REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
13 December 2022 to 31 December 2023 |
for |
TGTC Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
13 December 2022 to 31 December 2023 |
for |
TGTC Limited |
TGTC Limited (Registered number: 14537993) |
Contents of the Financial Statements |
for the Period 13 December 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TGTC Limited |
Company Information |
for the Period 13 December 2022 to 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4315 Park Approach |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8GB |
TGTC Limited (Registered number: 14537993) |
Balance Sheet |
31 December 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 | ( |
) |
Tangible assets | 5 |
( |
) |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TGTC Limited (Registered number: 14537993) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TGTC Limited (Registered number: 14537993) |
Notes to the Financial Statements |
for the Period 13 December 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
TGTC Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional information disclosure is required to give a true and fair view. The financial statements have been prepared under the historical cost convention, modified to include certain balances at fair value. |
Going concern |
The financial statements have been prepared using the going concern basis as the company has no external debt and has been funded and supported by its parent company. |
Related party exemption |
The company has taken advantage of the exemption, under the terms if Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transaction with group companies. |
Goodwill |
Negative goodwill has arisen on the acquisition of the trade and assets of The Garden Trading Company Limited (in administration) based on the fair value of the acquired assets in excess of the consideration paid. This excess is being recognised through profit or loss in the periods expected to be benefited from the discount paid for the relevant monetary and non-monetary assets acquired. In respect of non-monetary assets this is the period the assets are consumed either through depreciation or sale. |
Other intangible assets |
Website development costs are initially measured at cost. After initial recognition they are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Website development costs are being amortised evenly over their estimated useful life of 5 years. |
Tangible fixed assets |
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment. Acquired tangible fixed assets from the acquisition of the assets of The Garden Trading Company Limited (in administration) are stated at their original cost and accumulated depreciation as at 14 December 2022. |
Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life. |
Plant & equipment - 33.33% |
Fixtures & fittings - 33.33% |
Motor vehicles - 33.33% |
Property improvements - over the life of the lease |
Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life. |
TGTC Limited (Registered number: 14537993) |
Notes to the Financial Statements - continued |
for the Period 13 December 2022 to 31 December 2023 |
The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the assets against the higher of realisable value and value in use. |
The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Acquired stocks from the acquisition of the assets of The Garden Trading Company Limited (in administration) are stated at their original cost and adjusted where necessary for possible impairment. Cost is calculated using the FIFO (first in first out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
Turnover |
Turnover is recognised when the significant risks and rewards are considered to have transferred to the customer usually upon delivery of the goods. |
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 recognised in the profit and loss account. |
Leasing commitments |
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. |
Where material, 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 payments. |
Retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of directors personal pension scheme are charged to profit or loss in the period to which they relate. |
Taxation |
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. |
TGTC Limited (Registered number: 14537993) |
Notes to the Financial Statements - continued |
for the Period 13 December 2022 to 31 December 2023 |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
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 company after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors, and inter-company balances and all are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below. |
Non financial assets |
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
Financial assets |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date. |
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had impairment not been recognised. |
Critical accounting judgements and sources of estimation uncertainty |
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The critical judgements that the directors have made in applying the company's accounting policies and the key sources of estimation uncertainty that have had the most significant effect on the amounts recognised in the financial statements are described below: |
TGTC Limited (Registered number: 14537993) |
Notes to the Financial Statements - continued |
for the Period 13 December 2022 to 31 December 2023 |
Impairment of stock |
The company establishes an impairment provision for stock estimated to realise a lower value than cost. When calculating the stock impairment provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stocks and its estimated selling value less costs expected to be incurred to sell the item. The directors also consider the purchase history of the stock items to assess whether the items remain in use. |
Calculation and carrying value of negative goodwill |
The calculation of negative goodwill and selection of the amortisation period of negative goodwill involves judgement and the amount of amortisation credited to the profit and loss account could be significantly different should a different basis of calculation or a longer or shorter life be chosen. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Website |
Goodwill | development | Totals |
£ | £ | £ |
COST |
Additions | ( |
) | ( |
) |
Arising on acquisition |
At 31 December 2023 | ( |
) | ( |
) |
AMORTISATION |
Amortisation for period | ( |
) | ( |
) |
Arising on acquisition |
At 31 December 2023 | ( |
) | ( |
) |
NET BOOK VALUE |
At 31 December 2023 | ( |
) | ( |
) |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
Disposals | ( |
) |
Arising on acquisition |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
Eliminated on disposal | ( |
) |
Arising on acquisition |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
TGTC Limited (Registered number: 14537993) |
Notes to the Financial Statements - continued |
for the Period 13 December 2022 to 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
In more than five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 1 |
1 Ordinary share of £1 was allotted and fully paid for |