IRIS Accounts Production v25.1.4.42 01822054 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities The principal activity of the company in the year under review was that of manufacturing cutting edges and related wear parts for construction and mining operations. true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018220542023-12-31018220542024-12-31018220542024-01-012024-12-31018220542022-12-31018220542023-01-012023-12-31018220542023-12-3101822054ns15:EnglandWales2024-01-012024-12-3101822054ns14:PoundSterling2024-01-012024-12-3101822054ns10:Director12024-01-012024-12-3101822054ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101822054ns10:MediumEntities2024-01-012024-12-3101822054ns10:Audited2024-01-012024-12-3101822054ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3101822054ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3101822054ns10:FullAccounts2024-01-012024-12-3101822054ns10:OrdinaryShareClass12024-01-012024-12-3101822054ns10:Director22024-01-012024-12-3101822054ns10:Director32024-01-012024-12-3101822054ns10:CompanySecretary12024-01-012024-12-3101822054ns10:RegisteredOffice2024-01-012024-12-3101822054ns5:CurrentFinancialInstruments2024-12-3101822054ns5:CurrentFinancialInstruments2023-12-3101822054ns5:ShareCapital2024-12-3101822054ns5:ShareCapital2023-12-3101822054ns5:RetainedEarningsAccumulatedLosses2024-12-3101822054ns5:RetainedEarningsAccumulatedLosses2023-12-3101822054ns5:ShareCapital2022-12-3101822054ns5:RetainedEarningsAccumulatedLosses2022-12-3101822054ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101822054ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3101822054ns15:Europe2024-01-012024-12-3101822054ns15:Europe2023-01-012023-12-3101822054ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-3101822054ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3101822054ns5:OwnedAssets2024-01-012024-12-3101822054ns5:OwnedAssets2023-01-012023-12-3101822054112024-01-012024-12-3101822054112023-01-012023-12-310182205412024-01-012024-12-310182205412023-01-012023-12-3101822054ns10:OrdinaryShareClass12023-01-012023-12-3101822054ns5:LandBuildings2023-12-3101822054ns5:PlantMachinery2023-12-3101822054ns5:ComputerEquipment2023-12-3101822054ns5:LandBuildings2024-01-012024-12-3101822054ns5:PlantMachinery2024-01-012024-12-3101822054ns5:ComputerEquipment2024-01-012024-12-3101822054ns5:LandBuildings2024-12-3101822054ns5:PlantMachinery2024-12-3101822054ns5:ComputerEquipment2024-12-3101822054ns5:LandBuildings2023-12-3101822054ns5:PlantMachinery2023-12-3101822054ns5:ComputerEquipment2023-12-3101822054ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3101822054ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3101822054ns5:WithinOneYear2024-12-3101822054ns5:WithinOneYear2023-12-3101822054ns5:BetweenOneFiveYears2024-12-3101822054ns5:BetweenOneFiveYears2023-12-3101822054ns5:AllPeriods2024-12-3101822054ns5:AllPeriods2023-12-3101822054ns5:DeferredTaxation2023-12-3101822054ns5:DeferredTaxation2024-01-012024-12-3101822054ns5:DeferredTaxation2024-12-3101822054ns10:OrdinaryShareClass12024-12-3101822054ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: 01822054 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

TC Industries Of Europe Limited

TC Industries Of Europe Limited (Registered number: 01822054)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


TC Industries Of Europe Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: G A Berry IV
J Quarrie
F J Celmer





SECRETARY: R F Berry





REGISTERED OFFICE: Skinningrove Works
Carlin How
Saltburn-By-The-Sea
Cleveland
TS13 4EE





REGISTERED NUMBER: 01822054 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

TC Industries Of Europe Limited (Registered number: 01822054)

Strategic Report
for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS
TC Industries is the worldwide industry leading manufacturer of cutting edges, wear parts, and fabrications for construction and mining operations.

The company's profit before tax for the year amounted to £643,323 (2023 - £953,909) with sales of £10,445,791 (2023 - £12,925,396) which generated a gross margin of 11.2% (2023 - 13.3%). The financial position at the end of the year is considered to be reasonable.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of the company's business strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to global factors - steel price and availability, exchange rates, commodity and utility prices.

The company's operations expose itself to a variety of financial risks that include credit risk, liquidity risk, interest rate risk and foreign exchange risk. These risks are monitored on a regular basis in order to limit any adverse effects on financial performance.

Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made and regular updating of customers credit ratings.

Liquidity Risk
The company manages its working capital to minimise additional funding requirements. However the company has access to group and external funds if required for ongoing operations or future investments.

Interest Rate Risk
The company is exposed to variable interest rates on any group borrowings. The company does not believe that this constitutes a significant risk to the business.

Foreign Exchange Risk
The company is exposed to foreign exchange risk as a result of its operation but does not believe that it constitutes a significant risk to the business.

FINANCIAL KEY PERFORMANCE INDICATORS
The company uses key performance indicators in order to improve the development, performance and position of the business. The most significant in relation to the company is:

2024 2023 2022

Profit before tax (% of sales) 6.2% 7.4% 11.2%


OTHER KEY PERFORMANCE INDICATORS
The company uses key performance indicators in order to improve the development, performance and position of the business. The most significant in relation to the company are:

2024 2023 2022

Outputs per man in tonnes 15.69 14.7 20.9
Machine availability (%) 87.8 86.8 88.9
Hours worked per tonne shipped 8.0 9 7.3
Average monthly outputs (tonnes) 547 607 1,001

ON BEHALF OF THE BOARD:





G A Berry IV - Director


4 June 2025

TC Industries Of Europe Limited (Registered number: 01822054)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT
During the year, one project was identified as meeting the definition of research and development.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

G A Berry IV
J Quarrie
F J Celmer

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





G A Berry IV - Director


4 June 2025

Report of the Independent Auditors to the Members of
TC Industries Of Europe Limited

Opinion
We have audited the financial statements of TC Industries Of Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
TC Industries Of Europe Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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

A further description of our responsibilities 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
TC Industries Of Europe 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.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

17 June 2025

TC Industries Of Europe Limited (Registered number: 01822054)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 10,445,791 12,925,396

Cost of sales 9,276,640 11,200,036
GROSS PROFIT 1,169,151 1,725,360

Administrative expenses 651,661 840,631
OPERATING PROFIT 5 517,490 884,729

Interest receivable and similar income 126,284 73,679
643,774 958,408

Interest payable and similar expenses 6 451 4,499
PROFIT BEFORE TAXATION 643,323 953,909

Tax on profit 7 133,443 205,766
PROFIT FOR THE FINANCIAL YEAR 509,880 748,143

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

509,880

748,143

TC Industries Of Europe Limited (Registered number: 01822054)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 983,313 907,978

CURRENT ASSETS
Stocks 10 2,589,078 3,974,346
Debtors 11 2,592,125 2,084,239
Cash at bank and in hand 4,725,913 3,397,931
9,907,116 9,456,516
CREDITORS
Amounts falling due within one year 12 1,506,445 1,521,890
NET CURRENT ASSETS 8,400,671 7,934,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,383,984

8,842,604

PROVISIONS FOR LIABILITIES 15 163,000 131,500
NET ASSETS 9,220,984 8,711,104

CAPITAL AND RESERVES
Called up share capital 16 750,000 750,000
Retained earnings 17 8,470,984 7,961,104
SHAREHOLDERS' FUNDS 9,220,984 8,711,104

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:





G A Berry IV - Director


TC Industries Of Europe Limited (Registered number: 01822054)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 750,000 8,019,934 8,769,934

Changes in equity
Dividends - (806,973 ) (806,973 )
Total comprehensive income - 748,143 748,143
Balance at 31 December 2023 750,000 7,961,104 8,711,104

Changes in equity
Total comprehensive income - 509,880 509,880
Balance at 31 December 2024 750,000 8,470,984 9,220,984

TC Industries Of Europe Limited (Registered number: 01822054)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

TC Industries Of Europe 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all years presented unless otherwise stated.

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.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Significant judgements and estimates
In the application of the companies accounting policies. the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgement (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is that the value of work in progress is 50% complete at the year end.

Work in progress includes both the steel price and an element for the work done. Given the relative low value of the work done compared to the steel price and the fact that goods are at all stages of completion from 1% to 99% at the year end, an average of 50% seems reasonable.

