| REGISTERED NUMBER: 10328922 (England and Wales) |
| TANVIC PROPERTIES LIMITED |
| PREVIOUSLY KNOWN AS |
| TANVIC GROUP HOLDINGS LIMITED |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: 10328922 (England and Wales) |
| TANVIC PROPERTIES LIMITED |
| PREVIOUSLY KNOWN AS |
| TANVIC GROUP HOLDINGS LIMITED |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 | to | 3 |
| Report of the Director | 4 | to | 5 |
| Report of the Independent Auditors | 6 | to | 8 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Statement of Cash Flows | 15 |
| Notes to the Consolidated Statement of Cash Flows | 16 |
| Notes to the Consolidated Financial Statements | 17 | to | 29 |
| TANVIC PROPERTIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Tara Bellamy FCA |
| AUDITORS: |
| 4 Henley Way |
| Doddington Road |
| Lincoln |
| Lincolnshire |
| LN6 3QR |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The director presents his strategic report of the company and the Group for the year ended 31 December 2023. |
| REVIEW OF BUSINESS |
| The performance of the Group is detailed within the attached financial statements. |
| Tanvic Group |
| 2024 | 2023 | Change |
| £ | £ | % |
| Turnover | 70,395,443 | 69,596,528 | 1.1 |
| Gross profit | 20,302,432 | 18,654,252 | 8.8 |
| Administrative expenses | 13,054,761 | 12,081,255 | 8.1 |
| Profit before tax | 7,454,283 | 6,713,460 | 11.0 |
| Average number of employees | 264 | 262 |
| The Board are pleased with trading results achieved. Albeit a minimal rise in turnover, Gross Profit was up 8.8%. Overheads rose 8.1% within a continued inflationary environment, and interest income increased due to the yield on bank deposits, resulting in a 11.0% increase in net profit at £7.5m. Net return on sales rose to 10.3%. The Group continued to enjoy further gains in the year from a conscious departure from high volume low margin account business to a continued focus on more profitable business across all sectors resulting in improved labour efficiency. |
| The Group's balance sheet continues to reflect its strong financial position with no finance obligations or external debt. Net Asset Value rose by £6m to £40.8m. |
| At financial year end, £10.3m was on loan to Tanvic Investments Limited, which continues to develop a profitable portfolio of none tyre related long term investments. |
| KEY PERFORMANCE INDICATORS |
| The Group routinely uses KPI's where relevant throughout the business to monitor sales and profitability performance, return on capital employed, labour efficiency and the management of working capital. Some of the key performance indicators are noted below, but the Group considers others to be confidential and for internal purposes only. |
| Turnover is a key performance indicator, this has grown by £799k (1.1%) from £69.6m to £70.4m. |
| Gross profit has also improved, this has grown by £1.6m (8.8%) from £18.7m to £20.3m. This has been driven by a reduction in cost of sales when compared to the prior year. |
| Ultimately, this has led to an increase in the gross profit margin from 26.8% to 28.8%, as a result of the company moving to higher margin accounts and improved labour efficiency. |
| Profit before tax has increased by £741k (11.0%) from £6.7m to £7.5m. |
| FINANCIAL INSTRUMENTS |
| The Group’s principal financial instrument comprises of cash from operating profit and bank facilities which alongside trade debtors and creditors providing the required finance for normal trading operations and capital investment. The key risks arising from the Group’s financial instruments are that of liquidity and credit and the Group manages these appropriately. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key external risks are competitor pricing, industry shipping costs, stock availability and employee retention. The Group prudently manages, comprehensively insures, and hedges where considered appropriate against a multitude of credit, currency, property, stock, vehicular, employment, trading, and other operational risks within the business. As a result, none are considered to be materially significant against the comfort of the Group's overall profitability, cash position and net asset value. |
| FUTURE DEVELOPMENTS |
| The Group remain confident in their ability to continue to grow the business and deliver strong returns. Whilst opportunities to add additional capacity or new sites at sensible value for money and return will be prioritised, the Group will continue to develop a diversified portfolio of none tyre related equity, property and other long term investments through its associated companies, Tanvic Investments Limited. |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| SECTION 172(1) STATEMENT |
