Trinity International Services Limited Filleted accounts for Companies House (small and micro)

TRINITY INTERNATIONAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC122366

Trinity International Services Limited

Filleted Financial Statements

31 August 2018

Trinity International Services Limited

Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6	769,191	345,621
Investments	7	89,017	159,132
		---------	---------
		858,208	504,753

Current assets

Stocks		38,370	43,544
Debtors	8	1,465,992	1,000,731
Cash at bank and in hand		1,695,247	2,182,285
		------------	------------
		3,199,609	3,226,560

Creditors: amounts falling due within one year	9	732,092		447,846
		------------		------------
Net current assets			2,467,517	2,778,714
			------------	------------
Total assets less current liabilities			3,325,725	3,283,467
			------------	------------
Net assets			3,325,725	3,283,467
			------------	------------

Capital and reserves

Called up share capital	11,745	11,745
Capital redemption reserve	8,255	8,255
Profit and loss account	3,305,725	3,263,467
	------------	------------
Shareholders funds	3,325,725	3,283,467
	------------	------------

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 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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 15 May 2019 , and are signed on behalf of the board by:

S C MacBride

Director

Company registration number: SC122366

Trinity International Services Limited

Notes to the Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares and is incorporated in Scotland. The address of the registered office is Alliance House, 11 Bon Accord Square, Aberdeen, AB11 6DJ. The principal activity of the company during the year was that of offshore and remote site facilities management including the catering, hotelkeeping and life support services to the oil and gas industries operating worldwide. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' ('FRS 102') and applicable legislation as set out in the Companies Act 2006. In preparing these financial statements, the company has taken advantage of the small companies exemption, as permitted by FRS 102 paragraph 1.12. These financial statements have been prepared under the historical cost convention.

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, included an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. Based on this assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business. In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experiences and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

In respect of contracts for on-going services, turnover is recognised as the services are performed and is stated net of VAT.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trade Marks	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost which is the purchase price plus any directly attributable costs. Subsequently the assets are stated at cost less any accumulated depreciation and impairment losses.

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:

Rental Equipment	-	Over the contract rental period
Fixtures, Fittings etc.	-	25%-33% on a straight line basis
Motor Vehicles	-	25% straight line

Heritable Property is to be depreciated on a straight line basis over 50 years.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Impairment of fixed assets

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, trade and other debtors and trade and other creditors. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Defined contribution plans

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account when due.

4. Average number of employees

The average number of persons employed by the company during the year amounted to 9 (2017: 12 ).

5. Intangible assets

	Trade marks
	£
Cost
At 1 September 2017 and 31 August 2018	1,086
	-------
Amortisation
At 1 September 2017 and 31 August 2018	1,086
	-------
Carrying amount
At 31 August 2018	–
	-------
At 31 August 2017	–
	-------

6. Tangible assets

	Investment property	Plant and machinery	Fixtures and fittings	Motor vehicles	Heritable property	Total
	£	£	£	£	£	£
Cost
At 1 Sep 2017	340,872	66,992	136,828	9,076	–	553,768
Additions	–	–	12,310	–	415,062	427,372
	---------	--------	---------	-------	---------	---------
At 31 Aug 2018	340,872	66,992	149,138	9,076	415,062	981,140
	---------	--------	---------	-------	---------	---------
Depreciation
At 1 Sep 2017	–	66,992	132,079	9,076	–	208,147
Charge for the year	–	–	3,802	–	–	3,802
	---------	--------	---------	-------	---------	---------
At 31 Aug 2018	–	66,992	135,881	9,076	–	211,949
	---------	--------	---------	-------	---------	---------
Carrying amount
At 31 Aug 2018	340,872	–	13,257	–	415,062	769,191
	---------	--------	---------	-------	---------	---------
At 31 Aug 2017	340,872	–	4,749	–	–	345,621
	---------	--------	---------	-------	---------	---------

The investment property was valued by the directors using fair value. They are of the opinion that the original cost represents the fair value.

Capital commitments

	2018	2017
	£	£
Contracted for but not provided for in the financial statements	335,500	–
	---------	----

7. Investments

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1 September 2017	89,017	70,115	159,132
Disposals	–	( 70,115)	( 70,115)
	--------	--------	---------
At 31 August 2018	89,017	–	89,017
	--------	--------	---------
Impairment
At 1 September 2017 and 31 August 2018	–	–	–
	--------	--------	---------

Carrying amount
At 31 August 2018	89,017	–	89,017
	--------	--------	---------
At 31 August 2017	89,017	70,115	159,132
	--------	--------	---------

Holdings of 20% or more

The company holds 20% or more of the share capital of the following companies:

Country of Proportion

registration or Nature of Class of of shares

Company incorporation business shares held held

Subsidiary undertaking

Trinity Nordic A/S Norway Offshore Norway Ordinary 100%

catering and hotel NOK 1,000

keeping services.

Engineering & Scotland Procurement and Ordinary 100%

Design Solutions Design

Limited Consultancy

8. Debtors

	2018	2017
	£	£
Trade debtors	492,880	187,463
Amounts owed by group undertakings and undertakings in which the company has a participating interest	40,652	48,492
Other debtors	932,460	764,776
	------------	------------
	1,465,992	1,000,731
	------------	------------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	193,302	128,436
Amounts owed to group undertakings and undertakings in which the company has a participating interest	23,106	6,636
Corporation tax	7,685	–
Social security and other taxes	8,478	6,766
Other creditors	499,521	306,008
	---------	---------
	732,092	447,846
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	33,500	33,500
	--------	--------

11. Summary audit opinion

The auditor's report for the year dated 15 May 2019 was unqualified.

The senior statutory auditor was Kenneth Tait CA , for and on behalf of Williamson & Dunn .

12. Directors' advances, credits and guarantees

During the year an interest free loan of £10,000 to the directors brought forward from the prior year was repaid in full.