Company registration number 07144155 (England and Wales)
TVD (NW) HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
TVD (NW) HOLDINGS LIMITED
COMPANY INFORMATION
Director
M J Brown
Company number
07144155
Registered office
James House
Unit 36 Waters Meeting Industrial Estate
Britannia Way
Bolton
BL2 2HH
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Bankers
NatWest
24 Deansgate
Bolton
BL1 1BN
TVD (NW) HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 35
TVD (NW) HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The director presents the strategic report for the year ended 31 January 2025.

Our business continues to go from strength to strength, with another solid set of results for the financial year.

The continuing recover of the economy post-pandemic and post-Brexit, as well as geopolitical uncertainty has created many challenges, including rising overhead costs, uncertainty in supply chains and national labour shortages. Despite this, the team continue to meet these challenges with a resilience and determination that has enabled us to achieve our strategic and financial aims. The experienced management team has been further strengthened in resource and structure from promotions within the existing team. Our cash position continues to remain strong, and we continue to have significant headroom and well utilised support within our banking facilities. While high levels of macro-economic uncertainty continue to present challenges, we are confident that our business will continue to rise to these challenges and that our agile business model can react accordingly to continue to facilitate a strong performance.

We continue to try and develop and grow our market share within the areas we currently operate in, as well as developing our product range and services in line with technological advancements and client demand. We have benefitted from the returning business levels of several key industries post-pandemic and are in a great position to capitalise on the growing design and installation elements of our business.

Our products and services include reactive maintenance, installation services, audio visual and technology solutions, indoor/outdoor LED screens, large and small domestic appliances, digital signage, corporate AV and commercial installations and automation.

Mitchell & Brown, our own brand of TV, remains an important division within the business and continues to grow in terms of brand awareness with retailers and end consumers. While high-street retailers have seen a reduction in footfall, Mitchell & Brown continues to give a satisfactory performance with its 7-year warranty and UK customer service providing desirable USP's.

Fair review of the business

The principal activities of the business are Audio Visual suppliers and integrators and electrical supplies. The divisions of our company are commercial, business-to-business and retail / internet, with our commercial and business-to-business divisions being the largest contributor to both turnover, gross profit and net profit. The company prides itself on high levels of customer service and quality installations, as well as providing value for money products and services.

We continue to operate across numerous sectors including hotels, holiday parks, betting shops, racecourses, pubs and restaurants, care homes, retail stores and many other industries operating nationally throughout the UK.

The maintaining of existing and the developing of new relationships with numerous manufacturers and suppliers including Samsung, LG, Philips, Vestel, CYP, Wyrestorm, RCF, Cloud, Peerless and B-tech continues to be important.

We have continued to develop our relationships with other manufacturers, along with the development of partnerships with other businesses who compliment the wide range of products and services that we offer.

In March 2023 we transitioned to an employee-owned business. This decision was driven by the desire to create longevity in the business, as well as maintain and enhance our business cultural values. This has strengthened employee engagement and incentivised the team to heighten performance levels, creating a great benefit to both clients and supply partners.

We feel our figures reflect our strong and healthy business model and continue to give us a platform to move our business forward.

TVD (NW) HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Principal risks and uncertainties

As for many companies of our size, the business environment in which we operate continues to be challenging.

Our breadth of technology solutions means that we face differing competition across different divisions. We continue to mitigate this competition by staying focused on our core competencies and strengths.

Inflation, rising energy prices, increased staffing costs and the conflict in the middle east which can impact delivery lead times and costs within our supply chain; are some of the increasing costs that could potentially impact profit margins. These costs are forecasted and considered as part of TVD's annual business plan, with regular reviews to compare against actual performance. The installation of solar panels continues to mitigate increasing energy costs.

