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Registration number: 05838425

TCi (GB) Ltd

Annual Report and Financial Statements

for the Year Ended 30 June 2024

image-name
 

TCi (GB) Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 24

 

TCi (GB) Ltd

Company Information

Directors

A N Perkis

A J Slee

C J Pyne

J N Capron

C Bowden

Mr A J Sealey

Mrs R L Sealey

Registered office

Unit 21 Hele Manor Roundswell
Barnstaple
Devon
EX31 3UL

Auditors

Westcotts (SW) LLP 80 Oxford Street
Burnham-On-Sea
Somerset
TA8 1EF

 

TCi (GB) Ltd

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Fair review of the business

The Board of Directors presents their strategic report for the year ended 30 June 2024

TCi (GB) Ltd operates within the specialist industrial and commercial construction, fit-out, and refurbishment sectors. For the year ended 30 June 2024, the company achieved a turnover of £42,438,455, reflecting a 33% increase from £31,860,763 in 2023. This growth aligns with the company’s strategic objectives, though it was accompanied by a 39% rise in the cost of sales, from £25,476,927 to £35,619,121, which was anticipated due to tighter contract margins on certain projects. Despite this, the company delivered a gross profit of £6,819,334 (2023: £6,383,836) and a profit before tax of £2,929,262 (2023: £2,803,437), demonstrating resilience amid rising costs.

Review of Business

The Board of Directors oversees the company, managing two distinct divisions: TCi Construction WORKS and TCi Furniture WORKS.

1. TCi Construction WORKS operates as a full-service design-and-build contractor, delivering commercial development projects from concept to completion. With extensive expertise in fitting out and refurbishing clean rooms and GMP environments, the division serves pharmaceuticals, catering, nuclear, and medical manufacturing industries. In 2024, income from this division increased by 29%, driven by additional projects that were managed efficiently without straining overheads or personnel resources. This sustainable growth highlights the division’s ability to scale operations effectively.

2. TCi Furniture WORKS specialises in supplying commercial office furniture and workplace equipment, offering design, delivery, and installation services across the UK to businesses and construction sites. Income from this division increased by 21% in 2024, a sustainable shift attributed to its business model, which relies heavily on variable costs tied to revenue.

The company’s primary objective is to leverage its core strengths, high professionalism, agility, and flexibility, to maintain relationships with existing clients for repeat business while also attracting new clients within its target industries. TCi is committed to achieving sustainable growth across both divisions. Administrative expenses increased from last year to £3,959,410 (2023: £3,596,602) as expected, due to a shift towards more PAYE personnel, which reduces reliance on subcontractor expenses. This strategy aligns with operational efficiencies and strengthens the company’s growth trajectory.

TCi remains committed to advancing research and development (R&D) to improve products and enhance operational efficiency. As in previous years, the company has focused on acquiring and implementing an asset management system that can seamlessly integrate into a bespoke back-office platform, providing clients with both cost savings and sustainability benefits. Moreover, efforts have been directed towards enhancing the eco360 product, highlighting TCi’s dedication to innovation.

The key financial performance indicators for both divisions are profitable turnover and excellent customer service, with the 2024 results demonstrating a healthy balance of growth and stability. Net assets rose to £7,927,000 (2023: £6,283,622), supported by retained earnings, while cash reserves climbed to £7,034,981 (2023: £5,709,333), improving financial flexibility.

Principal risks and uncertainties

 

TCi (GB) Ltd

Strategic Report for the Year Ended 30 June 2024 (continued)

The directors proactively identify and mitigate risks that could disrupt business activities through internal audits. Key risks include:

Market and supply chain volatility due to geopolitical and domestic economic factors:
TCi spreads supply chain and client risk by procuring contracts within multiple sectors and a wide range of clients. As a company, TCi operates two interconnected and supporting divisions, functioning as both a supplier contractor to major construction projects and a specialist construction contractor. Each division follows a business development plan that ensures the company cannot become overly reliant on a particular customer or group of customers.

Health and safety incidents, RIDDOR, and LTIs:
Business exposure within industrial operations affects personnel, downtime, investigation, rectification, and potential litigation.

