Company registration number 10524316 (England and Wales)
TGP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TGP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr R Baggaley
Mrs NC Baggaley
Mrs R Baggaley
Company number
10524316
Registered office
Unit 19
Blythe Park
Cresswell
Stoke-on-Trent
Staffordshire
ST11 9RD
Auditor
Geens Limited
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
TGP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 34
TGP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the group strategic report for the year ended 31 December 2024.

Review of the business

The Group has a strong presence in the domestic hobby greenhouse market, and by manufacturing in its Staffordshire factory five of the top greenhouse brands in the UK, the company has developed a prominent position in the market. Recently, the company has also diversified into the wooden garden buildings market with a range of sheds.

 

The Group sells directly to the public through website and mail order as well as through a network of over 50 resellers in the UK alongside growing exports in Holland, Germany, Belgium and Finland. The company is well placed to maximise its opportunities within the garden buildings market, and, by operating 35 direct sales display centres at the leading garden centres across the UK as well as manufacturing in-house most of what is sold, the

company has a strong, robust and diverse route to market.

 

 

Principal risks and uncertainties

The group assess risks and opportunities to the business as a matter of course. These include adapting to  currency fluctuations and market trends such as energy and potential

recession. Within this report two years previously, we stated that the group stock level had risen to £11.4m up from £6.9m at the end of 2022. We mentioned that the group had a plan to reduce this level of inventory during the course of 2023. We duly reduced the stock in 2023 by £3.16m to £8.24m. This trend has continued throughout 2024 where we reduced stock by a further £1.6m to a level of around £6.6m. Consequently, cash generated through operations in 2024 stood at £7m.

 

A strong management team and mature web presence enabled the group companies to react quickly and effectively to new or changing opportunities. This year, unfavourable weather in the peak season months of March and April resulted in a slower sales period, but by being nimble with promotions the group was able to boost sales in the quieter months of June and July. 

 

In April 2025, The UK Government raised employers NI taxation as well as IHT - severely affecting succession planning for family business. Although this is a matter for this report next year, it does remind us that we should add further worries about taxation and changes to employment law to the list of uncertainties and risks that the group faces through 2025 and beyond.

 

Key performance indicators
TGP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr R Baggaley
Director
4 August 2025
TGP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company was that of a holding company. The principal activity of the trading subsidiary during the year was that of suppliers of greenhouses, premium garden buildings and ancillary products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,360,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Baggaley
Mrs NC Baggaley
Mrs R Baggaley
Auditor

The auditor, Geens Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R Baggaley
Director
4 August 2025
TGP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TGP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TGP HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of TGP Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TGP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGP HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

TGP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGP HOLDINGS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Karen Staley FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Geens Limited, Statutory Auditor
Chartered Accountants
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
4 August 2025
TGP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
28,229,810
26,209,950
Cost of sales
(11,108,416)
(10,220,841)
Gross profit
17,121,394
15,989,109
Administrative expenses
(12,687,752)
(12,573,835)
Other operating income
135,020
106,951
Operating profit
4
4,568,662
3,522,225
Share of results of joint ventures
36,288
(179,058)
Interest receivable and similar income
8
876,458
619,401
Interest payable and similar expenses
(7,341)
(1,588)
Profit before taxation
5,474,067
3,960,980
Tax on profit
9
(1,468,101)
(927,993)
Profit for the financial year
4,005,966
3,032,987
Other comprehensive income
Other comprehensive income of joint ventures accounted for using the equity method
(18,723)
-
0
Total comprehensive income for the year
3,987,243
3,032,987
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TGP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
4,005,966
3,032,987
Other comprehensive income
Other comprehensive income of joint ventures accounted for using the equity method
(18,723)
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
3,987,243
3,032,987
Total comprehensive income for the year is all attributable to the owners of the parent company.
TGP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,032,686
1,208,999
Total intangible assets
1,032,686
1,208,999
Tangible assets
12
1,743,886
1,945,306
Investments
13
506,387
488,822
3,282,959
3,643,127
Current assets
Stocks
15
6,637,848
8,241,379
Debtors
16
808,935
555,705
Cash at bank and in hand
19,568,712
15,371,522
27,015,495
24,168,606
Creditors: amounts falling due within one year
17
(3,126,614)
(2,211,319)
Net current assets
23,888,881
21,957,287
Total assets less current liabilities
27,171,840
25,600,414
Creditors: amounts falling due after more than one year
18
(493)
(3,737)
Provisions for liabilities
Deferred tax liability
19
354,674
407,247
(354,674)
(407,247)
Net assets
26,816,673
25,189,430
Capital and reserves
Called up share capital
21
2
2
Profit and loss reserves
26,816,671
25,189,428
Total equity
26,816,673
25,189,430

The notes on pages 16 to 34 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
04 August 2025
Mr R Baggaley
Mrs NC Baggaley
Director
Director
Company registration number 10524316 (England and Wales)
TGP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,032,686
1,208,999
Total intangible assets
1,032,686
1,208,999
Tangible assets
12
307,085
329,147
Investments
13
4
4
1,339,775
1,538,150
Current assets
Debtors
16
961,080
959,765
Cash at bank and in hand
16,797,834
12,443,337
17,758,914
13,403,102
Creditors: amounts falling due within one year
17
(158,373)
(87,804)
Net current assets
17,600,541
13,315,298
Total assets less current liabilities
18,940,316
14,853,448
Provisions for liabilities
Deferred tax liability
19
16,547
22,062
(16,547)
(22,062)
Net assets
18,923,769
14,831,386
Capital and reserves
Called up share capital
21
2
2
Profit and loss reserves
18,923,767
14,831,384
Total equity
18,923,769
14,831,386

The notes on pages 16 to 34 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £6,452,382 (2023 - £3,224,041 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
04 August 2025
Mr R Baggaley
Mrs NC Baggaley
Director
Director
Company registration number 10524316 (England and Wales)
TGP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
2
24,540,441
24,540,443
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,032,987
3,032,987
Dividends
10
-
(2,384,000)
(2,384,000)
Balance at 31 December 2023
2
25,189,428
25,189,430
Year ended 31 December 2024:
Profit for the year
-
4,005,966
4,005,966
Other comprehensive income:
Other comprehensive income of associates and jointly controlled entities
-
(18,723)
(18,723)
Total comprehensive income
-
3,987,243
3,987,243
Dividends
10
-
(2,360,000)
(2,360,000)
Balance at 31 December 2024
2
26,816,671
26,816,673
TGP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
2
13,991,343
13,991,345
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
3,224,041
3,224,041
Dividends
10
-
(2,384,000)
(2,384,000)
Balance at 31 December 2023
2
14,831,384
14,831,386
Year ended 31 December 2024:
Profit and total comprehensive income
-
6,452,383
6,452,383
Dividends
10
-
(2,360,000)
(2,360,000)
Balance at 31 December 2024
2
18,923,767
18,923,769
TGP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
7,040,162
7,456,828
Interest paid
(7,341)
(1,588)
Income taxes paid
(1,023,543)
(643,676)
Net cash inflow from operating activities
6,009,278
6,811,564
Investing activities
Purchase of tangible fixed assets
(336,189)
(810,111)
Proceeds from disposal of tangible fixed assets
4,167
194,976
Interest received
703,718
355,401
Dividends received
172,740
264,000
Net cash generated from investing activities
544,436
4,266
Financing activities
Payment of finance leases obligations
3,476
(21,658)
Dividends paid to equity shareholders
(2,360,000)
(2,384,000)
Net cash used in financing activities
(2,356,524)
(2,405,658)
Net increase in cash and cash equivalents
4,197,190
4,410,172
Cash and cash equivalents at beginning of year
15,371,522
10,961,350
Cash and cash equivalents at end of year
19,568,712
15,371,522
TGP HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(32,271)
1,468,639
Income taxes paid
(68,401)
-
0
Net cash (outflow)/inflow from operating activities
(100,672)
1,468,639
Investing activities
Interest received
615,169
346,210
Dividends received
6,200,000
3,200,000
Net cash generated from investing activities
6,815,169
3,546,210
Financing activities
Dividends paid to equity shareholders
(2,360,000)
(2,384,000)
Net cash used in financing activities
(2,360,000)
(2,384,000)
Net increase in cash and cash equivalents
4,354,497
2,630,849
Cash and cash equivalents at beginning of year
12,443,337
9,812,488
Cash and cash equivalents at end of year
16,797,834
12,443,337
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

TGP Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 19, Blythe Park, Cresswell, Stoke-on-Trent, Staffordshire, ST11 9RD Unit 19, Blythe Park, Cresswell, Stoke-on-Trent, ST11 9RD.

 

The group consists of TGP Holdings Limited and its subsidiaries, The Greenhouse People Limited, GBC Buildings for Leisure LLP (dormant) and the Garden Buildings Centres Limited (dormant).

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of TGP Holdings Limited and its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Entities acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. All turnover and profits are derived from the group's principal activities.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue for services provided as a selling agent is recognised when the sale is made and a contractual obligation between the buyer and seller exist.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Historic goodwill is amortised over 20 years.

