Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01trueintermediate holding company00falsefalse 08652646 2023-01-01 2023-12-31 08652646 2022-01-01 2022-12-31 08652646 2023-12-31 08652646 2022-12-31 08652646 2022-01-01 08652646 c:Director1 2023-01-01 2023-12-31 08652646 c:RegisteredOffice 2023-01-01 2023-12-31 08652646 d:CurrentFinancialInstruments 2023-12-31 08652646 d:CurrentFinancialInstruments 2022-12-31 08652646 d:UKTax 2023-01-01 2023-12-31 08652646 d:UKTax 2022-01-01 2022-12-31 08652646 d:ShareCapital 2023-01-01 2023-12-31 08652646 d:ShareCapital 2023-12-31 08652646 d:ShareCapital 2022-01-01 2022-12-31 08652646 d:ShareCapital 2022-12-31 08652646 d:ShareCapital 2022-01-01 08652646 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08652646 d:RetainedEarningsAccumulatedLosses 2023-12-31 08652646 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08652646 d:RetainedEarningsAccumulatedLosses 2022-12-31 08652646 d:RetainedEarningsAccumulatedLosses 2022-01-01 08652646 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08652646 c:OrdinaryShareClass1 2023-12-31 08652646 c:OrdinaryShareClass1 2022-12-31 08652646 c:EntityNoLongerTradingButTradedInPast 2023-01-01 2023-12-31 08652646 c:FRS102 2023-01-01 2023-12-31 08652646 c:Audited 2023-01-01 2023-12-31 08652646 c:FullAccounts 2023-01-01 2023-12-31 08652646 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08652646 d:Subsidiary1 2023-01-01 2023-12-31 08652646 d:Subsidiary1 1 2023-01-01 2023-12-31 08652646 6 2023-01-01 2023-12-31 08652646 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08652646










TAYLOR FREEZER (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TAYLOR FREEZER (UK) LIMITED
 
 
COMPANY INFORMATION


Director
S A Aspin 




Registered number
08652646



Registered office
106 Claydon Business Park
Great Blakenham

Ipswich

Suffolk

IP6 0NL




Independent auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG





 
TAYLOR FREEZER (UK) LIMITED
 

CONTENTS



Pages
Strategic Report
1
Director's Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 16


 
TAYLOR FREEZER (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Director presents his Strategic Report together with the audited financial statements for the year ended 31 December 2023.

Business review
 
Taylor Freezer (UK) Ltd is a non-trading intermediate holding company within the PGSA Holdings Limited group.

Principal risks and uncertainties
 
The principal risk to the Company is the performance of its investment in its subsidiary undertaking not justifying its carrying value. The Director monitors the performance of the subsidiary undertaking through appropriate formal impairment reviews when impairment indicators arise.


This report was approved by the Board on 18 June 2024 and signed on its behalf.



S A Aspin
Director

Page 1

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is 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 Director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Principal activity
The Company's principal activity is that of a non-trading investment holding company within the PGSA Holdings Limited Group.  The Company did not trade during either the current of prior years and is not expected to commence trading in the foreseeable future.

Results and dividends

The profit for the year, after taxation, amounted to £NIL (2022 - £954 thousand).

During the year the company did not pay any dividends on the Ordinary Shares (2022: £954,000).  The Director does not recommend the payment of a final dividend.
 
Director

The Director who served during the year was:

S A Aspin 

Matters covered in the Strategic Report

Information regarding the performance of the Company in the year, principal risks and uncertainties and the future developments of the Company have been disclosed in the Strategic Report.

Page 2

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end to the date of this Report.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 18 June 2024 and signed on its behalf.
 





S A Aspin
Director

Page 3

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAYLOR FREEZER (UK) LIMITED
 

Opinion


We have audited the financial statements of Taylor Freezer (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 2023 and of its result 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 Director's 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 Director with respect to going concern are described in the relevant sections of this report.


Page 4

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAYLOR FREEZER (UK) LIMITED (CONTINUED)


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 Director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


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 Director's 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:


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 Director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Director
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the Director is 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 Director determines 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 Director is 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 Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAYLOR FREEZER (UK) LIMITED (CONTINUED)


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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Director (as required by auditing standards), inspection of the Company's regulatory and legal correspondence and discussed with the Director the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Director and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect that irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.


Page 6

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TAYLOR FREEZER (UK) LIMITED (CONTINUED)


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 2006Our 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.





John Perry (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

21 June 2024
Page 7

 
TAYLOR FREEZER (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Income from shares in subsidiary undertaking
  
-
954

Profit before tax
  
-
954

Tax on profit
 6 
-
-

Profit for the financial year
  
-
954

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 11 to 16 form part of these financial statements.

Page 8

 
TAYLOR FREEZER (UK) LIMITED
REGISTERED NUMBER: 08652646

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Notes
£000
£000

  

Fixed assets
  

Investments
 8 
4,250
4,250

  
4,250
4,250

  

Creditors: amounts falling due within one year
 9 
(3,710)
(3,710)

Net current liabilities
  
 
 
(3,710)
 
 
(3,710)

  

  

  

Net assets
  
540
540


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
 11 
440
440

  
540
540


The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 18 June 2024.




