REGISTERED NUMBER:
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Trident (Falmouth) Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 August 2021 |
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REGISTERED NUMBER:
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Trident (Falmouth) Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 August 2021 |
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Trident (Falmouth) Limited (Registered number: 11424078) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Trident (Falmouth) Limited |
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Company Information |
for the Year Ended 31 August 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Lakeside Offices |
The Old Cattle Market |
Coronation Park |
Helston |
Cornwall |
TR13 0SR |
Trident (Falmouth) Limited (Registered number: 11424078) |
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Balance Sheet |
31 August 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non distributable reserve | 11 |
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Retained earnings | 11 | 3,730 | 22,140 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Trident (Falmouth) Limited (Registered number: 11424078) |
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Balance Sheet - continued |
31 August 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Trident (Falmouth) Limited (Registered number: 11424078) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2021 |
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1. | STATUTORY INFORMATION |
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Trident (Falmouth) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Trident (Falmouth) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover consists of rental income generated from the investment property held, as per the terms of the lease. It is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Investment property is shown at the most recent valuation. Any gains or losses arising from changes in fair value are recognised in profit or loss, and are then transferred from the retained earnings reserve to be held separately in a non-distributable reserve. |
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Financial instruments |
The company only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Going concern |
During the year, the UK has been significantly impacted by the Covid-19 pandemic. The impact on many businesses and sectors across the UK, Europe and the globe have been unprecedented, and at the date of these financial statements, the outcome of the outbreak still remains uncertain. |
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The significant cash reserves within the company, as well as the strong balance sheet position, has resulted in the directors' conclusion that the long-term impact on the company should be minimal. Therefore, the directors anticipate that the company will continue to operate within its available resources, and be able to tolerate a reasonable level of unforeseen circumstance for a period of at least 12 months from the date of these financial statements. The financial statements have therefore been prepared on a going concern basis. |
Trident (Falmouth) Limited (Registered number: 11424078) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
Additions |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 September 2020 |
and 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2020 |
and 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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Investment property has been measured at fair value by the directors, taking into account the market value at the purchase date (April 2019) and considering any subsequent changes. |
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Fair value at 31 August 2021 is represented by: |
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Valuation in 2020 | 280,000 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Trident (Falmouth) Limited (Registered number: 11424078) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 120,516 | 68,229 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Investment property with a carrying value of £280,000 is pledged as security for the company's bank loan. |
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11. | RESERVES |
Non |
Retained | distributable |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 September 2020 | 22,140 |
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35,306 |
Profit for the year |
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Dividends | ( |
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At 31 August 2021 |
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16,896 |
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The non-distributable reserves relate to unrealised gains on investment property. |
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12. | RELATED PARTY DISCLOSURES |
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The balance outstanding at the balance sheet date from subsidiary Trident Plumbing, Heating and Electrical Limited was £202,395 (2020 £81,58)1 and is included within creditors. |
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The balance outstanding at the balance sheet date from subsidiary PAT Test Plus Limited was £54,431 (2020 £1,638) and is included within creditors. |