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REGISTERED NUMBER: 06000337 (England and Wales)






























STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

TGW LIMITED

TGW LIMITED (REGISTERED NUMBER: 06000337)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Income Statement 13

Other Comprehensive Income 14

Balance Sheet 15

Statement of Changes in Equity 16

Cash Flow Statement 17

Notes to the Cash Flow Statement 18

Notes to the Financial Statements 19


TGW LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr N Goudie
Mr D A Hibbett
Mr S K Franklin
Mr D Crimp
Mr J Garbutt



REGISTERED OFFICE: Falcon Court
Off Rockingham Road
Market Harborough
Leicestershire
LE16 7FY



REGISTERED NUMBER: 06000337 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report for the year ended 30 June 2024.

TGW Limited are a leading supplier and systems integrator of highly dynamic, automated logistics solutions for warehousing, production, picking and distribution operations. The company designs, contracts, installs and services a complete range of solutions, from small conveyor applications to complex, fully automated storage & retrieval systems.

Web site address www.tgw-group.com/uk

REVIEW OF BUSINESS
Revenues for the year ending 30 June 2024 have increased significantly during the year, as expected, as a result of increased order intake last financial year (and this) plus the delay to last year's projects picking up momentum again. The company order book backlog has increased further over the last year, by 8.25%, as we have seen a rise in Order Intake of 28.7% compared to the previous year. This means that the business starts this new financial year in a strong position, with the expectation that revenues be maintained at the current level in to next year. Much of the order book is for long term contracts and will return revenue over numerous years.

The company continues to maintain an engineering presence in its office in Kaunas, Lithuania to access system automation engineering resource in country. This has expanded further over the last year with the addition of different engineering disciplines to support groupwide activity. This helps to maintain efficiency across the company's Northern Europe customer base.

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment in which the company operates continues to be challenging. The company itself faces competition from other major international suppliers of automated systems, along with new technologies that are being introduced in the marketplace.

The 5 year plan analysed the future workload from the major customers and this has provided a good indication for the future growth of the company.

Following the departure of the UK from the EU, TGW Limited has not seen any negative impact upon business volume arising as a result. However, the level of administration required to operate within the EU has increased as foreign travellers now require additional permits and visas, dependent upon country.

Shock events of recent years - Covid-19, excessive inflationary pressures on material and labour input prices and disruptions to global supply chains - have generally unwound their impact upon the Company's financial statements now so looking forwards we see a return to normal operating conditions.

Movements in the relevant exchange rate can have a considerable impact on both its turnover and gross margin. Where customers trade in a foreign currency, the company then purchases in the same foreign currency to provide a natural hedge. The company has entered into a bank foreign exchange rate cash flow hedge to mitigate risk on the balance of the currency.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.


TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

SECTION 172(1) STATEMENT
The board of directors have complied with their S172 Companies Act 2006 duties during the period by initially identifying the main types of stakeholders in the business. In doing this we have considered our impact on stakeholders including our position on the environment.

One of our primary stakeholder groups is our employees. The underlying company philosophy has always been to focus upon our employees, and put them first in a way that no other company has done before. We emphasise the importance of this through the company's drive towards learning and development. Supporting this was the global launch of the Good Habitz online learning platform as part of TGW "MINDtastic" programme, encouraging employees to learn new skills knowledge. Additionally, we have strengthened the learning and development activities within the business with the creation of a dedicated department focussed upon the delivery of this.

As shown on our website, we adopt a values-based corporate culture which underpins the way we treat each other; the way we work and the way we lead. The consistent implementation of our corporate culture and values is a form of securing our long term visions and future. Additionally, we have established a core team across the business to ensure we are delivering upon our values, and that they truly "live" within the organisation.

Company meetings at board and group level reflect the importance of this approach and consider the key stakeholder groups in all major decisions made. We encourage empowerment and a freedom from fear in our team in order to work with open minds whilst always having a responsible approach with utmost respect and appreciation.


TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

ENERGY AND EMISSIONS REPORT
TGW Limited is absolutely committed to reducing its impact on the environment from operations and in 2023/24 the Environmental, Health and Safety (EHS) policies were further bolstered with an increased awareness towards both physical and mental health. Additionally, TGW commits to promoting a full 'life cycle thinking approach' where we aim to consider the environment within our projects, from initial concept, right through to end of life.

TGW Ltd has again managed to achieve silver status with EcoVadis, strengthening on our position last year to be in the 86th percentile. EcoVadis is the only global provider of business sustainability ratings, with over 100,000 companies taking part across multiple industries.

We continue to operate a flexible working system for all of our employees, whereby the are able to take advantage of our Hybrid working policy. This promotes a healthier work-life balance, whilst combining the advantage of reducing commuting and the harmful effects from emissions on the environment.

Flexible employee benefits aligned to improving our environmental impact are still actively being pursued, with both the electric car ownership scheme and cycle to work scheme seeing an increase in participation during the year.

We are firmly committed to caring for and protecting the environment. TGW strives to do everything possible to minimise the environmental impact from our operations to support creation of a more sustainable world for our future generations. Investments in the upcoming Financial Year will focus upon greener electricity generation as we look to install solar panels upon the roof of our main office building.




2024 2023
UK energy use kWh 349,998 454,060
Associated Greenhouse gas
emissions

Tonnes COB equivalent 327 373
Intensity ratio
Emissions per head 0.7 0.8

UK energy use covers two offices in Market Harborough and personal car use by employees on company business.

Associated Greenhouse gases have been calculated using the Carbon Trust website (GHG Reporting Protocol - Corporate Standard).


TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

FINANCIAL KEY PERFORMANCE INDICATORS

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being revenue, gross margin, net assets and order backlog.

Order intake, year on year, has increased by £30,026,034 (28.7%) to £134,546,406, and the forecast into next financial year continues to look strong.

Year on year, the Order backlog continues to grow, and has risen from £158,957,995 to £172,077,708, creating a firm and stable foundation for sustainable growth into next year.

The profit for the year before taxation was £6,949,667 (2023: loss of £1,555,028).

The company's balance sheet position as at the year-end has strengthened considerably compared to the previous year. The net assets at the year-end increased by more than a half to £14,523,803 (2023: £9,056,982.) There was no dividend payment made to the parent company in the year (2023: £6,227,000).

Revenue has increased by £41,148,690 being a 52.0% increase year on year. Gross Margin, as a % of sales, has increased from 11.2% to 14.2%. Also earnings before tax, as a % of sales, increased from (2.0%) to 5.8%.

The budget for the next financial year consolidates upon the recent rise in order intake, delivering sustainable and profitable growth.


KPI 2024 2023
£    £   
Order intake 134,546 104,520
Revenue 120,290 79,142
Gross profit 17,036 8,884
Gross profit % of sales 14.2% 11.2%
EBT 6,950 (1,555)
EBT % of sales 5.8% (2.0%)
Net assets 14,524 9,057
Order backlog 172,078 158,958

NON FINANCIAL KEY PERFORMANCE INDICATORS
The company considers that the retention of staff is an excellent KPI and is pleased with how this reflects one of its core values. During the current period our retention of staff remained steady at 87.1% (2023: 87.6%).




TGW LIMITED (REGISTERED NUMBER: 06000337)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

FUTURE ACTIVITIES
The company will continue to invest in its market and sales activities to broaden the customer base and develop global customer accounts.

ON BEHALF OF THE BOARD:



Mr S K Franklin - Director


19 July 2024

TGW LIMITED (REGISTERED NUMBER: 06000337)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr N Goudie
Mr D A Hibbett
Mr S K Franklin
Mr D Crimp
Mr J Garbutt

INDEMNITY INSURANCE
The company has an Indemnity Insurance policy in place for all of the directors.

OVERSEAS BRANCHES
The company has branches in Belgium, Netherlands and Lithuania.