 

The goodwill arising on the acquisition of GBC Buildings for Leisure LLP transaction is being amortised over 10 years. Provision is made for any impairment.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property
over 4 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance and 33.33% straight line
Fixtures, fitting & equipment
25% reducing balance and 33.33% straight line
Show sites
20% straight line
Motor vehicles
25% reducing balance
Integral features
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Repairs, maintenance and inspection costs are expensed as incurred.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stock is valued on a first in, first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets and intangible assets

The annual depreciation and amortisation charge for tangible assets and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Stock provisioning

The group supplies greenhouses and ancillary products. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of stock, as well as applying assumptions around anticipated saleability of finished goods.

Impairment of debtors

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including the ageing profile of debtors and historical experience.

 

 

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
27,418,036
25,253,548
Europe
811,774
956,402
28,229,810
26,209,950
2024
2023
£
£
Other revenue
Interest income
703,718
355,401
Dividends received
172,740
264,000
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
22,739
236
Depreciation of owned tangible fixed assets
445,192
648,364
Depreciation of tangible fixed assets held under finance leases
83,186
49,546
Loss on disposal of tangible fixed assets
5,064
11,960
Amortisation of intangible assets
176,313
179,313
Operating lease charges
1,648,325
1,665,111
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
5,750
Audit of the financial statements of the company's subsidiaries
11,500
9,500
17,500
15,250
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
86
69
-
-
Sales, accounts and administration
105
108
-
-
Directors
5
5
-
-
Total
196
182
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,987,330
5,912,968
-
0
-
0
Social security costs
623,834
592,581
-
-
Pension costs
377,989
243,546
-
0
-
0
6,989,153
6,749,095
-
0
-
0
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
47,984
23,830
Company pension contributions to defined contribution schemes
113,896
24,940
161,880
48,770
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
703,718
351,725
Other interest income
-
3,676
Total interest revenue
703,718
355,401
Income from fixed asset investments
Income from shares in group undertakings
172,740
264,000
Total income
876,458
619,401
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
703,718
351,725
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,419,060
959,402
Adjustments in respect of prior periods
101,615
(58,481)
Total current tax
1,520,675
900,921
Deferred tax
Origination and reversal of timing differences
(52,574)
27,072
Total tax charge
1,468,101
927,993
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
5,474,067
3,960,980
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,368,517
931,622
Tax effect of expenses that are not deductible in determining taxable profit
49,766
49,913
Effect of change in corporation tax rate
-
1,696
Permanent capital allowances in excess of depreciation
-
(2,793)
Depreciation on assets not qualifying for tax allowances
460
26,014
Under/(over) provided in prior years
101,615
(58,481)
Dividend income
(43,185)
(62,093)
Movement in JV investment not taxable
(9,072)
42,115
Taxation charge
1,468,101
927,993
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
2,360,000
2,384,000
11
Intangible fixed assets
Group
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
2,080,000
149,000
2,229,000
Amortisation and impairment
At 1 January 2024
871,001
149,000
1,020,001
Amortisation charged for the year
176,313
-
0
176,313
At 31 December 2024
1,047,314
149,000
1,196,314
Carrying amount
At 31 December 2024
1,032,686
-
0
1,032,686
At 31 December 2023
1,208,999
-
0
1,208,999
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 26 -
Company
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
1,763,125
Amortisation and impairment
At 1 January 2024
554,126
Amortisation charged for the year
176,313
At 31 December 2024
730,439
Carrying amount
At 31 December 2024
1,032,686
At 31 December 2023
1,208,999

 

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Tangible fixed assets
Group
Assets under construction
Plant and machinery
Fixtures, fitting & equipment
Show sites
Motor vehicles
Integral features
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
240,899
3,556,026
324,807
333,676
714,251
54,290
5,223,949
Additions
-
0
14,050
44,694
-
0
262,303
15,142
336,189
Disposals
-
0
(3,687)
-
0
-
0
(21,880)
-
0
(25,567)
At 31 December 2024
240,899
3,566,389
369,501
333,676
954,674
69,432
5,534,571
Depreciation and impairment
At 1 January 2024
-
0
2,343,825
251,779
331,832
333,729
17,478
3,278,643
Depreciation charged in the year
-
0
315,752
39,391
1,844
158,402
12,989
528,378
Eliminated in respect of disposals
-
0
(3,687)
-
0
-
0
(12,649)
-
0
(16,336)
At 31 December 2024
-
0
2,655,890
291,170
333,676
479,482
30,467
3,790,685
Carrying amount
At 31 December 2024
240,899
910,499
78,331
-
0
475,192
38,965
1,743,886
At 31 December 2023
240,899
1,212,201
117,797
(42,925)
380,522
36,812
1,945,306
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
Company
Assets under construction
Plant and machinery
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
240,899
372,436
613,335
Depreciation and impairment
At 1 January 2024
-
0
284,188
284,188
Depreciation charged in the year
-
0
22,062
22,062
At 31 December 2024
-
0
306,250
306,250
Carrying amount
At 31 December 2024
240,899
66,186
307,085
At 31 December 2023
240,899
88,248
329,147

