Trinity Factoring Services Limited 31/03/2025 iXBRL

Company registration number: SC067354

Trinity Factoring Services Limited

Unaudited filleted financial statements

31 March 2025

Trinity Factoring Services Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	6	51,767		74,792
Tangible assets	7	421,350		397,423
Investments	8	2,161,985		2,035,468
		_______		_______
			2,635,102		2,507,683

Current assets
Debtors	9	185,538		297,786
Cash at bank and in hand		1,187,251		755,320
		_______		_______
		1,372,789		1,053,106
Creditors: amounts falling due
within one year	10	( 672,664)		( 593,007)
		_______		_______
Net current assets			700,125		460,099
			_______		_______
Total assets less current liabilities			3,335,227		2,967,782


Provisions for liabilities	11		( 206,398)		( 209,626)

			_______		_______
Net assets			3,128,829		2,758,156
			_______		_______

Capital and reserves
Called up share capital			2,700		2,700
Revaluation reserve			213,082		213,082
Fair value reserve			915,168		931,952
Profit and loss account			1,997,879		1,610,422
			_______		_______
Shareholders funds			3,128,829		2,758,156
			_______		_______

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 December 2025 , and are signed on behalf of the board by:

Mr A F S Seale

Director

Company registration number: SC067354

Trinity Factoring Services Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 209/211 Bruntsfield Place, Edinburgh, EH10 4DH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	Over 3 or 10 years
Software	-	Over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	Nil %
Fittings fixtures and equipment	-	20 %	straight line
Motor vehicles	-	25 %	straight line
Investment properties	-	Nil %

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 72 (2024: 72 ).

5. Income from other fixed asset investments

	2025	2024
	£	£
Gain/loss on FV adj to other FA investments	4,607	43,000
	_______	_______

6. Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	203,308	75,250	278,558
	_______	_______	_______
Amortisation
At 1 April 2024	158,616	45,150	203,766
Charge for the year	15,500	7,525	23,025
	_______	_______	_______
At 31 March 2025	174,116	52,675	226,791
	_______	_______	_______
Carrying amount
At 31 March 2025	29,192	22,575	51,767
	_______	_______	_______
At 31 March 2024	44,692	30,100	74,792
	_______	_______	_______

7. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	325,000	245,683	125,803	696,486
Additions	-	10,884	65,225	76,109
Disposals	-	-	( 48,671)	( 48,671)
	_______	_______	_______	_______
At 31 March 2025	325,000	256,567	142,357	723,924
	_______	_______	_______	_______
Depreciation
At 1 April 2024	-	200,522	98,542	299,064
Charge for the year	-	22,855	24,926	47,781
Disposals	-	-	( 44,271)	( 44,271)
	_______	_______	_______	_______
At 31 March 2025	-	223,377	79,197	302,574
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	325,000	33,190	63,160	421,350
	_______	_______	_______	_______
At 31 March 2024	325,000	45,161	27,261	397,422
	_______	_______	_______	_______

Tangible assets held at valuation

Freehold property was revalued by the director at 31 March 2023 using open market value. The histroical cost of the property is £111,917.

8. Investments

	Other investments other than loans	Other loans	Total
	£	£	£
Cost
At 1 April 2024	2,009,328	26,140	2,035,468
Additions	146,517	2,494	149,011
Disposals	( 22,494)	-	( 22,494)
	_______	_______	_______
At 31 March 2025	2,133,351	28,634	2,161,985
	_______	_______	_______
Impairment
At 1 April 2024 and 31 March 2025	-	-	-
	_______	_______	_______
Carrying amount
At 31 March 2025	2,133,351	28,634	2,161,985
	_______	_______	_______
At 31 March 2024	2,009,328	26,140	2,035,468
	_______	_______	_______

The company's investment properties were revalued at their fair value being open market value by the director at 31 March 2024. The historic cost of the investment properties was £976,080.

9. Debtors

	2025	2024
	£	£
Trade debtors	83,309	137,174
Other debtors	102,229	160,612
	_______	_______
	185,538	297,786
	_______	_______

10. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	150,436	113,837
Social security and other taxes	157,846	155,244
Other creditors	364,382	323,926
	_______	_______
	672,664	593,007
	_______	_______

11. Provisions

	Deferred tax (note 12)	Total
	£	£
At 1 April 2024	209,626	209,626
Other movements	( 3,228)	( 3,228)
	_______	_______
At 31 March 2025	206,398	206,398
	_______	_______

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 11)	206,398	209,626
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Revaluation of investment properties	206,398	209,626
	_______	_______

13. Related party transactions

Included in debtors is a loan from the company to the director of £14,204 (2024: Creditor £1,287). The loan is interest free and repayable on demand. Included in debtors is a loan from the company to Olean Limited of £ 63,000 (2024 £135,000). The director of Trinity Factoring Services Limited , is also the director of this company. The loan is interest free and repayable on demand.