Company registration number 02480571 (England and Wales)
TLC (SOUTHERN) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
TLC (SOUTHERN) LIMITED
COMPANY INFORMATION
Directors
Mr P C West
Mr R D G MacGregor
Mr T J Carr
Mr N Greenwood
Secretary
Mr N Greenwood
Company number
02480571
Registered office
The TLC Building
Newton Road
Crawley
West Sussex
RH10 9TS
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
The TLC Building
Newton Road
Crawley
West Sussex
RH10 9TS
TLC (SOUTHERN) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
TLC (SOUTHERN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

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

Fair review of the business

Results and performance:

In light of the increase in the turnover together with an enhanced gross profit margin and continued tight controls over the administrative expenses, the directors considered the results for the year to be satisfactory.

 

Business environment:

The market remains extremely competitive. The company's continued strategies of stock management, a strong presence on the internet, direct deliveries, click and collect options and counter service throughout all its outlets will ensure that the company will maintain the performance levels and share of the electrical supply market.

 

Strategy:

To ensure the company's future success, it is essential that product availability and price are competitive maintaining our loyal client base. During the next year we will consolidate our position, concentrating on achieving year on year growth. This strategy will be helped by improving efficiency in all areas including pricing and cost reduction

Key performance indicators

 

The board monitor progress across a range of financial targets. The main key performance indicators are turnover and gross profit margin.

 

2024

2023

 

 

 

Turnover

£106,014,550

£103,498,938

Gross Profit

Gross Profit ratio

£38,205,367

36.0%

£35,078,919

33.9%

Principal risks and uncertainties

 

Market risk

Our major risk is that of our competitors. It is therefore important that we maintain our presence at both counter and internet services. In order to do so, we will continue with our strong advertising campaign through the media with our attractive quarterly catalogue and social media.

 

Liquidity risk

The company will continue with its successful policy managing the cash resources centrally ensuring that it has sufficient liquid resources to meet the operating expenses of the business. Due to the company’s strategy of having sufficient cash resources it was able to acquire an additional outlet post year end without having to rely on financial institutions, avoiding additional financial costs.

 

Technology risk

The company is subject to risks relating to its ability to implement and maintain effective systems to process a high volume of transactions with customers. A failure to manage technology infrastructure and systems would adversely affect company performance. To ensure that our systems are maintained at the highest levels, regular reviews are undertaken, with qualified personnel implementing changes where appropriate.

TLC (SOUTHERN) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Future developments

The company continues to trade with all its 36 outlets operating to their full potential, offering counter service, click and collect and internet services. The policy of maintaining a healthy cash resource has proved beneficial with the tightening of interest rates enabling it to operate as normal without incurring additional expenses.

In the seven months since the reporting date, the turnover has increased when compared to the same period in the previous year. This together with the acquisition of the additional outlet will ensure that additional revenue will be achieved by the company.

Section 172(1) Statement

This section describes how the directors have had regard to the matters set out in section 172(1) (a) to (f) Companies Act 2006 in exercising their duty to promote the success of the company for the benefit of its members.

Those matters were addressed as follows: -

a. The likely consequences of any decisions in the long term

The directors remain mindful that their strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed. During the year, the directors balanced the need for capital expenditure on enhancing information systems and branch refurbishments with a desire to remain resilient to risks being posed by the long-term trends emerging in relation to multichannel retailing and latterly by the onset of the impact of coronavirus on all aspects of its business.

b. The interests of the Company’s employees

The directors take active steps to ensure that the suggestions, views and interests of staff members are gathered and considered in its decision making. The company benefits from having directors who are actively involved daily by maintaining regular communication, attendance and meetings with branch staff. Further examples of how the directors engage with its staff include regular updates on business performance KPI’s, linking an element of employee reward to the financial success of the Company, offering the employees the opportunity for career development and regular communication where necessary from the Company’s in house human resources department on all major matters of importance including the welfare and health and safety of the workforce.

c. The need to foster the Company’s business relationships with customers and suppliers

To this end, customer reviews are obtained from Trustpilot on a regular basis together other social media sites. This enables the company to acquire products that its client base. Details of the extensive range of products which are reviewed regularly, can be found it its attractive quarterly catalogue and website.

