Registration number:
TCi (GB) Ltd
for the Year Ended 30 June 2024
TCi (GB) Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Statement of Comprehensive Income |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
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 |
|
Auditors |
|
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
......................................... |
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:
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
|
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.
......................................
For and on behalf of
Burnham-On-Sea
Somerset
TA8 1EF
TCi (GB) Ltd
Statement of Comprehensive Income for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
2,859,924 |
2,803,437 |
|
Other interest receivable and similar income |
|
- |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
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 |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
5 |
5 |
|
Profit and loss account |
7,927,000 |
6,283,622 |
|
Shareholders' funds |
7,927,005 |
6,283,627 |
Approved and authorised by the
|
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 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2024 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 July 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
- |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Dividends paid |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 July |
|
|
|
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of supply of office furniture and construction of office space.
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
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)
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sales |
|
|
Other revenue |
- |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
- |
|
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 |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Government grants |
The amount of grants recognised in the financial statements was £Nil (2023 - £Nil).
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
- |
TCi (GB) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
767,823 |
769,481 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
TCi (GB) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the statement of comprehensive income
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase/(decrease) from other short-term timing differences |
|
( |
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
TCi (GB) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
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 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
Disposals |
- |
- |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 July 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
At 30 June 2024 |
|
|
|
|
|
|
Carrying amount |
||||||
At 30 June 2024 |
|
|
|
|
|
|
At 30 June 2023 |
|
|
|
|
|
|
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.
Stocks |
2024 |
2023 |
|
Finished goods and goods for resale |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Gross amount due from customers for contract work |
|
- |
|
|
TCi (GB) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
558,020 |
307,913 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Additional provisions |
( |
( |
At 30 June 2024 |
|
|
|
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 £
Contributions totalling £
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. |
£ |
|
|
|
5 |
|
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.
Reserves |
Profit and loss account
This reserve records retained earnings and accumulated losses.
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.
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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 |
350,431 |
||
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 |
||
|
|
|
Mrs R L Sealey |
||
|
|
|
2023 |
At 1 July 2022 |
At 30 June 2023 |
Mr A J Sealey |
||
|
|
|
Mrs R L Sealey |
||
|
|
|
Summary of transactions with associates
Expenditure with and payables to related parties
2024 |
|
2023 |
Associates |
Leases |
|
|
Loans to related parties
2024 |
Associates |
Total |
At start of period |
|
|
At end of period |
|
|
|
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 |
|
|
Advanced |
|
|
At end of period |
|
|
|
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).
Parent and ultimate parent undertaking |
The ultimate controlling party is