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REGISTERED NUMBER: 13365914 (England and Wales)
















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH SEPTEMBER 2023

FOR

TE INVESTMENT GROUP HOLDINGS LIMITED

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 29TH SEPTEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 6

Consolidated Balance Sheet 7

Company Balance Sheet 8

Consolidated Statement of Changes in Equity 9

Company Statement of Changes in Equity 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


TE INVESTMENT GROUP HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 29TH SEPTEMBER 2023







DIRECTORS: A G T Sumner
P Thompson



REGISTERED OFFICE: 4th Floor
14 Devonshire Square
City of London
EC2M 4YT



REGISTERED NUMBER: 13365914 (England and Wales)



AUDITORS: HJS (Reading) Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ



BANKERS: HSBC
The Helicon
1 South Place
London
EC2M 2UP

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

GROUP STRATEGIC REPORT
for the Year Ended 29TH SEPTEMBER 2023

The directors present their strategic report of the company and the group for the year ended 29th September 2023.

REVIEW OF BUSINESS
Consolidated turnover for the year ended 29 September 2022 was £37,752,081 (2022: £38,794.002). Consolidated Profit / (Loss) for the year ended 29 September 2022 was £1,098,604 (2022: £1,143,359). The Company's consolidated Balance Sheet Position as at 29 September 2022 shows a positive net asset position amounting to £375,550 (2022: £206,946).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are the Company's ability to secure and retain clients.

The Company has no significant exposure to market (price, interest rate or foreign currency) risk, or to legal or operation risks.

GOING CONCERN
The Directors have undertaken an assessment of the general worldwide factors on the ability of the Company to
continue as a going concern for the next 12 months from the date of approval of these financial statements. The
Directors consider that the Company can maintain sufficient income generating assets under management to provide
the Company with sufficient revenue and liquid resources so that the Company can cover its costs, pay its liabilities for the next 12 months from the date of approval of these financial statements.

Currently some Directors and employees are working from home with full remote access functionality hence Directors
consider that the Company has, and can, maintain full operational capabilities.

The Directors have assessed the going concern status of the Company and concluded that there are no material
uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. Accordingly, the financial statements are prepared on the going concern basis.

ON BEHALF OF THE BOARD:





A G T Sumner - Director


10th September 2024

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

REPORT OF THE DIRECTORS
for the Year Ended 29TH SEPTEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 29th September 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of management of human resources.

The principal activity of TE Investment Group Holdings Limited was that of a holding company.

DIVIDENDS
The total distribution of dividends for the period ended 29th September 2023 will be £930,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 30th September 2022 to the date of this report.

A G T Sumner
P Thompson

POLITICAL DONATIONS AND EXPENDITURE
Charitable donations of £3,301 (2022 - £425) were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, HJS (Reading) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A G T Sumner - Director


10th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TE INVESTMENT GROUP HOLDINGS LIMITED

Opinion
We have audited the financial statements of TE Investment Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29th September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29th September 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TE INVESTMENT GROUP HOLDINGS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the group and the parent company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

- Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;
- Identifying and testing journal entries based on risk criteria;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
- Testing transactions entered into outside of the normal course of the group and parent company's business;
- Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Rogers (Senior Statutory Auditor)
for and on behalf of HJS (Reading) Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ

11th September 2024

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

CONSOLIDATED INCOME STATEMENT
for the Year Ended 29TH SEPTEMBER 2023

Period
29.4.21
Year Ended to
29.9.23 29.9.22
Notes £    £   

TURNOVER 3 37,752,081 38,794,002

Cost of sales 33,846,967 35,072,160
GROSS PROFIT 3,905,114 3,721,842

Administrative expenses 2,523,579 2,332,165
1,381,535 1,389,677

Other operating income 8,393 46,988
OPERATING PROFIT 5 1,389,928 1,436,665

Interest receivable and similar income 56,127 16,388
1,446,055 1,453,053

Interest payable and similar expenses 6 13,384 29,924
PROFIT BEFORE TAXATION 1,432,671 1,423,129

Tax on profit 7 334,067 279,770
PROFIT FOR THE FINANCIAL YEAR 1,098,604 1,143,359

