TRITON BUILDING RESTORATION LIMITED 31/12/2022 iXBRL

TRITON BUILDING RESTORATION LIMITED 31/12/2022 iXBRL

TRITON BUILDING RESTORATION LIMITED - Company Information

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Company registration number: 02563223
TRITON BUILDING RESTORATION LIMITED
Unaudited filleted financial statements
31 December 2022
TRITON BUILDING RESTORATION LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
TRITON BUILDING RESTORATION LIMITED
Directors and other information
Directors Mr G. L. Engering
Mrs. D. Engering
Secretary G. L. Engering
Company number 02563223
Registered office 14 Saxon Business Centre
Windsor Avenue
London
SW19 2RR
Business address 14 Saxon Business Centre
Windsor Avenue
London
SW19 2RR
Bankers Bank Of Scotland
St James's Gate
14-16 Cockspur Street
London
SW1Y 5BL
Natwest
Wandsworth Branch
98 Wandworth High Street
London
SW18 4ZD
TRITON BUILDING RESTORATION LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of TRITON BUILDING RESTORATION LIMITED
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TRITON BUILDING RESTORATION LIMITED for the year ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of TRITON BUILDING RESTORATION LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of TRITON BUILDING RESTORATION LIMITED and state those matters that we have agreed to state to the board of directors of TRITON BUILDING RESTORATION LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TRITON BUILDING RESTORATION LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that TRITON BUILDING RESTORATION LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TRITON BUILDING RESTORATION LIMITED. You consider that TRITON BUILDING RESTORATION LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of TRITON BUILDING RESTORATION LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
22 December 2023
TRITON BUILDING RESTORATION LIMITED
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 31,786 42,380
Investments 6 900,000 900,000
_______ _______
931,786 942,380
Current assets
Stocks - 44,434
Debtors 7 21,537 127,102
Cash at bank and in hand 2,305,741 2,537,063
_______ _______
2,327,278 2,708,599
Creditors: amounts falling due
within one year 8 ( 419,845) ( 443,630)
_______ _______
Net current assets 1,907,433 2,264,969
_______ _______
Total assets less current liabilities 2,839,219 3,207,349
Provisions for liabilities ( 5,831) ( 7,742)
_______ _______
Net assets 2,833,388 3,199,607
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,833,288 3,199,507
_______ _______
Shareholders funds 2,833,388 3,199,607
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 22 December 2023 , and are signed on behalf of the board by:
Mr G. L. Engering
Director
Company registration number: 02563223
TRITON BUILDING RESTORATION LIMITED
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2021 100 3,147,264 3,147,364
(Loss)/profit for the year 127,661 127,661
_______ _______ _______
Total comprehensive income for the year - 127,661 127,661
Dividends paid and payable ( 75,418) ( 75,418)
_______ _______ _______
Total investments by and distributions to owners - ( 75,418) ( 75,418)
_______ _______ _______
At 31 December 2021 and 1 January 2022 100 3,199,507 3,199,607
(Loss)/profit for the year ( 365,719) ( 365,719)
_______ _______ _______
Total comprehensive income for the year - ( 365,719) ( 365,719)
Dividends paid and payable ( 500) ( 500)
_______ _______ _______
Total investments by and distributions to owners - ( 500) ( 500)
_______ _______ _______
At 31 December 2022 100 2,833,288 2,833,388
_______ _______ _______
TRITON BUILDING RESTORATION LIMITED
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 14 Saxon Business Centre, Windsor Avenue, London, SW19 2RR.
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.
Disclosure exemptions
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.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Revenue recognition
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is measured by the proportion that certified work to date bears to the anticipated final contract values. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. Where the outcome of a construction contract cannont be estimated reliabily, contract revenues are recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 January 2022 and 31 December 2022 140,230 140,230
_______ _______
Depreciation
At 1 January 2022 97,849 97,849
Charge for the year 10,595 10,595
_______ _______
At 31 December 2022 108,444 108,444
_______ _______
Carrying amount
At 31 December 2022 31,786 31,786
_______ _______
At 31 December 2021 42,381 42,381
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2022 and 31 December 2022 900,000 900,000
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 900,000 900,000
_______ _______
At 31 December 2021 900,000 900,000
_______ _______
The company acquired Triton Building Conservation Ltd on 15th November 2018. In the opinion of the directors the investment is stated at fair market value.
7. Debtors
2022 2021
£ £
Trade debtors 6,298 127,101
Other debtors 15,239 1
_______ _______
21,537 127,102
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 115,348 167,081
Corporation tax ( 36,234) ( 36,234)
Social security and other taxes 5,709 39,779
Other creditors 335,022 273,004
_______ _______
419,845 443,630
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 3,010
Later than 1 year and not later than 5 years - 30,096
_______ _______
- 33,106
_______ _______
At 31 December 2021 the Company had future minimum lease payments under non-cancellable operating leases.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Triton Building Conservation Ltd - ( 55,184) - ( 684,102)
_______ _______ _______ _______
During the year, the Parent, Triton Building Restoration Ltd and the subsidiary, Triton Building Conservation Ltd entered into an arrangement where Triton Building Restoration Ltd reimbursed Triton Building Conservation Ltd for administrative fees amounting to £0 (2020:Nil) and materials costs amounting to £Nil (2020:£82,210).
11. Controlling party
For the whole year, the company was under the control of the Engering family.