| The Board ensures that decisions are always taken for the long term, and collectively and individually aims to uphold the highest standards of conduct. Similarly, it acknowledges that the Group's employees and customers are their most important assets, and the business can only grow and prosper over the long term if it understands, respects and responds to their views and needs as well as those of other stakeholders within the environment we operate. |
| The likely consequences of any decision in the long term |
| The directors continually review the Group's activities and carefully consider all potential opportunities and challenges that the business faces. It is considered that during the year there have been no decisions that have had, or will have, a material impact on the business. |
| The interests of the Group's employees |
| Our Director's work closely with their team of Managers in the day to day running of the business and the Group routinely engages with its staff as appropriate and where relevant. All are aware of their expectations and benefit from numerous bonus incentives throughout the year. |
| The Group actively encourages career progression throughout the organisation and our Training Manager provides all employees with appropriate and relevant training and development support to meet their needs. Following an unacceptable increase in tyre fitter injury claims in recent years, significant investment in training was carried out in the year and will be maintained. |
| The Group seeks to foster an inclusive environment where all individuals have the same opportunities for a successful and rewarding career. |
| The need to foster the Group's business relationships with suppliers, customers and others |
| Our shareholders ensure the Group is well resourced, suppliers are always paid promptly to terms and stocks are maintained at such a level as to ensure availability beyond industry standard. We maintain a close relationship with all our suppliers, meeting routinely to identify sales opportunities and resolve any challenges. |
| Our customers, many of whom are extremely long standing and multi generational, are our lifeblood. Relationships are managed and nurtured through our Depot Managers, Business Development Managers and Sales personnel to ensure we are meeting expectations as a minimum. |
| Pricing is reviewed against the market on a continuous basis by our experienced Buying Team with the objective of delivering value for money for our customers comparative to our product availability and overall service levels. |
| The impact of the Group's operations on the community and the environment |
| The Group always maintains regard for the environment in which it operates and is committed to reducing its environmental impact. It continually invests in environmental projects to reduce its energy consumption and as a result has always performed well in ESOS assessments. |
| In recent years we have added solar panels to the roof of all appropriate buildings (6 buildings), all lighting has been replaced with the most energy efficient LED, heating systems have been improved to reduce fuel consumption, all vehicles operate with telematics software to allow us to improve driving and fuel efficiency and we have begun to experiment with electric vehicles. |
| We aim to replace vehicles on an average 4 year cycle thus engines are cleaner and more fuel efficient. |
| All our waste and recycling is collected and processed by an approved and reputable supplier who collates the appropriate data on our behalf and reports as necessary to the Environment Agency. |
| ON BEHALF OF THE BOARD: |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024. |
| CHANGE OF NAME |
| The group passed a special resolution on 18 December 2024 changing its name from Tanvic Group Holdings Limited to Tanvic Properties Limited. |
| PRINCIPAL ACTIVITY |
| Operating within the East Midlands, East Anglia and South Yorkshire, the Group's principal activities are organised into 3 divisions across a total of 20 branches. The Retail Division provide tyre fitment and garage services from 9 centres, several having been established for over 40 years. The Commercial Division provide truck and agricultural tyre service from 7 depots and the Wholesale Division provide a comprehensive wholesale car tyre distribution service from 4 strategically located centres. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTOR |
| ENGAGEMENT WITH EMPLOYEES |
| The Board ensures that decisions are always taken for the long term, and collectively and individually aims to uphold the highest standards of conduct. Similarly, it acknowledges that the Group’s employees and customers are their most important assets, and the business can only grow and prosper over the long term if it understands, respects and responds to their views and needs as well as those of other stakeholders within the environment we operate. |
