FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
COMPANY INFORMATION
TRIUMPH INTERNATIONAL LIMITED
CONTENTS
TRIUMPH INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for Triumph International Limited (the "Company") for the year ended 31 December 2024.
During 2024 we launched our new London showroom presenting both Triumph and Sloggi brands to prospective business with our beautiful collections and brands on display. We also welcomed additional colleagues in Sales supporting growth and collaboration with our wholesale partners.
In 2024, we continued to bring innovation to the market within brand Triumph with the introduction of our new and aptly named ‘Comfort Wire’. This flexible, light wire contours to the body giving a more comfortable feel with freedom of movement versus the regular traditionally used wire. This innovation launched within the ‘Body Make Up Illusion Lace’ collection in AW24 and, elevated with strong coverage in print and press, the collection saw great success in UK and Ireland and across Europe.
Our ‘Smart’ range of lingerie received significant marketing investment in the first half of 2024. We introduced new colours within our ‘Lift Smart’ and ‘Flex Smart’ series, which uses revolutionary 4D technology to adapt to the wearer’s body, offering a bespoke fit and uncompromising support to our customers.
Triumph continued to develop our ‘Style Lab’ range which offers bras starting from a lower price entry point in view of the increased cost of living affecting consumers. This collection launched in the first half and continued to grow with ranges such as Delightful Spotlight, Bright Spotlight and colour additions in Harmony Spotlight.
Sloggi saw development of the intimate apparel assortment with new launches amongst the bodywear range. In March 2024, our Zero Feel collection had a subtle design update with further improvements to fit and applying more sustainable fabrics which are now GRS certified.
In 2024, we continued to bring innovation to the market within brand Triumph with the introduction of our new and aptly named ‘Comfort Wire’. This flexible, light wire contours to the body giving a more comfortable feel with freedom of movement versus the regular traditionally used wire. This innovation launched within the ‘Body Make Up Illusion Lace’ collection in AW24 and, elevated with strong coverage in print and press, the collection saw great success in UK and Ireland and across Europe.
Our ‘Smart’ range of lingerie received significant marketing investment in the first half of 2024. We introduced new colours within our ‘Lift Smart’ and ‘Flex Smart’ series, which uses revolutionary 4D technology to adapt to the wearer’s body, offering a bespoke fit and uncompromising support to our customers.
Triumph continued to develop our ‘Style Lab’ range which offers bras starting from a lower price entry point in view of the increased cost of living affecting consumers. This collection launched in the first half and continued to grow with ranges such as Delightful Spotlight, Bright Spotlight and colour additions in Harmony Spotlight.
Sloggi saw development of the intimate apparel assortment with new launches amongst the bodywear range. In March 2024, our Zero Feel collection had a subtle design update with further improvements to fit and applying more sustainable fabrics which are now GRS certified.
2024 saw the launch of the new global Triumph sustainable strategy “Fit the Future” which focuses on five key areas. The increase in circularity through re-use of materials and minimising waste, the tackling of waste through robust measures reducing waste across the supply chain, lowering the environmental impact through lowering carbon footprint, upholding decent working conditions through fair labour practices and safe working environments and engagement with communities through support of local initiatives and social causes.
In 2024, we launched the sustainable and GRS certified product updates across the key series Amourette and Zero Feel, both of which have significant distribution across our market. We are committed to achieve our goal that by the end of 2025 over 60% of seasonal launches will consist of materials with lower environmental impact. Similarly, we continue a development plan for our longstanding best-sellers to update their materials and production to be more sustainable. Our purpose remains that through collective empowerment Triumph strives to make a difference, together. For the company, our employees, consumers and for the environment.
2024 saw a good start of the year with significant growth versus prior year. During the second half year we experienced an impact of stock availability issues due to supply chain challenges which consequently impacted growth during the second half of the year leading to a year-on-year decrease in revenue by 5%.
