IRIS Accounts Production v23.3.0.418 12353157 Board of Directors 31.5.22 1.6.21 31.5.22 31.5.22 activities of other holding companies. true true true false true true false false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123531572021-05-31123531572022-05-31123531572021-06-012022-05-31123531572020-05-31123531572020-06-012021-05-31123531572021-05-3112353157ns10:Originalns15:EnglandWales2021-06-012022-05-3112353157ns14:PoundSterlingns10:Original2021-06-012022-05-3112353157ns10:Originalns10:Director12021-06-012022-05-3112353157ns10:Original2021-06-012022-05-3112353157ns10:Originalns10:Consolidated2022-05-3112353157ns10:Original2022-05-3112353157ns10:Originalns10:ConsolidatedGroupCompanyAccounts2021-06-012022-05-3112353157ns10:Originalns10:PrivateLimitedCompanyLtd2021-06-012022-05-3112353157ns10:Originalns10:Consolidatedns10:FRS1022021-06-012022-05-3112353157ns10:Originalns10:Consolidatedns10:Audited2021-06-012022-05-3112353157ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-06-012022-05-3112353157ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2021-06-012022-05-3112353157ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-06-012022-05-3112353157ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2021-06-012022-05-3112353157ns10:Originalns10:FullAccounts2021-06-012022-05-3112353157ns10:Originalns5:Subsidiary12021-06-012022-05-3112353157ns10:Originalns5:Subsidiary22021-06-012022-05-3112353157ns10:Original12021-06-012022-05-3112353157ns10:Originalns10:OrdinaryShareClass12021-06-012022-05-3112353157ns10:Originalns10:Consolidated2021-06-012022-05-3112353157ns10:Originalns10:Director22021-06-012022-05-3112353157ns10:Originalns10:Director32021-06-012022-05-3112353157ns10:Originalns10:RegisteredOffice2021-06-012022-05-3112353157ns10:Originalns10:Consolidated2020-06-012021-05-3112353157ns10:Original2021-05-3112353157ns10:Originalns5:CurrentFinancialInstruments2022-05-3112353157ns10:Originalns5:CurrentFinancialInstruments2021-05-3112353157ns10:Originalns5:Non-currentFinancialInstruments2022-05-3112353157ns10:Originalns5:Non-currentFinancialInstruments2021-05-3112353157ns5:ShareCapitalns10:Original2022-05-3112353157ns5:ShareCapitalns10:Original2021-05-3112353157ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-05-3112353157ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2021-05-3112353157ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3112353157ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-05-3112353157ns10:Originalns5:NetGoodwill2021-06-012022-05-3112353157ns5:IntangibleAssetsOtherThanGoodwillns10:Original2021-06-012022-05-3112353157ns10:Originalns5:ComputerSoftware2021-06-012022-05-3112353157ns10:Originalns5:PlantMachinery2021-06-012022-05-3112353157ns10:Originalns5:FurnitureFittings2021-06-012022-05-3112353157ns10:Originalns5:MotorVehicles2021-06-012022-05-3112353157ns10:Originalns5:ComputerEquipment2021-06-012022-05-3112353157ns10:Original2020-06-012021-05-3112353157ns10:Originalns5:CostValuation2021-05-3112353157ns10:Originalns5:AdditionsToInvestments2022-05-3112353157ns10:Originalns5:CostValuation2022-05-3112353157ns10:Originalns5:Subsidiary112021-06-012022-05-3112353157ns10:Originalns5:Subsidiary12022-05-3112353157ns10:Originalns5:Subsidiary12021-05-3112353157ns10:Originalns5:Subsidiary12020-06-012021-05-3112353157ns10:Original3ns5:Subsidiary22021-06-012022-05-3112353157ns10:Originalns5:Subsidiary22022-05-3112353157ns10:Original2021-05-3112353157ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3112353157ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-05-3112353157ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-05-3112353157ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2021-05-3112353157ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-05-3112353157ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2021-05-3112353157ns10:Originalns10:OrdinaryShareClass12022-05-3112353157ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-05-3112353157ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2021-05-3112353157ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-012022-05-31
REGISTERED NUMBER: 12353157 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