| Our Directors work closely with their team of Managers in the day to day running of the business and the Group routinely engages with its staff as appropriate and where relevant. All are aware of their expectations and benefit from numerous bonus incentives throughout the year. The Group actively encourages career progression throughout the organisation and our Training Manager provides all employees with appropriate and relevant training and development support to meet their needs. The Group employs several disabled persons, including within managerial positions. It gives full consideration to disabled applications where the requirements of the job can be properly fulfilled and supports them as necessary. |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| Our shareholders ensure the Group is well resourced, suppliers are always paid promptly to terms and stocks are maintained at such a level as to ensure availability beyond industry standard. Pricing is reviewed against the market on continuous basis with the objective of delivery value for money for our customers against our product availability and overall service levels. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| In line with reporting requirements we present our streamlined energy and carbon report; |
| 2024 | 2023 | Units |
| Total Energy consumption (all fuel and energies) | 6,779 | 6,357 | MWh |
| Scope 1 emissions (combustible fuel; diesel, gas) | 1,500 | 1,405 | tCO2e |
| Scope 2 emissions (purchased energy; electric) | 112 | 100 | tCO2e |
| Total Scope 1 and 2 emissions | 1,612 | 1,505 | tCO2e |
| Intensity ratio (tCo2e/£1m turnover) | 23.0 | 21.7 | tCO2e |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TANVIC PROPERTIES LIMITED |
| Opinion |
| We have audited the financial statements of Tanvic Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 31 December 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
| 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 Director. |
| 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TANVIC PROPERTIES LIMITED |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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: |
| We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non compliance throughout the audit. |
| The potential impact of different laws and regulations varies considerably. Firstly, the Group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, re-performing the calculation and reviewing the outcome of current year estimates since the financial reporting date. |
| Secondly, the Group is subject to other laws and regulations where the consequence for non compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect are the Health and Safety regulations, the disposal of old tyres, oils and liquids and Employment laws. |
| Our work included a review of the external audits conducted within the year for any evidence of non compliance, reading minutes of meetings of those charged with governance and correspondence held with regulators, in addition to an assessment of the Group's legal expenses and possible contingencies.The Group also uses accredited companies for the disposal of waste tyres and oils and liquids ensuring that relevant documentation is obtained on how the items are to be disposed of and that this is in accordance with required legislation. Through these procedures, if we became aware of any non compliance, we considered the impact on the procedures performed on the related financial statement items. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non compliance with all 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 |
| TANVIC PROPERTIES 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 |
| 4 Henley Way |
| Doddington Road |
| Lincoln |
| Lincolnshire |
| LN6 3QR |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| REVENUE | 70,395,443 | 69,596,528 |
| Cost of sales | 50,093,011 | 50,942,276 |
| GROSS PROFIT | 20,302,432 | 18,654,252 |
| Administrative expenses | 13,054,761 | 12,081,255 |
| 7,247,671 | 6,572,997 |
| Other operating income | 3 | 1,221 |
| Gain/loss on revaluation of investments | 1,438 | 8,223 |
| OPERATING PROFIT | 5 | 7,249,112 | 6,582,441 |
| Interest receivable and similar income | 6 | 222,305 | 120,759 |
| Other finance income | 20 | 59,000 | 56,700 |
| 281,305 | 177,459 |
| 7,530,417 | 6,759,900 |
| Interest payable and similar expenses | 7 | 76,134 | 46,440 |
| PROFIT BEFORE TAXATION | 7,454,283 | 6,713,460 |
