T.G.I. Corporation Limited 02775037 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is wholesale of clothing. Digita Accounts Production Advanced 6.30.9574.0 true 02775037 2022-03-01 2023-02-28 02775037 2023-02-28 02775037 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-02-28 02775037 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-02-28 02775037 core:RetainedEarningsAccumulatedLosses 2023-02-28 02775037 core:ShareCapital 2023-02-28 02775037 core:CurrentFinancialInstruments 2023-02-28 02775037 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02775037 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 02775037 core:FurnitureFittings 2023-02-28 02775037 core:MotorVehicles 2023-02-28 02775037 core:OfficeEquipment 2023-02-28 02775037 core:PlantMachinery 2023-02-28 02775037 bus:SmallEntities 2022-03-01 2023-02-28 02775037 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 02775037 bus:FullAccounts 2022-03-01 2023-02-28 02775037 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 02775037 bus:RegisteredOffice 2022-03-01 2023-02-28 02775037 bus:Director1 2022-03-01 2023-02-28 02775037 bus:Director2 2022-03-01 2023-02-28 02775037 bus:Director3 2022-03-01 2023-02-28 02775037 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-03-01 2023-02-28 02775037 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-03-01 2023-02-28 02775037 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02775037 core:FurnitureFittings 2022-03-01 2023-02-28 02775037 core:MotorVehicles 2022-03-01 2023-02-28 02775037 core:OfficeEquipment 2022-03-01 2023-02-28 02775037 core:PlantMachinery 2022-03-01 2023-02-28 02775037 countries:AllCountries 2022-03-01 2023-02-28 02775037 2022-02-28 02775037 core:FurnitureFittings 2022-02-28 02775037 core:MotorVehicles 2022-02-28 02775037 core:OfficeEquipment 2022-02-28 02775037 core:PlantMachinery 2022-02-28 02775037 2021-03-01 2022-02-28 02775037 2022-02-28 02775037 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-02-28 02775037 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-02-28 02775037 core:RetainedEarningsAccumulatedLosses 2022-02-28 02775037 core:ShareCapital 2022-02-28 02775037 core:CurrentFinancialInstruments 2022-02-28 02775037 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 02775037 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 02775037 core:FurnitureFittings 2022-02-28 02775037 core:MotorVehicles 2022-02-28 02775037 core:OfficeEquipment 2022-02-28 02775037 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02775037

T.G.I. Corporation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

T.G.I. Corporation Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

T.G.I. Corporation Limited

Company Information

Directors

Mrs C M T Joyce

Mr R M Joyce

Mr R M Joyce

Registered office

24c Conduit Road
Norton Canes
Cannock
Staffordshire
WS11 9TJ

Accountants

MAS Associates Ltd
Chartered Certified Accountants
Spear House
Cobbett Road
Burntwood
Staffordshire
WS7 3GR

 

T.G.I. Corporation Limited

(Registration number: 02775037)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

75,549

64,322

Current assets

 

Stocks

5

2,339,632

1,106,477

Debtors

6

799,664

874,022

Cash at bank and in hand

 

522,891

820,345

 

3,662,187

2,800,844

Creditors: Amounts falling due within one year

7

(1,078,363)

(931,530)

Net current assets

 

2,583,824

1,869,314

Total assets less current liabilities

 

2,659,373

1,933,636

Creditors: Amounts falling due after more than one year

7

(60,361)

(97,123)

Net assets

 

2,599,012

1,836,513

Capital and reserves

 

Called up share capital

8

6

6

Retained earnings

2,599,006

1,836,507

Shareholders' funds

 

2,599,012

1,836,513

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr R M Joyce
Director

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
24c Conduit Road
Norton Canes
Cannock
Staffordshire
WS11 9TJ
England

These financial statements were authorised for issue by the Board on 15 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

Furniture and fittings

20% on cost

Motor vehicles

20% on cost

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 20).

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 March 2022

69,368

72,141

38,215

19,767

Additions

15,127

17,450

11,363

-

Disposals

-

(616)

(5,605)

-

At 28 February 2023

84,495

88,975

43,973

19,767

Depreciation

At 1 March 2022

57,332

43,326

24,007

10,504

Charge for the year

6,817

13,193

9,754

2,948

Eliminated on disposal

-

(616)

(5,604)

-

At 28 February 2023

64,149

55,903

28,157

13,452

Carrying amount

At 28 February 2023

20,346

33,072

15,816

6,315

At 28 February 2022

12,036

28,815

14,208

9,263

Total
£

Cost or valuation

At 1 March 2022

199,491

Additions

43,940

Disposals

(6,221)

At 28 February 2023

237,210

Depreciation

At 1 March 2022

135,169

Charge for the year

32,712

Eliminated on disposal

(6,220)

At 28 February 2023

161,661

Carrying amount

At 28 February 2023

75,549

At 28 February 2022

64,322

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Other inventories

2,339,632

1,106,477

6

Debtors

Current

2023
£

2022
£

Trade debtors

739,557

601,757

Prepayments

6,842

6,163

Other debtors

53,265

266,102

 

799,664

874,022

 

T.G.I. Corporation Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

46,115

45,728

Trade creditors

 

608,816

536,215

Taxation and social security

 

324,969

125,938

Accruals and deferred income

 

18,203

4,000

Other creditors

 

80,260

219,649

 

1,078,363

931,530

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

60,361

97,123

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

2

2

2

2

Ordinary B of £1 each

4

4

4

4

 

6

6

6

6

9

Related party transactions

A balance of £381,799 (2022 £394,692) is due to JSW Marketing Uniwear Limited, a company under common ownership and control.