Whilst we continue to see the recovery of different sectors at different rates post-pandemic, we have seen varying performance across the different sectors, the consumer and high street has been affected. We continue to monitor the key performance indicators in each sector. As a business there are still some administrative challenges post-Brexit, but these have largely been overcome now. The general economic context is currently the greatest challenge as it continues to bring some uncertainty to industries heavily impacted by consumer habits and spending, in light of the cost-of- living crisis.

Key performance indicators

We consider that our key performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover, gross margin, net profit margin, debtor days, stock turnover days and return on capital employed.

202 5 202 4

Turnover £17,103,545 £17,325,372

Gross profit margin 3 1.69% 32.10%

Net profit margin 7.03% 8.98%

Debtor days 3 5 days 33 days

Stock turnover days 53 days 47 days

R.O.C.E 54.19% 54.53%

On behalf of the board

M J Brown
Director
30 October 2025
TVD (NW) HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

The principal activity of the subsidiary company continued to be that of the sale and rental of audio visual equipment.

Results and dividends

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

EBT contributions were paid amounting to £128,989. The director does not recommend payment of a further EBT contribution.

Director

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

M J Brown
Future developments

We will continue to focus on growth within all divisions of our business, with the commercial and business-to- business departments seen as providing the greatest growth opportunities. Our Technology Experience Centre continues to provide an interactive client and supplier engagement, which in turn should benefit client retention, development and acquisition.

We are looking to continue to expand and update our Technology Experience Centre with the latest technology and outdoor range of products to showcase how businesses can enhance and create revenue streams from under-utilised outdoor space

We have invested in internal resources to provide a company structure that follows our strategic growth plans, with key appointments on the technical and projects side of the business. This will help us to develop greater technical influence within the industry as well as drive efficiency within our internal processes.

We continue to provide further investment in sales and marketing campaigns, as well as more in-depth client and end consumer research to provide greater insight and more targeted campaigns, leading to greater brand awareness and increased enquiries and conversion rates.

We are developing a B2B transactional website, which should provide a new revenue stream to us and allow for simplified purchasing of AV products.

We are currently looking to reduce our use of paper by implementing an holistic document management system. As well as helping us to become more environmentally sustainable, this will provide operational efficiencies.

Auditor

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

TVD (NW) HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
Statement of director's responsibilities

The director is responsible for preparing the Annual Report 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 group and company, 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 UK 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 group and company will continue in business.

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

Statement of disclosure to auditor

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

On behalf of the board
M J Brown
Director
30 October 2025
TVD (NW) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TVD (NW) HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of TVD (NW) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

TVD (NW) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TVD (NW) HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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

- 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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to health and safety, employment laws, gender pay gap and consumer protection.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

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

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. For example, the further removed non-compliance with laws and regulations (irregularities) 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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or 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.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

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

Use of our report

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

Alex Hesketh (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
30 October 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
TVD (NW) HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
17,103,545
17,325,372
Cost of sales
(11,700,661)
(11,764,206)
Gross profit
5,402,884
5,561,166
Administrative expenses
(3,648,962)
(3,352,612)
Other operating income
45,097
46,347
Operating profit
4
1,799,019
2,254,901
Interest receivable and similar income
8
3,305
5,126
Interest payable and similar expenses
9
(189,854)
(220,340)
Profit before taxation
1,612,470
2,039,687
Tax on profit
10
(409,588)
(483,226)
Profit for the financial year
1,202,882
1,556,461
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TVD (NW) HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,726,127
1,832,424
1,726,127
1,832,424
Current assets
Stocks
18
1,692,204
1,529,413
Debtors
19
2,994,721
3,029,612
Cash at bank and in hand
554,991
1,517,363
5,241,916
6,076,388
Creditors: amounts falling due within one year
20
(3,648,029)
(3,773,670)
Net current assets
1,593,887
2,302,718
Total assets less current liabilities
3,320,014
4,135,142
Creditors: amounts falling due after more than one year
21
(147,032)
(1,907,851)
Provisions for liabilities
Provisions
24
46,643
32,023
Deferred tax liability
25
182,993
203,615
(229,636)
(235,638)
Net assets
2,943,346
1,991,653
Capital and reserves
Called up share capital
27
222
222
Share premium account
225,449
225,449
Capital redemption reserve
79
79
Profit and loss reserves
2,717,596
1,765,903
Total equity
2,943,346
1,991,653
The financial statements were approved and signed by the director and authorised for issue on 30 October 2025
30 October 2025
M J Brown
Director
Company registration number 07144155 (England and Wales)
TVD (NW) HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
15
1,050,001
1,050,001
Current assets
Debtors
19
1,133,577
400,854
Cash at bank and in hand
95
151
1,133,672
401,005
Creditors: amounts falling due within one year
20
(1,873)
(169,886)
Net current assets
1,131,799
231,119
Total assets less current liabilities
2,181,800
1,281,120
Capital and reserves
Called up share capital
27
222
222
Share premium account
225,449
225,449
Capital redemption reserve
79
79
Profit and loss reserves
1,956,050
1,055,370
Total equity
2,181,800
1,281,120

