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Registered number: 07198683









TANCIA (HOLDINGS) LIMITED









ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
TANCIA (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
A J Cleere 
N J Cleere 




Registered number
07198683



Registered office
Innovations House
Ivy Road

Aldershot

GU12 4TX




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
TANCIA (HOLDINGS) LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 34


 
TANCIA (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors present the group strategic report for the year ended 31 May 2024.

Business review
 
The results for the period and the financial position of the group are shown in the following financial statements. 
Tancia’s business has continued to make a strong recovery and a return to near pre pandemic levels in the full year ending May 2024 with headline sales growing 4.8% over 2023 to nearly £11.2m.
Whilst the wider business environment continued to be challenging given the macroeconomic inflationary and cost of living pressures together with difficulties in recruitment and staffing, the group delivered a positive EBITDA of £922k, a significant improvement of just under 33% on the EBITDA of £695k in 2023.  
This has been achieved by the directors proactively managing inventory levels to ensure those at the start of the financial year, required given the backdrop of unpredictable on off shutdowns across much of the manufacturing base in China, have been stabilised. May 2024 stock levels have increased by around £500k compared to those at May 2023 in line with revenue and EBITDA growth in the year and the group are well placed to serve the needs of customers going forward.
Furthermore, the directors have also taken robust action to control the cost base of the business during recovery from the pandemic, whilst achieving continued growth. This has been achieved from various initiatives including the reduction in carriage & freight costs, investment in more efficient machinery, streamlining team structures and negotiating an energy contract fixed until Q1 2026, sheltering the business from energy price volatility.
The group's growth is set to continue with the directors setting ambitious strategic plans for the future. Inventory of key products is now back to pre pandemic levels, customer service and sales teams are bolstered to serve the continued needs of existing and new customers and the business continues to invest in innovation, environmental and quality improvements being both ISO 9001 (Quality Management) and ISO 14001 (Environmental Management) approved. Sedex Certification has been adopted providing transparency to our customers of our responsible supply chain. 
Furthermore, the directors recognise the importance of Environmental, Social and Governance (‘ESG’) issues. Minimising the organisation's environmental impact remains central to the group's culture, increasing the use of recyclable and renewable materials in its product range and significantly improving its carbon footprint with a more energy efficient manufacturing facility. Tancia group has been awarded the BPMA pledge which outlines their commitment to ESG and have published a sustainability statement confirming the group’s commitments to this area moving forward.
As a direct result of the actions taken by the directors, the group's balance sheet strength remains healthy with capital and reserves at £7.8m with current year trading performing in line with expectations.

Principal risks and uncertainties
 
Given the extensive use of foreign suppliers, the principal risks relate to potential exposure to foreign exchange fluctuations; this risk is mitigated by buying currency forward.

Page 1

 
TANCIA (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Financial key performance indicators
 
Given the straightforward nature of the business the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board and signed on its behalf.



N J Cleere
Director

Date: 15 January 2025

Page 2

 
TANCIA (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the Directors' report and the consolidated 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 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 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 for the group'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 group will continue in business.

The directors are 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £181,238 (2023 - £39,176).

During the year, dividends were voted totalling £66,000 (2022: £100,000).

Directors

The directors who served during the year were:

A J Cleere 
N J Cleere 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director 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 and the group's auditors are aware of that information.

Page 3

 
TANCIA (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 15 January 2025 and signed on its behalf.
 





N J Cleere
Director

Page 4

 
TANCIA (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANCIA (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Tancia (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 group's and of the parent company's affairs as at 31 May 2024 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 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 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 or 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.


Page 5

 
TANCIA (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANCIA (HOLDINGS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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 group strategic report and Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and Directors' 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 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 Directors' 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 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.


Page 6

 
TANCIA (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANCIA (HOLDINGS) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 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.


Page 7

 
TANCIA (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANCIA (HOLDINGS) LIMITED (CONTINUED)


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 an Auditors' 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 group 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:

• The engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the sector which the
          company operates in;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
 o Companies Act 2006
 o FRS102
 o Health and Safety legislation
 o Employment legislation
 o Tax legislation 
• We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes and inspecting relevant correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit; and
• As auditors of all the active subsideries in the group we were able to cover the above matters at a group         and component level and thereby ensure the audit team were aware of the above matters across the    group. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    including stock provisions and the useful economic lives of tangible and intangible fixed assets, were    indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    group’s usual course of business. 
 
