Company No: 06699146 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Director

Mr R Hakl

Registered office	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA
	United Kingdom

Company number

06699146 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	2024		2023
		£		£
Current assets
Debtors	3	8,334		91,796
Cash at bank and in hand	4	4,779		30,755
		13,113		122,551
Creditors: amounts falling due within one year	5	( 550,170)		( 452,213)
Net current liabilities		(537,057)		(329,662)
Total assets less current liabilities		(537,057)		(329,662)
Creditors: amounts falling due after more than one year	6	( 2,212)		( 8,212)
Net liabilities		( 539,269)		( 337,874)
Capital and reserves
Called-up share capital	7	1		1
Profit and loss account		( 539,270 )		( 337,875 )
Total shareholders' deficit		( 539,269)		( 337,874)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Targa (UK) Limited (registered number: 06699146) were approved and authorised for issue by the Director on 30 September 2025. They were signed on its behalf by:

Mr R Hakl Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Targa (UK) Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office is 2nd Floor, 168 Shoreditch High Street, London, United Kingdom, E1 6RA.

The company's accounts are presented in Pounds Sterling rounded to the nearest whole pound.

Going concern

Notwithstanding that the company has net liabilities of £455,806 (2023: £337,874 ) at the balance sheet date the financial statements have been prepared on a going concern basis. The company made a loss of £200,995 in the year (2023: £137,431). The company remains dependent on the support of its director, and included within creditors due within one year is an amount of £320,290 (2023:£200,304) due to the director. The director confirms his intention to continue to support the company for a period of no less than one year from the signing of these accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Debtors

	2024		2023
	£		£
Other debtors	8,334		91,796

4. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	4,779		30,755

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	6,788		6,788
Trade creditors	111,686		111,686
Amounts owed to director	320,290		194,754
Accruals	3,750		3,440
Other taxation and social security	90,906		118,795
Other creditors	16,750		16,750
	550,170		452,213

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	2,212		8,212

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1 ordinary share of £ 1.00 (2023: - shares of 0 each)	1		0

8. Related party transactions

During the period the company operated a loan account with its director, R Hakl. The company made payments of £Nil (2023: £Nil) on behalf of the director, R Hakl. During the period the company made repayments to R Hakl totalling £Nil. (2023: £Nil). At the period end the amount due to R Hakl was £320,290 (2023: £200,304), which is included within 'Other Creditors' in note 4 to these accounts.

The company has a loan outstanding with Cavendish Targa Properties Limited a company owned by R Hakl a director of the company. At the beginning of the year the amount outstanding was £83,463 but during the year this loan was fully provided against due to the doubt around its recoverability. Therefore at the year end the net amount shown in Debtors as being owed to the company was £Nil.

9. Loans

Analysis of the maturity of loans is given below:

	2024		2023
	£		£
Amounts falling due within one year: Bank loans	6,788		6,788

	2024		2023
	£		£
Amounts falling due 1-2 years: Bank loans	2,212		6,788

	2024		2023
	£		£
Amounts falling due 2-5 years: Bank loans	0		1,424

11. Ultimate controlling party

The company is under the control of its director, R Hakl, who owns 100% of the issued share capital.