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,151,869 (2024 - £1,648,133 profit).

The financial statements were approved and signed by the director and authorised for issue on 30 October 2025
30 October 2025
M J Brown
Director
Company Registration No. 07144155
TVD (NW) HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2023
222
225,449
79
6,125,603
6,351,353
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
1,556,461
1,556,461
Dividends
11
-
-
-
(5,916,161)
(5,916,161)
Balance at 31 January 2024
222
225,449
79
1,765,903
1,991,653
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
-
-
1,202,882
1,202,882
EBT contributions
11
-
-
-
(251,189)
(251,189)
Balance at 31 January 2025
222
225,449
79
2,717,596
2,943,346
TVD (NW) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2023
222
225,449
79
5,323,398
5,549,148
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
1,648,133
1,648,133
Dividends
11
-
-
-
(5,916,161)
(5,916,161)
Balance at 31 January 2024
222
225,449
79
1,055,370
1,281,120
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
-
-
1,151,869
1,151,869
EBT contributions
11
-
-
-
(251,189)
(251,189)
Balance at 31 January 2025
222
225,449
79
1,956,050
2,181,800
TVD (NW) HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,054,308
4,862,748
Interest paid
(189,854)
(220,340)
Income taxes paid
(144,987)
(404,334)
Net cash inflow from operating activities
1,719,467
4,238,074
Investing activities
Purchase of tangible fixed assets
(117,905)
(247,596)
Proceeds on disposal of tangible fixed assets
-
3,117
Proceeds from other investments and loans
(73,320)
1,068,267
Interest received
3,305
5,126
Net cash (used in)/generated from investing activities
(187,920)
828,914
Financing activities
Cash injection of bank loans
(2,120,540)
1,752,129
Payment of finance leases obligations
(122,190)
(8,104)
EBT contributions paid to equity shareholders
(251,189)
(5,916,161)
Net cash used in financing activities
(2,493,919)
(4,172,136)
Net (decrease)/increase in cash and cash equivalents
(962,372)
894,852
Cash and cash equivalents at beginning of year
1,517,363
622,511
Cash and cash equivalents at end of year
554,991
1,517,363
TVD (NW) HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
34
(1,059,525)
3,201,407
Interest paid
530
-
0
Income taxes refunded/(paid)
228,954
(4,221)
Net cash (outflow)/inflow from operating activities
(830,041)
3,197,186
Investing activities
Purchase of subsidiaries
-
(1)
Proceeds from other investments and loans
(73,320)
1,068,267
Interest received
3,305
5,126
Dividends received
1,151,189
1,643,524
Net cash generated from investing activities
1,081,174
2,716,916
Financing activities
EBT contributions paid to equity shareholders
(251,189)
(5,916,161)
Net cash used in financing activities
(251,189)
(5,916,161)
Net decrease in cash and cash equivalents
(56)
(2,059)
Cash and cash equivalents at beginning of year
151
2,210
Cash and cash equivalents at end of year
95
151
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
1
Accounting policies
Company information

TVD (NW) Holdings Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is James House, Unit 36 Waters Meeting Industrial Estate, Britannia Way, Bolton, BL2 2HH.

