ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
COMPANY INFORMATION
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TRINITY TOPCO LIMITED
CONTENTS
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TRINITY TOPCO LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The Directors present their strategic report and financial statements for the period ended 31 December 2020.
During the period the Group’s turnover was £64.9 million and Operating profits was £15k with the reduction attributable to disruption due to Covid19 with all UK sites partially closed, for safety reasons and exceptional levels of workforce absence due to prudent isolation, during the first half of the period.
At the year end the Group had a shareholder’s deficit of £6.99m though the Group’s current assets exceed its current liabilities by £5.3m. The Directors are extremely pleased with how well the business has performed through this difficult period with a successful integration of the acquisitions made and an acceleration of product development that will form a basis for strong growth over the coming years. The Directors consider the Company’s financial position to be strong.
COVID19
As noted above during 2020 the Company was affected by the global pandemic arising from COVID19. The Company has now taken measures to protect the welfare of its employees through flexible working and stricter hygiene internal controls and remains focused upon managing the risk associated with COVID-19 extremely diligently. This includes but is not limited to: • Improved provisions for employee safety to reduce staff absenteeism due to COVID-19. • Greater diligence around credit risk with customers, setting credit limits and terms and evaluation of customers and sales. • Increased analysis of the supply base, ensuring any risk of impact to operations that could affect the Company is understood and foreseen. Other Risks The Directors believe that apart from risks associated with Covid-19 issues the main risks of the business are • Lack of demand in key markets • Loss of key customers • Failures in the supply chain • Fluctuations in the Groups working capital requirements and funding requirements Lack of demand in key markets is managed by having a diversified portfolio of products. Loss of key customers is managed by developing and continuing good working relationships and providing excellent service and quality at competitive costs. The risk of failure in key suppliers is managed by developing long term relationships with our key suppliers, that are predominantly UK based. Risks identified resulting from the Group’s working capital requirements are mitigated by entering into a range of banking facilities where required and operating a diversified portfolio of businesses with different working capital cycles.
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TRINITY TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
This section aims to address the responsibility of the Directors of the Company acting in good faith, to be promoting the success for the benefit of its members as its whole. The Directors and Senior management of Trinity Topco Holdings Limited give careful consideration to the factors set out below in discharging their duties.
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TRINITY TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
Decision making:
Decision making within the business is always taken with promoting the success of the business in mind from a Director and Senior Management level to all employees in the Company. Performance of the Company is reviewed internally by Directors, frequently through financial reporting and non financial metrics as well as corporate reviews taking place multiple times throughout the fiscal year. Budgeting from a 5 year level takes place to ensure the long term planning of the company is set and strategic direction taken, as well as short term quarterly forecasting in order to ensure targets are met. All of this is done in line with corporate management to ensure accordance with the firms strategy and delivery of plans agreed by the Company Board and Senior Management. Employees: Employees are central to the long term success of any company and the same is true of Woodall Nicholson Holdings Limited. We have a diverse skill base and range of experience across our UK and International sites and recognise that maintaining and growing this is key to the business’ future. The business has apprentice programs to ensure that a pipeline of development is always in existence, and also offers a variety of programs of training across all areas. Employee welfare is a critical component of our relationship with our employees, and this has been illustrated by the reaction to the COVID 19 pandemic, where the business promoted isolation if required, working from home for relevant staff, and stricter internal hygiene measures throughout. Suppliers and Customers: Creating and maintaining relationships with our supplier and customer base is key to the nature of our industry. The majority of our commercial arrangements with customers cover repeat long term business and this is reflected in how we manage our supply base – through long term relationships with experienced and skilled Sales and Procurement teams that foster and develop close relationships with our key businesses to ensure that we grow successfully together. Impact on community and environment: Impact on the environment is an important factor in all business decision making, especially in the automotive industry. Woodall Nicholson businesses hold ISO 14001 2015 environmental management system accreditation, all aspects of environmental controls are managed through the EMS, including compliance obligations, legal requirements, objectives, operational planning and control. This is used in conjunction with internal, corporate and external BSI audits to ensure we adhere to environmental regulations.
In line with the Streamlined Energy and Carbon Reporting (SECR) requirements we have reported on the underlying energy use.
In the period covered by the report the Company has undertaken preliminary audits to identify opportunities to improve energy efficiency and reduce energy consumption. The business has already followed some of the recommendations with an estimated saving of 270,818 kWh per year from switching the Westhoughton site from Oil to Natural gas. The Company is intending to implement the other recommendations with estimated saving of 354,379 kWh per year. The estimated total cost of the recommendations is £105,140, with an expected payback period of less than two years. Recommendations include replacing lighting with LED equivalents and fitting sensors to automate operation.
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TRINITY TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
Conversion factors
All conversion factors that have been used are taken from the 2019 “UK Government GHG” Conversion Factors for Company Reporting” document. Utilities Invoices from electricity and natural gas suppliers were provided, with energy consumption expressed in kilowatt hours. Emissions were calculated using the average UK mix. Fuel consumption is recorded by fuel cards, expressed in litres. Energy consumption and emissions were calculated using the average forecourt mineral blend of fuels.
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TRINITY TOPCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
This report was approved by the board on 19 May 2021 and signed on its behalf.
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TRINITY TOPCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the period ended 31 December 2020.
The loss for the period, after taxation, amounted to £7,402,166.
