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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: S D McCracken



REGISTERED OFFICE: Granary Lodge
96 Appleton Gate
Newark
Nottinghamshire
NG24 1LS



REGISTERED NUMBER: 10328922 (England and Wales)



SENIOR STATUTORY AUDITOR: Tara Bellamy FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
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:





S D McCracken - Director


19 August 2025

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
S D McCracken held office during the whole of the period from 1 January 2024 to the date of this report.

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:





S D McCracken - Director


19 August 2025

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.




Tara Bellamy FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

20 August 2025

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 5,584,861 5,128,157
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 12,999,323 13,012,849
Investments 12 163,838 163,838
13,163,161 13,176,687

CURRENT ASSETS
Debtors 14 10,325,017 7,014,674
Cash at bank 1,838,259 1,325,505
12,163,276 8,340,179
CREDITORS
Amounts falling due within one year 15 212,147 200,752
NET CURRENT ASSETS 11,951,129 8,139,427
TOTAL ASSETS LESS CURRENT LIABILITIES 25,114,290 21,316,114

PROVISIONS FOR LIABILITIES 17 13,576 16,957
NET ASSETS 25,100,714 21,299,157

CAPITAL AND RESERVES
Called up share capital 18 103,764 103,764
Capital redemption reserve 19 114,687 114,687
Retained earnings 19 24,882,263 21,080,706
SHAREHOLDERS' FUNDS 25,100,714 21,299,157

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 19 August 2025 and were signed by:





S D McCracken - Director


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 103,764 14,390,010 114,687 14,608,461

Changes in equity
Dividends - (62,259 ) - (62,259 )
Total comprehensive income - 6,752,955 - 6,752,955
Balance at 31 December 2023 103,764 21,080,706 114,687 21,299,157

Changes in equity
Total comprehensive income - 3,801,557 - 3,801,557
Balance at 31 December 2024 103,764 24,882,263 114,687 25,100,714

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
264 262

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 12,945,019 64,999 23,468 13,033,486
DEPRECIATION
At 1 January 2024 - 11,249 9,388 20,637
Charge for year - 8,833 4,693 13,526
At 31 December 2024 - 20,082 14,081 34,163
NET BOOK VALUE
At 31 December 2024 12,945,019 44,917 9,387 12,999,323
At 31 December 2023 12,945,019 53,750 14,080 13,012,849

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 163,838
NET BOOK VALUE
At 31 December 2024 163,838
At 31 December 2023 163,838

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Tanvic Group Limited
Registered office: Granary Lodge, 96 Appletongate, Newark, Nottinghamshire, NG24 1LS
Nature of business: Sale of tyres and garage services
%
Class of shares: holding
Ordinary A, B and C 100.00
2024 2023
£    £   
Aggregate capital and reserves 15,875,813 13,693,347
Profit for the year 4,783,302 4,375,202

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 5,424 12,293
Amounts owed by group undertakings - - 10,309,314 7,000,000
Other debtors 10,937,950 7,368,517 831 786
Directors' current accounts 221 - - -
Prepayments 540,999 82,090 9,448 1,595
18,303,295 14,338,369 10,325,017 7,014,674

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 17,444 18,002
Taxation 1,431,755 774,444 172,750 138,998
Other taxes and social security 183,708 161,809 - -
VAT 783,882 685,273 3,801 17,774
Other creditors 296,963 58,091 8,342 3,442
Accrued expenses 1,199,131 1,193,891 9,810 22,536
8,869,271 9,099,288 212,147 200,752

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 13,576 16,957

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 16,957
Credit to Income Statement during year (3,381 )
Balance at 31 December 2024 13,576

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 21,080,706 114,687 21,195,393
Profit for the year 3,801,557 3,801,557
At 31 December 2024 24,882,263 114,687 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.