| Tax on profit | 8 | 1,869,422 | 1,585,303 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 5,584,861 | 5,128,157 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 5,584,861 | 5,128,157 |
| OTHER COMPREHENSIVE INCOME |
| Actuarial profit/(loss)on pension scheme | 399,164 | 162,311 |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
399,164 |
162,311 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 5,984,025 | 5,290,468 |
| Total comprehensive income attributable to: |
| Owners of the parent | 5,984,025 | 5,290,468 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 15,541,076 | 15,332,896 |
| Investments | 12 | 20,372 | 18,934 |
| 15,561,448 | 15,351,830 |
| CURRENT ASSETS |
| Stocks | 13 | 12,168,655 | 10,368,463 |
| Debtors | 14 | 18,303,295 | 14,338,369 |
| Cash at bank and in hand | 3,018,696 | 3,577,646 |
| 33,490,646 | 28,284,478 |
| CREDITORS |
| Amounts falling due within one year | 15 | 8,869,271 | 9,099,288 |
| NET CURRENT ASSETS | 24,621,375 | 19,185,190 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 40,182,823 | 34,537,020 |
| PROVISIONS FOR LIABILITIES | 17 | (533,824 | ) | (449,882 | ) |
| PENSION ASSET | 20 | 1,163,693 | 741,529 |
| NET ASSETS | 40,812,692 | 34,828,667 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 103,764 | 103,764 |
| Capital redemption reserve | 19 | 114,687 | 114,687 |
| Other reserves | 19 | 27,664,199 | 27,664,199 |
| Retained earnings | 19 | 12,930,042 | 6,946,017 |
| SHAREHOLDERS' FUNDS | 40,812,692 | 34,828,667 |
| The financial statements were approved by the director and authorised for issue on 19 August 2025 and were signed by: |
| S D McCracken - Director |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Capital redemption reserve | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 3,801,557 | 6,752,955 |
| The financial statements were approved by the director and authorised for issue on |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Other | Total |
| capital | earnings | reserve | reserves | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 | 103,764 | 1,717,808 | 114,687 | 27,664,199 | 29,600,458 |
| Changes in equity |
| Dividends | - | (62,259 | ) | - | - | (62,259 | ) |
| Total comprehensive income | - | 5,290,468 | - | - | 5,290,468 |
| Balance at 31 December 2023 | 103,764 | 6,946,017 | 114,687 | 27,664,199 | 34,828,667 |
| Changes in equity |
| Total comprehensive income | - | 5,984,025 | - | - | 5,984,025 |
| Balance at 31 December 2024 | 103,764 | 12,930,042 | 114,687 | 27,664,199 | 40,812,692 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,244,693 | 3,260,131 |
| Interest paid | (5,736 | ) | (7,440 | ) |
| Tax paid | (1,162,735 | ) | (1,126,503 | ) |
| Net cash from operating activities | 76,222 | 2,126,188 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,005,786 | ) | (1,094,007 | ) |
| Sale of tangible fixed assets | 148,530 | 129,021 |
| Interest received | 222,305 | 120,759 |
| Net cash from investing activities | (634,951 | ) | (844,227 | ) |
| Cash flows from financing activities |
| Amount introduced by directors | 4,176,314 | 73 |
| Amount withdrawn by directors | (4,176,535 | ) | - |
| Equity dividends paid | - | (62,259 | ) |
| Net cash from financing activities | (221 | ) | (62,186 | ) |
| (Decrease)/increase in cash and cash equivalents | (558,950 | ) | 1,219,775 |
| Cash and cash equivalents at beginning of year | 2 | 3,577,646 | 2,357,871 |
| Cash and cash equivalents at end of year | 2 | 3,018,696 | 3,577,646 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 7,454,283 | 6,713,460 |
| Depreciation charges | 697,752 | 620,194 |
| Profit on disposal of fixed assets | (48,676 | ) | (50,383 | ) |
| Gain on revaluation of fixed assets | (1,438 | ) | (8,223 | ) |
| Finance costs | 76,134 | 46,440 |
| Finance income | (281,305 | ) | (177,459 | ) |
| 7,896,750 | 7,144,029 |
| (Increase)/decrease in stocks | (1,800,192 | ) | 405,048 |
| Increase in trade and other debtors | (3,964,705 | ) | (4,600,711 | ) |
| (Decrease)/increase in trade and other creditors | (887,160 | ) | 311,765 |
| Cash generated from operations | 1,244,693 | 3,260,131 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 3,018,696 | 3,577,646 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 3,577,646 | 2,357,871 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 3,577,646 | (558,950 | ) | 3,018,696 |
| 3,577,646 | (558,950 | ) | 3,018,696 |
| Total | 3,577,646 | (558,950 | ) | 3,018,696 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Tanvic Properties Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the statement of financial position, the acquiree's indentifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operation are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the group and the costs incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| Interest receivable |
