Trilogy_International_EBT - Accounts
Trilogy_International_EBT - Accounts
Trilogy International EBT Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Cornhill, London, EC3V 3ND.
In the prior period, the entity reported results for a shortened period of 9 months to 30 November 2021. The company shortened its reporting period to be in line with the group and as such these results are not directly comparable with the previous period's financial statements.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. The trust has waived its right to the dividend it receives on the shares it owns.
The average monthly number of persons (including directors) employed by the company during the year was:
Amounts owed by fellow group undertakings are interest free, unsecured and repayable on demand.
Employee Benefit Trust
The Company is the Original Trustee of the Trilogy International Employee Benefit Trust, a discretionary trust which was executed as a trust deed on 2 March 2021.
Since that time, for accounting purposes only, the company's parent company, Trilogy International Holdings Limited, has had de facto control of the assets and liabilities of the trust and, consequently, the assets and liabilities of the trust are recognised in the parent company's accounts.
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.
Trilogy International Holdings Limited is the company's ultimate parent undertaking and controlling party, which prepares consolidated financial statements, that are available from its registered office - 24 Cornhill, London, United Kingdom, EC3V 3ND.