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REGISTERED NUMBER: 11113326 (England and Wales)






















TGC (Property) Limited

Financial Statements for the Year Ended 30 June 2023






TGC (Property) Limited (Registered number: 11113326)






Contents of the Financial Statements
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TGC (Property) Limited

Company Information
for the year ended 30 June 2023







DIRECTORS: T A T Megginson
M W Farnsworth
C P Barker





REGISTERED OFFICE: Tong Garden Centre
Tong Lane
Bradford
BD4 0RY





REGISTERED NUMBER: 11113326 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

TGC (Property) Limited (Registered number: 11113326)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,317,585 10,353,265

CURRENT ASSETS
Debtors 5 - 4,279
Cash at bank - 1
- 4,280
CREDITORS
Amounts falling due within one year 6 784,463 9,420,101
NET CURRENT LIABILITIES (784,463 ) (9,415,821 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,533,122

937,444

CREDITORS
Amounts falling due after more than one
year

7

(9,169,196

)

-

PROVISIONS FOR LIABILITIES (244,492 ) (279,187 )
NET ASSETS 119,434 658,257

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 119,433 658,256
SHAREHOLDERS' FUNDS 119,434 658,257

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:




M W Farnsworth - Director



C P Barker - Director


TGC (Property) Limited (Registered number: 11113326)

Notes to the Financial Statements
for the year ended 30 June 2023

1. STATUTORY INFORMATION

TGC (Property) 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of value added tax. The policies adopted for the recognition of turnover are as follows:

Rent Receivable
Rent receivable under operating leases is credited to the profit and loss account on a straight line basis over the period of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property1% - 2% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


TGC (Property) Limited (Registered number: 11113326)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST
At 1 July 2022
and 30 June 2023 10,864,317
DEPRECIATION
At 1 July 2022 511,052
Charge for year 35,680
At 30 June 2023 546,732
NET BOOK VALUE
At 30 June 2023 10,317,585
At 30 June 2022 10,353,265

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings - 4,279

TGC (Property) Limited (Registered number: 11113326)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 782,636 9,379,707
Taxation and social security 14 38,249
Other creditors 1,813 2,145
784,463 9,420,101

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 9,169,196 -

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

9. OTHER FINANCIAL COMMITMENTS

The company has given guarantees in respect of borrowings of group companies. At 30th June 2023 the potential liability of the company under the arrangement was £15,235,237 (2022: £2,879,507).

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is YGC Group Limited, a company registered in England and Wales. Birch Valley Holdings Limited is the company's ultimate parent undertaking. Copies of Birch Valley Holdings Limited's financial statements can be obtained from Companies House.