TNC GROUP HOLDINGS LIMITED
TRADING AS
KSD GROUP

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 15


TNC GROUP HOLDINGS LIMITED
TRADING AS KSD GROUP

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







DIRECTORS: L Baker
P F J McDonnell
M A Ratcliffe



REGISTERED OFFICE: Patcham Place
Patcham
Brighton
East Sussex
BN1 8YD



REGISTERED NUMBER: 12353157 (England and Wales)



AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP



SOLICITORS: Engleharts Solicitors
Vallance Hall
Hove Street
Hove
East Sussex

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2022

The directors present their strategic report of the company and the group for the year ended 31 May 2022.

REVIEW OF BUSINESS
The trading element of the KSD Group of Companies will continue to identify related, market- sector clients for potential engagement and the current portfolio of planning applications for substantial land development schemes and opportunities in the South-East will underpin future investment and growth within the group as a whole.

KSD Support Services (KSD SS) provides building maintenance, building fabric and support services within the whole UK footprint, supporting over 10,000 retail stores. Its major clients operate within the food retail, commercial property and education sectors and these account for over 90% of group turnover.

At the end of the period net assets totalled £25,014,461, an increase of 40% on the previous year. KSD's key financial metrics and other performance indicators during the period were as follows:



2022 2021
£ £

Turnover 28,230,342 24,764,272

Gross profit 8,752,252 8,225,657

EBITDA & revaluation 14.9% 16.4%


The improved financial metrics are mainly due to increased workloads with our major clients and the successful onboarding of new customers. This has resulted in turnover increasing by £3,463,070 compared to 2021, an increase of 14.19%. Whilst margin has reduced slightly, the increase in turnover had contributed to an increase in gross profit on an aggregate basis.

New land and property has been acquired via the purchase of another company as well as directly with the latter shown in 'work in progress'.




FUTURE DEVELOPMENTS

Our business development status is proudly supported by achieved ISO 9001, ISO 14001 and OHSAS 45001 accreditations assessed and regularly audited by the British Standards Institute (BSI).

The trading part of the Group will continue to provide dedicated services to its blue-chip client-base going forwards and several key planning applications for land scheme opportunities will continue to evolve within the Group of Companies in a positive manner.


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2022

PRINCIPAL RISKS AND UNCERTAINTIES
Further diversification in terms of customer sectors has decreased the company's reliance on any one sector in particular, with a large amount of specialist services now delivered by CIS contractors and expert sub-contractors.

Cash management remains central to our ability to meet contractual payment obligations as and when they fall due. We continually monitor cash flow models and work to ensure adequate sources of existing and alternative funding are always readily available.

ON BEHALF OF THE BOARD:




P F J McDonnell - Director


17 November 2023

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2022.

DIVIDENDS
The Group has not declared any dividends during this or the preceding year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2021 to the date of this report.

L Baker
P F J McDonnell
M A Ratcliffe

FINANCIAL INSTRUMENTS
The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors, operating lease agreements, bank loans and directors' loans. The main purpose of these instruments is to finance the Group's operations.

Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The CBILS loan from the bank does not have interest charged nor repayments made in the first year. The directors are aware of the Group's finance requirements and have determined that the liquidity risk inherent in this formal bank loans is acceptable with the initial repayment holiday.

The loans from the directors do not have interest charged but are repayable on demand. The directors are aware of the Group's required finance and have determined that these will only be repaid, in whole or in part, when finance is available.

The credit risk arising from loans made to directors is considered to be acceptable, given the substantial asset portfolio supporting them.

The Group's operating lease commitments are in respect of the property from which the company operates as well as motor vehicles. The liquidity risk in respect of these is managed in the same way as loans above.