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

CONSOLIDATED BALANCE SHEET
29TH SEPTEMBER 2023

29.9.23 29.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 22,130 28,058
Investments 13 2 -
22,132 28,058

CURRENT ASSETS
Debtors 14 9,374,013 9,343,340
Cash at bank 836,068 755,602
10,210,081 10,098,942
CREDITORS
Amounts falling due within one year 15 9,755,298 9,769,961
NET CURRENT ASSETS 454,783 328,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

476,915

357,039

CREDITORS
Amounts falling due after more than one
year

16

(95,833

)

(145,833

)

PROVISIONS FOR LIABILITIES 20 (5,532 ) (4,260 )
NET ASSETS 375,550 206,946

CAPITAL AND RESERVES
Called up share capital 21 4 4
Retained earnings 22 375,546 206,942
375,550 206,946

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:




A G T Sumner - Director



P Thompson - Director


TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

COMPANY BALANCE SHEET
29TH SEPTEMBER 2023

29.9.23 29.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 4 2
4 2

CURRENT ASSETS
Debtors 14 500,968 -
Cash at bank 685,736 526,324
1,186,704 526,324
CREDITORS
Amounts falling due within one year 15 964,861 488,522
NET CURRENT ASSETS 221,843 37,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

221,847

37,804

CAPITAL AND RESERVES
Called up share capital 21 4 4
Retained earnings 22 221,843 37,800
221,847 37,804

Company's profit for the financial year 1,114,043 2,377,800

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:




A G T Sumner - Director



P Thompson - Director


TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 29TH SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 29th April 2021 - 1,403,583 1,403,583

Changes in equity
Issue of share capital 4 - 4
Dividends - (2,340,000 ) (2,340,000 )
Total comprehensive income - 1,143,359 1,143,359
Balance at 29th September 2022 4 206,942 206,946

Changes in equity
Dividends - (930,000 ) (930,000 )
Total comprehensive income - 1,098,604 1,098,604
Balance at 29th September 2023 4 375,546 375,550

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 29TH SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 4 - 4
Dividends - (2,340,000 ) (2,340,000 )
Total comprehensive income - 2,377,800 2,377,800
Balance at 29th September 2022 4 37,800 37,804

Changes in equity
Dividends - (930,000 ) (930,000 )
Total comprehensive income - 1,114,043 1,114,043
Balance at 29th September 2023 4 221,843 221,847

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 29TH SEPTEMBER 2023

Period
29.4.21
Year Ended to
29.9.23 29.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,189,895 (1,618,612 )
Interest paid (13,384 ) (29,924 )
Tax paid (357,558 ) (238,227 )
Net cash from operating activities 818,953 (1,886,763 )

Cash flows from investing activities
Purchase of tangible fixed assets (9,026 ) (23,825 )
Purchase of fixed asset investments (2 ) -
Interest received 56,127 16,388
Net cash from investing activities 47,099 (7,437 )

Cash flows from financing activities
Loan repayments in year (50,000 ) (50,000 )
Amount introduced by directors 1,420,555 2,341,053
Amount withdrawn by directors (1,927,647 ) (1,435,386 )
Share issue - 4
Equity dividends paid (930,000 ) (2,340,000 )
Net cash from financing activities (1,487,092 ) (1,484,329 )

Decrease in cash and cash equivalents (621,040 ) (3,378,529 )
Cash and cash equivalents at beginning
of year

2

(3,378,529

)

-

Cash and cash equivalents at end of year 2 (3,999,569 ) (3,378,529 )

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 29TH SEPTEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Profit before taxation 1,432,671 1,423,129
Depreciation charges 14,261 11,828
Loss on disposal of fixed assets 692 1,788
Opening net cash - (2,255,780 )
Amounts owed by/to the group (5,000 ) -
Finance costs 13,384 29,924
Finance income (56,127 ) (16,388 )
1,399,881 (805,499 )
Increase in trade and other debtors (31,661 ) (1,225,468 )
(Decrease)/increase in trade and other creditors (178,325 ) 412,355
Cash generated from operations 1,189,895 (1,618,612 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29th September 2023
29.9.23 30.9.22
£    £   
Cash and cash equivalents 836,068 755,602
Bank overdrafts (4,835,637 ) (4,134,131 )
(3,999,569 ) (3,378,529 )
Period ended 29th September 2022
29.9.22 29.4.21
£    £   
Cash and cash equivalents 755,602 -
Bank overdrafts (4,134,131 ) -
(3,378,529 ) -


