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Registration number: 05052724

Target Group (East Anglia) Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Target Group (East Anglia) Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Target Group (East Anglia) Holdings Limited

Company Information

Directors

C J Braby

P J Braby

Company secretary

P J Braby

Registered office

Tandarra House
Great Horkesley
Colchester
Essex
CO6 4HG

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Target Group (East Anglia) Holdings Limited

(Registration number: 05052724)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,933,690

3,430,751

Investments

5

25,000

25,000

 

3,958,690

3,455,751

Current assets

 

Debtors

6

168,701

60,241

Cash at bank and in hand

 

126,536

66,552

 

295,237

126,793

Creditors: Amounts falling due within one year

7

(637,043)

(588,472)

Net current liabilities

 

(341,806)

(461,679)

Total assets less current liabilities

 

3,616,884

2,994,072

Creditors: Amounts falling due after more than one year

7

(830,350)

(409,326)

Provisions for liabilities

(914,016)

(818,609)

Net assets

 

1,872,518

1,766,137

Capital and reserves

 

Called up share capital

8

25,002

25,002

Retained earnings

1,847,516

1,741,135

Shareholders' funds

 

1,872,518

1,766,137

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

 

Target Group (East Anglia) Holdings Limited

(Registration number: 05052724)
Balance Sheet as at 30 September 2024

.........................................
C J Braby
Director

 

Target Group (East Anglia) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tandarra House
Great Horkesley
Colchester
Essex
CO6 4HG

These financial statements were authorised for issue by the Board on 15 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption in section 389 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that it is a small group.

Going concern

The balance sheet shows net current liabilities of £341,806 (2023 - £461,679). Profits and funds generated from operations will enable the company to settle its liabilities as they fall due, also the company's subsidiary, Target Plant & Sales Limited, will continue to provide financial support. Therefore the financial statements being prepared on a going concern basis remains appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the hire of equipment and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Target Group (East Anglia) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference. In the year under consideration the deferred tax calculation reflects the increase in the main corporation tax rate from 19% to 25% which results in a large taxation charge for the year.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Workshop and office equipment

20% reducing balance

Motor vehicles

25% reducing balance

Hire fleet

20% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Target Group (East Anglia) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Target Group (East Anglia) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Workshop and office equipment
£

Motor vehicles
 £

Hire fleet
£

Total
£

Cost or valuation

At 1 October 2023

78,201

497,281

5,489,107

6,064,589

Additions

10,772

153,450

1,600,236

1,764,458

Disposals

-

(51,120)

(1,119,045)

(1,170,165)

At 30 September 2024

88,973

599,611

5,970,298

6,658,882

Depreciation

At 1 October 2023

38,298

227,352

2,368,188

2,633,838

Charge for the year

8,857

82,142

696,540

787,539

Eliminated on disposal

-

(40,006)

(656,179)

(696,185)

At 30 September 2024

47,155

269,488

2,408,549

2,725,192

Carrying amount

At 30 September 2024

41,818

330,123

3,561,749

3,933,690

At 30 September 2023

39,903

269,929

3,120,919

3,430,751

 

Target Group (East Anglia) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

25,000

25,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

163,200

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

-

55,541

Other debtors

 

5,501

4,700

   

168,701

60,241

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

480,215

584,296

Trade creditors

 

150,900

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

2,514

-

Taxation and social security

 

1,014

1,776

Accruals and deferred income

 

2,400

2,400

 

637,043

588,472


Creditors include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £480215 (2023 - £557,597). There is a loan which is secured with a fixed and floating charge over the assets of the Company of £nil (2023 - £26,699).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

830,350

409,326


Creditors include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £830,340 (2023 - £409,326).

 

Target Group (East Anglia) Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

25,002

25,002

25,002

25,002

       

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

830,350

409,326

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

480,215

557,597

Other borrowings

-

26,699

480,215

584,296

10

Related party transactions

Summary of transactions with subsidiaries

Target Plant & Sales Limited
  During the period the Company traded with Target Plant and Sales Limited at market value and also received an interest free loan considered to be repayable on demand. Amounts owed to/(owed by) Target Plant and Sales Limited at the balance sheet date £2,514 (2023 - (£55,541)).