Page 8

 
TANCIA (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TANCIA (HOLDINGS) LIMITED (CONTINUED)



The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 Auditors' 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
24 January 2025
Page 9

 
TANCIA (HOLDINGS) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,220,157
10,706,691

Cost of sales
  
(7,542,157)
(7,634,378)

Gross profit
  
3,678,000
3,072,313

Distribution costs
  
(189,800)
(105,529)

Administrative expenses
  
(2,941,843)
(2,597,942)

Operating profit
 5 
546,357
368,842

Interest payable and similar expenses
 8 
(306,742)
(210,527)

Profit before taxation
  
239,615
158,315

Tax on profit
 9 
(58,377)
(119,139)

Profit for the financial year
  
181,238
39,176

Profit for the year attributable to:
  

Owners of the parent company
  
181,238
39,176

  
181,238
39,176

Total comprehensive income for the year attributable to:
  

Owners of the parent company
  
181,238
39,176

  
181,238
39,176

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
TANCIA (HOLDINGS) LIMITED
REGISTERED NUMBER: 07198683

CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
45,829
32,735

Tangible assets
 12 
9,429,877
9,720,061

Investments
 13 
-
6,500

  
9,475,706
9,759,296

Current assets
  

Stocks
 14 
2,902,270
2,418,467

Debtors: amounts falling due within one year
 15 
2,192,271
1,884,770

Cash at bank and in hand
 16 
24,631
22,955

  
5,119,172
4,326,192

Creditors: amounts falling due within one year
 17 
(3,251,830)
(2,755,973)

Net current assets
  
 
 
1,867,342
 
 
1,570,219

Total assets less current liabilities
  
11,343,048
11,329,515

Creditors: amounts falling due after more than one year
 18 
(3,010,513)
(3,146,049)

Deferred taxation
  
(521,687)
(487,856)

Net assets
  
7,810,848
7,695,610


Called up share capital 
 22 
100
100

Revaluation reserve
  
189,151
189,151

Profit and loss account
  
7,621,597
7,506,359

  
7,810,848
7,695,610


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 




N J Cleere
Director

Date: 15 January 2025

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
TANCIA (HOLDINGS) LIMITED
REGISTERED NUMBER: 07198683

COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
1,682,032
1,682,032

  
1,682,032
1,682,032

Current assets
  

Debtors: amounts falling due after more than one year
 15 
507,884
530,884

Cash at bank and in hand
 16 
54
15,500

  
507,938
546,384

Creditors: amounts falling due within one year
 17 
-
(36,431)

Net current assets
  
 
 
507,938
 
 
509,953

Total assets less current liabilities
  
2,189,970
2,191,985

  

Provisions for liabilities
  

Deferred taxation
  
(58,053)
(58,053)

Net assets
  
2,131,917
2,133,932


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
  
314,833
314,833

Profit and loss account carried forward
  
1,816,984
1,818,999

  
2,131,917
2,133,932


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 


N J Cleere
Director

Date: 15 January 2025

The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
TANCIA (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
100
189,151
7,506,359
7,695,610



Profit for the year
-
-
181,238
181,238

Dividends: Equity capital
-
-
(66,000)
(66,000)


At 31 May 2024
100
189,151
7,621,597
7,810,848



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
100
189,151
7,481,183
7,670,434



Profit for the year
-
-
39,176
39,176

Dividends: Equity capital
-
-
(14,000)
(14,000)


At 31 May 2023
100
189,151
7,506,359
7,695,610


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
TANCIA (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
100
314,833
1,818,999
2,133,932



Profit for the year
-
-
63,985
63,985

Dividends: Equity capital
-
-
(66,000)
(66,000)


At 31 May 2024
100
314,833
1,816,984
2,131,917



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
100
314,833
1,835,735
2,150,668



Loss for the year
-
-
(2,736)
(2,736)

Dividends: Equity capital
-
-
(14,000)
(14,000)


At 31 May 2023
100
314,833
1,818,999
2,133,932


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
TANCIA (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
181,238
39,176

Adjustments for:

Depreciation of tangible assets
371,575
326,082

Loss on disposal of tangible assets
204
7,047

Interest paid
306,742
210,527

Taxation charge
58,377
119,139

(Increase) in stocks
(483,803)
(78,161)

(Increase)/decrease in debtors
(307,501)
128,343

Increase/(decrease) in creditors
491,448
(141,977)

Corporation tax (paid)
(21,431)
(737)

Net cash generated from operating activities

596,849
609,439


Cash flows from investing activities

Purchase of intangible fixed assets
(13,094)
-

Purchase of tangible fixed assets
(93,184)
(697,318)

Sale of tangible fixed assets
11,589
6,851

Sale of unlisted and other investments
6,500
-

HP interest paid
(103,941)
(77,529)

Net cash from investing activities

(192,130)
(767,996)

Cash flows from financing activities

New secured loans
255,636
-

Repayment of loans
-
(153,511)

Repayment of/new finance leases
(332,727)
141,946

Dividends paid
(66,000)
(14,000)

Interest paid
(202,801)
(132,998)

Net cash used in financing activities
(345,892)
(158,563)

Net increase/(decrease) in cash and cash equivalents
58,827
(317,120)
Page 15

 
TANCIA (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
(303,743)
13,377

Cash and cash equivalents at the end of year
(244,916)
(303,743)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
24,631
22,955

Bank overdrafts
(269,547)
(326,698)

(244,916)
(303,743)


The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Tancia (Holdings) Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Innovations House, Ivy Road, Aldershot, GU12 4TX. The principal activity of the company is that of a holding and investment company.
The principal activity of the group during the year has been that of the wholesale distribution of promotional pens, stationery and related products.