The Group's trade debtors are factored thorough a financial services company although the Group retains all significant benefits and risks in respect of these. These are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

POLITICAL DONATIONS AND EXPENDITURE
Donations and sponsorship of £9,252.91 (2021: £11,465) have been paid to local charities.


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P F J McDonnell - Director


17 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TNC GROUP HOLDINGS LIMITED

Opinion
We have audited the financial statements of Tnc Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2022 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion,except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2022 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
Due to a lack of response to our and the Group's balance confirmation requests, we have been unable to confirm that a balance of £599,677 which is included within Other Debtors, is correct and complete. We have been unable to satisfy ourselves as to the veracity of this balance by using other audit procedures.

Consequently we were unable to determine whether any adjustment to this amount was necessary. This amount is in excess of our calculated materiality figure.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 qualified opinion.

Conclusions relating to going concern
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 and 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.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TNC GROUP HOLDINGS LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the correctness and completeness of the Other debtor balance of £599,677. We have concluded that where the other information refers to Other debtors or related balances , it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

We have not been able to obtain all information required for the purposes of our audit, as noted in the basis for qualified opinion section,

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TNC GROUP HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were not in line with the applicable laws and regulations, including fraud.

We understood how the Company is complying with those laws and regulations by making enquiries of management concerning actual and potential litigation and claims. We corroborated our enquiries through our review of board minutes and any correspondence with regulatory bodies to evaluate whether there were any instances of non-compliance. Additionally, we obtained an understanding of management's procedures relating to detecting and responding to risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

Our procedures included agreeing the financial statement disclosures to underlying supporting documentation where relevant and challenging the assumptions and judgements made by management in relation to significant accounting items, including recognition of revenue. We have also identified amd challenged management on any journal entries outside our usual expectation for this type of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

Use of our report
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 a Report of the Auditors 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.




Simon Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

17 November 2023

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2022

31.5.22 31.5.21
as restated
Notes £    £   

TURNOVER 3 28,230,342 24,764,272

Cost of sales (19,478,070 ) (16,538,615 )
GROSS PROFIT 8,752,272 8,225,657

Administrative expenses (5,719,440 ) (5,167,291 )
3,032,832 3,058,366

Other operating income 4 554,373 622,380
Gain/loss on revaluation of investment
property

4,771,893

-
OPERATING PROFIT 6 8,359,098 3,680,746

Interest receivable and similar income 589,500 8
8,948,598 3,680,754

Interest payable and similar expenses 7 (581,922 ) (340,948 )
PROFIT BEFORE TAXATION 8,366,676 3,339,806

Tax on profit 8 (1,099,260 ) (728,517 )
PROFIT FOR THE FINANCIAL YEAR 7,267,416 2,611,289

Retained earnings at beginning of year as
previously reported

4,382,645

2,093,438

Dividends 10 - 90,000
Prior year adjustment - corrections of
material errors

11

-

(412,082

)

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

11,650,061

4,382,645

Profit attributable to:
Owners of the parent 7,267,416 2,611,289

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

CONSOLIDATED BALANCE SHEET
31 MAY 2022

31.5.22 31.5.21
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 4,980,983 4,907,861
Tangible assets 13 4,551,064 3,419,606
Investments 14 - -
Investment property 15 18,820,000 12,048,107
28,352,047 20,375,574

CURRENT ASSETS
Stocks 16 3,400,714 1,177,847
Debtors 17 15,836,208 13,866,679
Cash at bank 14,034 4,489
19,250,956 15,049,015
CREDITORS
Amounts falling due within one year 18 16,264,924 12,019,841
NET CURRENT ASSETS 2,986,032 3,029,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,338,079

23,404,748

CREDITORS
Amounts falling due after more than one
year

19

(5,292,647

)

(5,412,374

)

PROVISIONS FOR LIABILITIES 23 (1,030,971 ) (245,329 )
NET ASSETS 25,014,461 17,747,045

CAPITAL AND RESERVES
Called up share capital 24 17,369,400 17,369,400
Fair value reserve 25 745,000 (4,005,000 )
Retained earnings 25 6,900,061 4,382,645
SHAREHOLDERS' FUNDS 25,014,461 17,747,045