3. ANALYSIS OF CHANGES IN NET DEBT

At 30.9.22 Cash flow At 29.9.23
£    £    £   
Net cash
Cash at bank 755,602 80,466 836,068
Bank overdrafts (4,134,131 ) (701,506 ) (4,835,637 )
(3,378,529 ) (621,040 ) (3,999,569 )
Debt
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (145,833 ) 50,000 (95,833 )
(195,833 ) 50,000 (145,833 )
Total (3,574,362 ) (571,040 ) (4,145,402 )

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 29TH SEPTEMBER 2023

1. STATUTORY INFORMATION

TE Investment Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Operating leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
United Kingdom 9,838,988 27,448,152
Europe 26,638,073 10,226,563
International 1,275,020 1,119,287
37,752,081 38,794,002

4. EMPLOYEES AND DIRECTORS
Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Wages and salaries 1,282,748 1,218,566
Social security costs 148,200 133,511
Other pension costs 18,769 16,046
1,449,717 1,368,123

The average number of employees during the year was as follows:
Period
29.4.21
Year Ended to
29.9.23 29.9.22

Average number of employees 2 2

The average number of employees by undertakings that were proportionately consolidated during the year was 24 (2022 - 20 ) .

Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Directors' remuneration 25,140 25,140

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Depreciation - owned assets 14,262 11,827
Loss on disposal of fixed assets 692 1,788
Foreign exchange differences 16,041 (29,761 )
Auditors remuneration 12,800 11,200

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Bank loan interest 13,384 10,284
Interest on taxation - 19,640
13,384 29,924

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Current tax:
UK corporation tax 332,794 278,901

Deferred tax 1,273 869
Tax on profit 334,067 279,770

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
29.4.21
Year Ended to
29.9.23 29.9.22
£    £   
Profit before tax 1,432,671 1,423,129
Profit multiplied by the standard rate of corporation tax in the UK of 22 %
(2022 - 19 %)

315,188

270,395

Effects of:
Expenses not deductible for tax purposes 20,113 11,466
Income not taxable for tax purposes (672 ) -
Depreciation in excess of capital allowances - 869
Capital allowances (1,986 ) (2,960 )
Asset disposal 152 -
Deferred Tax 1,272 -
Total tax charge 334,067 279,770

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

£
'X' Ordinary share of £1 interim 465,000
'Z' Ordinary share of £1 interim 465,000
930,000



10. JUDGEMENTS ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the date of the Balance Sheet and the amounts reported for revenue and expenses during the year.

Critical judgements in applying the entity's accounting policies

The Directors have not been required to apply any critical judgements in applying the accounting policies.

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates may not equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are addressed below.

Useful economic lives and residual values of non-financial assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic
lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, economic utilization and the physical condition of the assets. See note 11 for the carrying amount of the non-financial assets, and note 2 for the useful economic lives for each class of assets.

Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing
impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience.

11. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 30th September 2022
and 29th September 2023 7,000
AMORTISATION
At 30th September 2022
and 29th September 2023 7,000
NET BOOK VALUE
At 29th September 2023 -
At 29th September 2022 -

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 30th September 2022 8,248 10,935 38,044 57,227
Additions - - 9,026 9,026
Disposals - - (1,238 ) (1,238 )
At 29th September 2023 8,248 10,935 45,832 65,015
DEPRECIATION
At 30th September 2022 2,610 7,339 19,220 29,169
Charge for year 2,610 1,517 10,135 14,262
Eliminated on disposal - - (546 ) (546 )
At 29th September 2023 5,220 8,856 28,809 42,885
NET BOOK VALUE
At 29th September 2023 3,028 2,079 17,023 22,130
At 29th September 2022 5,638 3,596 18,824 28,058

13. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
Additions 2
At 29th September 2023 2
NET BOOK VALUE
At 29th September 2023 2
Company
Shares in
group
undertakings
£   
COST
At 30th September 2022 2
Additions 2
At 29th September 2023 4
NET BOOK VALUE
At 29th September 2023 4
At 29th September 2022 2


TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.9.23 29.9.22 29.9.23 29.9.22
£    £    £    £   
Trade debtors 7,385,429 7,243,163 - -
Amounts owed by group undertakings 5,000 - - -
Other debtors 29,365 42,143 - -
Directors' current accounts 500,968 432,553 500,968 -
Tax 145,470 219,873 - -
Accrued income 1,222,363 1,326,344 - -
Prepayments 85,418 79,264 - -
9,374,013 9,343,340 500,968 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.9.23 29.9.22 29.9.23 29.9.22
£    £    £    £   
Bank loans and overdrafts (see note 17) 4,885,637 4,184,131 - -
Trade creditors 3,426,061 3,406,665 373 1
Amounts owed to group undertakings - - 950,572 47,645
Corporation tax 571,204 670,371 9,416 -
Social security and other taxes 48,645 50,257 - -
Pension liability 9,752 9,510 - -
VAT 43,226 114,836 - -
Other creditors 11,306 17,422 - -
Credit card 10,228 22,168 - -
Directors' current accounts - 438,677 - 438,676
Accrued expenses 749,239 855,924 4,500 2,200
9,755,298 9,769,961 964,861 488,522

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
29.9.23 29.9.22
£    £   
Bank loans (see note 17) 95,833 145,833

17. LOANS

An analysis of the maturity of loans is given below:

Group
29.9.23 29.9.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,835,637 4,134,131
Bank loans 50,000 50,000
4,885,637 4,184,131
Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 45,833 95,833

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
29.9.23 29.9.22
£    £   
Within one year 55,154 55,154
Between one and five years 10,628 65,181
65,782 120,335

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
29.9.23 29.9.22
£    £   
Bank overdraft 4,835,637 4,134,131
Bank loans 145,833 195,833
4,981,470 4,329,964

ABN Amro Commercial Finance PLC has a fixed and floating charge over the company.

HSBC coronavirus business interruption loan has a fixed charge over the company.

20. PROVISIONS FOR LIABILITIES

Group
29.9.23 29.9.22
£    £   
Deferred tax
Accelerated capital allowances 5,532 4,260

Group
Deferred
tax
£   
Balance at 30th September 2022 4,260
Provided during year 1,272
Balance at 29th September 2023 5,532

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number Class Nominal value £

1 'W' Ordinary £1 1
1 'X' Ordinary £1 1
1 'Y' Ordinary £1 1
1 'Z' Ordinary £1 1
4

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

22. RESERVES

Group
Retained
earnings
£   

At 30th September 2022 206,942
Profit for the year 1,098,604
Dividends (930,000 )
At 29th September 2023 375,546

Company
Retained
earnings
£   

At 30th September 2022 37,800
Profit for the year 1,114,043
Dividends (930,000 )
At 29th September 2023 221,843


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 29th September 2023 and the period ended 29th September 2022:

29.9.23 29.9.22
£    £   
A G T Sumner
Balance outstanding at start of year (438,676 ) -
Amounts advanced 696,175 1,061,324
Amounts repaid (1 ) (1,500,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 257,498 (438,676 )

P Thompson
Balance outstanding at start of year - -
Amounts advanced 1,173,471 840,000
Amounts repaid (930,001 ) (840,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 243,470 -

The terms agreed are that the advances are repayable on demand and interest is to be charged on all advances at the official rate where the balance exceeds £10,000 at any time during the year.

Interest of £47,671 (2022 : £Nil) has been charged during the year.

24. CONTROLLING PARTY

There is no ultimate controlling party.

25. LOANS

The Company received a coronavirus business interruption loan from HSBC Ltd dated 6 July 2020 for the
amount of £250,000. The loan was interest free for the first 12 months and has a term of 6 years. See note 17.

TE INVESTMENT GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13365914)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 29TH SEPTEMBER 2023

26. KEY MANAGEMENT PERSONNEL

There are no individuals other than the Directors who are considered to be key management personnel.