An in-house Health and safety consultant ensures that the long-term risk to the company through potential legal consequences of accidents or hazards at work is minimised, committing to our Zero Harm Workplaces initiative. For 2023, the company recorded over 301,526 working hours without a RIDDOR (time lost) injury, which complements an 18-year history of exemplary safety practice.

Enterprise resource planning (ERP) system capability:
The company recognises that limitations will soon be reached within the current system due to continual growth and development.

Following company-wide IT upgrades the previous year, TCi is in a strong position to research and implement a long-term solution quickly. The directors continue to monitor business needs for software enhancements and will implement improvements to the ERP system, which will require R&D expenditures and result in increased operating costs to be factored into subsequent budgets.

Project performance:
Managing project schedules and resources at the same time increases the chances of delivery failures due to internal issues, client demands, or supply chain disruptions. To mitigate this, directors and department heads conduct quarterly reviews to evaluate progress, staff performance, risks, cash flow, and overhead variances. This process ensures effective project delivery, which is evidenced by the year’s operational accomplishments.

Conclusion:
The year ended 30 June 2024 showcased TCi (GB) Ltd’s ability to achieve significant turnover growth while navigating rising costs and operational challenges. With sustained Profits, increased net assets, and a strong cash position, the company is poised to pursue sustainable growth and innovation in the coming years.

Approved and authorised by the Board on 12 March 2025 and signed on its behalf by:
 

.........................................
Mr A J Sealey
Director

 

TCi (GB) Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

A N Perkis

A J Slee

C J Pyne

J N Capron

C Bowden

Mr A J Sealey

Mrs R L Sealey

Financial instruments

In the financial year, the company utilised various financial instruments to manage risk and optimise returns in accordance with the company's financial strategy.

Objectives and policies

Principal activities:

The principal activity of the company in the year under review was that of supply of office furniture and
construction of office space.

Project performance:

Resourcing and scheduling of concurrent project programmes and the potential for failure to deliver due to business, client or supply chain challenges.

Price risk, credit risk, liquidity risk and cash flow risk

Directors & Department Managers have quarterly meetings to review progress, personnel, risk, cashflow and overhead variances.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 12 March 2025 and signed on its behalf by:
 


Mr A J Sealey
Director

 

TCi (GB) Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

 

TCi (GB) Ltd

Independent Auditor's Report to the Members of TCi (GB) Ltd

Opinion

We have audited the financial statements of TCi (GB) Ltd (the 'company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its 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 auditor 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 director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

TCi (GB) Ltd

Independent Auditor's Report to the Members of TCi (GB) Ltd (continued)

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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.

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

 

TCi (GB) Ltd

Independent Auditor's Report to the Members of TCi (GB) Ltd (continued)

 We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.

 The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements including health and safety laws and regulations, employment, anti-bribery, anti-money laundering and certain aspects of companies legislation.

 Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

......................................
David Wright (Senior Statutory Auditor)
For and on behalf of Westcotts (SW) LLP, Statutory Auditor
 80 Oxford Street
Burnham-On-Sea
Somerset
TA8 1EF

17 March 2025

 

TCi (GB) Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

42,438,455

31,860,763

Cost of sales

 

(35,619,121)

(25,476,927)

Gross profit

 

6,819,334

6,383,836

Administrative expenses

 

(3,959,410)

(3,596,602)

Other operating income

4

-

16,203

Operating profit

6

2,859,924

2,803,437

Other interest receivable and similar income

8

69,338

-

Profit before tax

 

2,929,262

2,803,437

Tax on profit

12

(749,664)

(577,713)

Profit for the financial year

 

2,179,598

2,225,724

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

TCi (GB) Ltd

(Registration number: 05838425)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

358,670

455,010

Current assets

 

Stocks

14

416,148

183,370

Debtors

15

5,890,543

5,568,666

Cash at bank and in hand

 

7,034,981

5,709,333

 

13,341,672

11,461,369

Creditors: Amounts falling due within one year

17

(5,734,264)

(5,578,360)

Net current assets

 

7,607,408

5,883,009

Total assets less current liabilities

 

7,966,078

6,338,019

Provisions for liabilities

18

(39,073)

(54,392)

Net assets

 

7,927,005

6,283,627

Capital and reserves

 