Regular dialogue is maintained with key suppliers both on site and at their premises, keeping them apprised of current market trends.

d. The impact of the Company's operations on the community and the environment

The Directors are committed to supporting the communities throughout the cities and towns where its branches are based and being environmentally responsible. The company is committed to minimising its environmental impact by reducing both the carbon intensity of its activities and the natural resources it uses through the development and operation of good business practices to manage resources more efficiently through their lifecycle.

The company through its branch refurbishment programme, is continuously looking at ways of reducing its energy use, particularly in areas such as lighting and heating and its vehicle fleet which is currently being overhauled with older vehicles been replaced with modern, more environmentally friendly models.

The company continues to liaise with suppliers to eliminate avoidable plastics in product packaging. The company will continue to keep under review what process changes can be made to its operation to reduce the impact on the environment.

TLC (SOUTHERN) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

e. The desirability of the Company maintaining a reputation for high standards of business conduct

The directors pride themselves on the company's long history of honesty and integrity in its business dealings. The company recognises the importance of operating a robust corporate governance framework and notwithstanding its private company status strives to adopt best practices such as those set out in the 2018 Wates corporate governance publication.

f. The need to act fairly between members of the Company

The directors are all long-term members with two directors being active working directors. This close involvement assists greatly in ensuring that their interests are aligned.

On behalf of the board

Mr N Greenwood
Director
30 January 2025
TLC (SOUTHERN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of wholesalers and merchants to the electrical installation industry.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,000,000 (2023: £2,000,000). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P C West
Mr R D G MacGregor
Mr T J Carr
Mr N Greenwood
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating and strategic needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits and hire purchase liabilities.The company uses fixed rate borrowings so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in Sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

TLC (SOUTHERN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
Employee involvement

The company's policy is to consult and discuss with employees, through regular meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Business relationships

The S172(1) statement in the strategic report details how the directors have had regard to the need to foster business relationships with suppliers, customers and other stakeholders during the year.

Future developments

TLC (Southern) Limited plan to continue opening new branches and expand existing sites.

Auditor

The auditor, Sumer Audit, is deemed reappointed under Section 487(2) of the Companies Act 2006.

Streamlined energy and carbon reporting
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
5,559,163
6,082,067
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
250.00
324.00
- Fuel consumed for owned transport
648.00
793.00
898.00
1,117.00
Scope 2 - indirect emissions
- Electricity purchased
214.00
225.00
Scope 3 - other indirect emissions
- Electricity T&D
19.00
4.00
Total gross emissions
1,131.00
1,346.00
Intensity ratio
KG CO2e per square meter
49
51
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the ESOS Methodology in conjunction with Government GHG reporting conversion factors (2022: "Greenhouse gas reporting: conversion factors 2022" conversion figures for CO2e which were used along with the fuel property figures to determine the kWh). In line with the requirements, the usage has been recorded from supplier invoices and metered data. The above figures are reproduced from an independent report commissioned by the company using a leading UK energy consultants company.

TLC (SOUTHERN) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
Intensity measurement

We have chosen the metric to normalise emissions being based on occupied square meters of building during the financial reporting period.

Measures taken to improve energy efficiency

TLC (Southern) Limited continue to strive for energy and carbon reduction arising from their activities. During this reporting period, TLC (Southern) Limited have:

Matters covered in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr N Greenwood
Director
30 January 2025
TLC (SOUTHERN) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TLC (SOUTHERN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TLC (SOUTHERN) LIMITED
- 8 -
Opinion

We have audited the financial statements of TLC (Southern) Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TLC (SOUTHERN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLC (SOUTHERN) LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.