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





P F J McDonnell - Director


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

COMPANY BALANCE SHEET
31 MAY 2022

31.5.22 31.5.21
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 9,085,917 9,045,035
Investment property 15 9,415,000 5,415,000
18,500,917 14,460,035

CURRENT ASSETS
Stocks 16 3,181,050 1,035,249
Debtors 17 2,527,638 2,439,466
Cash at bank 501 510
5,709,189 3,475,225
CREDITORS
Amounts falling due within one year 18 6,662,679 4,288,750
NET CURRENT LIABILITIES (953,490 ) (813,525 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,547,427

13,646,510

CREDITORS
Amounts falling due after more than one
year

19

495,144

535,297
NET ASSETS 17,052,283 13,111,213

CAPITAL AND RESERVES
Called up share capital 24 17,369,400 17,369,400
Fair value reserve 25 (5,000 ) (4,005,000 )
Retained earnings 25 (312,117 ) (253,187 )
SHAREHOLDERS' FUNDS 17,052,283 13,111,213

Company's profit/(loss) for the financial
year

3,941,070

(88,051

)

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





P F J McDonnell - Director


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2022

31.5.22 31.5.21
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,547,643 2,571,850
Interest paid (409,107 ) (174,200 )
Interest element of hire purchase payments
paid

(146,815

)

(79,568

)
Net cash from operating activities 991,721 2,318,082

Cash flows from investing activities
Purchase of intangible fixed assets (40,882 ) -
Purchase of tangible fixed assets (5,892 ) -
Purchase of fixed asset investments - (36,534 )
Purchase of investment property - (32,907 )
Sale of tangible fixed assets 49,000 2,900
Interest received 37 8
Loans to related entity (544,426 ) -
Net cash from investing activities (542,163 ) (66,533 )

Cash flows from financing activities
New loans in year 2,874,563 -
Loan repayments in year (3,129,472 ) (1,620,250 )
Capital repayments in year (461,150 ) (241,295 )
Amount introduced by directors 143,769 22,580
Amount withdrawn by directors (1,339,270 ) (914,442 )
Financing of debtors 1,361,780 (971,933 )
Government grants 25,135 183,758
Net cash from financing activities (524,645 ) (3,541,582 )

Decrease in cash and cash equivalents (75,087 ) (1,290,033 )
Cash and cash equivalents at
beginning of year

2

(316,652

)

973,381

Cash and cash equivalents at end of
year

2

(391,739

)

(316,652

)

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.5.22 31.5.21
as restated
£    £   
Profit before taxation 8,366,676 3,339,806
Depreciation charges 602,160 366,538
Profit on disposal of fixed assets (710 ) (521 )
Gain on revaluation of fixed assets (4,771,893 ) -
Reversal of impairment losses (262,424 ) -
Non cash transactions through DCA - 146,868
Government grants (25,135 ) (183,758 )
Finance costs 581,922 340,948
Finance income (589,500 ) (8 )
3,901,096 4,009,873
Increase in stocks (2,222,867 ) (1,150,003 )
Increase in trade and other debtors (688,284 ) (1,222,134 )
Increase in trade and other creditors 557,698 934,114
Cash generated from operations 1,547,643 2,571,850

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2022
31.5.22 1.6.21
£    £   
Cash and cash equivalents 14,034 4,489
Bank overdrafts (405,773 ) (321,141 )
(391,739 ) (316,652 )
Year ended 31 May 2021
31.5.21 1.6.20
as restated
£    £   
Cash and cash equivalents 4,489 1,500,482
Bank overdrafts (321,141 ) (527,101 )
(316,652 ) 973,381