| Interest income is recognised on the date in which it is received by the group. Any material balances received post year end have been reviewed and included if applicable. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
| Freehold property | - not provided |
| Short leasehold | - 20% on cost |
| Plant and machinery | - 10% on cost |
| Fixtures and fittings | - at varying rates on cost |
| Motor vehicles | - 25% on reducing balance |
| The Group operates a policy of not depreciating their freehold land and buildings. The Group incurs expenses each year and ensures that they keep all freehold land and buildings well maintained. The director assesses annually the carrying value of the freehold land and buildings to ensure carrying amounts are appropriate. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
| At each statement of financial position date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement. |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable 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 income statement. |
| Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 the income statement on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The Group operates a defined benefit pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund. A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined pension liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained at least triennially and are updated at each statement of financial position date. |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| The estimated and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
| Stock provisioning |
| The Group has products which are subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the stock provision, management considers the nature, age and condition of the stock, as well as applying assumptions around the saleability/useability of the stock. |
| Useful economic lives of tangible assets |
| The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical conditions of the assets. See note 10 for the carrying amount of the property, plant and equipments and note 2 for the useful economic lives for each class of assets. |
| Impairment of debtors |
| The Group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of trade debtors. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 7,864,327 | 7,518,682 |
| Social security costs | 733,858 | 669,276 |
| Other pension costs | 297,320 | 215,164 |
| 8,895,505 | 8,403,122 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production staff | 194 | 189 |
| Administrative staff | 67 | 69 |
| Management staff | 3 | 4 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | 318,066 | 336,955 |
| Director's pension contributions to money purchase schemes | 119,236 | 58,658 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 1 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 310,316 | 328,755 |
| Pension contributions to money purchase schemes | 19,230 | 58,658 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases - rent | 79,500 | 79,704 |
| Depreciation - owned assets | 697,752 | 620,194 |
| (Profit)/Loss on disposal of fixed assets | (48,676 | ) | (50,383 | ) |
| (Profit)/Loss on foreign exchange | (721,582 | ) | (587,427 | ) |
| Auditors' remuneration | 21,920 | 21,600 |
| 6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest | 222,305 | 120,759 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 1,045 | 32 |
| Corporation tax interest | 34,398 | 3,676 |
| Interest payable | 4,691 | 3,732 |
| Interest on pension obligation | 36,000 | 39,000 |
| 76,134 | 46,440 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 1,785,480 | 1,460,804 |
| Deferred tax | 83,942 | 124,499 |
| Tax on profit | 1,869,422 | 1,585,303 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 7,454,283 | 6,713,460 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.521 %) |
1,863,571 |
1,579,073 |
| Effects of: |
| Expenses not deductible for tax purposes | 9,956 | 779 |
| Income not taxable for tax purposes | (360 | ) | (4,163 | ) |
| Capital allowances in excess of depreciation | (80,674 | ) | (114,855 | ) |
| Temporary timing differences on fixed assets | 82,679 | 124,499 |
| Movement due to change in tax rates | - | (30 | ) |
| Pension scheme adjustment | (5,750 | ) | - |
| Total tax charge | 1,869,422 | 1,585,303 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Actuarial profit/(loss)on pension scheme | 399,164 | - | 399,164 |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Actuarial profit/(loss)on pension scheme | 162,311 | - | 162,311 |