The directors do not recommend a dividend.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the period were:
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TRINITY TOPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The Directors are satisfied with the results for the period and are positive for the future, based on ongoing improvement and product development initiatives within the business.
The Group has expended approximately £765k on development and improvement to the Group's range of products during the year.
The Group supports the employment of disabled people wherever possible, both in recruitment and by retention of those who become disabled during their employment.
Appropriate steps are taken to inform and consult employees regarding matters affecting them and the Group. The Group's policy regarding health and safety is to ensure that, as far as is reasonably practicable, there is a working environment which will minimise the risk to health and safety of employees and those persons who are authorised to be on its premises.
Creating and maintaining relationships with our supplier and customer base is key to the nature of our industry. The majority of our commercial arrangements with customers cover repeat long term business and this is reflected in how we manage our supply base – through long term relationships with an experienced and skilled Sales and Procurement teams that foster and develop close relationships with our key businesses to ensure that we grow successfully together.
A business review, principal risks and uncertainties, financial key performance indicators, statement of compliance with S172 of the Companies Act and Streamlined Energy and Carbon Reporting are disclosed in the Strategic Report.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Langtons Professional Services Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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TRINITY TOPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
This report was approved by the board on 19 May 2021 and signed on its behalf.
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TRINITY TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRINITY TOPCO LIMITED
We have audited the financial statements of Trinity Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2020, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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TRINITY TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRINITY TOPCO LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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TRINITY TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRINITY TOPCO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit, in respect to fraud, are: • to identify and assess the risks of material misstatement of the financial statements due to fraud; • to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and • to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up. Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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TRINITY TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRINITY TOPCO LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
11th Floor, The Plaza
100 Old Hall Street
L3 9QJ
19 May 2021
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TRINITY TOPCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
REGISTERED NUMBER: 12407673
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
REGISTERED NUMBER: 12407673
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2021.
The notes on pages 22 to 47 form part of these financial statements.
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TRINITY TOPCO LIMITED
REGISTERED NUMBER: 12407673
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2021.
The notes on pages 22 to 47 form part of these financial statements.
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TRINITY TOPCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2020
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The entity is a private limited liability company, limited by shares registered in England and Wales within the United Kingdom. The registered office and company number can be found on the Company Information page.
These consolidated financial statements include both group and company results.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 16 January 2020.
The Directors have concluded that it is appropriate to prepare the accounts on a going concern basis as the Group had adequate cash resources and financial projections indicate that the Group will continue to trade within its existing bank facilities.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
A provision is made for the three year warranty claims that are anticipated to be made over the life of
the Group's products. This provision is based on historic sales of vehicles and the provision is included within accruals.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The whole of the turnover is attributable to the principal activity of the business.
Analysis of turnover by country of destination:
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 31
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 32
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 33
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
13.Taxation (continued)
There were no factors that may affect future tax charges.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 35
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 36
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
15.Tangible fixed assets (continued)
Page 37
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 38
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 39
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 40
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
£25,000,000 bank loan is repayable on 25 February 2027. Interest is charged at Libor plus 4.5% per annum and is payable every quarter.
Loan notes include accrued interest, calculated at a rate of 12% per annum, which on the 31 December each year are added to and form part of the principal amount of the loan notes outstanding with interest calculated thereafter on the increased principial amount. The loan notes, including interest, are repayable on 31 March 2028. Amounts owed to group companies include the following two balances:- (1) - Unsecured loan notes including accrued interest, calculated at a rate of 12% per annum, which on the 31 December each year are added to and form part of the principal amount of the loan notes outstanding with interest calculated thereafter on the increased principial amount. The loan notes, including interest, are repayable on 31 March 2028. (2) - Intra group loan and accrued interest which cannot be repaid until the loan notes have been repaid. Interest is charged at LIBOR plus 4% per annum.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 42
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 43
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
During the period the following shares were issued:-
267,773 A Ordinary shares of £1 each for consideration of £267,773. 103,291 B Ordinary shares of £1 each for consideration of £103,291 48,215 C1 Ordinary shares of £1 each for consideration of £48,215 3,936 A Ordinary shares of £1 each and 99,462 C1 Ordinary shares of £1 each in exchange for £103,578 12% Unsecured Exchange Loan Notes in Trinity Midco Limited
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions totalling £84,524 were payable to the fund at the reporting date and are included in creditors.
The group has made a business interruption insurance claim as a result of the Covid-19 pandemic. The claim has been agreed in principle by the group’s insurer and a claim has been submitted by the group’s loss adjuster but no settlement has been agreed. As per note 6, a prudent provision of £750,000 has been included within other debtors to reflect that a claim has been made, the final settlement is expected to be in excess of this provision but it is not yet practicable to quantify the final settlement.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
31.Other financial commitments
The Group has provided a bond of £54,000 to HM Revenue & Customs.
The controlling party of the company is Rutland Partners LLP.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors consider that the group is entitled to exemption from the requirement to have an audit of its
subsidiary undertakings under the provisions of section 479A of the Companies Act 2006 ("the Act") and members have not required any of the subsidiaries to obtain an audit for the year in question in accordance with section 476 of the Act. Villmount Limited (NI604140), Treka Bus Limited (04063157), Promech Solutions Limited (09691800), JM Engineering (Scarborough) Limited (06429273) and Vehicle Conversion Specialists Limited (07214183) have taken advantage of this exemption.
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TRINITY TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Page 47
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