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Registered number: 08718740
TRIUMPH RESEARCH INTELLIGENCE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
REGISTERED NUMBER: 08718740
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
REGISTERED NUMBER: 08718740
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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 on 29 September 2025.
................................................
Duncan Hall
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The notes on pages 4 to 11 form part of these financial statements.
Page 2
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by shares, incorporated in England and Wales, within the United Kingdom. The address of the registered office is 1 Signet Court, Swanns Road, Cambridge, England, CB5 8LA.
The principal activity of the company continued to be that of the development and licence of bespoke software solutions, including training and support, for its use in risk based quality management of clinical trials.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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.
The following principal accounting policies have been applied:
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FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Triumph Holdings Limited as at 31 December 2024 and these financial statements may be obtained from 1 Signet Court, Swanns Road, Cambridge, England, CB5 8LA.
Page 4
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
During the year the company made a loss before tax and as at 31 December 2024 had net current liabilities. The directors have prepared forecast information which indicates that the company will continue to require the support of the parent undertaking, Triumph Holdings Limited, through the continued availability of the intra-group trading balance. The directors have obtained assurances from the parent company that it will continue to support the company, through the continued availability of this facility to enable it to continue to trade.
The Directors are confident that the parent company has the resources to honour this commitment. The directors have prepared forecast information for a period of at least 12 months from the anticipated date of approval of the financial statements. The forecasts (based on a combination of currently contracted revenues, management forecasts of revenues arising from new contracts with existing customer relationships and revenues arising from the provision of new products and increased market penetration), indicate that there is an expectation that losses will continue in the short term as the group continues to invest in the development of its software products and the sales and marketing of these software products and associated consulting services and the group will become EBITDA positive in 2027.
The shareholder loan facilities were renewed during the year ended 31 December 2024 and now mature in December 2028. The group is not currently forecasting any need for additional cash funding during the forecast period and as a result, the group and company are expected to have sufficient funds to enable liabilities to be settled as they fall due.
Accordingly the financial statements have been prepared on a going concern basis and do not include any adjustments that would result if the company and group was not able to continue as a going concern.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is Pounds Sterling.
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.
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.
Page 5
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in the statement of comprehensive income using the effective interest method.
Finance costs are charged to the statement of comprehensive income 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.
All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.
Page 6
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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 corporation 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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 7
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 71 (2023 - 55).
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Page 8
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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Page 9
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TRIUMPH RESEARCH INTELLIGENCE 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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CREDITORS: Amounts falling due after more than one year
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Allotted, called up and fully paid
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1,205 (2023 - 1,205) Ordinary shares of £1.00 each
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Share premium account
Includes any premiums received on issue of share capital. Any transactions associated with the issuing of shares are deducted from share premium.
Profit and loss account
Includes all current and prior year retained profits and losses less any dividends paid.
Company operates a defined contribution pension scheme, as well as allowing employees to pay into SIPP pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £411,615 (2023 - £183,320). The amounts owed to the pension funds at the year end amounted to £3,614 (2023 - £3,689).
Page 10
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TRIUMPH RESEARCH INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMMITMENTS UNDER OPERATING LEASES
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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RELATED PARTY TRANSACTIONS
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The company made purchases from Triumph Holdings Limited, the parent company, totalling £670,307 (2023: £612,899). The amount due to Triumph Holdings Limited as at 31 December 2024 was £ 68,589 (the net amount due from Triumph Holdings Limited as at 31 December 2023 was £ 23,267 ).
The company has an intra-group loan amount due to Triumph Holdings Limited, the parent company, of £2,975,000 (2023:£3,117,500) plus accrued interest of £510,894 (2023: £405,522). Interest is charged at 3% per annum and the amount is repayable on demand.
The company made sales to Triumph Consultancy Services, Inc, a sister company,totalling £4,103,579 (2023: £3,632,788), and purchases from Triumph Consultancy Services, Inc totalling £386,057 (2023: £322,170). The net amount owed to Triumph Consultancy Services, Inc as at 31 December 2024 was £964,365 (2023: £752,709).
The company has an intra-group loan amount due from Triumph Consultancy Services, Inc of £127,740 (2023: due from £117,675), carrying interest at 3% per annum and was payable on demand. The amount due is included in the net amount payable to Triumph Consultancy Services, Inc as at 31 December 2024 of £964,365 (2023: £752,709).
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The controlling party is Triumph Holdings Limited, a company incorporated in England and Wales, within the United Kingdom. Copies of the consolidated financial statements for Triumph Holdings Limited may be obtained from 1 Signet Court, Swanns Road, Cambridge, England, CB5 8LA, United Kingdom.
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