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TRIDENT SPORTS CARS LIMITED
REGISTERED NUMBER: 07730004
ABBREVIATED BALANCE SHEET
AS AT 31 AUGUST 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 31 January 2017.
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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TRIDENT SPORTS CARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The company is reliant upon the continued support of its investors and shareholders.The directors are seeking additonal funds to enable the company to meet its liabilities as they arise.
The financial statements have been prepared on the going concern basis because the directors believe sufficient funds will be obtained within the twelve months from approval of these financial statements to enable the company to meet its liabilities as they arise.
No adjustment has been made if such funding is not obtained.
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Research and development expenditure is written off in the year in which it is incurred.
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Page 2
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TRIDENT SPORTS CARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
2.TANGIBLE FIXED ASSETS
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At 1 September 2014 and 31 August 2015
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3.CREDITORS:
Amounts falling due within one year
Other creditors include a loan of £150,000 which is secured by a debenture over the company's assets. The loan agreement required repayment of £225,000 within 60 days of receiving the principal and interest is payable at 3% per day thereafter.No instalments have been paid to date and interest has therefore been accrued. An associated company, Trident Vehicles Group Limited, is a guarantor for this loan.
4.SHARE CAPITAL
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Allotted, called up and fully paid
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400 Ordinary shares of £0.25 each
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Page 3
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TRIDENT SPORTS CARS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
5.RELATED PARTY TRANSACTIONS
Included in other debtors is a directors loan due to the company from C Hagan of £Nil (2014 £5,174) which is interest free, unsecured and repayable on demand.
Included in other creditors is £46,055 (£45,735) payable to the director D R Monaghan.This is interest free, unsecured and repayable on demand.
Included in other creditors is £54,863 (£108,767) payable to the director P G Bevan.This is interest free, unsecured and repayable on demand.
Included in other creditors is £304,840 (£136,560) payable to Trident Torque Multiplication Technologies Limited, a company in which P G Bevan is a director and shareholder and D R Monaghan is a shareholder.This is interest free, unsecured and repayable on demand.
Included in other debtors is £326,446 (£248,266) repayable by Trident Vehicles Group Ltd, a company in which P G Bevan and D R Monaghan are directors and shareholders.This is interest free, unsecured and repayable on demand. Full provision has been made against this balance and included in exceptional expenses.
Included in other debtors is £10,550 (£10,550) repayable by Team Trident Ltd, a company in which P G Bevan and D R Monaghan are directors and shareholders.This is interest free, unsecured and repayable on demand .Full provision has been made against this balance and included in exceptional expenses..
During the year the directors charged for services they provided amounting to £nil (2014 £25,875) paid to Mrs C J Hagan; £nil (2014 £50,289) paid to D R Monaghan and £nil (2014 £65,479) paid to P G Bevan.
Page 4
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