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REGISTERED NUMBER: 06367119 (England and Wales)
















Financial Statements for the Year Ended 31 December 2023

for


TGI Sport Ltd


TGI Sport Ltd (Registered number: 06367119)







Contents of the Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

3




TGI Sport Ltd


Company Information

for the Year Ended 31 December 2023









DIRECTORS:

I R W Buckley


P D Roberts





REGISTERED OFFICE:

5-6 Henrietta Street


London


WC2E 8PS





REGISTERED NUMBER:

06367119 (England and Wales)





SENIOR STATUTORY AUDITOR:

Michael Marcus FCA FCCA





AUDITORS:

TC Group


Statutory Auditor


First Floor


Spitalfields House


Stirling Way


Borehamwood


Hertfordshire


WD6 2FX


TGI Sport Ltd (Registered number: 06367119)


Balance Sheet

31 December 2023



31.12.23


31.12.22


Notes

£   

£   


FIXED ASSETS

Property, plant and equipment

4

2,234,141


2,574,275




CURRENT ASSETS

Debtors

5

2,036,992


1,054,721



Cash at bank

120,124


623,055



2,157,116


1,677,776



CREDITORS

Amounts falling due within one year

6

(5,027,609

)

(5,013,089

)


NET CURRENT LIABILITIES

(2,870,493

)

(3,335,313

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(636,352

)

(761,038

)



CAPITAL AND RESERVES

Called up share capital

7

1,000


1,000



Retained earnings

(637,352

)

(762,038

)


SHAREHOLDERS' FUNDS

(636,352

)

(761,038

)



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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:






P D Roberts - Director



TGI Sport Ltd (Registered number: 06367119)


Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



TGI Sport Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.    



Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of impairment of assets have had the most significant effects on amounts recognised in the financial statements.


Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Plant and machinery

-

10% on cost


Computer equipment

-

33% on cost


TGI Sport Ltd (Registered number: 06367119)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include 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.

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

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TGI Sport Ltd (Registered number: 06367119)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


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.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 3 (2022 - 3 ) .


4.

PROPERTY, PLANT AND EQUIPMENT


Plant and


Motor


Computer



machinery


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 January 2023

3,365,901


-


24,792


3,390,693




Additions

39,551


17,000


-


56,551




At 31 December 2023

3,405,452


17,000


24,792


3,447,244




DEPRECIATION


At 1 January 2023

805,350


-


11,069


816,419




Charge for year

385,686


2,361


8,637


396,684




At 31 December 2023

1,191,036


2,361


19,706


1,213,103




NET BOOK VALUE


At 31 December 2023

2,214,416


14,639


5,086


2,234,141




At 31 December 2022

2,560,551


-


13,723


2,574,274




TGI Sport Ltd (Registered number: 06367119)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Trade debtors

702,338


209,612




Amounts owed by group undertakings

441,689


-




Other debtors

105,187


29,339




Deferred tax asset

787,778


815,770



2,036,992


1,054,721




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Trade creditors

361,960


86,913




Amounts owed to group undertakings

4,586,731


4,745,109




Social security and other taxes

-


3,078




VAT

24,335


95,199




Accrued expenses

54,583


82,790



5,027,609


5,013,089




7.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.23


31.12.22


value:

£   

£   



1,000

Ordinary

£1

1,000


1,000




8.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was unqualified.



Michael Marcus FCA FCCA (Senior Statutory Auditor)


for and on behalf of TC Group


9.

RELATED PARTY DISCLOSURES



The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


10.

ULTIMATE CONTROLLING PARTY



The Company's ultimate parent and controlling party is TGI Sport Topco Pty, a company incorporated in New South Wales, Australia.  The Company's immediate parent is TGI Europe GmBH, a company incorporated in Germany.



The Company is a wholly owned subsidiary of TGI Europe GmBH (Germany) and is included in the consolidated financial statements of TGI Sport Midco 2 Pty Ltd, the smallest group to consolidate, and the consolidated financial statements of TGI Sport Topco Pty, the largest group to consolidate, which are publicly available and can be obtained from the company's principal and registered office: Level 7, 88 Philip Street, Sydney, NSW 2000, Australia.


TGI Sport Ltd (Registered number: 06367119)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


11.

GOING CONCERN



The financial statement  show net liabilities of £636,352 at 31 December 2023. The company has the financial support of its parent company and on this basis and the company returning to profit the directors consider that the company has sufficient resources to enable it to remain in business for at least 12 months following the date of approval of these financial statements. Consequently, the directors consider it to be appropriate to prepare  the financial statements on a going concern basis.