| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| 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 |
| 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 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | - |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Balance at 30 June 2023 |
| Changes in equity |
| Balance at 30 June 2024 |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) |
| Reclassification/transfer | ( |
) |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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: | £ | £ |
| 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. |