IRIS Accounts Production v25.1.3.33 12206832 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. sale and purchase of hardware, plumbing, heating equipment and related supplies. true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh122068322023-06-30122068322024-06-30122068322023-07-012024-06-30122068322022-09-30122068322022-10-012023-06-30122068322023-06-3012206832ns15:EnglandWales2023-07-012024-06-3012206832ns14:PoundSterling2023-07-012024-06-3012206832ns10:Director12023-07-012024-06-3012206832ns10:Consolidated2024-06-3012206832ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3012206832ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3012206832ns10:Consolidatedns10:MediumEntities2023-07-012024-06-3012206832ns10:Consolidatedns10:Audited2023-07-012024-06-3012206832ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3012206832ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3012206832ns10:Consolidated2023-07-012024-06-3012206832ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3012206832ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3012206832ns10:FullAccounts2023-07-012024-06-301220683212023-07-012024-06-3012206832ns10:OrdinaryShareClass12023-07-012024-06-3012206832ns10:Director22023-07-012024-06-3012206832ns10:CompanySecretary12023-07-012024-06-3012206832ns10:RegisteredOffice2023-07-012024-06-3012206832ns10:Consolidated2022-10-012023-06-3012206832ns5:CurrentFinancialInstruments2024-06-3012206832ns5:CurrentFinancialInstruments2023-06-3012206832ns5:ShareCapital2024-06-3012206832ns5:ShareCapital2023-06-3012206832ns5:ShareCapital2022-09-3012206832ns5:RetainedEarningsAccumulatedLosses2022-09-3012206832ns5:RetainedEarningsAccumulatedLosses2023-06-3012206832ns5:RetainedEarningsAccumulatedLosses2024-06-3012206832ns5:NetGoodwill2023-07-012024-06-3012206832ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3012206832ns5:LeaseholdImprovements2023-07-012024-06-3012206832ns5:PlantMachinery2023-07-012024-06-3012206832ns5:FurnitureFittings2023-07-012024-06-3012206832ns5:MotorVehicles2023-07-012024-06-3012206832ns5:ComputerEquipment2023-07-012024-06-3012206832ns5:CostValuation2023-06-3012206832ns5:AdditionsToInvestments2024-06-3012206832ns5:DisposalsRepaymentsInvestments2024-06-3012206832ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments2024-06-3012206832ns5:CostValuation2024-06-3012206832ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3012206832ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3012206832ns10:OrdinaryShareClass12024-06-30
REGISTERED NUMBER: 12206832 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 June 2024

for

Tanger Holding Limited

Tanger Holding Limited (Registered number: 12206832)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Tanger Holding Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S S Mei
Mrs C Huang





SECRETARY: S S Mei





REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG





REGISTERED NUMBER: 12206832 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Tanger Holding Limited (Registered number: 12206832)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The main business activity is the sale and purchase of hardware, plumbing and heating equipment and other products.

Year Period
ended ended
30.06.2024 30.06.2023
£    £   
Turnover 20,726,552 13,741,144
Gross profit 6,432,139 5,133,720
Gross profit margin 31.0% 37.4%
Other operating income 262,373 67,395
Profit after tax 2,927,539 4,173,803
Net profit margin 14.1% 24.1%

The directors are pleased to report that the group performed well in the year to June 2024. While Turnover increased in the year there was an increase in supply costs which reduced the gross profit margin from the previous period but this was in line with expectations.

The group's supplies and operations are well diversified, and the directors are confident they are making the right decisions to drive profit and enhance cash generation. The directors are aware and have assessed the risks and believe the risks are mitigated and this strengthens the business for the long term.

The directors consider the group to be in a solid financial position at the year end with accumulated distributable reserves of approximately £10.2 million.

Management remains mindful of the competitive environment in which the group operates and the need to maintain close control over the group's financial position and working capital.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal supply lines are from the Far East and disruption to shipping routes can impact on availability of stocks and delivery times.

The group operates in a competitive market and failure to compete effectively in terms of price, product specification and quality can have an adverse effect on demand and or margins.

The group has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. The group has developed a framework for identifying risk. This process allows the group to manage its capital requirements and to ensure we have the financial strength and capital adequacy to support the growth of the business.

FINANCIAL KEY PERFORMANCE INDICATORS
The Key financial performance indicators used by the group are turnover, gross profit and operating profit. The primary balance sheet indicators are solvency and the working capital position.

