Company No: 06769532 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Investment property	4	554,133		554,133
		554,133		554,133
Current assets
Debtors	5	161,545		166,437
		161,545		166,437
Creditors: amounts falling due within one year	6	( 3,928,562)		( 3,956,793)
Net current liabilities		(3,767,017)		(3,790,356)
Total assets less current liabilities		(3,212,884)		(3,236,223)
Net liabilities		( 3,212,884)		( 3,236,223)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 3,212,984 )		( 3,236,323 )
Total shareholder's deficit		( 3,212,884)		( 3,236,223)

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.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge 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 TCI Ltd (registered number: 06769532) were approved and authorised for issue by the Board of Directors on 24 December 2025. They were signed on its behalf by:

J S Payne 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

TCI Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is 1 Lansdowne Place, 17 Holdenhurst Road, Bournemouth, Dorset, BH8 8EW.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £3,212,884. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The material uncertainties are due to the ongoing war in Ukraine which is affecting the investment property rental income.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for rent in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

Land and buildings

50 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

The properties in Ukraine have been revalued to nil, due to the ongoing war in Ukraine.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Total
	£		£
Cost
At 01 January 2024	133,005		133,005
At 31 December 2024	133,005		133,005
Accumulated depreciation
At 01 January 2024	133,005		133,005
At 31 December 2024	133,005		133,005
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	554,133
As at 31 December 2024	554,133

Valuation

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset have been used. Changes in fair value are recognised in profit or loss. The properties current valuation is due to the ongoing war in Ukraine, where the properties are based.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	3,548,021		3,548,021

5. Debtors

	2024		2023
	£		£
Other debtors	161,545		166,437

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to Group undertakings	527,516		528,306
Amounts owed to Parent undertakings	2,859,624		2,889,624
Corporation tax	8,056		9,741
Other creditors	533,366		529,122
	3,928,562		3,956,793

7. Reserves

Distributable Reserves

	2024
	£
Bfwd at 1 January 2024	(242,434)
Profit for the year	23,339
	(219,095)

Non-Distributable Reserves

	2024
	£
Bfwd at 1 January 2024	(2,993,889)

8. Ultimate controlling party

Parent Company:

Twentieth Century Investments Limited

Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW

Owns 100% of the called up share capital.