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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis. 

Page 17

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 19

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is calculated to write off the cost of intangible fixed assets by equal annual instalments over the period of their estimated useful lives, which are reviewed on a regular basis. The useful life begins once the asset is brought into use.

 Amortisation is provided on the following bases:

Website development expenditure


-      5 years

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Consolidated statement of comprehensive income over its estimated economic life.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land and buildings are not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:


Freehold property
not depreciated
Plant and machinery
-
15/25% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 20

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.16

Creditors

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

 
2.17

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 21

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.
The areas in the financial statements where these judgements and estimates have been made include the following: 
1. The group makes key assumptions regarding the useful economic life of both intangible and tangible fixed assets and this is further described in notes 2.10 and 2.11 respectively.
2. The group makes key assumptions in determining a provision for slow moving stock based on the date that specific items of stock were last sold.


4.


Turnover

The whole of the turnover is attributable to the sale of wholesale pens, stationery, ink and related products.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,952,531
10,517,148

Rest of Europe
267,626
189,543

11,220,157
10,706,691



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
371,575
326,082

Exchange differences
(6,705)
(4,341)

Other operating lease rentals
174,157
157,460

Defined contribution pension costs
95,850
92,717

Page 22

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the auditors  for the audit of the consolidated and parent company's financial statements
20,260
18,935


All other services
3,085
3,995


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
3,828,425
3,581,386

Social security costs
308,429
285,659

Cost of defined contribution scheme
151,008
92,717

4,287,862
3,959,762


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Production and administration
130
127
-
-

132
129
2
2


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
201,232
132,998

Finance leases and hire purchase contracts
103,941
77,529

Other interest payable
1,569
-

306,742
210,527

Page 23

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Taxation


2024
2023
£
£

Corporation Tax


Current tax on profits for the year
24,546
-


Total current tax
24,546
-

Deferred tax


Origination and reversal of timing differences
33,831
105,206

Revaluation of freehold property
-
13,933

Total deferred tax
33,831
119,139


Tax on profit
58,377
119,139
Page 24

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19/25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
239,615
158,315


Profit/(loss) on ordinary activities multiplied by effective rate of corporation tax in the UK of 25% (2023 - 19%)
59,904
32,192

Effects of:


Expenses not deductible for tax purposes/income not taxable, other than goodwill amortisation and impairment
1,103
(2,940)

Utilisation of tax losses
(96,779)
-

Depreciation for year (lower than)/in excess of capital allowances
62,862
(104,261)

(Loss)/profit on disposal of fixed assets
51
1,409

Unrelieved tax losses carried forward
-
73,600

Group relief
(2,215)
-

Marginal relief
(380)
-

Deferred tax movement
33,831
119,139

Total tax charge for the year
58,377
119,139

Page 25

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends paid
66,000
14,000

66,000
14,000


11.


Intangible assets

Group and Company





Development expenditure
Goodwill
Negative goodwill
Total

£
£
£
£



Cost


At 1 June 2023
32,735
78,500
(403,076)
(291,841)


Additions
13,094
-
-
13,094



At 31 May 2024

45,829
78,500
(403,076)
(278,747)



Amortisation


At 1 June 2023
-
78,500
(403,076)
(324,576)



At 31 May 2024

-
78,500
(403,076)
(324,576)



Net book value



At 31 May 2024
45,829
-
-
45,829



At 31 May 2023
32,735
-
-
32,735



Page 26

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 June 2023
7,355,709
5,060,611
156,022
12,572,342


Additions
-
64,689
28,495
93,184


Disposals
-
(48,917)
(13,995)
(62,912)



At 31 May 2024

7,355,709
5,076,383
170,522
12,602,614



Depreciation


At 1 June 2023
-
2,728,267
124,014
2,852,281


Charge for the year on owned assets
-
160,797
2,990
163,787


Charge for the year on financed assets
-
197,255
10,533
207,788


Disposals
-
(39,222)
(11,897)
(51,119)



