Company Registration No. 01388121 (England and Wales)
TRIDENT COMMERCIAL HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
TRIDENT COMMERCIAL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
TRIDENT COMMERCIAL HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
929,370
1,017,721
Investments
4
2
2
929,372
1,017,723
Current assets
Stocks
994,352
823,980
Debtors
5
416,836
547,879
Cash at bank and in hand
2,845,609
2,223,677
4,256,797
3,595,536
Creditors: amounts falling due within one year
6
(2,353,722)
(2,434,065)
Net current assets
1,903,075
1,161,471
Total assets less current liabilities
2,832,447
2,179,194
Creditors: amounts falling due after more than one year
7
(7,014)
(7,445)
Provisions for liabilities
8
(9,112)
(516,669)
Net assets
2,816,321
1,655,080
Capital and reserves
Called up share capital
9
15,540
15,540
Revaluation reserve
10
453,068
443,645
Capital redemption reserve
5,460
5,460
Profit and loss reserves
2,342,253
1,190,435
Total equity
2,816,321
1,655,080
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TRIDENT COMMERCIAL HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2018
30 November 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2019 and are signed on its behalf by:
Mr R M Tudor
Director
Company Registration No. 01388121
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 3 -
1
Accounting policies
Company information
Trident Commercial Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Factory Road West, Sandycroft, Deeside, Flint, CH5 2QJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
over 7 to 50 years in respect of buildings
Plant and machinery
over 5 to 7 years
Fixtures, fittings and equipment
over 3 to 10 years
Motor vehicles
over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Financial instruments
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
The company operates defined contribution schemes for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in the Statement of Comprehensive Income. Current and past service costs, along with settlements or curtailments, are also charged to the Statement of Comprehensive Income. Interest on pension plan liabilities are recognised within interest payable and similar expenses.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.11
Government grants
Government grants relating to property, plant and equipment are treated as deferred income and released to profit or loss over the expected useful lives of the assets concerned.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 25 (2017 - 24).
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 December 2017
700,000
1,237,973
1,937,973
Additions
-
18,600
18,600
Disposals
-
(14,600)
(14,600)
At 30 November 2018
700,000
1,241,973
1,941,973
Depreciation and impairment
At 1 December 2017
-
920,252
920,252
Depreciation charged in the year
12,750
106,951
119,701
Eliminated in respect of disposals
-
(14,600)
(14,600)
Revaluation
(12,750)
-
(12,750)
At 30 November 2018
-
1,012,603
1,012,603
Carrying amount
At 30 November 2018
700,000
229,370
929,370
At 30 November 2017
700,000
317,721
1,017,721
The company's freehold land and buildings were valued at 30 November 2015 by an external valuer, Lambert Smith Hampton, Consultant Surveyors. In the opinion of the directors the valuation of £700,000 would not have been materially different at 30 November 2018.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2018
2017
£
£
Cost
493,165
493,165
Accumulated depreciation
(246,231)
(236,808)
Carrying value
246,934
256,357
The revaluation surplus is disclosed in note 10.
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 7 -
4
Fixed asset investments
2018
2017
£
£
Investments
2
2
Fixed asset investments not carried at market value
The investments represent the cost of shares held in Trident Metals Limited, a dormant company.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2017 & 30 November 2018
2
Carrying amount
At 30 November 2018
2
At 30 November 2017
2
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
300,629
469,700
Other debtors
116,207
78,179
416,836
547,879
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,856,285
1,727,068
Corporation tax
321,481
244,102
Other taxation and social security
21,738
25,919
Other creditors
154,218
436,976
2,353,722
2,434,065
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 8 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
7,014
7,445
Other creditors represents Government grants received by the company towards buildings between 1983 and 1989. The amount recognised in the financial statements is the amount of grants released to the profit and loss account for the year, over a period of 50 years, in accordance with the depreciation policy of the buildings to which they relate.
8
Provisions for liabilities
2018
2017
£
£
Pension provision
-
500,000
Deferred tax liabilities
9,112
16,669
9,112
516,669
Movements on provisions apart from deferred tax liabilities:
Pension provision
£
At 1 December 2017
500,000
Other movements
(500,000)
At 30 November 2018
-
The movement in the provision is explained in note 13.
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
13,986 Ordinary A shares of £1 each
13,986
13,986
1,554 Ordinary B shares of £1 each
1,554
1,554
15,540
15,540
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 9 -
10
Revaluation reserve
2018
2017
£
£
At the beginning of the year
443,645
434,222
Revaluation surplus arising in the year
12,750
12,750
Other movements
(3,327)
(3,327)
At the end of the year
453,068
443,645
The revaluation reserve is in respect of the company's freehold land and buildings. If the land and buildings were sold at their revalued amount, no tax would be payable (2017 - £nil).
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Robert Morris.
The auditor was Lyon Griffiths Limited.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
53,754
30,858
13
Related party transactions
Transactions with related parties
During the year, Mrs J Tudor, a shareholder and director, agreed to take on the company's pension obligation in respect of Mr R M Tudor. The company agreed to pay Mrs J Tudor £477,000 which is the actuarial valuation of the pension obligation at transfer.
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 10 -
14
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
-
500,000
(500,000)
-
-
500,000
(500,000)
-
2018-11-30
2017-12-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
10 June 2019
This audit opinion is unqualified
Mr R M Tudor
Mr Christopher Martin
Mrs J Tudor
Mr C K Martin
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