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Registered number: 10420642
PROJECT TRIPTYCH LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2026
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PROJECT TRIPTYCH LTD
REGISTERED NUMBER: 10420642
BALANCE SHEET
AS AT 31 MARCH 2026
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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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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 21 July 2026.
The notes on pages 2 to 7 form part of these financial statements.
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PROJECT TRIPTYCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Project Triptych Limited is a private company, limited by shares and incorporated in England and Wales. Its registered office is 6 York Street, London W1U 6QD.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 following principal accounting policies have been applied:
The director has reviewed the 12 month forecast of the company and has received confirmation of continued financial support from the parent and other group companies. This information gives the director a reasonable expectation that the company will continue in operational existence for the foreseeable future hence the accounts should be prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 revenue 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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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PROJECT TRIPTYCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment property is carried at fair value determined by external valuers periodically and annually by the Director. The Director takes into consideration the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value 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.
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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.
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The average monthly number of employees, including directors, during the year was 1 (2025 - 1).
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PROJECT TRIPTYCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The investment property is a retail warehouse consisting of three units and one standalone "drive-through" unit. The fair value of the property at the year end by the director has been arrived at on the basis of a valuation carried out by CBRE Limited on 23 Febriary 2021 using RICS valuation methodology. The valuation consists of cost £20,899,408 and valuation uplift of £650,000 in 2023.
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Prepayments and accrued income
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Cash and cash equivalents
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PROJECT TRIPTYCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The bank loans above are secured by way of a charge over the freehold investment property owned by the company 2026 £8,900,000 (2025: £nil).
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The bank loans above are secured by way of a charge over the freehold investment property owned by the company 2026:£nil (2025: £8,900,000).
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PROJECT TRIPTYCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Allotted, called up and fully paid
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1,000,000 (2025 - 1,000,000) Ordinary shares of £1.00 each
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Related party transactions
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At the year end date the company owed £13,085,971 (2025: £12,770,082) to its parent company and this is shown in creditors due after more than one year.
Included in cost of sales are asset management fees of £1,050,000 (2025: £693,015) charged by a fellow group undertaking.
The company's immediate parent is Manuka Developers Private Limited, incorporated in Singapore.
The smallest group for which consolidated financial statements are drawn up is headed by Shoden Developers Private Limited, the parent company of Manuka Developers Private Limited, whose registered office is 514 Dalamal Towers, FPJ Marg, Nariman Point, Mumbai -400021, India.
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PROJECT TRIPTYCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
The audit report was signed on 21 July 2026 by Pers Aswani (Senior statutory auditor) on behalf of Pers & Co London LLP.
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