| 9. | 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. |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary A shares of 1 each | - | 13,107 |
| Ordinary C shares of 1 each | - | 16,384 |
| Ordinary D shares of 1 each | - | 32,767 |
| - | 62,258 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 12,945,019 | 62,540 | 2,311,970 |
| Additions | - | - | 290,774 |
| Disposals | - | - | (154,257 | ) |
| At 31 December 2024 | 12,945,019 | 62,540 | 2,448,487 |
| DEPRECIATION |
| At 1 January 2024 | - | 62,540 | 1,302,496 |
| Charge for year | - | - | 190,283 |
| Eliminated on disposal | - | - | (142,561 | ) |
| At 31 December 2024 | - | 62,540 | 1,350,218 |
| NET BOOK VALUE |
| At 31 December 2024 | 12,945,019 | - | 1,098,269 |
| At 31 December 2023 | 12,945,019 | - | 1,009,474 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 115,565 | 1,968,502 | 17,403,596 |
| Additions | - | 715,012 | 1,005,786 |
| Disposals | - | (486,228 | ) | (640,485 | ) |
| At 31 December 2024 | 115,565 | 2,197,286 | 17,768,897 |
| DEPRECIATION |
| At 1 January 2024 | 63,101 | 642,563 | 2,070,700 |
| Charge for year | 14,884 | 492,585 | 697,752 |
| Eliminated on disposal | - | (398,070 | ) | (540,631 | ) |
| At 31 December 2024 | 77,985 | 737,078 | 2,227,821 |
| NET BOOK VALUE |
| At 31 December 2024 | 37,580 | 1,460,208 | 15,541,076 |
| At 31 December 2023 | 52,464 | 1,325,939 | 15,332,896 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 12. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in other |
| participating |
| interests |
| £ |
| COST OR VALUATION |
| At 1 January 2024 | 18,934 |
| Revaluations | 1,438 |
| At 31 December 2024 | 20,372 |
| NET BOOK VALUE |
| At 31 December 2024 | 20,372 |
| At 31 December 2023 | 18,934 |
| Cost or valuation at 31 December 2024 is represented by: |
| Interest |
| in other |
| participating |
| interests |
| £ |
| Valuation in 2023 | 8,223 |
| Valuation in 2024 | 1,438 |
| Cost | 10,711 |
| 20,372 |
| If Group Tyre had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 10,711 | 10,711 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Granary Lodge, 96 Appletongate, Newark, Nottinghamshire, NG24 1LS |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Steer Tyres Limited |
| Registered office: 96, Appletongate, Newark, Nottinghamshire, NG24 1LS |
| Nature of business: Dormant company |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | 50,000 | 50,000 |
| Link Tyre Sales Limited |
| Registered office: 96, Appletongate, Newark, Nottinghamshire, NG24 1LS |
| Nature of business: Dormant company |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | 505 | 505 |
| 13. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 12,168,655 | 10,368,463 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 6,824,125 | 6,887,762 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 10,937,950 | 7,368,517 |
| Directors' current accounts | 221 | - | - | - |
| Prepayments | 540,999 | 82,090 |
| 18,303,295 | 14,338,369 |
| Amounts owed from group undertakings are unsecured, interest free and repayable on demand. |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade creditors | 4,973,832 | 6,225,780 |
| Taxation | 1,431,755 | 774,444 |
| Other taxes and social security | 183,708 | 161,809 |
| VAT | 783,882 | 685,273 | 3,801 | 17,774 |
| Other creditors | 296,963 | 58,091 |
| Accrued expenses | 1,199,131 | 1,193,891 |
| 8,869,271 | 9,099,288 |
| 16. | SECURED DEBTS |
| Any bank debt arising in the Group is secured by a debenture, containing a fixed and floating charge, over all the property or undertakings of the Group. |
| Tanvic Properties Limited has given a floating charge and negative pledge against all property and income derived from the property to it's bankers as security for sums owing to the bank. |
| There is an unlimited inter company cross guarantee between Tanvic Properties Limited and it's subsidiaries. |
| Majority of charges were satisfied during the year end and post year end. |
| 17. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 533,824 | 449,882 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 449,882 |
| Charge to Income Statement during year | 83,942 |
| Balance at 31 December 2024 | 533,824 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| 21,845 | Ordinary A | £1 | 21,845 | 21,845 |
| 27,306 | Ordinary C | £1 | 27,306 | 27,306 |
| 54,613 | Ordinary D | £1 | 54,613 | 54,613 |
| 103,764 | 103,764 |
| The Ordinary A and C share carry identical rights, save that the A ordinary shares carry one vote per share and the C ordinary shares carry three votes per share. |
| The Ordinary D shares carry the right to receive dividends but not the right to vote or to participate in capital distributions. |
