1 false false false false true false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 538,528 143,500 294,190 387,838 71,986 8,871 80,857 306,981 466,542 100 100 100 100 xbrli:pure xbrli:shares iso4217:GBP SC315881 2022-02-01 2023-01-31 SC315881 2023-01-31 SC315881 2022-01-31 SC315881 2021-02-01 2022-01-31 SC315881 2022-01-31 SC315881 2021-01-31 SC315881 core:Subsidiary1 2022-02-01 2023-01-31 SC315881 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 SC315881 bus:Director5 2022-02-01 2023-01-31 SC315881 core:LandBuildings 2022-01-31 SC315881 core:LandBuildings 2023-01-31 SC315881 core:LandBuildings 2022-02-01 2023-01-31 SC315881 core:WithinOneYear 2023-01-31 SC315881 core:WithinOneYear 2022-01-31 SC315881 core:AfterOneYear 2023-01-31 SC315881 core:AfterOneYear 2022-01-31 SC315881 core:UKTax 2022-02-01 2023-01-31 SC315881 core:UKTax 2021-02-01 2022-01-31 SC315881 core:ShareCapital 2023-01-31 SC315881 core:ShareCapital 2022-01-31 SC315881 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC315881 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC315881 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 SC315881 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-01-31 SC315881 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-01-31 SC315881 core:Non-currentFinancialInstruments 2022-01-31 SC315881 core:LandBuildings 2022-01-31 SC315881 bus:SmallEntities 2022-02-01 2023-01-31 SC315881 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC315881 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC315881 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC315881 bus:FullAccounts 2022-02-01 2023-01-31 SC315881 1 2022-02-01 2023-01-31 SC315881 2 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: SC315881
TGWH Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
TGWH Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
306,981
466,542
Investments
7
100
---------
---------
306,981
466,642
Current assets
Debtors
8
36,860
50,797
Cash at bank and in hand
11,345
33,630
--------
--------
48,205
84,427
Creditors: amounts falling due within one year
9
24,384
68,978
--------
--------
Net current assets
23,821
15,449
---------
---------
Total assets less current liabilities
330,802
482,091
Creditors: amounts falling due after more than one year
10
140,333
15,352
---------
---------
Net assets
190,469
466,739
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
190,369
466,639
---------
---------
Shareholders funds
190,469
466,739
---------
---------
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 Section 1A of 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.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TGWH Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:
K Forret
Director
Company registration number: SC315881
TGWH Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 Bath Street, Largs, KA30 8BL.
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
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and even with the ongoing economic impact have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue 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.
Revenue recognition
Turnover represents the invoiced value, net of Value Added Tax, of rental income from tenants.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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. 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. Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Tangible assets
Tangible assets are initially recorded at cost and subsequently 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:
Freehold property
-
2% straight line
Included within freehold property is the cost of land which is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
8,131
7,548
-------
-------
Tax on (loss)/profit
8,131
7,548
-------
-------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 268,139)
33,475
---------
--------
(Loss)/profit on ordinary activities by rate of tax
( 50,946)
6,360
Effect of expenses not deductible for tax purposes
59,077
1,188
---------
--------
Tax on (loss)/profit
8,131
7,548
---------
--------
6. Tangible assets
Land and buildings
£
Cost or valuation
At 1 February 2022
538,528
Additions
143,500
Revaluations
( 294,190)
---------
At 31 January 2023
387,838
---------
Depreciation
At 1 February 2022
71,986
Charge for the year
8,871
---------
At 31 January 2023
80,857
---------
Carrying amount
At 31 January 2023
306,981
---------
At 31 January 2022
466,542
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 February 2022 and 31 January 2023
100
----
Impairment
At 1 February 2022
Impairment losses
100
----
At 31 January 2023
100
----
Carrying amount
At 31 January 2023
----
At 31 January 2022
100
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Wilkies Limited
Ordinary
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
Wilkies Limited
140,494
16,895
----
---------
----
--------
Following the year end, Wilkies Limited entered into administration.
8. Debtors
2023
2022
£
£
Trade debtors
25
Amounts owed by group undertakings and undertakings in which the company has a participating interest
36,835
50,797
--------
--------
36,860
50,797
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,532
28,251
Trade creditors
28,439
Corporation tax
8,132
7,548
Social security and other taxes
1,160
2,180
Other creditors
2,560
2,560
--------
--------
24,384
68,978
--------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
140,333
15,352
---------
--------
There are two bank loans owed by the Company.
The first is being repaid over a 72 month term at an interest rate of 2.5% per annum. The loan is unsecured. The second is being repaid over a 180 month term at a fixed rate of 4.69% for the first 36 months and then at 3.45% plus base rate for the remainder of the term. It is secured with a standard fixed charge over the property to which it pertains, and a bond and floating charge over the assets of the company.
11. Events after the end of the reporting period
After the year end, Wilkies Limited, of which TGWH Limited owns 100% of the share capital, entered into administration. Additionally, a property owned by TGWH Limited in Kirkcaldy was sold for £106,000. As a result, the carrying value of the property in fixed assets has been impaired to this value at the year end.
12. Related party transactions
The company has taken advantage of exemption under FRS 102 Section 1A from the requirement to disclose information with entities that are wholly owned in the group.