Called up share capital

5

5

Profit and loss account

21

7,927,000

6,283,622

Shareholders' funds

 

7,927,005

6,283,627

Approved and authorised by the Board on 12 March 2025 and signed on its behalf by:
 


Mr A J Sealey
Director

 

TCi (GB) Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

5

6,283,622

6,283,627

Profit for the year

-

2,179,598

2,179,598

Dividends

-

(536,220)

(536,220)

At 30 June 2024

5

7,927,000

7,927,005

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

5

4,408,328

4,408,333

Profit for the year

-

2,225,724

2,225,724

Dividends

-

(350,430)

(350,430)

At 30 June 2023

5

6,283,622

6,283,627

 

TCi (GB) Ltd

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,179,598

2,225,724

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

111,184

125,820

Profit on disposal of tangible assets

5

(22,911)

(24,012)

Finance income

8

(69,338)

-

Income tax expense

12

749,664

577,713

 

2,948,197

2,905,245

Working capital adjustments

 

Increase in stocks

14

(232,778)

(111,028)

Increase in trade debtors

15

(321,877)

(1,682,029)

(Decrease)/increase in trade creditors

17

(94,203)

1,048,449

Cash generated from operations

 

2,299,339

2,160,637

Income taxes paid

12

(514,876)

(688,537)

Net cash flow from operating activities

 

1,784,463

1,472,100

Cash flows from investing activities

 

Interest received

8

69,338

-

Acquisitions of tangible assets

(28,885)

(212,000)

Proceeds from sale of tangible assets

 

36,951

31,400

Net cash flows from investing activities

 

77,404

(180,600)

Cash flows from financing activities

 

Dividends paid

24

(536,220)

(350,431)

Net increase in cash and cash equivalents

 

1,325,647

941,069

Cash and cash equivalents at 1 July

 

5,709,333

4,768,264

Cash and cash equivalents at 30 June

 

7,034,980

5,709,333

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 21 Hele Manor Roundswell
Barnstaple
Devon
EX31 3UL

Principal activity

The principal activity of the company is that of supply of office furniture and construction of office space.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

The financial statements are prepared in sterling which is the functional currency of the entity.

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Tax

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

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

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

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Depreciation

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

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.

Asset class

Depreciation method and rate

Leasehold improvements

5% on cost

Plant and equipment

20% on cost

Fixtures and fittings

25% reducing balance

Computers

25% on cost

Motor vehicles

25% on cost

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

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

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
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.

A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Basic financial assets:
Basic financial assets, which include debtors 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.

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.

Basic financial liabilities:
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sales

42,438,455

31,848,763

Other revenue

-

12,000

42,438,455

31,860,763

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

-

16,203

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

22,911

24,012

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

111,184

125,820

Operating lease expense - plant and machinery

591,977

369,767

Profit on disposal of property, plant and equipment

(22,911)

(24,012)

7

Government grants

The amount of grants recognised in the financial statements was £Nil (2023 - £Nil).

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

69,338

-

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,204,897

2,236,134

Social security costs

227,124

171,830

Pension costs, defined contribution scheme

294,496

220,329

2,726,517

2,628,293

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

22

46

Administration and support

37

6

59

52

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

507,433

572,957

Contributions paid to money purchase schemes

260,390

196,524

767,823

769,481

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

In respect of the highest paid director:

2024
£

2023
£

Remuneration

103,897

168,659

Company contributions to money purchase pension schemes

1,321

1,321

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

12,000

12,000


 

12

Taxation

Tax charged/(credited) in the statement of comprehensive income

2024
£

2023
£

Current taxation

UK corporation tax

764,983

564,491

Deferred taxation

Arising from origination and reversal of timing differences

(15,319)

13,222

Tax expense in the income statement

749,664

577,713

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,929,262

2,803,437

Corporation tax at standard rate

732,316

575,313

Tax increase/(decrease) from effect of capital allowances and depreciation

21,046

(8,606)

Tax increase/(decrease) from other short-term timing differences

11,621

(113)

Deferred tax (credit)/expense from unrecognised temporary difference from a prior period

(15,319)

13,222

Tax decrease from effect of adjustment in research and development tax credit

-

(2,103)