| 19. | RESERVES |
| Group |
| Capital |
| Retained | redemption | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 January 2024 | 6,946,017 | 114,687 | 27,664,199 | 34,724,903 |
| Profit for the year | 5,584,861 | 5,584,861 |
| Actuarial profit on pension | 399,164 | - | - | 399,164 |
| At 31 December 2024 | 12,930,042 | 114,687 | 27,664,199 | 40,708,928 |
| Company |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 21,195,393 |
| Profit for the year |
| At 31 December 2024 | 24,996,950 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 19. | RESERVES - continued |
| Capital redemption reserve |
| The statutory, non-distributable reserve into which amounts were transferred following the redemption of the company's own shares. |
| Retained earnings |
| Includes all current and prior period retained profits and losses less dividends paid. |
| Other reserve |
| This is a merger reserve that arose on issue of shares for a premium. |
| 20. | EMPLOYEE BENEFIT OBLIGATIONS |
| The Group operates a defined benefit scheme. The assets of the scheme are held separately from those of those Group and are administered by trustees in funds independent from the Group's assets. |
| The total pension cost of the group was £Nil (2023 - £Nil). The pension cost is assessed in accordance with the advice of an independent qualified actuary using the projected unit method with a three year control period. The most recent full actuarial valuation was carried out as at 30 June 2022. |
| The valuation has been based on the most recent actuarial valuation and updated by the Director, using the same assumptions as the Scheme Actuarial reports for prior years, to take account of the requirements of FRS 102 in order to assess the liabilities of the scheme as at 31 December 2024. At this date the market value of the assets of the scheme was £2,770,000 (2023 - £1,890,000) and the actuarial value of the assets was sufficient to cover 160% (2023 - 170%) of the benefits which have accrued to members. The expected return on plan assets is based on market expectation at the beginning of the year for returns over the entire life of the benefit obligation. The overall contribution rate from 6 April 2015 is 0% of pensionable payroll to 31 December 2024. |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Current service cost | - | - |
| Net interest from net defined benefit asset/liability |
(23,000 |
) |
(17,700 |
) |
| Past service cost | - | - |
| (23,000 | ) | (17,700 | ) |
| Actual return on plan assets | 59,000 | 56,700 |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening defined benefit obligation | 1,148,471 | 1,238,482 |
| Interest cost | 36,000 | 39,000 |
| Benefits paid | (171,164 | ) | (129,011 | ) |
| 1,013,307 | 1,148,471 |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 20. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Opening fair value of scheme assets | 1,890,000 | 1,800,000 |
| Expected return | 59,000 | 56,700 |
| Benefits paid | (171,164 | ) | (129,011 | ) |
| Return on plan assets (excluding interest income) | 399,164 | 162,311 |
| 2,177,000 | 1,890,000 |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £ | £ |
| Return on plan assets (excluding interest income) | 399,164 | 162,311 |
| 399,164 | 162,311 |
| The major categories of scheme assets as a percentage of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| Equities | 47% | 46% |
| Cash | - | 1% |
| Property | 53% | 53% |
| 100% | 100% |
| Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate | 3.15% | 3.15% |
| Future salary increases | 3.15% | 3.15% |
| Future pension increases | 3.15% | 3.15% |
| Inflation assumption (RPI) | 3.40% | 3.40% |
| Inflation assumption (CPI) | 2.90% | 2.90% |
| Revaluation in deferment | 3.15% | 3.15% |
| The Group expects employee contributions to be paid during the financial year to 31 December 2024 will be £Nil in relation to the funding deficit. |
| TANVIC PROPERTIES LIMITED (REGISTERED NUMBER: 10328922) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| S D McCracken |
| Balance outstanding at start of year | - | 73 |
| Amounts advanced | 4,176,535 | - |
| Amounts repaid | (4,176,314 | ) | (73 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 221 | - |
| 22. | RELATED PARTY DISCLOSURES |
| The Group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group. |
| Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Other related parties |
| 2024 | 2023 |
| £ | £ |
| Amount due from related party | 10,309,314 | 7,000,000 |
| During the year, a total of key management personnel compensation of £ 436,546 (2023 - £ 387,413 ) was paid. |
| 23. | ULTIMATE CONTROLLING PARTY |
| The controlling party is S D McCracken. |