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2022

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.21 Cash flow At 31.5.22
£    £    £   
Net cash
Cash at bank 4,489 9,545 14,034
Bank overdrafts (321,141 ) (84,632 ) (405,773 )
(316,652 ) (75,087 ) (391,739 )
Debt
Finance leases (1,254,334 ) (1,241,752 ) (2,496,086 )
Debts falling due within 1 year (2,585,273 ) (4,218,625 ) (6,803,898 )
Debts falling due after 1 year (4,438,347 ) 1,021,853 (3,416,494 )
(8,277,954 ) (4,438,524 ) (12,716,478 )
Total (8,594,606 ) (4,513,611 ) (13,108,217 )

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

1. STATUTORY INFORMATION

Tnc Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

In preparing the financial statements, the directors are required to make an assessment of the ability of the Group to continue as a going concern.

On the basis of forecasts and the fact that the Group has substantial net current assets and net assets, the directors are confident that the Group has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 May each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the merger method as these meet the requirements of FRS102 s19.27. Where necessary,adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Significant judgements and estimates
In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.

The key judgements that management have made in applying the accounting policies relate to the valuation of investment property and recoverability of debtors, both trade and other.

The investment property has been valued based upon historical property prices as well as actual and anticipated rental yields. These take into accounts known future rental receipts from let areas and use these to anticipate future potential rental income for the currently void areas. Development land is valued based upon the future potential income following development, this calculation uses industry expected standards for development.

The estimates and underlying assumptions for debtors are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised when the work has been performed. Turnover represents amounts invoiced, net of value added tax, and adjusted for the value of work performed to date on contracts at the period end.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the work completed to that date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 25% on cost
Motor vehicles - 33% on reducing balance and at varying rates on cost
Computer equipment - 25% on reducing balance and 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress comprises costs incurred for a single design and build project and is valued at cost to the company less any anticipated losses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.5.22 31.5.21
as restated
£    £   
Facilities management 28,230,342 24,764,272
28,230,342 24,764,272

An analysis of turnover by geographical market is given below:

31.5.22 31.5.21
as restated
£    £   
United Kingdom 28,230,342 24,764,272
28,230,342 24,764,272

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

4. OTHER OPERATING INCOME

Included within Other income are the following amounts received from the UK government in respect of COVID 19 grants and reliefs:

31.5.21 31.5.21
£ £
Coronavirus Job Retention Scheme (CJRS) 18,722 69,772
Interest settlement in respect of the Coronavirus Business Interruption
Loan Scheme (CBILS)

-


34,900
Local authority grants 6,413 79,086
25,135 183,758

There are no unfulfilled conditions or other contingencies attaching to any of the above amounts.

5. EMPLOYEES AND DIRECTORS
31.5.22 31.5.21
as restated
£    £   
Wages and salaries 4,336,683 3,098,111
Social security costs 436,478 255,367
Other pension costs 71,464 38,473
4,844,625 3,391,951

The average number of employees during the year was as follows:
31.5.22 31.5.21
as restated

Administration 24 23
Direct 51 46
Indirect 41 18
116 87

The average number of employees by undertakings that were proportionately consolidated during the year was 116 (2021 - 87 ) .

31.5.22 31.5.21
as restated
£    £   
Directors' remuneration - 2,398

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.22 31.5.21
as restated
£    £   
Hire of plant and machinery 18,232 72,573
Other operating leases 6,622 56,848
Depreciation - owned assets 42,048 58,273
Depreciation - assets on hire purchase contracts 482,753 236,008
Profit on disposal of fixed assets (710 ) (521 )
Goodwill amortisation 75,581 65,344
Computer software amortisation 1,778 6,914
Auditors' remuneration 38,730 32,200
Auditors' remuneration for non audit work 5,500 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.22 31.5.21
as restated
£    £   
Bank interest 12,102 13,343
Other interest 39,393 1,533
Loan 324,364 122,080
Invoice discounting 42,686 82,322
HMRC interest 16,562 42,102
Hire purchase 146,815 79,568
581,922 340,948

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.22 31.5.21
as restated
£    £   
Current tax:
UK corporation tax 324,772 530,715