FUTURE DEVELOPMENTS
The group is well placed with a strong financial base and remains confident in its ability to continue to maintain the business strategy and deliver strong returns.

ON BEHALF OF THE BOARD:





S S Mei - Director


10 June 2025

Tanger Holding Limited (Registered number: 12206832)

Report of the Directors
for the Year Ended 30 June 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S S Mei
Mrs C Huang

MATTERS COVERED IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of Schedule 7 to the large and medium sized Companies and Group (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Director's Report have been omitted as they are included in the Strategic Report. These matters include a fair review of the business, future developments and a description of the Group's principal risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S S Mei - Director


10 June 2025

Report of the Independent Auditors to the Members of
Tanger Holding Limited

Opinion
We have audited the financial statements of Tanger Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2024 and of the group's 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 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 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 directors' 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 and 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 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Tanger Holding Limited


Matters on which we are required to report by exception
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 Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Other Matters to Report

The year ended 30 June 2024 is the first year that the financial statements for Tanger Holding Group Limited are required by law to be audited. Therefore the comparative data, being the year ended 30 June 2023, has not been audited. However the opening balances that effect the 30 June 2024 have been audited as part of the 2024 audit work.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Tanger Holding Limited


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 a Report of the Auditors 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.




James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

10 June 2025

Tanger Holding Limited (Registered number: 12206832)

Consolidated
Income Statement
for the Year Ended 30 June 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
Notes £    £   

TURNOVER 3 20,726,552 13,741,144

Cost of sales 14,294,413 8,607,424
GROSS PROFIT 6,432,139 5,133,720

Administrative expenses 4,040,071 2,394,600
2,392,068 2,739,120

Other operating income 262,373 67,395
OPERATING PROFIT 5 2,654,441 2,806,515

Interest receivable and similar income 201,283 26,523
2,855,724 2,833,038

Interest payable and similar expenses 6 61,958 127,156
PROFIT BEFORE TAXATION 2,793,766 2,705,882

Tax on profit 7 (133,773 ) (1,467,921 )
PROFIT FOR THE FINANCIAL YEAR 2,927,539 4,173,803
Profit attributable to:
Owners of the parent 2,927,882 4,173,803
Non-controlling interests (343 ) -
2,927,539 4,173,803

Tanger Holding Limited (Registered number: 12206832)

Consolidated
Other Comprehensive Income
for the Year Ended 30 June 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 2,927,539 4,173,803


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,927,539

4,173,803

Total comprehensive income attributable to:
Owners of the parent 2,927,882 4,173,803
Non-controlling interests (343 ) -
2,927,539 4,173,803

Tanger Holding Limited (Registered number: 12206832)

Consolidated Balance Sheet
30 June 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 52,426 42,896
Investments 11 1 1
Investment property 12 375,241 -
427,668 42,897

CURRENT ASSETS
Stocks 13 4,616,183 4,402,356
Debtors 14 15,491,013 4,942,543
Cash at bank and in hand 4,319,635 4,058,649
24,426,831 13,403,548
CREDITORS
Amounts falling due within one year 15 14,598,114 6,117,609
NET CURRENT ASSETS 9,828,717 7,285,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,256,385

7,328,836

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings 18 10,256,717 7,328,835
SHAREHOLDERS' FUNDS 10,256,718 7,328,836

NON-CONTROLLING INTERESTS 19 (333 ) -
TOTAL EQUITY 10,256,385 7,328,836

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





S S Mei - Director


Tanger Holding Limited (Registered number: 12206832)

Company Balance Sheet
30 June 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 93 105
Investment property 12 - -
93 105

CURRENT ASSETS
Debtors 14 1 -

CREDITORS
Amounts falling due within one year 15 93 104
NET CURRENT LIABILITIES (92 ) (104 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1

1

CAPITAL AND RESERVES
Called up share capital 17 1 1
SHAREHOLDERS' FUNDS 1 1

Company's profit for the financial year - -

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





S S Mei - Director


Tanger Holding Limited (Registered number: 12206832)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 October 2022 1 3,155,032 3,155,033 - 3,155,033

Changes in equity
Total comprehensive income - 4,173,803 4,173,803 - 4,173,803
Balance at 30 June 2023 1 7,328,835 7,328,836 - 7,328,836

Changes in equity
Total comprehensive income - 2,927,882 2,927,882 (343 ) 2,927,539
Non-controlling interest on
acquisition - - - 10 10
Balance at 30 June 2024 1 10,256,717 10,256,718 (333 ) 10,256,385