DISABLED EMPLOYEES
The company gives full consideration to applications for employment from disabled persons where the candidate's
particular aptitudes and abilities are consistent with the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever
practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

EMPLOYEE INVOLVEMENT
The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
In addition to its workforce, the Company's other key stakeholders are its customers and suppliers. As all members of the management team work within the business this ensures regular dialogue with customers and key suppliers. Suppliers are a critical link in the overall supply chain, providing a source of value, consistency of quality and service and an opportunity for innovation. Engagement with customers drives alignment with their values and priorities with strategic partnerships helping to ensure business sustainability and growth. There are regular review meetings to agree progress and develop relationships which will mutually benefit both parties.


TGW LIMITED (REGISTERED NUMBER: 06000337)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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). 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 of the profit or loss of the company 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S K Franklin - Director


19 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TGW LIMITED


Opinion
We have audited the financial statements of TGW Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 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 opinion
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 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 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard.

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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TGW LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TGW 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations

- the detection and response to the risks of fraud

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations.

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, valuation of amounts recoverable on contracts and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non-compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of contracts to ensure the carrying value at year end is appropriate and to identify any onerous contracts. On open contracts as at year end, a review of cut-off to ensure costs and income are correctly recognised in accordance with appropriate accounting standards.

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non-compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TGW LIMITED

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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.




Mark Harrison BA FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

19 July 2024

TGW LIMITED (REGISTERED NUMBER: 06000337)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 120,290,310 79,141,620

Cost of sales 103,253,957 70,257,435
GROSS PROFIT 17,036,353 8,884,185

Administrative expenses 10,482,530 10,486,695
OPERATING PROFIT/(LOSS) 6 6,553,823 (1,602,510 )

Interest receivable and similar income 395,844 47,482
PROFIT/(LOSS) BEFORE TAXATION 6,949,667 (1,555,028 )

Tax on profit/(loss) 7 1,704,903 (36,971 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

5,244,764

(1,518,057

)

TGW LIMITED (REGISTERED NUMBER: 06000337)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 5,244,764 (1,518,057 )


OTHER COMPREHENSIVE INCOME
Movement in cash flow hedge 300,139 (257,536 )
Income tax relating to other comprehensive
income

(75,035

)

48,932
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

225,104

(208,604

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,469,868

(1,726,661

)

TGW LIMITED (REGISTERED NUMBER: 06000337)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 7,169 9,786
Tangible assets 10 3,045,650 3,170,819
3,052,819 3,180,605

CURRENT ASSETS
Debtors 11 50,459,765 39,633,782
Cash at bank and in hand 21,472,146 32,706,789
71,931,911 72,340,571
CREDITORS
Amounts falling due within one year 12 55,937,764 61,918,662
NET CURRENT ASSETS 15,994,147 10,421,909
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,046,966

13,602,514

CREDITORS
Amounts falling due after more than one year 13 (4,502,628 ) (4,516,008 )

PROVISIONS FOR LIABILITIES 16 (17,488 ) (29,524 )
NET ASSETS 14,526,850 9,056,982

CAPITAL AND RESERVES
Called up share capital 17 100,000 100,000
Share premium 18 135,000 135,000
Fair value reserve 18 (262,873 ) (487,977 )
Retained earnings 18 14,554,723 9,309,959
SHAREHOLDERS' FUNDS 14,526,850 9,056,982

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by:





Mr S K Franklin - Director


TGW LIMITED (REGISTERED NUMBER: 06000337)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 100,000 17,055,016 135,000 (279,373 ) 17,010,643

Changes in equity
Deficit for the year - (1,518,057 ) - - (1,518,057 )
Other comprehensive income - - - (208,604 ) (208,604 )
Total comprehensive income - (1,518,057 ) - (208,604 ) (1,726,661 )
Dividends - (6,227,000 ) - - (6,227,000 )
Balance at 30 June 2023 100,000 9,309,959 135,000 (487,977 ) 9,056,982

Changes in equity
Profit for the year - 5,244,764 - - 5,244,764
Other comprehensive income - - - 225,104 225,104
Total comprehensive income - 5,244,764 - 225,104 5,469,868
Balance at 30 June 2024 100,000 14,554,723 135,000 (262,873 ) 14,526,850

TGW LIMITED (REGISTERED NUMBER: 06000337)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (10,533,101 ) 24,437,449
Tax paid (858,557 ) (414,744 )
Net cash from operating activities (11,391,658 ) 24,022,705

Cash flows from investing activities
Purchase of intangible fixed assets (4,303 ) -
Purchase of tangible fixed assets (237,395 ) (142,838 )
Sale of tangible fixed assets 2,869 -
Interest received 395,844 47,482
Net cash from investing activities 157,015 (95,356 )

Cash flows from financing activities
Equity dividends paid - (6,227,000 )
Net cash from financing activities - (6,227,000 )

(Decrease)/increase in cash and cash equivalents (11,234,643 ) 17,700,349
Cash and cash equivalents at beginning of
year

2

32,706,789

15,006,440

Cash and cash equivalents at end of year 2 21,472,146 32,706,789

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit/(loss) before taxation 6,949,667 (1,555,028 )
Depreciation charges 363,361 347,672
Loss on disposal of fixed assets 3,254 3,559
Finance income (395,844 ) (47,482 )
6,920,438 (1,251,279 )
Increase in trade and other debtors (12,249,295 ) (2,228,157 )
(Decrease)/increase in trade and other creditors (5,204,244 ) 27,916,885
Cash generated from operations (10,533,101 ) 24,437,449

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 21,472,146 32,706,789
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 32,706,789 15,006,440


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 32,706,789 (11,234,643 ) 21,472,146
32,706,789 (11,234,643 ) 21,472,146
Total 32,706,789 (11,234,643 ) 21,472,146

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. COMPANY INFORMATION

The principal activity of TGW Limited is the installation and maintenance of automated warehousing systems.

The company is a private limited company (registered number 06000337), limited by shares, registerd in England and wales, incorporated and domiciled in the UK. The address of the registered office is Falcon Court, Market Harborough, Leicestershire, LE16 7FQ.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Related party exemption
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.

Significant judgements and estimates
There were no areas in which the preparation of the financial statements required management to make significant judgements or estimates aside from those dealt with separately below.

Turnover
Turnover comprises the fair value for the sale and installation of automated warehousing systems and the maintenance of the completed systems, excluding value added tax and represents net invoice value less rebates, returns and settlement discounts adjusted in accordance with the policy on long term contracts if applicable. The long-term contracts policy is relevant for the sale and installation of the automated warehouse systems.

Turnover on uncompleted long-term contracts is determined on the basis of the stage of completion of each contract and this is calculated by multiplying the total of the costs incurred to date as a proportion of total costs anticipated by the estimated profit percentage for that contract.

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.
Freehold property - 2% on cost of buildings
Short leasehold - equal instalments over the lease period
Fixtures and fittings - 25% on cost, 20% on cost and 10% on cost
Motor vehicles - 20% on cost

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Derivative financial instruments are recognised at fair value using a valuation technique with material movements being reported in a fair value reserve account on the basis of the hedges being highly effective. Any ineffective part of the hedge is immediately recognised in the profit and loss in the relevant period. Outstanding material derivatives at reporting date are included under the appropriate format heading in debtors or creditors depending on the nature of the derivative.

The company designates certain derivatives as hedging instruments in cash flow hedges. At the inception of the hedge relationship, the entity documents the economic relationship between the hedging instrument and the hedged item, along with the risk management objectives and clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge the company determines and documents causes for hedge ineffectiveness.

The company has a risk management strategy in place and the foreign exchange risk arising from sales contracts in foreign currencies is hedged. As the critical terms of the forward contracts perfectly match the critical terms of the sales contract the hedges are deemed highly effective.

Hedge accounting is discontinued when the company revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised within other comprehensive income is immediately reclassified to profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Loans receivable and long term debtors are measured initially at fair value, net of transaction costs, and are measured subsequently, where material, at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment.

Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently, where material, at amortised cost using the effective interest method, less any impairment.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 59,561,631 34,427,575
Europe 49,264,929 32,111,969
Rest of the World 11,463,750 12,602,076
120,290,310 79,141,620

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 25,847,821 24,422,571
Social security costs 2,892,516 2,775,674
Other pension costs 1,448,547 1,370,083
30,188,884 28,568,328

The average number of employees during the year was as follows:
2024 2023

Productive 374 377
Administrative 64 64
438 441

Total remuneration in relation to Key Management Personnel (excluding directors), included within the figures above, amounts to £125,474 (2023: £117,350).

2024 2023
£    £   
Directors' remuneration 974,003 1,008,436

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 6

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 270,125 267,699

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Other operating leases 421,586 449,559
Depreciation - owned assets 356,441 343,396
Loss on disposal of fixed assets 3,254 3,559
Computer software amortisation 6,920 7,068
Auditors remuneration 10,750 9,750
Other non- audit services 35,250 33,250
Foreign exchange differences 302,461 616,629

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,545,879 -

Deferred taxation 159,024 (36,971 )
Tax on profit/(loss) 1,704,903 (36,971 )

UK corporation tax has been charged at 25% .

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. TAXATION - continued

Reconciliation of total tax charge/(credit) 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:

2024 2023
£    £   
Profit/(loss) before tax 6,949,667 (1,555,028 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 20.500%)

1,737,417

(318,781

)

Effects of:
Expenses not deductible for tax purposes 33,927 3,270
Income not taxable for tax purposes (260 ) (186 )
Depreciation in excess of capital allowances 231,591 293,480
Utilisation of tax losses (301,117 ) -



Long Term Incentive Plan 3,345 (38,080 )
Tax Rate Change - 23,326
Total tax charge/(credit) 1,704,903 (36,971 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Movement in cash flow hedge 300,139 (75,035 ) 225,104

2023
Gross Tax Net
£    £    £   
Movement in cash flow hedge (257,536 ) 48,932 (208,604 )

8. DIVIDENDS
2024 2023
£    £   
Interim - 6,227,000

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 July 2023 150,089
Additions 4,303
At 30 June 2024 154,392
AMORTISATION
At 1 July 2023 140,303
Amortisation for year 6,920
At 30 June 2024 147,223
NET BOOK VALUE
At 30 June 2024 7,169
At 30 June 2023 9,786

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 2,954,238 248,913 2,264,924 13,520 5,481,595
Additions - - 224,429 12,966 237,395
Disposals - - (118,541 ) - (118,541 )
At 30 June 2024 2,954,238 248,913 2,370,812 26,486 5,600,449
DEPRECIATION
At 1 July 2023 497,134 121,691 1,678,431 13,520 2,310,776
Charge for year 55,439 16,594 280,806 3,602 356,441
Eliminated on disposal - - (112,418 ) - (112,418 )
At 30 June 2024 552,573 138,285 1,846,819 17,122 2,554,799
NET BOOK VALUE
At 30 June 2024 2,401,665 110,628 523,993 9,364 3,045,650
At 30 June 2023 2,457,104 127,222 586,493 - 3,170,819

Included in cost of land and buildings is freehold land of £ 612,765 (2023 - £ 612,765 ) which is not depreciated.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 18,687,553 8,226,215
Amounts owed by group undertakings 4,581,001 5,751,912
Amounts recoverable on contract 24,191,348 22,049,909
Other debtors 1,023,060 230,796
Fair value derivative 731,779 487,570
Taxation - 668,558
VAT - 881,953
Prepayments and accrued income 405,993 447,061
49,620,734 38,743,974

Amounts falling due after more than one year:
Deferred tax asset 839,031 889,808

Aggregate amounts 50,459,765 39,633,782

Deferred tax asset
2024 2023
£    £   
Accelerated capital allowances (220,909 ) (236,154 )
Short term timing differences (65,718 ) (3,040 )
Long term incentive scheme 1,125,658 1,129,002
839,031 889,808

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,529,301 1,373,007
Invoiced in advance 47,367,229 56,496,787
Taxation 18,764 -
Paye/Ni payable 25,383 20,866
VAT 1,476,855 -
Other creditors 256,624 1,040
Wages creditor 164,986 130,000
Derivative liability 468,906 475,411
Accruals and deferred income 3,629,716 3,421,551
55,937,764 61,918,662