S A Aspin
Director

The notes on pages 11 to 16 form part of these financial statements.

Page 9

 
TAYLOR FREEZER (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total 
equity

£000
£000
£000


At 1 January 2022
100
440
540


Comprehensive income for the year

Profit for the year
-
954
954
Total comprehensive income for the year
-
954
954


Contributions by and distributions to owners

Dividends: Equity capital
-
(954)
(954)


Total transactions with owners
-
(954)
(954)



At 1 January 2023
100
440
540
Total comprehensive income for the year
-
-
-


Contributions by and distributions to owners


At 31 December 2023
100
440
540


The notes on pages 11 to 16 form part of these financial statements.

Page 10

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Taylor Freezer (UK) Limited (the "Company") is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006.  The address of the registered office is shown on the Company Information page.  The nature of the Company's operations and its principal activity is set out in the Director's Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statement, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of PGSA Holdings Limited as at 31 December 2023 and these financial statements may be obtained from The Secretary, PGSA Holdings Limited, 106 Claydon Business Park, Great Blakenham, Ipswich, Suffolk  IP6 0NL.

  
2.3

Exemption from preparing consolidated financial statements

The Company is a Parent Company that is also a subsidiary undertaking included in the consolidated financial statements of its ultimate parent undertaking established under UK law and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The Director has considered the principal risks and uncertainties included in the Strategic Report in preparing its forecasts as part of its going concern assessment. As at 31 December 2023 and the date of approval of these financial statements, the Company's only liabilities are due to its subsidiary undertaking, HTG Trading Limited, and its immediate parent undertaking. No other liabilities are forecast as the Company is not expected to trade in the foreseeable future. The Director has received confirmation from HTG Trading Limited that it will not demand repayment of the amounts owed amounting to £3,630,320 for at least 12 months from the date of approval of these financial statements. Furthermore, the Director has received confirmation from HTG Investments Limited that it will not demand repayment of the amounts owed amounting to £79,680 for at least 12 months from the date of approval of these financial statements Accordingly, the Director considers that it is appropriate to prepare the financial statements on a going concern basis.

 
2.5

Investment

The investment in subsidiary undertaking is measured at cost less accumulated impairment charges.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

  
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like loans from related parties and investments in ordinary shares.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

Page 12

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below:
Valuation of fixed asset investment
Determined whether there are indicators of impairment of the Company's investment in HTG Trading Limited. Factors taken into consideration in reaching such a decision include the economic viability  and expected future financial performance and planned dividend policy of the investment. No impairment indicators were identified.


4.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£000
£000

Fees payable to the Company's auditor for the audit of the Company's financial statements
1
1


The auditor's remuneration has been borne by the Company's subsidiary undertaking, HTG Trading Limited, without right of recharge.



The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


5.


Employees




The Company has no employees other than the Director, who did not receive any remuneration (2022 - £NIL).


6.


Taxation


2023
2022
£000
£000

Current tax


UK Corporation tax on profit for the year
-
-

Page 13

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
-
954


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
-
181

Effects of:


Non-taxable dividend income
-
(181)

Total tax charge for the year
-
-


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that the rate of UK Corporation tax would increase to 25% for the financial year beginning 1 April 2023 with an introduction of a small profits rate of 19% at the same point in time. These changes were substantively enacted in May 2021.


7.


Dividend

2023
2022
£000
£000


Interim dividend paid to immediate parent undertaking on Ordinary shares
-
954

Page 14

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Fixed asset investment





Investment in subsidiary undertaking

£000



Cost 


At 1 January 2023
7,810



At 31 December 2023

7,810



Impairment


At 1 January 2023
3,560



At 31 December 2023

3,560



Net book value



At 31 December 2023
4,250



At 31 December 2022
4,250


Subsidiary undertaking


As at 31 December 2023, the following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

HTG Trading Limited
106 Claydon Business
Park, Great
Blakenham, Ipswich,
Suffolk IP6 0NL
Ordinary
100%






Page 15

 
TAYLOR FREEZER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Amounts owed to fellow group undertakings
3,710
3,710


During the previous year the Company and fellow group undertakings issued a fixed and floating charge over the property and undertakings of the PGSA Holdings Limited Group to Triple Point Advancr Leasing Plc.
Amounts owed to fellow group undertakings are unsecured, interest free and repayable on demand. Since the year end, the Company has received confirmations from both the subsidiary undertaking and the immediate parent undertaking that they will not demand repayment of the amounts owed for at least 12 months from that date of approval of these financial statements.


10.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1 each
100
100



11.


Reserves

Profit and loss account

The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid.  The reserves available for distribution to the shareholder.


12.


Related party transactions

The Company has taken advantage of the 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 PGSA Holdings Group.


13.


Controlling party

The immediate parent undertaking is HTG Investments Limited.
The ultimate parent undertaking is PGSA Holdings Limited. The Group was under the control of S A Aspin and P J Gray throughout the year.
The parent undertaking of the largest and smallest group of which consolidated financial statements are prepared including the results of the Company is headed by PGSA Holdings Limited. Consolidated financial statements are available from The Secretary, PGSA Holdings Limited, 106 Claydon Business Park, Great Blakenham, Ipswich, Suffolk IP6 0NL.

 
Page 16