Turnover
Turnover represents amounts invoiced in respect of goods sold during the year and also comprises income from providing heat treatment services, excluding value added tax. Turnover is recognised on dispatch of goods or on completion of the heat treatment service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- 5 to 30 years
Plant and machinery- 7 to 10 years
Motor vehicles- 5 years
Computer equipment- 3 to 5 years

Tangible fixed assets are stated at the lower of cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

TC Industries Of Europe Limited (Registered number: 01822054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the 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.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
Europe 6,765,892 7,537,966
Rest of the World 3,679,899 5,387,430
10,445,791 12,925,396

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,617,995 1,871,939
Social security costs 148,554 165,814
Other pension costs 49,961 59,783
1,816,510 2,097,536

TC Industries Of Europe Limited (Registered number: 01822054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 6 6
Administration 3 3
Production 50 59
59 68

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 218,738 277,566
Auditors remuneration 11,000 9,100
Foreign exchange differences 2,998 33,425
Payments under operating leases 10,668 7,487

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on taxation 451 4,499

7. 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 102,500 173,000
PY-respective adjustments (557 ) 3,766
Total current tax 101,943 176,766

Deferred taxation 31,500 29,000
Tax on profit 133,443 205,766

UK corporation tax has been charged at 25% .

TC Industries Of Europe Limited (Registered number: 01822054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 643,323 953,909
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

160,831

224,359

Effects of:
Expenses not deductible for tax purposes 133 4,409
Income not taxable for tax purposes (186 ) -
Depreciation in excess of capital allowances 3,498 -
Adjustments to tax charge in respect of previous periods (557 ) 3,766
Research and development claim (30,479 ) (34,650 )
Deferred tax movement - 8,037
Current year provision - 557
Miscellaneous adjustment 203 -
Super deduction - (712 )
Total tax charge 133,443 205,766

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim - 806,973

9. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2024 2,216,462 7,332,717 117,894 9,667,073
Additions 3,564 287,974 2,536 294,074
Disposals - (35,444 ) - (35,444 )
At 31 December 2024 2,220,026 7,585,247 120,430 9,925,703
DEPRECIATION
At 1 January 2024 2,041,922 6,607,571 109,602 8,759,095
Charge for year 16,589 200,016 2,133 218,738
Eliminated on disposal - (35,443 ) - (35,443 )
At 31 December 2024 2,058,511 6,772,144 111,735 8,942,390
NET BOOK VALUE
At 31 December 2024 161,515 813,103 8,695 983,313
At 31 December 2023 174,540 725,146 8,292 907,978

TC Industries Of Europe Limited (Registered number: 01822054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. STOCKS
2024 2023
£    £   
Raw materials 2,165,514 2,989,813
Work-in-progress 170,204 399,669
Finished goods 253,360 584,864
2,589,078 3,974,346

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,928,506 1,814,397
Amounts owed by group undertakings 267,005 -
Other debtors 210,951 157,760
Prepayments and accrued income 185,663 112,082
2,592,125 2,084,239

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 908,113 898,390
Amounts owed to group undertakings 202,336 195,070
Taxation 2,500 109,428
Social security and other taxes 41,422 42,226
Other creditors 9,934 37,342
Accruals and deferred income 342,140 239,434
1,506,445 1,521,890

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 10,265 10,668
Between one and five years 11,431 21,695
21,696 32,363

14. SECURED DEBTS

The bank holds a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 163,000 131,500

Deferred
tax
£   
Balance at 1 January 2024 131,500
Provided during year 31,500
Balance at 31 December 2024 163,000

TC Industries Of Europe Limited (Registered number: 01822054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
750,000 Ordinary 1 750,000 750,000

17. RESERVES
Retained
earnings
£   

At 1 January 2024 7,961,104
Profit for the year 509,880
At 31 December 2024 8,470,984

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

18. PENSION COMMITMENTS

The company offers a defined contribution benefit scheme. Contributions are charged to the profit and loss as they fall due. The charge for the year was £49,961 (2023 - £59,783). There were pension contributions totalling £9,559 outstanding at the year end (2023 - £13,681).

19. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is TCR, LLC a company incorporated in the United States of America. The smallest and largest group financial statements to consolidate these financial statements are prepared by TC Industries Inc.

The financial statements of TCR, LLC are available from its registered office address at 803 West Main Street, Unit 3, Lake Geneva, WI 53147.

The ultimate controlling parties of TCR, LLC are G A Berry IV and R Berry by virtue of their controlling interest in the ordinary shares of the company.

20. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 423,920 -