Tanger Holding Limited (Registered number: 12206832)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 1 - 1

Changes in equity
Balance at 30 June 2023 1 - 1

Changes in equity
Balance at 30 June 2024 1 - 1

Tanger Holding Limited (Registered number: 12206832)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

Period
1.10.22
Year Ended to
30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,750,656 2,136,663
Interest paid (61,958 ) (127,803 )
Interest element of hire purchase or finance
lease rental payments paid

-

647
Net cash from operating activities 1,688,698 2,009,507

Cash flows from investing activities
Purchase of tangible fixed assets (25,324 ) (5,329 )
Purchase of investment property (375,241 ) -
Interest received 201,283 26,523
Net cash from investing activities (199,282 ) 21,194

Cash flows from financing activities
Loan repayments in year (1,228,500 ) (1,638,000 )
Amount introduced by directors 70 101,634
Net cash from financing activities (1,228,430 ) (1,536,366 )

Increase in cash and cash equivalents 260,986 494,335
Cash and cash equivalents at beginning
of year

2

4,058,649

3,564,314

Cash and cash equivalents at end of year 2 4,319,635 4,058,649

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit before taxation 2,793,766 2,705,882
Depreciation charges 15,793 14,594
Finance costs 61,958 127,156
Finance income (201,283 ) (26,523 )
2,670,234 2,821,109
Increase in stocks (213,827 ) (520,918 )
Increase in trade and other debtors (10,414,756 ) (3,510,621 )
Increase in trade and other creditors 9,709,005 3,347,093
Cash generated from operations 1,750,656 2,136,663

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 4,319,635 4,058,649
Period ended 30 June 2023
30.6.23 1.10.22
£    £   
Cash and cash equivalents 4,058,649 3,564,314


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 4,058,649 260,986 4,319,635
4,058,649 260,986 4,319,635
Debt
Debts falling due within 1 year (1,228,500 ) 1,228,500 -
(1,228,500 ) 1,228,500 -
Total 2,830,149 1,489,486 4,319,635

Tanger Holding Limited (Registered number: 12206832)

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

1. STATUTORY INFORMATION

Tanger Holding Limited 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Reporting period
In the previous period the company shortened its year end from 30 September 2023 to 30 June 2023. For this reason the current period of 12 months is not directly comparable to the previous period.

Significant judgements and estimates
In the application of the accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis and are covered within the accounting policies:

(i) When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 13 for the net carrying amount of the stock and associated provision.

Revisions to accounting estimates are recognised in the period in which the estimate is revised.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on reducing balance
Plant and machinery - 10% on cost and Straight line over 4 years
Fixtures and fittings - 25% on cost, 5% on reducing balance and Straight line over 4 years
Motor vehicles - 33.33% Straight line
Computer equipment - 25% on cost and Straight line over 4 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
United Kingdom 20,726,552 13,741,144
20,726,552 13,741,144

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS
Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Wages and salaries 449,244 298,183
Social security costs 38,033 4,021
Other pension costs 19,422 5,478
506,699 307,682

The average number of employees during the year was as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23

Employees 19 15

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Other operating leases 197,890 -
Depreciation - owned assets 15,794 14,593
Auditors' remuneration 17,287 -
Foreign exchange differences 9,033 221,725

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Bank interest - 39
Loan Interest 61,958 127,764
Net foreign exchange loss - (647 )
61,958 127,156

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Deferred tax (133,773 ) (1,467,921 )
Tax on profit (133,773 ) (1,467,921 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit before tax 2,793,766 2,705,882
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

698,442

514,118

Effects of:
Expenses not deductible for tax purposes (280 ) 144
Capital allowances in excess of depreciation (4,103 ) -
Depreciation in excess of capital allowances - 331
Utilisation of tax losses (694,059 ) (514,593 )
Deferred tax (133,773 ) (1,467,921 )
Total tax credit (133,773 ) (1,467,921 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 2,143,784
AMORTISATION
At 1 July 2023
and 30 June 2024 2,143,784
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 - 21,259 91,553
Additions 10,838 - 6,650
At 30 June 2024 10,838 21,259 98,203
DEPRECIATION
At 1 July 2023 - 13,321 79,407
Charge for year 452 3,859 3,891
At 30 June 2024 452 17,180 83,298
NET BOOK VALUE
At 30 June 2024 10,386 4,079 14,905
At 30 June 2023 - 7,938 12,146