Deferred tax 774,488 197,802
Tax on profit 1,099,260 728,517

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.22 31.5.21
as restated
£    £   
Profit before tax 8,366,676 3,339,806
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

1,589,668

634,563

Effects of:
Expenses not deductible for tax purposes 22,904 20,386
Income not taxable for tax purposes (1,002,733 ) -
Depreciation in excess of capital allowances 141,563 73,568
Utilisation of tax losses 11,198 -
Investment Property Revaluation 336,660 -
Total tax charge 1,099,260 728,517

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
31.5.22 31.5.21
as restated
£    £   
Ordinary shares of £1 each
Interim - (90,000 )

The prior year includes a negative amount. This was In order to adjust for a non-material error in previous financial statements, whereby Directors' loan repayments were incorrectly treated as dividends, therefore the related dividends expense is included as negative balance during this period.

11. PRIOR YEAR ADJUSTMENT

During the year it was identified that the value of assets and associated liabilities transferred into the Group by the owners from their partnership in May 2020 had been misstated. This resulted in the value of Investment property being increased by £450,000 from £11,598,107 to £12,048,107. Share capital has been educed by £475,405 from £17,844,805 to 17,369,400. Amount due to the owners in respect of these mis statements increased by £925,405 , taking liabilities from £11,094,436 to £12,019,841.

There has been no effect upon profits nor net reserves.

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

12. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 June 2021 5,227,465 22,444 5,249,909
Additions 150,481 - 150,481
At 31 May 2022 5,377,946 22,444 5,400,390
AMORTISATION
At 1 June 2021 326,717 15,331 342,048
Amortisation for year 75,581 1,778 77,359
At 31 May 2022 402,298 17,109 419,407
NET BOOK VALUE
At 31 May 2022 4,975,648 5,335 4,980,983
At 31 May 2021 4,900,748 7,113 4,907,861

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2021 2,000,000 194,881 306,729
Additions - 4,763 215
Disposals - - -
At 31 May 2022 2,000,000 199,644 306,944
DEPRECIATION
At 1 June 2021 - 164,830 219,478
Charge for year - 8,108 21,872
Eliminated on disposal - - -
At 31 May 2022 - 172,938 241,350
NET BOOK VALUE
At 31 May 2022 2,000,000 26,706 65,594
At 31 May 2021 2,000,000 30,051 87,251

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

13. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2021 1,697,540 126,959 4,326,109
Additions 1,698,903 668 1,704,549
Disposals (71,320 ) - (71,320 )
At 31 May 2022 3,325,123 127,627 5,959,338
DEPRECIATION
At 1 June 2021 427,517 94,678 906,503
Charge for year 485,499 9,322 524,801
Eliminated on disposal (23,030 ) - (23,030 )
At 31 May 2022 889,986 104,000 1,408,274
NET BOOK VALUE
At 31 May 2022 2,435,137 23,627 4,551,064
At 31 May 2021 1,270,023 32,281 3,419,606

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2021 1,672,354
Additions 1,698,903
Disposals (71,320 )
At 31 May 2022 3,299,937
DEPRECIATION
At 1 June 2021 387,943
Charge for year 482,753
Eliminated on disposal (23,030 )
At 31 May 2022 847,666
NET BOOK VALUE
At 31 May 2022 2,452,271
At 31 May 2021 1,284,411

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2021 9,045,035
Additions 40,882
At 31 May 2022 9,085,917
NET BOOK VALUE
At 31 May 2022 9,085,917
At 31 May 2021 9,045,035

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

KSD Support Services Ltd
Registered office: England & Wales
Nature of business: Providing facilities management services
%
Class of shares: holding
Ordinary 100.00
31.5.22 31.5.21
£    £   
Aggregate capital and reserves 11,369,813 7,780,117
Profit for the year 3,589,696 2,674,681

Threadneedle Estates Ltd
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
31.5.22
£   
Aggregate capital and reserves 704,670
Profit for the year 2,942,138

Threadneedle Estates Ltd was acquired by TNC Group Holdings Ltd on 7th June 2021.


TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 June 2021 12,048,107
Additions 2,000,000
Revaluations 4,771,893
At 31 May 2022 18,820,000
NET BOOK VALUE
At 31 May 2022 18,820,000
At 31 May 2021 12,048,107

Fair value at 31 May 2022 is represented by:
£   
Valuation in 2020 (4,417,082 )
Valuation in 2022 4,771,893
Cost 18,465,189
18,820,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.5.22 31.5.21
as restated
£    £   
Cost 18,465,189 16,465,189

The investment properties were valued on an open market basis on 31 May 2022 by the directors .

Company
Total
£   
FAIR VALUE
At 1 June 2021 5,415,000
Revaluations 4,000,000
At 31 May 2022 9,415,000
NET BOOK VALUE
At 31 May 2022 9,415,000
At 31 May 2021 5,415,000

Fair value at 31 May 2022 is represented by:
£   
Valuation in 2020 (4,005,000 )
Valuation in 2022 4,000,000
Cost 9,420,000
9,415,000

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

15. INVESTMENT PROPERTY - continued

Company

If the investment properties had not been revalued they would have been included at the following historical cost:

31.5.22 31.5.21
as restated
£    £   
Cost 9,420,000 9,420,000

The investment properties were valued on an open market basis basis on 31 May 2021 by the directors .

16. STOCKS

Group Company
31.5.22 31.5.21 31.5.22 31.5.21
as restated as restated
£    £    £    £   
Stocks 38,400 64,798 - -
Work-in-progress 3,362,314 1,113,049 3,181,050 1,035,249
3,400,714 1,177,847 3,181,050 1,035,249

17. DEBTORS

Group Company
31.5.22 31.5.21 31.5.22 31.5.21
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 6,297,435 4,812,847 3,983 -
Amounts owed by group undertakings - - 2,099,900 1,176,588
Other debtors 1,794,839 909,104 423,455 262,078
Owed by entities under common 3,697,136 3,546,688 - -
Other amounts owed - 454,415 - -
Loans receivable 1,331,568 - - -
Tax 357,204 301,981 - -
Prepayments and accrued income 2,358,026 3,424,366 300 1,000,800
15,836,208 13,449,401 2,527,638 2,439,466

Amounts falling due after more than one year:
Other debtors - 417,278 - -

Aggregate amounts 15,836,208 13,866,679 2,527,638 2,439,466

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.22 31.5.21 31.5.22 31.5.21
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 20) 4,317,733 1,376,256 2,935,261 78,415
Other loans (see note 20) 2,891,938 1,530,158 1,000,000 1,000,000
Hire purchase contracts (see note 21) 619,933 280,307 - -
Trade creditors 3,323,673 2,730,819 - -
Amounts owed to group undertakings - - 853,302 -
Tax 1,447,572 1,067,542 4,840 4,805
Social security and other taxes 528,047 167,041 - -
VAT 810,755 616,011 - -
Other creditors 804,490 1,460,629 740,099 1,096,766
Directors' loan accounts 1,205,050 2,089,826 1,052,480 2,057,306
Accruals and deferred income 93,876 104,901 4,417 -
Accrued expenses 221,857 596,351 72,280 51,458
16,264,924 12,019,841 6,662,679 4,288,750

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.5.22 31.5.21 31.5.22 31.5.21
as restated as restated
£    £    £    £   
Bank loans (see note 20) 3,416,494 4,438,347 495,144 535,297
Hire purchase contracts (see note 21) 1,876,153 974,027 - -
5,292,647 5,412,374 495,144 535,297

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.5.22 31.5.21 31.5.22 31.5.21
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 405,773 321,141 - -
Bank loans 3,911,960 1,055,115 2,935,261 78,415
Other loans 2,891,938 1,530,158 1,000,000 1,000,000
7,209,671 2,906,414 3,935,261 1,078,415
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,044,595 1,055,115 67,895 78,415
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,150,046 3,383,232 205,396 456,882
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 221,853 - 221,853 -

