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30/11/2023
2023-11-30
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No description of principal activities is disclosed
2022-12-01
Sage Accounts Production 23.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
11069602
2022-12-01
2023-11-30
11069602
2023-11-30
11069602
2022-11-30
11069602
2021-12-01
2022-11-30
11069602
2022-11-30
11069602
2021-11-30
11069602
core:FurnitureFittingsToolsEquipment
2022-12-01
2023-11-30
11069602
core:MotorVehicles
2022-12-01
2023-11-30
11069602
core:OnerousContractsExcludingVacantProperties
2022-12-01
2023-11-30
11069602
bus:Director1
2022-12-01
2023-11-30
11069602
bus:Director2
2022-12-01
2023-11-30
11069602
core:FurnitureFittingsToolsEquipment
2022-11-30
11069602
core:MotorVehicles
2022-11-30
11069602
core:FurnitureFittingsToolsEquipment
2023-11-30
11069602
core:MotorVehicles
2023-11-30
11069602
core:WithinOneYear
2023-11-30
11069602
core:WithinOneYear
2022-11-30
11069602
core:ShareCapital
2023-11-30
11069602
core:ShareCapital
2022-11-30
11069602
core:RetainedEarningsAccumulatedLosses
2023-11-30
11069602
core:RetainedEarningsAccumulatedLosses
2022-11-30
11069602
core:BetweenOneFiveYears
2022-11-30
11069602
core:CostValuation
core:Non-currentFinancialInstruments
2023-11-30
11069602
core:Non-currentFinancialInstruments
2023-11-30
11069602
core:Non-currentFinancialInstruments
2022-11-30
11069602
core:FurnitureFittingsToolsEquipment
2022-11-30
11069602
core:MotorVehicles
2022-11-30
11069602
bus:Director1
2022-11-30
11069602
bus:Director1
2023-11-30
11069602
bus:Director2
2022-11-30
11069602
bus:Director2
2023-11-30
11069602
bus:Director1
2021-11-30
11069602
bus:Director1
2022-11-30
11069602
bus:Director2
2021-11-30
11069602
bus:Director2
2022-11-30
11069602
bus:Director1
2021-12-01
2022-11-30
11069602
bus:Director2
2021-12-01
2022-11-30
11069602
bus:SmallEntities
2022-12-01
2023-11-30
11069602
bus:AuditExempt-NoAccountantsReport
2022-12-01
2023-11-30
11069602
bus:FullAccounts
2022-12-01
2023-11-30
11069602
bus:SmallCompaniesRegimeForAccounts
2022-12-01
2023-11-30
11069602
bus:PrivateLimitedCompanyLtd
2022-12-01
2023-11-30
11069602
core:ComputerEquipment
2022-12-01
2023-11-30
11069602
core:ComputerEquipment
2022-11-30
11069602
core:ComputerEquipment
2023-11-30
Company registration number:
11069602
TGG Ltd
Unaudited filleted financial statements
30 November 2023
TGG Ltd
Contents
Statement of financial position
Notes to the financial statements
TGG Ltd
Statement of financial position
30 November 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
96,764 |
|
|
|
147,287 |
|
|
Investments |
|
6 |
3 |
|
|
|
3 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
96,767 |
|
|
|
147,290 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
1,302,733 |
|
|
|
737,230 |
|
|
Cash at bank and in hand |
|
|
53,353 |
|
|
|
352,782 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,356,086 |
|
|
|
1,090,012 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
3,268,680) |
|
|
|
(
3,133,632) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
1,912,594) |
|
|
|
(
2,043,620) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
1,815,827) |
|
|
|
(
1,896,330) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
1,815,827) |
|
|
|
(
1,896,330) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
10,000 |
|
|
|
10,000 |
Profit and loss account |
|
|
|
|
(
1,825,827) |
|
|
|
(
1,906,330) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
1,815,827) |
|
|
|
(
1,896,330) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 August 2024
, and are signed on behalf of the board by:
Mr Christopher Niebel
Director
Company registration number:
11069602
TGG Ltd
Notes to the financial statements
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
25 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Computer Equipment |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satsfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2022:
16
).
5.