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 56,518 105,181 274,511
Additions 4,000 3,836 25,324
At 30 June 2024 60,518 109,017 299,835
DEPRECIATION
At 1 July 2023 51,133 87,754 231,615
Charge for year 5,385 2,207 15,794
At 30 June 2024 56,518 89,961 247,409
NET BOOK VALUE
At 30 June 2024 4,000 19,056 52,426
At 30 June 2023 5,385 17,427 42,896

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023 105
Additions 90
Disposals (101 )
Reclassification/transfer (1 )
At 30 June 2024 93
NET BOOK VALUE
At 30 June 2024 93
At 30 June 2023 105

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Mercury Products Ltd
Registered office: Unit A James Carter Road, Mildenhall, Bury St. Edmunds, England, IP28 7DE
Nature of business: Wholesale of hardware, plumbing and heating
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 6,886,510 4,166,333
Profit for the year/period 2,720,177 3,317,157

Plumb Galaxy Ltd
Registered office: Unit 16 Floats Road, Roundthorn Industrial Estate, Manchester, England, M23 9LJ
Nature of business: Retail sale via mail order houses or via
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,622,162 3,159,852
Profit for the year/period 462,310 1,512,908

Bathroom Takeaway Ltd
Registered office: Fjn House Freeman Road, North Hykeham, Lincoln, England, LN6 9AP
Nature of business: Retail of furniture, lighting, and similar
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (31,593 ) 2,721
Loss for the year/period (34,314 ) (868 )

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

11. FIXED ASSET INVESTMENTS - continued

Aftex Ltd
Registered office: Unit A James Carter Road, Mildenhall, Bury St. Edmunds, England, IP28 7DE
Nature of business: Electrical installation
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (217,275 ) (67 )
Loss for the year/period (217,208 ) (68 )

Landignis Ltd
Registered office: 15 Newland, Lincoln, England, LN1 1XG
Nature of business: Buying and selling of own real estate
%
Class of shares: holding
Ordinary 90.00
2024
£   
Aggregate capital and reserves (3,326 )
Loss for the year (3,426 )

Lincsfire Limited
Registered office: FJN House, Freeman Road, North Hykeham, Lincoln, LN6 9AP
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1

This entity has not been included in the consolidated accounts. The impact of it's exclusion is immaterial.


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 375,241
At 30 June 2024 375,241
NET BOOK VALUE
At 30 June 2024 375,241

13. STOCKS

Group
2024 2023
£    £   
Stocks 4,616,183 4,402,356

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 165,114 78,058 - -
Other debtors 12,112,519 2,889,510 1 -
Directors' current accounts - 67 - -
Deferred tax asset 1,601,694 1,467,921 - -
Prepayments and accrued income 1,611,686 506,987 - -
15,491,013 4,942,543 1 -

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,601,694 1,467,921 - -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 16) - 1,228,500 - -
Trade creditors 1,081,989 615,111 - -
Amounts owed to group undertakings 1 1 93 104
Social security and other taxes 10,369 8,679 - -
VAT 583,401 571,603 - -
Other creditors 12,325,183 3,681,168 - -
Accrued expenses 597,171 12,547 - -
14,598,114 6,117,609 93 104

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans - 1,228,500

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £0.01 1 1

Tanger Holding Limited (Registered number: 12206832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

18. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 7,328,835
Profit for the year 2,927,882
At 30 June 2024 10,256,717


19. NON-CONTROLLING INTERESTS

Tanger Holding Limited hold 90% of the shares in Landignis Limited with the other 10% held by a minority interest and is reflected on the consolidated balance sheet. The company has held the shares since the incorporation of Landignis Limited in 2023.

20. CONTINGENT LIABILITIES

There is a fixed and floating charge secured over the assets of the company, in favour of Barclays plc. This
relates to borrowings in connected companies.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 June 2024 and the period ended 30 June 2023:

2024 2023
£    £   
S S Mei
Balance outstanding at start of year 67 101,704
Amounts advanced 193 1,551
Amounts repaid (260 ) (103,188 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 67

22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 11,789,705 10,186,112
Purchases 5,561,337 4,803,919
Amount due from related party 10,765,842 2,824,089
Amount due to related party 11,761,340 2,921,106

23. ULTIMATE CONTROLLING PARTY

The entity is controlled by S S Mei by virtue of his 100% shareholding in the Tanger Holding Limited.