Company registration number 12175526 (England and Wales)
TIGGLE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TIGGLE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
TIGGLE LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
76,138
233,117
Investment property
5
12,618,735
15,700,389
Investments
6
131,538
131,538
12,826,411
16,065,044
Current assets
Stocks
2,933,424
484,446
Debtors
7
822,055
535,341
Cash at bank and in hand
756,056
14,296
4,511,535
1,034,083
Creditors: amounts falling due within one year
8
(53,850)
(155,038)
Net current assets
4,457,685
879,045
Total assets less current liabilities
17,284,096
16,944,089
Creditors: amounts falling due after more than one year
9
(205,901)
(17,534,420)
Net assets/(liabilities)
17,078,195
(590,331)
Capital and reserves
Called up share capital
10
18,274,947
1,000
Profit and loss reserves
(1,196,752)
(591,331)
Total equity
17,078,195
(590,331)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
Mr I J Faccenda
Director
Company registration number 12175526 (England and Wales)
TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Tiggle Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Willow Road, Brackley, Northants, NN13 7EX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets 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:

Fixtures and fittings
20% straight line
Motor vehicles
25% reducing balance

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.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 balance sheet 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.

TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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 profit and loss account 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 profit and loss account, 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.

1.11
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 fixed 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.

1.12
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property

As described in note 7 of the financial statements, the fair value of investment property at the year end is determined by the directors, with reference to third party reports and valuations. Considerations are made of the current and expected future use of the asset, the movements in the property market, and expected selling prices.

Work in progress

At each period end, the directors review the recoverability of work in progress. In assessing whether any impairment exists, the directors take into consideration the movements in the property market, the expected future use or selling price of the asset, and expected profits/losses on the project.

3
Employees

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

2024
2023
Number
Number
Total
5
4
TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
245,057
Additions
67,267
Disposals
(225,000)
At 31 May 2024
87,324
Depreciation and impairment
At 1 June 2023
11,940
Depreciation charged in the year
51,785
Eliminated in respect of disposals
(52,539)
At 31 May 2024
11,186
Carrying amount
At 31 May 2024
76,138
At 31 May 2023
233,117
5
Investment property
2024
£
Fair value
At 1 June 2023
15,700,389
Additions
554,818
Disposals
(3,934,700)
Revaluations
298,228
At 31 May 2024
12,618,735

Investment property comprises three properties. The fair value of the investment property has been determined by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and movements in the property market.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
13,057,382
16,352,564
Accumulated depreciation
-
-
Carrying amount
13,057,382
16,352,564
TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
131,538
131,538
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,000
1,000
Other debtors
436,288
356,084
437,288
357,084
Deferred tax asset
384,767
178,257
822,055
535,341
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,850
72,790
Corporation tax
-
0
1,247
Other creditors
22,000
81,001
53,850
155,038
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
205,901
17,534,420
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
18,274,947
1,000
18,274,947
1,000

During the year, a reorganisation of group companies was undertaken for Faccenda Holdings Limited and its subsidiaries. Faccenda Holdings Limited subscribed for an additional £18,273,947 in share capital.

TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Martin Anson
Statutory Auditor:
Whitley Stimpson Limited
Date of audit report:
25 February 2025
12
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
259,600
107,180
13
Capital commitments

At year end, Tiggle Limited had no post year end payment commitments (2023 - £278,212) to Urbanite Construction Limited due within 12 months, in relation to planned works at 41 Bennerley Road.

14
Related party transactions

In accordance with section 33.1A of FRS 102 disclosure is not given in these financial statements of transactions entered into between two or more members of the group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

 

During the year rental income was receivable by Tiggle Limited from Ian Faccenda of £90,042 (2023 - £102,580) and £192,622 (2023 - £102,580) was outstanding at the year end. This amount is included within other debtors.

 

During the year rental income was receivable by Tiggle Limited from Joseph Faccenda of £nil (2023 - £24,000).

 

During the year Tiggle Limited rented a property to Joseph Faccenda at a below market rate rent charge. No amounts were outstanding at year end.


During the year property construction and management costs of £647,553 (2023 - £360,598) were invoiced to Tiggle Limited by Urbanite Construction Limited, a company in which Joseph Faccenda is a director. £nil (2023 - £60,000) was outstanding at the year end. This amount is included within trade creditors.

 

During the year the Tiggle Limited sold a vehicle to Ben Faccenda at market value. No amounts were outstanding at year end.

TIGGLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
15
Parent company

The immediate parent company and the ultimate parent company of Tiggle Limited is Faccenda Holdings Limited. Faccenda Holdings Limited is incorporated and registered in England and Wales. Copies of the consolidated financial statements of Faccenda Holdings Limited are available from the registered office at Willow Road, Brackley, Northamptonshire, NN13 7EX

The ultimate controlling party is Payne Hicks Beach Trust Corporation Limited, a company acting as a corporate trustee for a number of trusts that own shares in Faccenda Holdings Limited.

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