Company registration number 00029745 (England and Wales)
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,479
38,551
Investment property
5
23,090,000
21,123,000
Investments
6
968,030
1,009,917
24,096,509
22,171,468
Current assets
Debtors
7
14,701
37,866
Cash at bank and in hand
602,942
600,772
617,643
638,638
Creditors: amounts falling due within one year
8
(3,217,560)
(3,415,469)
Net current liabilities
(2,599,917)
(2,776,831)
Total assets less current liabilities
21,496,592
19,394,637
Provisions for liabilities
(2,178,584)
(2,260,202)
Net assets
19,318,008
17,134,435
Capital and reserves
Called up share capital
9
100,000
100,000
Revaluation reserve
8,506,888
8,871,947
Profit and loss reserves
10,711,120
8,162,488
Total equity
19,318,008
17,134,435

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Chris Watts
Q G Hicks
Director
Director
Company registration number 00029745 (England and Wales)
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

The Teachers and General Investment Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 105 Mitcham Lane, Streatham, London, SW16 6LY.

1.1
Accounting convention

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 the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents fees, rents and other income derived from properties under the company's control. Income is recognised at the time the company becomes entitled to receive the income. Where the income relates to a period of time it is allocated to accounting periods on a pro-rata basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Over 50 years
Fixtures, fittings & equipment
15 - 20% per annum on net book value

Land and buildings for own use are not depreciated as the estimated residual value exceeds their cost.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Unlisted investments are initially measured at cost and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Directors' remuneration and dividends
2023
2022
£
£
Remuneration paid to directors
45,000
46,000
Dividends paid to directors
17,131
14,943
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
38,071
20,496
58,567
Depreciation and impairment
At 1 April 2022
-
0
20,016
20,016
Depreciation charged in the year
-
0
72
72
At 31 March 2023
-
0
20,088
20,088
Carrying amount
At 31 March 2023
38,071
408
38,479
At 31 March 2022
38,071
480
38,551
5
Investment property
2023
£
Fair value
At 1 April 2022
21,123,000
Disposals
(643,221)
Revaluation gains
2,062,399
Capitalised cost additions
547,822
At 31 March 2023
23,090,000

Investment properties were valued by the directors on an open market value basis as at 31 March 2023.

 

On an historical cost basis these would have been included at an original cost of £13,034,437 (2022: £12,830,401). No depreciation would have been charged; however, annual reviews of impairment would have been carried out.

6
Fixed asset investments
2023
2022
£
£
Investments
968,030
1,009,917
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 April 2022
39,600
970,317
1,009,917
Additions
-
83,293
83,293
Revaluation gains
-
(125,180)
(125,180)
At 31 March 2023
39,600
928,430
968,030
Carrying amount
At 31 March 2023
39,600
928,430
968,030
At 31 March 2022
39,600
970,317
1,009,917
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,701
16,028
Corporation tax recoverable
-
0
21,838
14,701
37,866
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,972,246
2,895,669
Corporation tax
128,281
-
0
Other creditors
117,033
519,800
3,217,560
3,415,469
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
THE TEACHERS AND GENERAL INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Description of
Income
Payments
transaction
2023
2022
2023
2022
£
£
£
£
Group subsidiary
Administrative fees
-
0
7,200
-
0
-
0
Group subsidiary
Interest expense
-
0
-
0
89,448
86,082
Immediate parent company
Dividends paid
-
0
-
0
125,286
105,504
Immediate parent company
Interest expense
-
0
-
0
88,713
87,030
Other related parties
Administrative fees
-
0
-
0
38,539
34,927
Other related parties
Interest expense
-
0
-
0
2,838
16,000
Amounts owed to/by related parties

The following amounts were outstanding at the reporting end date:

Amount owed to
Amounts owed by
2023
2022
2023
2022
£
£
£
£
Group subsidiary
1,855,531
1,788,960
-
0
-
0
Immediate parent company
1,116,715
1,106,709
-
0
-
0
Other related parties
-
0
413,162
-
0
-
0
12
Parent company

The immediate and ultimate parent undertaking and controlling party of the company is West Streatham Building Company Limited, having its registered office at 105 Mitcham Lane, Streatham, London SW16 6LY.

2023-03-312022-04-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedChris WattsQ G HicksP J Watts000297452022-04-012023-03-31000297452023-03-31000297452022-03-3100029745core:LandBuildings2023-03-3100029745core:OtherPropertyPlantEquipment2023-03-3100029745core:LandBuildings2022-03-3100029745core:OtherPropertyPlantEquipment2022-03-3100029745core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100029745core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100029745core:CurrentFinancialInstruments2023-03-3100029745core:CurrentFinancialInstruments2022-03-3100029745core:ShareCapital2023-03-3100029745core:ShareCapital2022-03-3100029745core:RevaluationReserve2023-03-3100029745core:RevaluationReserve2022-03-3100029745core:RetainedEarningsAccumulatedLosses2023-03-3100029745core:RetainedEarningsAccumulatedLosses2022-03-3100029745bus:Director12022-04-012023-03-3100029745bus:Director22022-04-012023-03-3100029745core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3100029745core:FurnitureFittings2022-04-012023-03-31000297452021-04-012022-03-3100029745core:LandBuildings2022-03-3100029745core:OtherPropertyPlantEquipment2022-03-31000297452022-03-3100029745core:LandBuildings2022-04-012023-03-3100029745core:OtherPropertyPlantEquipment2022-04-012023-03-3100029745core:Subsidiary1core:AdministrativeServices2022-04-012023-03-3100029745core:Subsidiary1core:InterestExpenseTransactions2022-04-012023-03-3100029745core:ParentEntitiescore:DividendsPaidTransactions2022-04-012023-03-3100029745core:ParentEntitiescore:InterestExpenseTransactions2022-04-012023-03-3100029745core:OtherRelatedPartiescore:AdministrativeServices2022-04-012023-03-3100029745core:OtherRelatedParties2022-04-012023-03-3100029745core:Subsidiary12022-04-012023-03-3100029745core:ParentEntities2022-04-012023-03-3100029745core:Subsidiary1core:AdministrativeServices2021-04-012022-03-3100029745core:Subsidiary1core:InterestExpenseTransactions2021-04-012022-03-3100029745core:ParentEntitiescore:DividendsPaidTransactions2021-04-012022-03-3100029745core:ParentEntitiescore:InterestExpenseTransactions2021-04-012022-03-3100029745core:OtherRelatedPartiescore:AdministrativeServices2021-04-012022-03-3100029745core:OtherRelatedParties2021-04-012022-03-3100029745core:Subsidiary12023-03-3100029745core:Subsidiary12022-03-3100029745core:ParentEntities2023-03-3100029745core:ParentEntities2022-03-3100029745core:OtherRelatedParties2023-03-3100029745core:OtherRelatedParties2022-03-3100029745bus:PrivateLimitedCompanyLtd2022-04-012023-03-3100029745bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3100029745bus:FRS1022022-04-012023-03-3100029745bus:Audited2022-04-012023-03-3100029745bus:Director32022-04-012023-03-3100029745bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP