Company registration number SC504905 (Scotland)
TGC HOLDINGS LIMITED GROUP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
TGC HOLDINGS LIMITED GROUP
COMPANY INFORMATION
Directors
Mr A A Cochrane
Mrs G A Cochrane
Company number
SC504905
Registered office
Chapelshade House
78-84 Bell Street
Dundee
DD1 1HN
Auditor
MMG Archbold Limited
78-84 Bell Street
Dundee
DD1 1RQ
TGC HOLDINGS LIMITED GROUP
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
TGC HOLDINGS LIMITED GROUP
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

The directors present the strategic report for the year ended 28 February 2023.

Review of the business

2023 has been another challenging year for the Company, as the industry at large continues to navigate uncertainties arising from regularly increasing costs and the full unwinding of Covid restrictions and reliefs. 2023 was the first full year since the year ended 29 February 2020 that all venues traded unrestricted.

 

Although the turnover has jumped in 2023 it is not appropriate to compare this to 2022 as that year suffered from Covid restrictions. The various venues have traded well since coming out of Covid restrictions

 

The Company continues to look forward with optimism and its cash position of the remains extremely strong, with there being sufficient funds in the current account to meet ongoing commitments.

 

Future Developments
With the uncertainty brought about by rising interest and mortgage rates, not to mention the current geopolitical impact of the conflict in the Ukraine along with the current cost of living crisis, it is difficult for the Directors to state with full confidence how this will all ultimately effect the hospitality market in the medium to longer term.

 

The Company will continue to gauge consumer confidence in the hospitality sector and continue with its activities in line with this information.

 


Financial key performance indicators (KPIs)

The directors use the following key performance indicators to measure the company's performance:-

 

2023              2022

Gross profit % on trading activity          51.06%          49.39%

Net profit % on trading activity          17.57%          23.83%

Turnover                    £8.456m            £4.355m

Profit before tax                £1.486m            £1.038m


Non financial key performance indicators (KPIs)

The directors consider a number of non financial performance indicators on an ongoing basis, such as the recruitment and retention of talented employees with the skills to meet its objectives and the monitoring of customer satisfaction.

Financial risk management objectives and strategies

Due to the company's strong cash position and the fact that it has no external borrowings, the directors are of the opinion that the company is well placed to weather the current conditions in the hospitality sector. The company will also continue to seek to take advantage of opportunities that may arise to enhance offering at its existing venues and identify potential new sites..

Principal risks and uncertainties

The principal risk facing the business is the continuing uncertainty facing the UK economy. Whilst the demand to attend nightclub and entertainment venues returned following the lifting of the Covid restrictions there is a concern that rising inflation and rising interest rates along with the ever increasing costs of living could end up with consumers cutting back on their discretionary spending. .

On behalf of the board

Mr A A Cochrane
Director
29 July 2024
TGC HOLDINGS LIMITED GROUP
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2023.

Principal activities
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £60,800. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A A Cochrane
Mrs G A Cochrane
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A A Cochrane
Director
29 July 2024
TGC HOLDINGS LIMITED GROUP
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TGC HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TGC HOLDINGS LIMITED GROUP
- 4 -
Opinion

We have audited the financial statements of TGC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

TGC HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGC HOLDINGS LIMITED GROUP
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We enquired with management about their own identification and assessment of the risk of irregularities;

We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition, valuation of stocks and management override of internal controls. Our audit procedures to respond to these risks included, but were not limited to;

TGC HOLDINGS LIMITED GROUP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGC HOLDINGS LIMITED GROUP
- 6 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulation. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion.

 

As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticisms was maintained throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor's report 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.

Paul Crichton BAcc CTA CA (Senior Statutory Auditor)
For and on behalf of MMG Archbold Limited
29 July 2024
Chartered Accountants
Statutory Auditor
78-84 Bell Street
Dundee
DD1 1RQ
TGC HOLDINGS LIMITED GROUP
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
8,456,073
4,355,122
Cost of sales
(4,137,222)
(2,203,268)
Gross profit
4,318,851
2,151,854
Administrative expenses
(3,155,797)
(1,999,219)
Other operating income
322,915
882,104
Operating profit
4
1,485,969
1,034,739
Interest receivable and similar income
8
2,689
3,601
Interest payable and similar expenses
9
(1,853)
(199)
Profit before taxation
1,486,805
1,038,141
Tax on profit
10
(206,173)
(216,628)
Profit for the financial year
1,280,632
821,513
Profit for the financial year is all attributable to the owners of the parent company.

The notes on pages 15 to 29 form part of these financial statements.

TGC HOLDINGS LIMITED GROUP
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
2023
2022
£
£
Profit for the year
1,280,632
821,513
Other comprehensive income
-
-
Total comprehensive income for the year
1,280,632
821,513
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 29 form part of these financial statements.

TGC HOLDINGS LIMITED GROUP
GROUP BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
15,307
22,962
Other intangible assets
12
659
790
Total intangible assets
15,966
23,752
Tangible assets
13
1,454,461
622,573
Investment property
14
2,872,597
2,739,369
4,343,024
3,385,694
Current assets
Stocks
17
88,994
76,911
Debtors
18
1,601,818
1,317,977
Cash at bank and in hand
4,329,497
4,144,263
6,020,309
5,539,151
Creditors: amounts falling due within one year
19
(3,395,727)
(3,335,219)
Net current assets
2,624,582
2,203,932
Total assets less current liabilities
6,967,606
5,589,626
Provisions for liabilities
Deferred tax liability
20
258,876
100,728
(258,876)
(100,728)
Net assets
6,708,730
5,488,898
Capital and reserves
Called up share capital
22
304
304
Profit and loss reserves
6,708,426
5,488,594
Total equity
6,708,730
5,488,898

The notes on pages 15 to 29 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
29 July 2024
Mr A A Cochrane
Director
Company registration number SC504905 (Scotland)
TGC HOLDINGS LIMITED GROUP
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
659
790
Tangible assets
13
2,364
2,836
Investment property
14
2,872,597
2,739,369
Investments
15
77,447
77,447
2,953,067
2,820,442
Current assets
Debtors
18
1,248,248
1,046,030
Cash at bank and in hand
1,412,542
1,602,001
2,660,790
2,648,031
Creditors: amounts falling due within one year
19
(559,898)
(530,163)
Net current assets
2,100,892
2,117,868
Net assets
5,053,959
4,938,310
Capital and reserves
Called up share capital
22
304
304
Profit and loss reserves
5,053,655
4,938,006
Total equity
5,053,959
4,938,310

The notes on pages 15 to 29 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £176,450 (2022 - £151,067 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
29 July 2024
Mr A A Cochrane
Director
Company registration number SC504905 (Scotland)
TGC HOLDINGS LIMITED GROUP
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2021
304
4,727,881
4,728,185
Year ended 28 February 2022:
Profit and total comprehensive income
-
821,513
821,513
Dividends
11
-
(60,800)
(60,800)
Balance at 28 February 2022
304
5,488,594
5,488,898
Year ended 28 February 2023:
Profit and total comprehensive income
-
1,280,632
1,280,632
Dividends
11
-
(60,800)
(60,800)
Balance at 28 February 2023
304
6,708,426
6,708,730

The notes on pages 15 to 29 form part of these financial statements.

TGC HOLDINGS LIMITED GROUP
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2021
304
4,847,739
4,848,043
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
151,067
151,067
Dividends
11
-
(60,800)
(60,800)
Balance at 28 February 2022
304
4,938,006
4,938,310
Year ended 28 February 2023:
Profit and total comprehensive income
-
176,449
176,449
Dividends
11
-
(60,800)
(60,800)
Balance at 28 February 2023
304
5,053,655
5,053,959

The notes on pages 15 to 29 form part of these financial statements.

TGC HOLDINGS LIMITED GROUP
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,428,096
1,890,243
Interest paid
(1,853)
(199)
Income taxes paid
(48,678)
-
0
Net cash inflow from operating activities
1,377,565
1,890,044
Investing activities
Purchase of tangible fixed assets
(1,000,992)
(110,452)
Proceeds from disposal of tangible fixed assets
-
(13,231)
Purchase of investment property
(133,228)
-
Proceeds from disposal of investment property
-
378,549
Proceeds from disposal of subsidiaries, net of cash disposed
-
(100)
Interest received
2,689
3,601
Net cash (used in)/generated from investing activities
(1,131,531)
258,367
Financing activities
Repayment of bank loans
-
(50,000)
Dividends paid to equity shareholders
(60,800)
(60,800)
Net cash used in financing activities
(60,800)
(110,800)
Net increase in cash and cash equivalents
185,234
2,037,611
Cash and cash equivalents at beginning of year
4,144,263
2,106,652
Cash and cash equivalents at end of year
4,329,497
4,144,263

The notes on pages 15 to 29 form part of these financial statements.

