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Registered number:
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
COMPANY INFORMATION
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TCL GROUP (LONDON) LIMITED
CONTENTS
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TCL GROUP (LONDON) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Director presents his strategic report for the year ended 31 July 2024.
The principal activities of the Group in the year under review were Repairs & Maintenance, Void Refurbishment, Planned Works, Cyclical Repairs and Property Refurbishment.
Our long term strategy is to develop a customer driven service that establishes the Group as a ‘best in class’ in Community Regeneration, Maintenance, Refurbishment and Specialist Construction services in London and the Home Counties whilst achieving sustained profitable growth by consistent delivery against the needs of our customers, partners and shareholders.
Our ongoing investment in our people, processes, ICT, environmental initiatives and community engagement has further served to reinforce our position as a preferred service provider within our target markets supported by an approach that is both collaborative and consultative. Arising from this customer-focused methodology has been another good year of trading for the Group. We have sustained profitable operations with contracts secured at levels of return commensurate with our trading targets. Our Repairs & Maintenance, Planned and Cyclical Works divisions have continued to secure long-term contracts within the public sector, reflecting a continued strong reputation of those divisions in their respective markets.
The 2023/24 financial year continued to present the construction industry with a number of extraordinary challenges. The conflict in Ukraine continued to cause supply chain disruptions and high energy costs persisted. Notwithstanding the gradual reduction in inflation, the costs of materials, components and services remained high but tempered by reduced rates of price increase as inflation returned to more acceptable norms in Q3 and Q4.
Despite these challenges and disruptions, we are pleased to announce that our business has thrived and achieved an exceptional outcome for 2023/24. Our collective goal for the coming years is to continue to maximise the opportunities for growth across our core business activities, notwithstanding the challenging conditions within our industry, to continue to deliver a positive outcome year on year. We do however remain cautious and will continue to prioritise maintaining our historic levels of profitability and managing trading risks, a prudent approach that will ensure a balanced and sustainable business model that safeguards our financial stability and long-term success.
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TCL GROUP (LONDON) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
A key influence in determining the continued success of the business is risk and the mitigation measures we put in place. The types of risk relevant to the Group activities and services, listed below, if left unchecked, have the potential to undermine our business objectives and financial performance.
• Economic Risk • Compliance Risk • Security & Fraud Risk • Financial Risk • Reputation Risk • Operational Risk • Competition Risk Proactive risk identification and avoidance, seeking only to engage in contracts aligned with our core activities where the associated risks are known and can be minimised, together with planning for risks across all aspects of business activity, will mitigate their impact. By maintaining an awareness and understanding of risk, we will protect our financial resilience, reputation, customer base and trust that we have achieved across the business and within the markets we serve.
The financial highlights for the Group are as follows:
Turnover: £ 11,355,055 (2022-23 - £ 14,780,588) Gross Profit: £ 2,317,627 (2022-23 - £ 2,202,514) Profit (before taxation) £ 457,277 (2022-23 - £ 274,200)
This report was approved by the board on 24 March 2025 and signed on its behalf.
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TCL GROUP (LONDON) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
The director presents his report and the financial statements for the year ended 31 July 2024.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £226,472 (2023 - £142,641).
Dividends of £370,000 (2023 - £450,000) were received during the year from the subsidiary company.
The directors do not recommend the payment of a final dividend (2023 - £Nil).
The director who served during the year was:
The Group is continually looking to diversify into markets that are in line with the overall ethos of the group, along with continued growth of its existing income streams.
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TCL GROUP (LONDON) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
There have been no significant events affecting the Group since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TCL GROUP (LONDON) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED
We have audited the financial statements of TCL Group (London) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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TCL GROUP (LONDON) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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TCL GROUP (LONDON) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anamolies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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TCL GROUP (LONDON) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED (CONTINUED)
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 Auditors' 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
Chartered Accountants & Statutory Auditor
Leytonstone House
London
E11 1GA
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TCL GROUP (LONDON) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
REGISTERED NUMBER: 12131779
CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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TCL GROUP (LONDON) LIMITED
REGISTERED NUMBER: 12131779
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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TCL GROUP (LONDON) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
TCL Group (London) Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit A Melville Court Spilsby Road, Harold Hill, Romford, Essex, RM3 8SB.
The principal activity of the Company is that of a holding company for its trading subsidiary.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is recognised relative to the stage of completion of the contract. Full provision is made for losses on all contracts in the year in which they are first foreseen. In the course of providing construction services the company's customers will retain a retention amount. The retention amount will be recognised in the accounting period when the company considers it has fulfilled its obligations under the terms of each of its contracts. All sales are normally made with credit terms. The element of financing is deemed immaterial and disregarded in the measurement of revenue.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
No significant judgements have had to be made by management in preparing these financial statements. b) Key accounting estimates and assumptions The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Amounts recoverable on long-term contracts The figure included in amounts recoverable on long-term contracts at the year end is based on the estmated sales value of work completed since the previous invoice. Consideration of the post period recovery is made, as well as historical experience, in arriving at the year end estimate. Bad debts The Group make judgements around the recoverability of trade debtors. Consideration of the post period recovery is made, as well as historical experience, in arriving at the year end estimate.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
12.Taxation (continued)
There are no factors that may affect the future tax charges.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Net obligations under hire purchase contracts, as disclosed in notes 18, 19 and 21 to the accounts, are secured upon the assets to which they relate.
Bank loans of £Nil (2023 - £120,507) are secured against the assets of the company and cross guaranteed against the assets of the subsidiary company.
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Page 31
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TCL GROUP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The Group operates a defined contributions pension scheme. The scheme is administered by an insurance company independent of the group's finances. The Group contributions are charged to the profit and loss account in the year in which they are made. The pension charge for the year was £64,653 (2023 - £92,186). There was £824 outstanding at the year end (2023 - £1,115).
The company considers S Purdy as the ultimate controlling party.
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