The group consists of TVD (NW) Holdings Limited and its subsidiary.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of TVD (NW) Holdings Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -

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

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably

- it is probable that the company will receive the consideration due under the contract:

- the stage of completion of the contract at the end of the reporting period can be measured reliably, and:

- the costs incurred and the costs to complete the contract can be measured reliably

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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.

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

Freehold Property
2% straight line
Property improvements
4% - 20% straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
10% straight line
Computer equipment
10% - 20% straight line
Motor vehicles
25% reducing balance

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

1.6
Fixed asset investments

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

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

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

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

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

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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

1.9
Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

1.10
Financial instruments

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

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

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

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
Taxation

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

Current tax

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

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

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

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

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

1.16
Retirement benefits

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

1.17
Leases

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

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

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

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key judgements and estimates include warranty provisions of £46,643, stock provision s of £13,169, and provisions for bad and doubtful debts of £1 1,010.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sales of goods
16,080,665
16,540,635
Rendering of services
1,022,880
784,737
17,103,545
17,325,372
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
16,080,665
16,571,370
Rest of Europe
1,022,880
754,002
17,103,545
17,325,372
2025
2024
£
£
Other revenue
Interest income
3,305
5,126
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
3,710
-
Depreciation of owned tangible fixed assets
224,202
212,092
Profit on disposal of tangible fixed assets
-
(3,117)
Stocks impairment losses recognised or reversed
(105)
(3,470)
Operating lease charges
159,456
135,617
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company and the company's subsidiaries
21,000
18,750
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
4
4
1
1
Administrative
50
49
-
-
Total
54
53
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,962,288
1,857,489
-
0
-
0
Social security costs
216,515
200,788
-
-
Pension costs
71,952
35,675
-
0
-
0
2,250,755
2,093,952
-
0
-
0

Included within other creditors for the group is a pension debtor of £644 (2024 creditor: £5,564).

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
15,880
16,294
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
3,305
5,126
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
165,704
198,218
Other finance costs:
Interest on finance leases and hire purchase contracts
24,680
22,122
Other interest
(530)
-
Total finance costs
189,854
220,340
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
430,210
465,719
Adjustments in respect of prior periods
-
0
4,633
Total current tax
430,210
470,352
Deferred tax
Origination and reversal of timing differences
(20,622)
12,874
Total tax charge
409,588
483,226

From 1 April 2023, the corporation tax rate changed; companies with chargeable taxable profits below £50,000 will continue to pay corporation tax at a rate of 19% and companies with chargeable taxable profits of £250,000 or more will pay corporation tax at a rate of 25%.

The taxable profits have therefore been apportioned such that 2 months have been taxed at a rate of 19%, and 9 months have been taxed at the current rate of 25% based on the number of days pre-1 April 2023.

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
10
Taxation
(Continued)
- 24 -