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Accruals and deferred income 4,502,628 4,516,008

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 393,937 462,445
Between one and five years 889,562 1,127,815
In more than five years 263,236 429,490
1,546,735 2,019,750

During the year, operating lease commitments amounting to £421,586 (2023: £449,559) were recognised as an expense.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. FINANCIAL INSTRUMENTS

The carrying value of the company's financial assets and liabilities are summarised by category below:


2024 2023
Financial assets £    £   

Measured at fair value and designated in an effective hedging relationship 731,779 487,570
731,779 487,570

2024 2023
Financial liabilities £    £   

Measured at fair value and designated in an effective hedging relationship 468,906 475,710
468,906 475,710


The company's gains and losses in respect of financial instruments are summarised below:

2024 2023
Fair value gains and (losses) £    £   

On derivative financial liabilities designed in an effective hedging relationship 300,139 257,536


Current Non-Current
2024 2023 2024 2023
£    £    £    £   
Derivatives that are designated and effective as
hedging instruments carried at fair value

Assets
Forward foreign currency contracts 732 488 - -


Liabilities
Forward foreign currency contracts (469 ) (475 ) - -


Forward foreign currency contracts are valued using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts.




TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024





The following table details the forward foreign currency contracts outstanding as at the year end:

Outstanding
contracts
Average contractual
exchange rate


Notional Value


Fair Value
2024 2023 2024 2023 2024 2023
rate rate rate rate rate rate
Buy EUR
Less than 3 months 1.13 1.16 17,623,432 11,943,008 139,706 397,634
3 to 6 months 1.15 1.16 3,500,926 11,884,890 84,704 155,953
6 to 9 months 1.13 1.15 6,887,136 8,134,642 169,315 80,574
Over 9 months 1.14 1.14 49,473,474 17,104,766 (448,067 ) (146,630 )
(54,342 ) 487,531

Buy SEK
Less than 3 months 11.1 11.5 2,727,287 574,107 (92,949 ) (26,186 )
3 to 6 months - - - - - -
6 to 9 months 11.2 11.8 913,991 2,912,387 (27,068 ) (272,677 )
Over 9 months 11.3 12.1 8,074,599 5,956,373 (88,576 ) (478,966 )
(208,593 ) (777,829 )


Buy USD
Less than 3 months 1.1 - 3,820 - 62 -
3 to 6 months - - - - - -
6 to 9 months - - - - - -
Over 9 months - - - - - -
62 -
(262,873 ) (290,298 )


The company has entered into forward foreign currency contracts to hedge the exchange rate risk arising from anticipated future transactions, which are designated as cash flow hedges. The majority of the hedged cash flows are expected to occur and to affect the profit or loss within the next financial year.

Financial instruments profit of £300,139 (2023: profits of £257,536) were recognised in other comprehensive income for the year.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions
Losses on long-term contracts 17,488 29,524

Deferred
tax
£   
Balance at 1 July 2023 (889,808 )
Movement in ACA (15,245 )
Movement - short term timing 62,678
Movement - long term incentive 3,344
Balance at 30 June 2024 (839,031 )

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000

18. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 9,309,959 135,000 (487,977 ) 8,956,982
Profit for the year 5,244,764 5,244,764
Cash flow hedge reserve - - 225,104 225,104
At 30 June 2024 14,554,723 135,000 (262,873 ) 14,426,850

19. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company within an independently administered fund. The charge for the year was £1,448,547 (2023: £1,370,083). Contributions of £256,624 (2023: £1,040) were unpaid at the year end.

TGW LIMITED (REGISTERED NUMBER: 06000337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


20. ULTIMATE PARENT COMPANY

The company's parent company and controlling party is TGW Logistics Group GmbH of Ludwig Szinicz Straße 3, 4614 Marchtrenk, Austria. TGW Logistics Group GmbH owns 100% of the shares in TGW Limited. The ultimate controlling party of the group is TGW-Future a trust founded in Austria. This owns 100% of the shares in TGW Logistics Group GmbH.