TLC (SOUTHERN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLC (SOUTHERN) LIMITED
- 10 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tony Summers (Senior Statutory Auditor)
For and on behalf of Sumer Audit
30 January 2025
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
TLC (SOUTHERN) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
Notes
£
£
Revenue
3
106,014,550
103,498,938
Cost of sales
(67,809,183)
(68,420,019)
Gross profit
38,205,367
35,078,919
Distribution costs
(2,317,515)
(2,351,375)
Administrative expenses
(29,260,735)
(26,229,291)
Other operating income
161,937
150,015
Operating profit
4
6,789,054
6,648,268
Investment income
981,750
348,880
Finance costs
(65,306)
(29,251)
Profit before taxation
7,705,498
6,967,897
Tax on profit
8
(1,981,079)
(1,396,004)
Profit for the financial year
5,724,419
5,571,893
TLC (SOUTHERN) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2024
31 May 2024
- 12 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
10
808,207
1,033,642
Other intangible assets
10
16,162
3,183
Total intangible assets
824,369
1,036,825
Property, plant and equipment
11
5,310,422
5,618,199
6,134,791
6,655,024
Current assets
Inventories
13
18,666,381
17,861,749
Trade and other receivables
14
4,659,728
4,299,906
Cash and cash equivalents
25,182,957
22,054,735
48,509,066
44,216,390
Current liabilities
15
(12,952,938)
(12,557,789)
Net current assets
35,556,128
31,658,601
Total assets less current liabilities
41,690,919
38,313,625
Non-current liabilities
16
(174,992)
(457,917)
Provisions for liabilities
Deferred tax liability
18
86,400
150,600
(86,400)
(150,600)
Net assets
41,429,527
37,705,108
Equity
Called up share capital
20
5,000
5,000
Retained earnings
41,424,527
37,700,108
Total equity
41,429,527
37,705,108
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr N Greenwood
Director
Company registration number 02480571 (England and Wales)
TLC (SOUTHERN) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 June 2022
5,000
34,128,215
34,133,215
Year ended 31 May 2023:
Profit and total comprehensive income
-
5,571,893
5,571,893
Dividends
9
-
(2,000,000)
(2,000,000)
Balance at 31 May 2023
5,000
37,700,108
37,705,108
Year ended 31 May 2024:
Profit and total comprehensive income
-
5,724,419
5,724,419
Dividends
9
-
(2,000,000)
(2,000,000)
Balance at 31 May 2024
5,000
41,424,527
41,429,527
TLC (SOUTHERN) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
6,806,977
6,799,069
Interest paid
(65,306)
(29,251)
Income taxes paid
(1,867,401)
(1,359,578)
Net cash inflow from operating activities
4,874,270
5,410,240
Investing activities
Purchase of intangible assets
(19,395)
-
0
Purchase of property, plant and equipment
(56,873)
(163,170)
Proceeds from disposal of property, plant and equipment
122,941
44,101
Interest received
981,750
348,880
Net cash generated from investing activities
1,028,423
229,811
Financing activities
Payment of finance leases obligations
(558,777)
(312,168)
Repayment of shareholder loans/dividends paid
(2,215,694)
(3,891,427)
Net cash used in financing activities
(2,774,471)
(4,203,595)
Net increase in cash and cash equivalents
3,128,222
1,436,456
Cash and cash equivalents at beginning of year
22,054,735
20,618,279
Cash and cash equivalents at end of year
25,182,957
22,054,735
TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
1
Accounting policies
Company information

TLC (Southern) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The TLC Building, Newton Road, Crawley, West Sussex, RH10 9TS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company's principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Upon making acquisitions of Dukelight Limited, Kaywol Ltd and T.L.Carr (Electrical Supplies) Limited in previous years, the trade and certain net assets from all entities were immediately transferred to TLC (Southern) Limited, at which point the acquired subsidiaries ceased to trade. The cost of the company's investment in each subsidiary undertaking reflected the underlying fair value of its net assets and goodwill at the time of its acquisition. As a result of this transfer, the value of the company's investments in the subsidiaries fell below the amount at which it was stated in the company's accounting records.

