TRIOCON LIMITED

Executive Summary

TRIOCON LIMITED demonstrates strong financial growth and liquidity, accompanied by consistent compliance with filing requirements. While the company benefits from a solid capital base and increasing cash reserves, concentrated ownership and unusual current liabilities presentation warrant further review. Overall, the company presents a low risk profile but would benefit from clarifications on accounting details and operational structure.

TRIOCON LIMITED - Analysis Report

Company Number: 13654987

Analysis Date: 2025-07-19 12:05 UTC

1. Risk Rating: LOW
   The company shows a strong solvency position with net current assets and net assets increasing significantly year-on-year. There are no overdue filings, and the company is active with no indications of financial distress.

2. Key Concerns:

• Negative current liabilities figures (creditors) presented as negative amounts in accounts notes may indicate reporting inconsistencies that require clarification.
• The company has no employees, which may impact operational scalability and continuity if workload increases.
• Concentration of control and ownership with a single individual (PSC holds 75-100% shares and voting rights), which may pose governance risks.

3. Positive Indicators:

• Substantial increase in cash balance from £8,742 in 2023 to £36,875 in 2024 indicating improved liquidity.
• Consistent growth in net assets from £10,996 in 2021 to £71,043 in 2024, reflecting strong capital retention and profitability.
• Up to date on statutory filings with no overdue accounts or confirmation statements, showing good regulatory compliance.
• Business is classified under multiple SIC codes relating to construction, indicating a diversified service offering within the sector.

4. Due Diligence Notes:

• Verify the nature and reason for negative values presented under current liabilities (particularly taxes and social security) to ensure these are not misstatements or hidden liabilities.
• Confirm the operational model given the absence of employees and assess reliance on subcontractors or third parties.
• Review director and PSC background and any potential related party transactions, especially given the concentration of control.
• Evaluate the quality and collectability of debtors, as trade debtors reduced but other debtors increased substantially in 2024.
• Clarify audit exemption rationale and consider if external assurance would benefit transparency for stakeholders.