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
249,553
148,642
-
0
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
4
4
Investments in joint ventures
506,387
488,822
-
0
-
0
506,387
488,822
4
4

 

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 January 2024
488,822
Share of profit
17,565
At 31 December 2024
506,387
Carrying amount
At 31 December 2024
506,387
At 31 December 2023
488,822

The Group has a 50% share holding in a company under a joint venture arrangement. The carrying amount of the investment in this joint venture represents 50% of the equity.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
4
Carrying amount
At 31 December 2024
4
At 31 December 2023
4
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Greenhouse People Limited
England
Greenhouse suppliers
Ordinary
100.00
Garden Buildings Centres Limited
England
Dormant
Ordinary
100.00
GBC Buildings for Lesiure LLP
England
Dormant
Membership of LLP
0

The company holds a 99.999% interest in GBC Buildings for Leisure LLP. GBC was dormant throughout the financial year.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
103,502
-
-
-
Finished goods and goods for resale
6,534,346
8,241,379
-
0
-
0
6,637,848
8,241,379
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
495,943
302,878
-
0
-
0
Amounts owed by group undertakings
-
-
958,080
958,080
Other debtors
24,407
25,792
3,000
1,685
Prepayments and accrued income
288,585
227,035
-
0
-
0
808,935
555,705
961,080
959,765
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
31,849
25,129
-
0
-
0
Trade creditors
583,738
482,943
2,799
1,572
Corporation tax payable
819,060
321,929
148,414
68,402
Other taxation and social security
445,318
414,715
-
-
Other creditors
965,328
843,266
-
0
-
0
Accruals and deferred income
281,321
123,337
7,160
17,830
3,126,614
2,211,319
158,373
87,804

Obligations under finance lease are secured on the assets to which they relate.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
493
3,737
-
0
-
0

Obligations under finance lease are secured on the assets to which they relate.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
354,674
407,247
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
16,547
22,062
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
407,247
22,062
Credit to profit or loss
(52,573)
(5,515)
Liability at 31 December 2024
354,674
16,547
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
377,989
243,546

Defined contribution pension schemes are operated for all qualifying employees in the subsidiary companies. The assets of the schemes are held separately from those of the group in an independently administered fund.

As at the year end there was an amount outstanding in respect of pension contributions which amounted to £33,043 (2023: £29,517).

 

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Share capital
(Continued)
- 32 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
875,919
884,317
-
-
Between two and five years
559,513
1,243,181
-
-
1,435,432
2,127,498
-
-
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
245,116
-
-
-
24
Controlling party

TGP Holdings Limited is owned and controlled by the company directors.

25
Directors' transactions

Dividends totalling £2,360,000 (2023 - £2,384,000) were paid in the year in respect of shares held by the company's directors.

TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
26
Cash generated from group operations
2024
2023
£
£
Profit after taxation
4,005,966
3,032,987
Adjustments for:
Share of results of associates and joint ventures
(36,288)
179,058
Taxation charged
1,468,101
927,993
Finance costs
7,341
1,588
Investment income
(876,458)
(619,401)
Loss on disposal of tangible fixed assets
5,064
11,960
Amortisation and impairment of intangible assets
176,313
179,313
Depreciation and impairment of tangible fixed assets
528,378
697,910
Movements in working capital:
Decrease in stocks
1,603,531
3,210,398
(Increase)/decrease in debtors
(253,230)
44,871
Increase/(decrease) in creditors
411,444
(209,849)
Cash generated from operations
7,040,162
7,456,828
27
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
6,452,383
3,224,041
Adjustments for:
Taxation charged
142,898
61,048
Investment income
(6,815,169)
(3,546,210)
Amortisation and impairment of intangible assets
176,313
176,313
Depreciation and impairment of tangible fixed assets
22,062
29,416
Movements in working capital:
(Increase)/decrease in debtors
(1,315)
1,510,149
(Decrease)/increase in creditors
(9,443)
13,882
Cash (absorbed by)/generated from operations
(32,271)
1,468,639
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
15,371,522
4,197,190
19,568,712
Obligations under finance leases
(28,866)
(3,476)
(32,342)
15,342,656
4,193,714
19,536,370
TGP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
29
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
12,443,337
4,354,497
16,797,834
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