The Companies Act requires that the investments be written down accordingly and that the amount be charged as a loss in the company's profit and loss account. However, the directors consider that, as there has been no overall loss to the group, it would fail to give a true and fair view to charge the diminution to the company's profit and loss account and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise in the company's individual balance sheet, the effective cost to the company of those net assets and goodwill.

 

The recognised goodwill is being written off over 5 to 10 years in equal annual instalments.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% straight line
1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
over the term of the lease
Plant and equipment
12.5% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% diminishing balance & 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

Basis of consolidation

The company has a subsidiary undertaking that has been excluded from consolidation as the net assets were transferred into TLC (Southern) Limited upon acquisition and in the opinion of the Directors, its inclusion is not material for the purpose of giving a true and fair view. The company has therefore taken advantage of the exemption provided by Section 402 of the Companies Act 2006 not to prepare group accounts. TLC (Southern) Limited therefore presents information about it as an individual entity, not as a group.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives of the assets. This is reassessed annually and amended where necessary to reflect current estimates, based on technological advancement, economic utilisation and the physical condition of the assets. For tangible assets, see note 11 for the carrying amount and note 1.6 in the accounting policy section for the useful economic lives of different classes of assets.

Dilapidation provision

The directors have considered their dilapidation obligations for each branch and have concluded that this obligation is immaterial to the financial statements, and therefore this has not been provided for.

Stock valuation

Refer to accounting policy 1.8.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
3
Revenue

All revenue was derived from the sale of electrical supplies.

2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
105,707,669
103,192,781
Europe
169,645
114,636
Rest of the World
137,236
191,521
106,014,550
103,498,938
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned property, plant and equipment
275,623
352,895
Depreciation of property, plant and equipment held under finance leases
339,474
239,139
Profit on disposal of property, plant and equipment
(66,126)
(18,539)
Amortisation of intangible assets
231,851
231,802
Operating lease charges
2,662,009
2,338,469
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
48,100
26,400
For other services
Taxation compliance services
2,675
2,675
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
370
364
Admin
31
31
Total
401
395
TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
13,223,760
11,931,292
Social security costs
1,435,925
1,210,512
Pension costs
337,483
306,188
14,997,168
13,447,992
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
311,839
304,051
Company pension contributions to defined contribution schemes
9,015
8,896
320,854
312,947

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
156,534
154,481
Company pension contributions to defined contribution schemes
4,696
4,634
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,050,000
1,470,000
Adjustments in respect of prior periods
(4,721)
(13,796)
Total current tax
2,045,279
1,456,204
Deferred tax
Origination and reversal of timing differences
(64,200)
(60,200)
Total tax charge
1,981,079
1,396,004
TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
7,705,498
6,967,897
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
1,926,375
1,393,579
Tax effect of expenses that are not deductible in determining taxable profit
(16,163)
(36,330)
Adjustments in respect of prior years
(4,721)
(13,796)
Permanent capital allowances in excess of depreciation
-
0
(9,169)
Depreciation on assets not qualifying for tax allowances
17,625
15,353
Amortisation on assets not qualifying for tax allowances
57,963
46,367
Taxation charge for the year
1,981,079
1,396,004
9
Dividends
2024
2023
£
£
Interim dividend declared in year
2,000,000
2,000,000
10
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 June 2023
2,037,184
19,100
2,056,284
Additions - internally developed
-
0
19,395
19,395
At 31 May 2024
2,037,184
38,495
2,075,679
Amortisation and impairment
At 1 June 2023
1,003,542
15,917
1,019,459
Amortisation charged for the year
225,435
6,416
231,851
At 31 May 2024
1,228,977
22,333
1,251,310
Carrying amount
At 31 May 2024
808,207
16,162
824,369
At 31 May 2023
1,033,642
3,183
1,036,825
TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
11
Property, plant and equipment
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
4,470,468
656,287
1,151,407
3,182,723
2,377,581
11,838,466
Additions
-
0
-
0
148
54,555
302,945
357,648
Disposals
-
0
-
0
-
0
-
0
(583,928)
(583,928)
Transfers
-
0
-
0
(22,222)
22,222
-
0
-
0
At 31 May 2024
4,470,468
656,287
1,129,333
3,259,500
2,096,598
11,612,186
Depreciation and impairment
At 1 June 2023
563,355
479,600
1,090,754
2,936,845
1,149,713
6,220,267
Depreciation charged in the year
49,143
40,874
4,585
155,243
365,252
615,097
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(533,600)
(533,600)
At 31 May 2024
612,498
520,474
1,095,339
3,092,088
981,365
6,301,764
Carrying amount
At 31 May 2024
3,857,970
135,813
33,994
167,412
1,115,233
5,310,422
At 31 May 2023
3,907,113
176,687
60,653
245,878
1,227,868
5,618,199