TGC HOLDINGS LIMITED GROUP
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25,633
49,643
Income taxes paid
(23,753)
-
0
Net cash inflow from operating activities
1,880
49,643
Investing activities
Proceeds from disposal of tangible fixed assets
-
0
(13,231)
Purchase of investment property
(133,228)
-
0
Proceeds from disposal of investment property
-
0
378,549
Proceeds from disposal of subsidiaries
-
0
(100)
Interest received
2,689
3,601
Net cash (used in)/generated from investing activities
(130,539)
368,819
Financing activities
Dividends paid to equity shareholders
(60,800)
(60,800)
Net cash used in financing activities
(60,800)
(60,800)
Net (decrease)/increase in cash and cash equivalents
(189,459)
357,662
Cash and cash equivalents at beginning of year
1,602,001
1,244,339
Cash and cash equivalents at end of year
1,412,542
1,602,001

The notes on pages 15 to 29 form part of these financial statements.

TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 15 -
1
Accounting policies
Company information

TGC Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Chapelshade House, 78-84 Bell Street, Dundee, DD1 1HN.

 

The group consists of TGC Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TGC Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 February 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Patents & licences
10% reducing balance
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Tangible fixed assets

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

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

Leasehold land and buildings
Over the unexpired lease term
Leasehold improvements
Over the unexpired lease term or 20 years
Fixtures and fittings
20% straight line

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

1.9
Investment property

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

 

Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.

 

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

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

1.14
Financial instruments

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

 

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

 

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

Basic financial assets

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

TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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

1.16
Taxation

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

TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 20 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 21 -
1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Nightclub and entertainment venues
8,456,073
4,676,836
2023
2022
£
£
Other revenue
Interest income
2,689
3,601
Grants received
86,850
726,804
Rental income arising from investment properties
101,492
50,381

All of the group's turnover arises from venues operated in the UK.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(69)
(389)
Government grants
(86,850)
(726,804)
Depreciation of owned tangible fixed assets
169,104
66,925
(Profit)/loss on disposal of tangible fixed assets
-
13,231
Amortisation of intangible assets
7,786
7,786
Operating lease charges
267,119
426,256
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 22 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,500
-
Audit of the financial statements of the company's subsidiaries
22,750
-
29,250
-
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
231
54
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,903,936
1,156,383
-
0
-
0
Pension costs
16,947
92,264
-
0
80,000
1,920,883
1,248,647
-
0
80,000
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
15,384
15,384
Company pension contributions to defined contribution schemes
-
80,000
15,384
95,384
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,689
3,601
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
8
Interest receivable and similar income
(Continued)
- 23 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,689
3,601
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
199
Other finance costs:
Other interest
1,853
-
Total finance costs
1,853
199
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
108,604
208,427
Adjustments in respect of prior periods
(60,579)
-
0
Total current tax
48,025
208,427
Deferred tax
Origination and reversal of timing differences
158,148
8,201
Total tax charge
206,173
216,628

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,486,805
1,038,141
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
282,493
197,247
Tax effect of expenses that are not deductible in determining taxable profit
2,451
19,381
Adjustments in respect of prior years
(60,579)
-
0
Permanent capital allowances in excess of depreciation
(18,192)
-
0
Taxation charge
206,173
216,628
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 24 -
11
Dividends
2023
2022
2023
2022
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary
Interim paid
200.00
200.00
60,800
60,800
12
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
76,547
1,314
77,861
Amortisation and impairment
At 1 March 2022
53,585
524
54,109
Amortisation charged for the year
7,655
131
7,786
At 28 February 2023
61,240
655
61,895
Carrying amount
At 28 February 2023
15,307
659
15,966
At 28 February 2022
22,962
790
23,752
Company
Patents & licences
£
Cost
At 1 March 2022 and 28 February 2023
1,314
Amortisation and impairment
At 1 March 2022
524
Amortisation charged for the year
131
At 28 February 2023
655
Carrying amount
At 28 February 2023
659
At 28 February 2022
790
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 25 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2022
45,250
499,977
257,674
802,901
Additions
-
0
515,889
485,103
1,000,992
At 28 February 2023
45,250
1,015,866
742,777
1,803,893
Depreciation and impairment
At 1 March 2022
-
0
63,552
116,776
180,328
Depreciation charged in the year
-
0
21,022
148,082
169,104
At 28 February 2023
-
0
84,574
264,858
349,432
Carrying amount
At 28 February 2023
45,250
931,292
477,919
1,454,461
At 28 February 2022
45,250
436,425
140,898
622,573
Company
Fixtures and fittings
£
Cost
At 1 March 2022 and 28 February 2023
4,724
Depreciation and impairment
At 1 March 2022
1,888
Depreciation charged in the year
472
At 28 February 2023
2,360
Carrying amount
At 28 February 2023
2,364
At 28 February 2022
2,836
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 March 2022
2,739,369
2,739,369
Additions through external acquisition
133,228
133,228
At 28 February 2023
2,872,597
2,872,597
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
14
Investment property
(Continued)
- 26 -

