TRI-VENTURES_GROUP_LIMITE - Accounts
TRI-VENTURES_GROUP_LIMITE - Accounts
Tri-Ventures Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aldenham Grange, Grange Lane, Letchmore Heath, Herts, WD25 8DX.
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 £.
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.
Basic financial assets, which include debtors and cash and bank balances, 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.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
Included within amounts owed to group undertakings are loan balances owed to related parties of £5,274,999 (2022: £4,634,999). These amounts are interest free and wholly repayable on demand and, accordingly, are classified as falling due within one year. Notwithstanding this, the Directors' confirm that it is their expectation that these loans will not be called in for payment until at least 12 months after the approval of these financial statements.
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.
At the year end, an amount of £5,274,999 (2022: £4,634,999) was owed to Shakara Resources Limited, a fellow group member.
An amount of £3,841,239 (2022: £2,756,239) was due from Oyster Investment Holdings Limited, a fellow group member.
An amount of £22,357 (2022: £9,391) was owed by Aviation By Westminster Limited, a fellow group member. Sales of £48,478 (2022: £36,328) were made to Aviation By Westminster Limited during the year.
During the year, the company made sales to WGT Limited amounting to £400,000 (2022: £220,000). In addition the Company made purchases from WGT Limited of £nil (2022: £nil). The balance due from WGT Limited at the year end amounts to £55,000 (2022: £nil).
An amount of £10,004 (2022: £184,559) was due from Westminster Enterprises Limited, a company incorporated in Jersey, and a fellow subsidiary of Tri-Ventures Group Limited. During the year, the total income from Westminster Enterprises Limited amounted to £59 (2022: £450).
Included in other debtors is an amount of £27,306 (2022: £27,106) due from Thamesown Properties Limited, a company incorporated in England and Wales, of which E Jacobson is a director.
An amount of £30,977 (2022: £30,977) was due from Whirligig Limited, a company incorporated in the Isle of Man, and a fellow subsidiary of Tri-Ventures Group Limited. Sales of £94,293 (2022: £63,887) were made to Whirligig Limited during the year.
An amount of £78,000 (2022: £156,000) was due from Fairfax Acquisitions Limited, a Company incorporated in the United Kingdom, and a fellow subsidiary of Tri-Ventures Group Limited. During the year, the company made sales to Fairfax Acquisitions Limited amounting to £260,000 (2022: £270,000).
An amount of £nil (2022: £466,000) was due from WGT Limited as trustee of The Westminster Group Trust, the ultimate parent undertaking.
The immediate holding company is Shakara Resources Limited. It is the belief of the Directors that the ultimate controlling party is WGT Limited, as a trustee of Westminster Group Trust, which is resident in Jersey.