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
1,051,201
1,122,613
12
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
T.L.Carr (Electrical Supplies) Limited
A
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

A
Unit 1a William Way Burgess Hill, West Sussex, RH15 9AG
TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
13
Inventories
2024
2023
£
£
Finished goods and goods for resale
18,666,381
17,861,749
14
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
2,591,988
2,567,038
Other receivables
757,068
619,117
Prepayments and accrued income
1,310,672
1,113,751
4,659,728
4,299,906
15
Current liabilities
2024
2023
Notes
£
£
Obligations under finance leases
17
482,598
457,675
Trade payables
7,688,277
7,615,187
Corporation tax
691,885
514,007
Other taxation and social security
1,461,760
1,253,472
Other payables
2,275,115
2,476,124
Accruals and deferred income
353,303
241,324
12,952,938
12,557,789
16
Non-current liabilities
2024
2023
Notes
£
£
Obligations under finance leases
17
174,992
457,917

 

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
482,598
457,675
In two to five years
174,992
457,917
657,590
915,592
TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
17
Finance lease obligations
(Continued)
- 26 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases and hire purchase contracts are secured on the related assets.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
86,400
150,600
2024
Movements in the year:
£
Liability at 1 June 2023
150,600
Credit to profit or loss
(64,200)
Liability at 31 May 2024
86,400

The directors have considered the deferred tax liabilities notes above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
337,483
306,188

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
2,085,028
1,869,413
Between two and five years
5,234,042
5,477,855
In over five years
1,517,905
1,790,836
8,836,975
9,138,104
22
Events after the reporting date

On 29 October 2024, the company acquired 100% of the share capital in UK Electrical Wholesale Limited for consideration of £1,685,356.

23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
359,809
353,001

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Non-director shareholders
(200,000)
(400,000)
24
Directors' transactions

£1,800,000 of dividends (2023 - £1,800,000) were declared in the year in respect of shares held by the company's directors.

At the financial reporting date, the amount owed to the directors was £1,607,177 (2023 - £1,622,871). This balance is included within current liabilities. No interest is charged on the loans and the entire balance is considered repayable on demand.

TLC (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
5,724,419
5,571,893
Adjustments for:
Taxation charged
1,981,079
1,396,004
Finance costs
65,306
29,251
Investment income
(981,750)
(348,880)
Gain on disposal of property, plant and equipment
(72,613)
(18,539)
Amortisation and impairment of intangible assets
231,851
231,802
Depreciation and impairment of property, plant and equipment
615,097
592,034
Movements in working capital:
(Increase)/decrease in inventories
(804,632)
940,204
Increase in trade and other receivables
(359,822)
(632,812)
Increase/(decrease) in trade and other payables
408,042
(961,888)
Cash generated from operations
6,806,977
6,799,069
26
Analysis of changes in net funds
1 June 2023
Cash flows
New finance leases
31 May 2024
£
£
£
£
Cash at bank and in hand
22,054,735
3,128,222
-
25,182,957
Obligations under finance leases
(915,592)
558,777
(300,775)
(657,590)
21,139,143
3,686,999
(300,775)
24,525,367
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