Investment property comprises residential and commercial properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 February 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
77,447
77,447
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2022 and 28 February 2023
77,447
Carrying amount
At 28 February 2023
77,447
At 28 February 2022
77,447
16
Subsidiaries

Details of the company's subsidiaries at 28 February 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
TGC Leisure Limited
UK
Nighclub operator
Ordinary
100.00
Wardshelf 15 Limited
UK
Nightclub operator
Ordinary
100.00
TGC 5 Limited
UK
Nightclub operator
Ordinary
100.00
TGC Fat Sams Live Limited
UK
Licensed bar operator
Ordinary
100.00
TGC 2 Limited
UK
Nightclub operator
Ordinary
100.00
PECI Limited
UK
Nightclub operator
Ordinary
100.00
Chapel Club Limited
UK
Licensed bar operator
Ordinary
100.00
Decades Nightclubs Limited
UK
Nightclub operator
Ordinary
100.00
TC Film Productions Limited
UK
Film & documentary producers
Ordinary
100.00
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
88,994
76,911
-
0
-
0
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 27 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
763,917
529,527
696,634
519,878
Amounts owed by group undertakings
-
-
447,621
446,621
Other debtors
540,801
538,391
9,762
5,989
Prepayments and accrued income
297,100
250,059
94,231
73,542
1,601,818
1,317,977
1,248,248
1,046,030
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
1,105,065
894,661
26,846
35,016
Amounts owed to group undertakings
-
0
-
0
103,311
58,790
Corporation tax payable
364,790
365,443
70,610
62,990
Other taxation and social security
170,616
504,109
1,261
1,682
Deferred income
-
0
825
-
0
825
Other creditors
393,842
417,217
357,870
369,276
Accruals and deferred income
1,361,414
1,152,964
-
0
1,584
3,395,727
3,335,219
559,898
530,163
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
258,876
100,728
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 March 2022
100,728
-
Charge to profit or loss
158,148
-
Liability at 28 February 2023
258,876
-
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
20
Deferred taxation
(Continued)
- 28 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,947
92,264

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
304
304
304
304
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
293,137
283,000
-
-
Between two and five years
472,973
503,021
-
-
In over five years
851,063
791,233
-
-
1,617,173
1,577,254
-
-
24
Related party transactions
Transactions with related parties

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

Rent and property services
2023
2022
£
£
Group
Other related parties
91,490
74,141
TGC HOLDINGS LIMITED GROUP
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
24
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
357,870
369,278

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
195,857
192,555
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,280,632
821,513
Adjustments for:
Taxation charged
206,173
216,628
Finance costs
1,853
199
Investment income
(2,689)
(3,601)
(Gain)/loss on disposal of tangible fixed assets
-
13,231
Amortisation and impairment of intangible assets
7,786
7,786
Depreciation and impairment of tangible fixed assets
169,104
66,925
Movements in working capital:
Increase in stocks
(12,083)
(76,911)
(Increase)/decrease in debtors
(283,841)
485,494
Increase in creditors
61,986
383,154
Decrease in deferred income
(825)
(24,175)
Cash generated from operations
1,428,096
1,890,243
26
Analysis of changes in net funds - group
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
4,144,263
185,234
4,329,497
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2024.100nightclub and entertainment venue operators.
Mr A A CochraneMrs G A Cochranefalse
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