Company Registration No. 01388121 (England and Wales)
TRIDENT COMMERCIAL HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
TRIDENT COMMERCIAL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TRIDENT COMMERCIAL HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
834,805
855,032
Investments
4
2
2
834,807
855,034
Current assets
Stocks
1,310,045
1,952,783
Debtors - deferred tax
11,195
4,806
Debtors - other
5
192,841
310,039
Cash at bank and in hand
1,192,785
1,437,196
2,706,866
3,704,824
Creditors: amounts falling due within one year
6
(1,281,165)
(2,238,914)
Net current assets
1,425,701
1,465,910
Net assets
2,260,508
2,320,944
Capital and reserves
Called up share capital
7
15,540
15,540
Revaluation reserve
8
471,914
462,491
Capital redemption reserve
5,460
5,460
Profit and loss reserves
1,767,594
1,837,453
Total equity
2,260,508
2,320,944
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.
The financial statements were approved by the board of directors and authorised for issue on 28 May 2021 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 2020
- 2 -
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 2020
1
Accounting policies
(Continued)
- 3 -
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
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.
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.9
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
1.11
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
24
24
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 December 2019
700,000
1,250,125
1,950,125
Additions
101,846
101,846
Disposals
(94,953)
(94,953)
At 30 November 2020
700,000
1,257,018
1,957,018
Depreciation and impairment
At 1 December 2019
1,095,093
1,095,093
Depreciation charged in the year
12,750
96,722
109,472
Eliminated in respect of disposals
(69,602)
(69,602)
Revaluation
(12,750)
(12,750)
At 30 November 2020
1,122,213
1,122,213
Carrying amount
At 30 November 2020
700,000
134,805
834,805
At 30 November 2019
700,000
155,032
855,032
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 2020.
The revaluation surplus is disclosed in note 8.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings
2020
2019
£
£
Cost
493,165
493,165
Accumulated depreciation
(265,077)
(255,654)
Carrying value
228,088
237,511
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 6 -
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
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.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
88,436
208,018
Other debtors
104,405
102,021
192,841
310,039
2020
2019
Amounts falling due after more than one year:
£
£
Deferred tax asset
11,195
4,806
Total debtors
204,036
314,845
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
902,443
1,450,807
Corporation tax
98,491
205,352
Other taxation and social security
21,964
24,295
Other creditors
258,267
558,460
1,281,165
2,238,914
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
13,986
13,986
13,986
13,986
Ordinary B shares of £1 each
1,554
1,554
1,554
1,554
15,540
15,540
15,540
15,540
TRIDENT COMMERCIAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
8
Revaluation reserve
2020
2019
£
£
At the beginning of the year
462,491
453,068
Revaluation surplus arising in the year
12,750
12,750
Other movements
(3,327)
(3,327)
At the end of the year
471,914
462,491
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 (2019 - £nil).
9
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 (Audit and Accounting) Limited.
10
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:
2020
2019
£
£
20,818
37,395