Tangible assets
|
|
Fixtures, fittings and equipment |
Motor vehicles |
Computer Equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 December 2022 |
143,724 |
129,990 |
163,720 |
437,434 |
|
|
|
|
Additions |
- |
- |
10,314 |
10,314 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 November 2023 |
143,724 |
129,990 |
174,034 |
447,748 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 December 2022 |
99,072 |
74,071 |
117,005 |
290,148 |
|
|
|
|
Charge for the year |
21,805 |
12,484 |
26,547 |
60,836 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 November 2023 |
120,877 |
86,555 |
143,552 |
350,984 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 November 2023 |
22,847 |
43,435 |
30,482 |
96,764 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 November 2022 |
44,652 |
55,919 |
46,715 |
147,286
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 December 2022 and 30 November 2023 |
3 |
3 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 December 2022 and 30 November 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 November 2023 |
3 |
3 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 November 2022 |
3 |
3 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
29,992 |
20,329 |
|
Amounts owed by group undertakings |
|
330,596 |
196,524 |
|
Amounts owed by related parties |
|
333,272 |
386,547 |
|
Corporation tax recoverable |
|
- |
- |
|
Other debtors |
|
17,999 |
39,272 |
|
Prepayments and accrued income |
|
590,874 |
94,558 |
|
|
|
_______ |
_______ |
|
|
|
1,302,733 |
737,230 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
221,834 |
94,010 |
|
Amounts owed to group undertakings |
|
50,000 |
(-) |
|
Amounts owed to related parties |
|
75,820 |
(-) |
|
Social security and other taxes |
|
229,238 |
313,199 |
|
Director loan accounts |
|
2,095,863 |
2,512,082 |
|
Pension contribution |
|
920 |
2,109 |
|
Other creditors |
|
404,525 |
198,353 |
|
Accruals and deferred income |
|
190,480 |
13,879 |
|
|
|
_______ |
_______ |
|
|
|
3,268,680 |
3,133,632 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
59,024 |
110,638 |
Later than 1 year and not later than 5 years |
- |
8,432 |
|
_______ |
_______ |
|
59,024 |
119,070 |
|
_______ |
_______ |
|
|
|
10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr Christopher Niebel |
(
2,097,449) |
238,374 |
(
10,860) |
(
1,869,935) |
|
|
|
Mr Mark Shephard |
(
414,633) |
190,911 |
(
2,206) |
(
225,928) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
(
2,512,082) |
429,285 |
(
13,066) |
(
2,095,863) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr Christopher Niebel |
(
2,104,761) |
38,352 |
(
31,040) |
(
2,097,449) |
|
|
|
Mr Mark Shephard |
(
452,086) |
98,071 |
(
60,618) |
(
414,633) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
(
2,556,847) |
136,423 |
(
91,658) |
(
2,512,082) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Related party transactions
Mr C Niebel is considered to be a related party by virtue of his directorship and shareholding in the company. During the year Mr C Niebel introduced net monies to the company amounting to £10,860 (2022: £31,040). As at the balance sheet date the company owed Mr C Niebel £1,869,935 (2022:£2,097,449). The loan was unsecured with no specific repayment terms. Interest was charged at the official rate.Mr M Shephard is considered to be a related party by virtue of his directorship and shareholding in the company. During the year Mr M Shephard introduced net monies to the company amounting to £2,206 (2022: £60,618). As at the balance sheet date the company owed Mr M Shephard £225,928 (2022: £414,633). The loan was unsecured with no specific repayment terms. Interest was charged at the official rate.Geni Financial Services Ltd is a wholly owned subsidiary of the company. During the year the, the company received a dividend payment from Valid8 IP Ltd on behalf of Geni Financial Services Ltd. Consequently, the loan balance was reduced by the amount of the payment of £25,500 (2022: £30,000). At the balance sheet date Geni Financial Services Ltd owed the company £104,989 (2021: £130,476). The loan was unsecured and interest free with no specific repayment terms.Valid8 IP Ltd is a 51% owned subsidiary of Geni Financial Services Ltd. During the year, the company received net funds from Valid8 IP Ltd in the sum of £50,000 (2022: £nil). At the balance sheet, the company owed Valid8 IP Ltd in the sum of £50,000 (2022: £nil). The loan was unsecured and interest free with no specific repayment terms.Capitoo Ltd is a wholly owned subsidiary of the company. During the year the company loaned net funds to Capitoo Ltd in sum of £22,987 (2022: £18,456). At the balance sheet date Capitoo Ltd owed the company £41,443 (2022: £18,456). The loan was unsecure and interest free with no specific repayment terms.Claimtech Ltd is a wholly owned subsidiary of the company. During the year the company loaned net funds to Claimtech Ltd in the sum of £136,572 (2022: £47,592). At the balance sheet date Claimtech Ltd owed the company £184,164 (2022: £47,592). The loan was unsecured and interest free with no specific repayment terms.
12.
Going concern
As reflected in these financial statements, the company has made a profit of £62,797 (2022: Loss £4,913,741) and has a net deficiency of assets of £1,815,827 (2022; £1,896,330) as at 30 November 2023. The company meets its day to day working capital requirements through he continued support of the directors. The financial statements have been prepared on a going concern basis, the validity of which depends on the company's ability to continue to receive the financial support of the directors for the foreseeable future. The financial statements do not include any adjustments that would result from a failure to obtain such support.