Total tax charge

749,664

577,713

Deferred tax

Deferred tax assets and liabilities

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

13

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

227,985

91,835

109,762

147,160

319,745

896,487

Additions

-

1,767

-

15,527

11,591

28,885

Disposals

-

-

-

-

(111,814)

(111,814)

At 30 June 2024

227,985

93,602

109,762

162,687

219,522

813,558

Depreciation

At 1 July 2023

22,798

24,346

104,978

93,221

196,134

441,477

Charge for the year

11,400

17,316

2,629

26,590

53,250

111,185

Eliminated on disposal

-

-

-

-

(97,774)

(97,774)

At 30 June 2024

34,198

41,662

107,607

119,811

151,610

454,888

Carrying amount

At 30 June 2024

193,787

51,940

2,155

42,876

67,912

358,670

At 30 June 2023

205,187

67,489

4,784

53,939

123,611

455,010

Included within the net book value of land and buildings above is £205,187 (2023 - £216,586) in respect of long leasehold land and buildings.
 

14

Stocks

2024
£

2023
£

Finished goods and goods for resale

416,148

183,370

15

Debtors

2024
£

2023
£

Trade debtors

3,735,889

4,186,591

Other debtors

1,324,299

1,335,661

Prepayments

151,281

46,414

Gross amount due from customers for contract work

679,074

-

5,890,543

5,568,666

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

16

Cash and cash equivalents

2024
£

2023
£

Cash at bank

7,034,981

5,709,333

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

4,263,679

3,705,510

Social security and other taxes

 

537,430

915,875

Outstanding defined contribution pension costs

 

142,391

644

Other payables

 

214,893

631,903

Accruals

 

17,851

16,515

Corporation tax liability

12

558,020

307,913

 

5,734,264

5,578,360

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2023

54,391

54,391

Additional provisions

(15,318)

(15,318)

At 30 June 2024

39,073

39,073

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £294,496 (2023 - £220,329).

Contributions totalling £142,391 (2023 - £644) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

20

Share capital (continued)

2024

2023

No.

£

No.

£

Ordinary shares of 1p each of £0.01 each

491

5

455

5

Ordinary B shares of 1p each of £0.01 (2023 - £0) each

9

-

-

-

500

5

455

5

During the year 36 Ordinary shares of 1p each having an aggregate nominal value of £0.36 were allotted for an aggregate consideration of £0.36.
During the year 9 Ordinary B shares of 1p each having an aggregate nominal value of £0.09 were allotted for an aggregate consideration of £0.09.

21

Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

22

Secured debts

National Westminster Bank Plc and Handelsbanken Plc hold an unlimited debenture incorporating a fixed and floating charge over the assets of the company.

23

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

74,729

87,623

Later than one year and not later than five years

130,947

126,510

205,676

214,133

The amount of non-cancellable operating lease payments recognised as an expense during the year was £61,135 (2023 - £46,945).

24

Dividends

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

24

Dividends (continued)

   

2024

 

2023

   

£

 

£

Final dividend of £536,220.00 (2023 - £350,431.00)

 

536,220

 

350,431

         

25

Related party transactions

Summary of transactions with key management

Transactions with directors

2024

At 1 July 2023
£

At 30 June 2024
£

Mr A J Sealey

523

523

Mrs R L Sealey

293

293

2023

At 1 July 2022
£

At 30 June 2023
£

Mr A J Sealey

523

523

Mrs R L Sealey

293

293

Summary of transactions with associates

Expenditure with and payables to related parties

2024

2023

Associates
£

Leases

60,000

Loans to related parties

2024

Associates
£

Total
£

At start of period

1,184,933

1,184,933

At end of period

1,184,933

1,184,933

 

TCi (GB) Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

25

Related party transactions (continued)

2023

Associates
£

Total
£

At start of period

1,184,320

1,184,320

Advanced

613

613

At end of period

1,184,933

1,184,933

The directors Mr and Mrs Sealey were also paid premises rent during the year totalling £14,400 (2023 £14,400).

Dividends were paid to directors totalling £536,220 (2023: £350,431).

26

Parent and ultimate parent undertaking

Mr and Mrs Sealey are the ultimate controlling party by virtue of their shareholding.

 The ultimate controlling party is Mr & Mrs Sealey.