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.5.22 31.5.21
as restated
£    £   
Gross obligations repayable:
Within one year 740,568 358,766
Between one and five years 2,049,815 1,100,106
2,790,383 1,458,872

Finance charges repayable:
Within one year 120,635 78,459
Between one and five years 173,662 126,079
294,297 204,538

Net obligations repayable:
Within one year 619,933 280,307
Between one and five years 1,876,153 974,027
2,496,086 1,254,334

Group
Non-cancellable operating leases
31.5.22 31.5.21
as restated
£    £   
Within one year 72,004 122,647
Between one and five years 71,943 20,943
143,947 143,590

The company pays a rent for its head office, Patcham Place, and also an office in Scotland. There are however no formal leases or unexpired leases in respect of these properties.

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.5.22 31.5.21
as restated
£    £   
Bank overdraft 405,773 321,141
Bank loans 7,328,454 5,493,462
Financing of trade debtors 1,891,938 -
9,626,165 5,814,603

The bank overdraft and loan account from National Westminster Bank plc are secured by way of a fixed and floating charge over all of the assets of KSD Support Services Ltd..

The financing of trade debtors by RBS Invoice Finance Ltd is secured by a fixed and floating change over the assets of KSD Support Services Ltd.. (supported by the personal guarantees of the directors). This charge contains a negative pledge.

Lendwell Funding 1 Ltd. holds charges over certain of the Group's property assets, namely 1 - 8 The Old Stable Block in Stanmer, East Sussex, and Kent's Farm land in Hurstpierpoint in East Sussex.

23. PROVISIONS FOR LIABILITIES

Group
31.5.22 31.5.21
as restated
£    £   
Deferred tax
Accelerated capital allowances 565,661 245,329
Other timing differences 179,948 -
Deferred tax 285,362 -
1,030,971 245,329

Group
Deferred
tax
£   
Balance at 1 June 2021 245,329
Provided during year 785,642
Balance at 31 May 2022 1,030,971

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.22 31.5.21
value: as restated
£    £   
17,369,400 Ordinary £1 17,369,400 17,369,400

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

25. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2021 4,382,645 (4,005,000 ) 377,645
Profit for the year 7,267,416 7,267,416
Reserves transfer (4,750,000 ) 4,750,000 -
At 31 May 2022 6,900,061 745,000 7,645,061

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2021 (253,187 ) (4,005,000 ) (4,258,187 )
Profit for the year 3,941,070 3,941,070
Reserves transfer (4,000,000 ) 4,000,000 -
At 31 May 2022 (312,117 ) (5,000 ) (317,117 )


26. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.5.22 31.5.21
as restated
£    £   
Movements in the year 1,100,119 -
Amount due to related party 1,945,149 3,045,268

Entities over which the entity has control, joint control or significant influence
31.5.22 31.5.21
as restated
£    £   
Transfers 908,779 (65,077 )
Amount due from related party 5,077,030 4,198,923

The disclosures above relate to entities which are connected by virtue of the fact that they have common directors and/or shareholders to the company.

Key management personnel of the entity or its parent (in the aggregate)
31.5.22 31.5.21
as restated
£    £   
Transfers - (47,214 )
Compensation paid 402,292 273,000
Amount due to related party - 537,164

TNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12353157)
TRADING AS KSD GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

26. RELATED PARTY DISCLOSURES - continued

Entities that provide key management personnel services to the entity
31.5.22 31.5.21
as restated
£    £   
Purchases 79,297 49,678
Amount due from related party - 454,415

Other related parties
31.5.22 31.5.21
as restated
£    £   
Transfers - (84,872 )
Amounts written off the balance - (16,306 )
Amount due from related party - 110,906

27. ULTIMATE CONTROLLING PARTY

The Group is controlled by the shareholders jointly. There is no ultimate controlling party.