil) of accrued interest, £351k (2023: £351k) of accrued exit fees and £945k (2023: £570k) of accrued cost of funds fee incurred in relation to the Ingenious Real Estate Finance LLP bank loan.
Bank loans comprise a senior loan facility of up to £17.55m from Ingenious Real Estate Finance LLP. The facility has a maximum term of 24 months, which matured on 13 October 2024 and incurs interest at a fixed rate of 0.66% per calendar month. The company is in advanced talk with the lender to refinance the loan agreement.
In 2022 £15.80m was drawn down and in December 2024 £4.45m was repaid.
Bank loans are shown net of unamortised loan issuance costs.
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As at the year end date, Trinity (CW) Limited is a wholly owned subsidiary of Trinity Holdco (CW) Limited, which is incorporated in the United Kingdom.
Trinity Holdco (CW) Limited is owned by Trinity Finco (CW) Limited and Taurus Trinity Limited, both of which are registered in the United Kingdom. The ultimate controlling party is considered to be Taurus Trinity Limited due to its majority shareholding.
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