At 31 May 2024

-
3,047,097
125,640
3,172,737



Net book value



At 31 May 2024
7,355,709
2,029,286
44,882
9,429,877



At 31 May 2023
7,355,709
2,332,344
32,008
9,720,061

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Land and buildings
189,880
189,880

Plant and machinery
1,117,781
1,288,451

Motor vehicles
37,365
19,404

1,345,026
1,497,735

On a cost basis, land and buildings would have been included at a value of £7,040,876

Page 27

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Fixed asset investments

Group





Unlisted investments

£





At 1 June 2023
17,951


Disposals
(17,951)



At 31 May 2024

-





At 1 June 2023
11,451


Impairment on disposals
(11,451)



At 31 May 2024

-



Net book value



At 31 May 2024
-



At 31 May 2023
6,500

Page 28

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Company





Investments in subsidiary companies
Investment property
Total

£
£
£



Cost or valuation


At 1 June 2023
579,292
1,102,740
1,682,032



At 31 May 2024
579,292
1,102,740
1,682,032






Net book value



At 31 May 2024
579,292
1,102,740
1,682,032



At 31 May 2023
579,292
1,102,740
1,682,032


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Tancia Limited
Innovations House              Ivy Road                              Aldershot                           GU12 4TX
Ordinary
100%


14.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
2,902,270
2,418,467

2,902,270
2,418,467


Page 29

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
507,884
530,884

-
-
507,884
530,884


Group
Group
2024
2023
£
£


Trade debtors
1,768,951
1,543,512

Other debtors
12,124
28,527

Prepayments and accrued income
411,196
312,731

2,192,271
1,884,770



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
24,631
22,955
54
15,500

Less: bank overdrafts
(269,547)
(326,698)
-
-

(244,916)
(303,743)
54
15,500


Page 30

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
269,547
326,698
-
-

Bank loans
414,625
276,489
-
15,000

Trade creditors
973,830
663,369
-
-

Corporation tax
24,546
21,431
-
21,431

Other taxation and social security
725,072
733,773
-
-

Obligations under finance lease and hire purchase contracts
318,528
398,219
-
-

Other creditors
348,322
235,492
-
-

Accruals and deferred income
177,360
100,502
-
-

3,251,830
2,755,973
-
36,431



18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
2,581,458
2,463,958

Net obligations under finance leases and hire purchase contracts
429,055
682,091

3,010,513
3,146,049



The following liabilities were secured:
Group
Group
2024
2023
£
£


Hire purchase contracts
747,583
1,080,310

Bank loans
2,751,250
2,511,250

3,498,833
3,591,560

Details of security provided:

The bank loans and overdraft are secured by way of an unlimited gurantee given by the company and by a fixed legal charge over Tancia Limited's freehold property.

Obligations under finance leases and hire purchase contracts are secured against assets to which they relate.

Page 31

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
414,625
276,489
-
15,000

Amounts falling due 1-2 years

Bank loans
180,208
177,500
-
-

Amounts falling due 2-5 years

Bank loans
580,000
350,208
-
-

Amounts falling due after more than 5 years

Bank loans
1,821,250
1,936,250
-
-

2,996,083
2,740,447
-
15,000



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
318,528
398,219

Between 1-5 years
429,055
682,091

747,583
1,080,310


21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(487,856)
(368,717)


Charged to profit or loss
(33,831)
(119,139)



At end of year
(521,687)
(487,856)

Page 32

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
21.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
(58,053)
(44,120)


Charged to profit or loss
-
(13,933)



At end of year
(58,053)
(58,053)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(429,586)
(429,803)
-
-

Tax losses carried forward
(34,048)
-
-
-

Freehold property revaluation surplus
(58,053)
(58,053)
(58,053)
(58,053)

(521,687)
(487,856)
(58,053)
(58,053)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



75 (2023 - 75) Ordinary A shares of £1.00 each
75
75
25 (2023 - 25) Ordinary B shares of £1.00 each
25
25

100

100

Subsequent to the year end the company has re-organised its share capital into 30A, 30B, 20C & 20D shares of £1 each.



23.


Pension commitments

The group operates defined contribution pension schemes. The assets of the scheme are held separately from those of the group  in independently administered funds. The pension cost charge represents contributions payable by the group  to the funds and amounted to £92,717 (2022 - £44,537). 

Page 33

 
TANCIA (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

24.


Commitments under operating leases

At 31 May 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
84,776
33,370

Later than 1 year and not later than 5 years
106,035
-

190,811
33,370

25.


Related party transactions

Included within other creditors due within one year are amounts due to the directors of £195,478 (2023: £195,478). These amounts are repayable on demand and do not carry interest.
Included within other creditors due within one year are amounts due to the Cleere Pension Fund of £nil (2023: £26,667). 


26.


Controlling party

There is no single ultimate controlling party.

 
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