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

2025
2024
£
£
Profit before taxation
1,612,470
2,039,687
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
403,118
490,137
Tax effect of expenses that are not deductible in determining taxable profit
3,097
5,143
Tax effect of income not taxable in determining taxable profit
(287,848)
(416,812)
Adjustments in respect of prior years
-
0
4,633
Effect of change in corporation tax rate
-
(1,009)
Permanent capital allowances in excess of depreciation
24,046
6,195
Consolidation journals
267,175
394,939
Taxation charge
409,588
483,226
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
122,200
-
Interim paid
128,989
5,916,161
251,189
5,916,161
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Stocks
18
(105)
(3,470)
Recognised in:
Cost of sales
(105)
(3,470)
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
200,000
Amortisation and impairment
At 1 February 2024 and 31 January 2025
200,000
Carrying amount
At 31 January 2025
-
0
At 31 January 2024
-
0
The company had no intangible fixed assets at 31 January 2025 or 31 January 2024.
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 26 -
14
Tangible fixed assets
Group
Freehold Property
Property improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2024
1,571,451
262,902
81,444
236,653
592,250
412,400
3,157,100
Additions
-
0
25,908
6,372
2,166
56,278
27,181
117,905
At 31 January 2025
1,571,451
288,810
87,816
238,819
648,528
439,581
3,275,005
Depreciation and impairment
At 1 February 2024
191,346
205,458
64,143
211,102
493,643
158,984
1,324,676
Depreciation charged in the year
72,320
9,980
5,164
8,085
46,061
82,592
224,202
At 31 January 2025
263,666
215,438
69,307
219,187
539,704
241,576
1,548,878
Carrying amount
At 31 January 2025
1,307,785
73,372
18,509
19,632
108,824
198,005
1,726,127
At 31 January 2024
1,380,105
57,444
17,301
25,551
98,607
253,416
1,832,424
The company had no tangible fixed assets at 31 January 2025 or 31 January 2024.
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
14
Tangible fixed assets
(Continued)
- 27 -

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Fixtures and fittings
4,345
7,268
-
0
-
0
Motor vehicles
198,005
253,416
-
0
-
0
Freehold property
184,501
204,715
-
-
386,851
465,399
-
-

Freehold land and buildings with a carrying amount of £1,307,785 (2024: £1,380,105) have been pledged to secure the borrowings of the group.

15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,050,001
1,050,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 31 January 2025
1,050,001
Carrying amount
At 31 January 2025
1,050,001
At 31 January 2024
1,050,001
16
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TVD (NW) Limited
James House Unit 36 Waters Meeting Industrial Estate, Britannia Way, Bolton, BL2 2HH
Ordinary
100.00
TVD (NW) Trustee Limited
Unit 36 Britannia Way, Bolton, England, BL2 2HH
Ordinary
100.00
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 28 -
17
Monies held in trust

Included within cash at bank for the group is £40,019 (202 4: £78,498) held in trust for the purpose of satisfying warranty claims.

18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
1,692,204
1,529,413
-
0
-
0
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,967,912
1,885,449
-
0
-
0
Corporation tax recoverable
35,169
265,581
35,169
265,581
Amounts owed by group undertakings
-
-
898,903
-
Other debtors
879,906
757,820
199,505
135,273
Prepayments and accrued income
111,734
120,762
-
0
-
0
2,994,721
3,029,612
1,133,577
400,854
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
-
0
500,790
-
0
-
0
Obligations under finance leases
23
167,225
148,346
-
0
-
0
Trade creditors
1,058,262
1,870,668
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
166,714
Corporation tax payable
217,714
162,903
159
1,458
Other taxation and social security
560,701
469,784
-
-
Other creditors
125,774
250,665
703
703
Accruals and deferred income
1,518,353
370,514
1,011
1,011
3,648,029
3,773,670
1,873
169,886
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 29 -
21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
1,619,750
-
0
-
0
Obligations under finance leases
23
147,032
288,101
-
0
-
0
147,032
1,907,851
-
-
22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
0
2,120,540
-
0
-
0
Payable within one year
-
0
500,790
-
0
-
0
Payable after one year
-
0
1,619,750
-
0
-
0

Bank loans are secured by an all assets debenture on the group assets, and guaranteed by the parent company.

Included within other deb tors is an invoice discounting facility with a balance of £Nil (202 4: £147,487), which is secured by an all assets debenture on the groups assets.

23
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
167,225
148,346
-
0
-
0
In two to five years
147,032
288,101
-
0
-
0
314,257
436,447
-
-

Net obligations under hire purchase contracts are secured against the assets to which they relate.

TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 30 -
24
Provisions for liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Warranty provision
46,643
32,023
-
-
Deferred tax liabilities
25
182,993
203,615
-
0
-
0
229,636
235,638
-
0
-
0
Movements on provisions apart from deferred tax:
Warranty provision
Group
£
At 1 February 2024
32,023
Additional provisions in the year
14,620
At 31 January 2025
46,643
25
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
182,993
203,615
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
203,615
-
Credit to profit or loss
(20,622)
-
Liability at 31 January 2025
182,993
-
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 31 -
26
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,952
35,675

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

27
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary A shares of 5p each
380
380
19
19
ordinary B shares of 5p each
1,540
1,540
77
77
ordinary C shares of 5p each
240
240
12
12
ordinary D shares of 5p each
2,280
2,280
114
114
4,440
4,440
222
222
28
Financial commitments, guarantees and contingent liabilities

The company guarantees the bank loans of the subsidiary which at 31 January 202 5 had a total balance of £Nil (20 24: £2,120,540).

29
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
61,930
58,001
-
-
Between two and five years
163,417
218,918
-
-
225,347
276,919
-
-
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
29
Operating lease commitments
(Continued)
- 32 -
Lessor

The operating leases represent leases subleases of business premises to third parties.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
9,917
23,800
-
-
Between two and five years
-
9,917
-
-
9,917
33,717
-
-
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 33 -
30
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 1.12(e),not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

During the year, the company made purchases of £179,083 (20 2 4: £154,305) from Mysign Limited, a company in which Claire Brown is a shareholder. At the year end, an amount of £41,335 (202 4: £31,733) was due to MySign Limited.

During the year, the company made sales to TVC Outdoor Ltd, a company under common control, of £4,464 (202 4: £4,400). Included within debtors at the balance sheet date is £46,102 (202 4: £34,455) due from TVC Outdoor Ltd.

31
Directors' transactions

During the year the company paid rent to M J Brown amounting to £63,000 (20 24: £67,147).

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
M J Brown
2.25
60,766
335,087
573
(262,341)
134,085
60,766
335,087
573
(262,341)
134,085

The loan account with M J Brown was repaid in full after the year end.

32
Controlling party
During the current and prior year the company was controlled by M J Brown. Following the year-end, the ultimate controlling party changed to an Employee Benefit Trust, by virtue of their purchase of a majority shareholding in TVD (NW) Holdings Limited.
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 34 -
33
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,202,882
1,556,461
Adjustments for:
Taxation charged
409,588
483,226
Finance costs
189,854
220,340
Investment income
(3,305)
(5,126)
Gain on disposal of tangible fixed assets
-
(3,117)
Depreciation and impairment of tangible fixed assets
224,202
212,092
Increase/(decrease) in provisions
14,620
(182,613)
Movements in working capital:
(Increase)/decrease in stocks
(162,791)
85,714
(Increase)/decrease in debtors
(122,201)
2,398,979
Increase in creditors
301,459
96,792
Cash generated from operations
2,054,308
4,862,748
34
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit after taxation
1,151,869
1,648,133
Adjustments for:
Taxation charged
159
1,458
Finance costs
(530)
-
0
Investment income
(1,154,494)
(1,648,650)
Movements in working capital:
(Increase)/decrease in debtors
(889,815)
3,033,751
(Decrease)/increase in creditors
(166,714)
166,715
Cash (absorbed by)/generated from operations
(1,059,525)
3,201,407
35
Analysis of changes in net funds/(debt) - group
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
1,517,363
(962,372)
554,991
Borrowings excluding overdrafts
(2,120,540)
2,120,540
-
Obligations under finance leases
(436,447)
122,190
(314,257)
(1,039,624)
1,280,358
240,734
TVD (NW) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 35 -
36
Analysis of changes in net funds - company
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
151
(56)
95
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