In 2024, we launched the sustainable and GRS certified product updates across the key series Amourette and Zero Feel, both of which have significant distribution across our market. We are committed to achieve our goal that by the end of 2025 over 60% of seasonal launches will consist of materials with lower environmental impact. Similarly, we continue a development plan for our longstanding best-sellers to update their materials and production to be more sustainable. Our purpose remains that through collective empowerment Triumph strives to make a difference, together. For the company, our employees, consumers and for the environment.
2024 saw a good start of the year with significant growth versus prior year. During the second half year we experienced an impact of stock availability issues due to supply chain challenges which consequently impacted growth during the second half of the year leading to a year-on-year decrease in revenue by 5%.
As announced by the Government in the autumn budget, the increases in national insurance and minimum wage increases from April onwards will impact resource costs in 2025.
It is anticipated that inflation and volatility will continue through next year. Besides the global geographical and political effects on our economy, we see evidence that cyber risks affecting businesses are on the rise. At regular intervals throughout the year Triumph staff globally conduct IT training in order to mitigate such risks.
It is anticipated that inflation and volatility will continue through next year. Besides the global geographical and political effects on our economy, we see evidence that cyber risks affecting businesses are on the rise. At regular intervals throughout the year Triumph staff globally conduct IT training in order to mitigate such risks.
TRIUMPH INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit before tax increased year on year due to a reduction in other finance expense in relation to service fees relating to actuarial services in relation to the pension scheme which was partially offset by a slight increase in interest payable across the year.
The increase of three days in the average debtors days was impacted by a customer EDI challenge which has since been resolved.
At year end the cash position was lower as a result of the 2024 revenue performance.
This report was approved by the board and signed on its behalf.
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TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future as a result of the continued support of its parent undertaking. For this reason, they have adopted the going concern basis in preparing these Financial Statements.
The profit for the year, after taxation, amounted to £17 thousand (2023: loss of £29 thousand).
The directors do not recommend the payment of a dividend (2023: £Nil).
The directors who served during the year were:
TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Following the 2023 year end, a final settlement was received by the Pension Trustees following the bulk annuity agreement with Legal and General which went on risk on 30 September 2021. After market adjustments, the total premium true down on the original premium of £49.4m was £1.2m.
A temporary loan of £200k was granted in July 2023 by the Company to the Pension Scheme to provide temporary liquidity regarding illiquid assets. This was repaid in full to Triumph International Limited in April 2024.
Cash flow risk
The Company's exposure to the financial risks of changes in foreign currency exchange rates is limited as its primary market is in the United Kingdom and costs of goods sold are nominated in pound sterling. There is no requirement to hold interest bearing assets and liabilities at fixed rates to ensure certainty of cash flows.
Credit risk
The Company's principal financial assets are bank balances and cash, trade and other debtors.
The Company's credit risk is primarily attributable to its trade debtors which are present in the Balance Sheet net of allowances for doubtful debts. The Company continues to have a credit insurance agreement in place covering its trade credit exposure.
The Company has no significant concentration of credit risk with exposure spread over a large number of customers. The credit risk on bank balances is limited because the counterparties are banks with high credit ratings assigned by appropriate credit rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of financing, medium-term financing from its parent company and participates in a pan European factoring arrangement providing the entity with a cost effective way of financing.
Any temporary pension funding requirement relating to the pension buy in process due to the liquidity of the pension assets will be supported by Triumph Group.
Price risk
The price risk of goods for resale of the Company is subject to fluctuations due to the impact of price inflation on raw materials, energy and transportation costs and political and economic volatility due to the conflict in Europe.
The future developments of the Company are discussed in the Strategic Report on page 1.
The company has adopted standard creditor payment terms in line with group's standard payment terms. The Company's policy is to agree the payment terms with suppliers, ensuring that suppliers are made aware of terms of payment and abide by the terms of payment. The average creditor days are 127 days (2023: 117 days).
TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.
On 29 May 2025, the company gave notice to the Triumph International Pension Scheme, that it terminates its liability to pay contributions to the scheme with effect from 1 June 2025, and has requested that the Trustees commence wind-up of the scheme with effect on and from 1 June 2025.
Under Section 487(2) of the Companies Act 2006, Bishop Fleming Audit Ltd will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with the registrar, whichever is earlier. Bishop Fleming Audit Limited will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
TRIUMPH INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements 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.
TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED
We have audited the financial statements of Triumph International Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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 Company 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.
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 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.
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 Report. Our 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.
TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)
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 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:
Identifying and assessing potential risks related to irregularities
∙We have considered the nature of the sector, control environment, and financial performance of the entity;
∙We have considered the results of enquiries with management and Directors in relation to their own identification and assessment of the risk of irregularities within the entity;
∙For any matters identified we have obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102 and UK tax legislation.
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or avoid a material penalty.
We have also obtained understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and FRS 102 and UK tax legislation.
In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or avoid a material penalty.
Audit response to risks indentified
We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to
respond to risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Enquiring of management in relation to actual and potential claims or litigations;
TRIUMPH INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRIUMPH INTERNATIONAL LIMITED (CONTINUED)
∙Performing detailed transactional testing in relation to the recognition of revenue, with a particular focus around year end cut off; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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 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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
TRIUMPH INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
REGISTERED NUMBER:00536483
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on form part of these financial statements.
TRIUMPH INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Triumph International Limited (the "Company") is involved in the distribution and retailing of women's and men's underwear and leisurewear in the United Kingdom and in the Republic of Ireland.
The Company is a private company limited by shares and is incorporated in the United Kingdom and domiciled in England. The address of its registered office is Arkwright Road, Groundwell, Swindon, Wiltshire, SN25 5BE.
2.ACCOUNTING POLICIES
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future as a result of the continued support of its parent undertaking. For this reason, they have adopted the going concern basis in preparing these Financial Statements.
Functional and presentation currency
Transactions and balances
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
DEFINED BENEFIT PENSION PLAN
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to one continuing activity, the distribution of women's and men's underwear and leisurewear.
Analysis of turnover by country of destination:
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
Total losses carried forward are £21,605,343 (2023: £21,768,791).
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Other reserves
Profit and loss account
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £114k (2023: £146k). The Defined Contribution Section closed with effect from 1 April 2007 and no further contributions were payable thereafter.
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £114k (2023: £146k). The Defined Contribution Section closed with effect from 1 April 2007 and no further contributions were payable thereafter.
Defined benefit pension scheme
The Company operates a Defined Benefit Pension Scheme.
Triumph International Limited (the "Company") operates a funded pension scheme in the UK (the "Scheme"). The Scheme has both defined benefit and defined contribution sections, both of which are closed to future accrual.
In the Defined Benefit Section, pension benefits are related to each member's final pensionable salary and their length of service.
The Company's best estimate of expected contributions to the Scheme in the year commencing 1 January 2025 is £Nil.
The remainder of this FRS102 pensions note relates only to the Defined Benefit Section of the Scheme.
The assumptions used by the actuary are best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice.
The fair value of the Scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the Scheme's liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain, were:
The Company operates a Defined Benefit Pension Scheme.
Triumph International Limited (the "Company") operates a funded pension scheme in the UK (the "Scheme"). The Scheme has both defined benefit and defined contribution sections, both of which are closed to future accrual.
In the Defined Benefit Section, pension benefits are related to each member's final pensionable salary and their length of service.
The Company's best estimate of expected contributions to the Scheme in the year commencing 1 January 2025 is £Nil.
The remainder of this FRS102 pensions note relates only to the Defined Benefit Section of the Scheme.
The assumptions used by the actuary are best estimates chosen from a range of possible actuarial assumptions which, due to the timescales covered, may not necessarily be borne out in practice.
The fair value of the Scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the Scheme's liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain, were:
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.PENSION COMMITMENTS (CONTINUED)
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.PENSION COMMITMENTS (CONTINUED)
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.PENSION COMMITMENTS (CONTINUED)
TRIUMPH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a subsidiary undertaking of Triumph Universa AG, a company incorporated in Switzerland whose registered address is Im Langacker No 16, 5405, Dattwil AG. The only group in which the results of the Company are consolidated is that headed by Triumph Universa AG.
The Company's ultimate parent undertaking is Triumph Holding AG, a Company incorporated in Switzerland.