IRIS Accounts Production v24.2.0.383 04503934 Board of Directors 1.4.23 31.3.24 31.3.24 true true false true true false false true false A Ordinary 1.00000 B Ordinary 1.00000 Preference 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045039342023-03-31045039342024-03-31045039342023-04-012024-03-31045039342022-03-31045039342022-04-012023-03-31045039342023-03-3104503934ns15:EnglandWales2023-04-012024-03-3104503934ns14:PoundSterling2023-04-012024-03-3104503934ns10:Director12023-04-012024-03-3104503934ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104503934ns10:FRS1022023-04-012024-03-3104503934ns10:Audited2023-04-012024-03-3104503934ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3104503934ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3104503934ns10:FullAccounts2023-04-012024-03-3104503934ns10:OrdinaryShareClass22023-04-012024-03-3104503934ns10:OrdinaryShareClass32023-04-012024-03-3104503934ns10:OrdinaryShareClass42023-04-012024-03-3104503934ns10:Director22023-04-012024-03-3104503934ns10:Director32023-04-012024-03-3104503934ns10:Director42023-04-012024-03-3104503934ns10:Director52023-04-012024-03-3104503934ns10:Director62023-04-012024-03-3104503934ns10:RegisteredOffice2023-04-012024-03-3104503934ns5:CurrentFinancialInstruments2024-03-3104503934ns5:CurrentFinancialInstruments2023-03-3104503934ns5:Non-currentFinancialInstruments2024-03-3104503934ns5:Non-currentFinancialInstruments2023-03-3104503934ns5:ShareCapital2024-03-3104503934ns5:ShareCapital2023-03-3104503934ns5:RetainedEarningsAccumulatedLosses2024-03-3104503934ns5:RetainedEarningsAccumulatedLosses2023-03-3104503934ns5:ShareCapital2022-03-3104503934ns5:RetainedEarningsAccumulatedLosses2022-03-3104503934ns5:SharePremium2022-03-3104503934ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3104503934ns5:SharePremium2023-03-3104503934ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104503934ns5:SharePremium2024-03-310450393412023-04-012024-03-3104503934ns5:LeaseholdImprovements2023-04-012024-03-3104503934ns5:PlantMachinery2023-04-012024-03-3104503934ns5:MotorVehicles2023-04-012024-03-3104503934ns5:ComputerEquipment2023-04-012024-03-3104503934ns10:HighestPaidDirector2023-04-012024-03-3104503934ns10:HighestPaidDirector2022-04-012023-03-3104503934ns5:OwnedAssets2023-04-012024-03-3104503934ns5:OwnedAssets2022-04-012023-03-3104503934ns5:LeasedAssets2023-04-012024-03-3104503934ns5:LeasedAssets2022-04-012023-03-3104503934ns10:OrdinaryShareClass22022-04-012023-03-3104503934ns10:OrdinaryShareClass32022-04-012023-03-3104503934ns5:LeaseholdImprovements2023-03-3104503934ns5:PlantMachinery2023-03-3104503934ns5:MotorVehicles2023-03-3104503934ns5:ComputerEquipment2023-03-3104503934ns5:LeaseholdImprovements2024-03-3104503934ns5:PlantMachinery2024-03-3104503934ns5:MotorVehicles2024-03-3104503934ns5:ComputerEquipment2024-03-3104503934ns5:LeaseholdImprovements2023-03-3104503934ns5:PlantMachinery2023-03-3104503934ns5:MotorVehicles2023-03-3104503934ns5:ComputerEquipment2023-03-3104503934ns5:CostValuation2023-03-3104503934ns5:Subsidiary12023-04-012024-03-3104503934ns5:Subsidiary112023-04-012024-03-3104503934ns5:Subsidiary12024-03-3104503934ns5:Subsidiary12023-03-3104503934ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104503934ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104503934ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104503934ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104503934ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3104503934ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3104503934ns5:HirePurchaseContracts2024-03-3104503934ns5:HirePurchaseContracts2023-03-3104503934ns5:WithinOneYear2024-03-3104503934ns5:WithinOneYear2023-03-3104503934ns5:BetweenOneFiveYears2024-03-3104503934ns5:BetweenOneFiveYears2023-03-3104503934ns5:AllPeriods2024-03-3104503934ns5:AllPeriods2023-03-3104503934ns5:DeferredTaxation2023-03-3104503934ns5:DeferredTaxation2024-03-3104503934ns10:OrdinaryShareClass22024-03-3104503934ns10:OrdinaryShareClass32024-03-3104503934ns10:OrdinaryShareClass42024-03-3104503934ns5:RetainedEarningsAccumulatedLosses2023-03-3104503934ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-04-012024-03-3104503934ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-04-012023-03-3104503934ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-03-3104503934ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-03-3104503934ns5:OtherRelatedParties2023-04-012024-03-3104503934ns5:OtherRelatedParties2022-04-012023-03-3104503934ns5:OtherRelatedParties2024-03-3104503934ns5:OtherRelatedParties2023-03-31
REGISTERED NUMBER: 04503934 (England and Wales)











Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2024

for

Thomas Bow Limited

Thomas Bow Limited (Registered number: 04503934)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Thomas Bow Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A T Bow
J E Allen
J W Atherton-Ham
K G Carmichael
J S Haluch
A E Thorpe



REGISTERED OFFICE: Ashbow Court
4-12 Middleton Street
Lenton
Nottingham
NG7 2AL



REGISTERED NUMBER: 04503934 (England and Wales)



AUDITORS: Mabe Allen LLP
Chartered Accountants & Statutory Auditors
The Old Manse
29 St. Mary Street
Ilkeston
Derbyshire
DE7 8AB



BANKERS: Virgin Money
11 Smithy Row
Nottingham
NG1 3EJ

Thomas Bow Limited (Registered number: 04503934)

Strategic Report
for the Year Ended 31 March 2024


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

REVIEW OF BUSINESS
Turnover for the year was £37.7 million (2023 - £34.2 million) and pre-tax profits for the year amounted to £1,300,000 (2023 - £1,011,000).

The company remains well-capitalised with net assets of £3,053,000 (2023 - £2,873,000) and maintains a strong liquidity position, the cash balance at 31 March 2024 being £5,448,000 (2023 - £5,419,000).

As a civil engineering and highway surfacing contractor, the company continues to operate within its core geographical area of the Midlands and Yorkshire and on long-term customer projects throughout the UK.

Our strategy is to deliver infrastructure services to support, develop and maintain the UK's vital road networks, built environment and public realm whilst striving for best customer service.

Our vision is to be a leading infrastructure business delivering a "One-Stop-Shop" through collaboration, protection of resources, building a "right first time" philosophy, ensuring a high level of customer service, giving each client director access. We aim to maintain these exceptionally high standards, no matter what size of job. The quality and commitment of our team is paramount to ensuring that we constantly exceed our customers' expectations.

We consider that our key financial performance indicators are those that communicate the financial performance of the business, these being turnover and gross margin. These are shown below.

Turnover - £37,645,000 (2023 - £34,176,000)
Gross Profit - £3,148,000 (2023 - £2,376,000)
Gross Profit Margin - 8.4% (2023 - 7.0%)

The year commenced with the company continuing to benefit from increased levels of work with local authority clients, particularly by way of the Transforming Cities Fund (TCF), aimed at improving connections between major employment sites and promoting active travel and public transport. Also, we benefitted from additional works at Witham St Hughs and unbudgeted surfacing works for two local authorities. After a slow start to the year, July, August, February and March were each record months for the company in terms of both turnover and margin, despite difficult trading conditions with unprecedented weather. Early contractor involvement with our clients is key in ensuring consistent workflow is available as weather has become a critical factor, potentially making our surfacing operations more seasonal.

In contrast with early 2023, we are now seeing asphalt supply outstripping demand and we are continually seeing the effects of aggressive pricing within the market-place. With reduced spending on national highways and housing infrastructure, it is noticeable that the surfacing market has greater competition. This is in contrast with construction, where opportunities have been above expectations with recent awards from Rutland County Council for their Highways Term Maintenance Contract, valued at £70 million over a period of twenty years, Town Centre Public Realm works with Chesterfield Borough Council and West End Point Highway Junction Improvements with Nottingham City Council.

In common with most other businesses, we have continued to be impacted by increases in the cost of plant and vehicles with labour and material costs now settling. Notwithstanding these challenges, the company has succeeded in maintaining gross profit margin in excess of 2021, 2022 and 2023 levels. With the continuing conflict in Eastern Europe and the effects of a new central government, prospects for the next two to three years are uncertain. Despite these challenges, the outlook moving forward for 2024/2025 is cautiously optimistic in that we will see surfacing volumes improve and we will continue to monitor costs, as well as seeking growth opportunities that fall within our geographical area of operation, along with the development of our "One-Stop-Shop" philosophy.


Thomas Bow Limited (Registered number: 04503934)

Strategic Report
for the Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Our ability to identify and manage the risks to our business is an important element of ensuring our continued success. The company's approach to risk management is to identify key risks and then to develop actions or processes within the business to eliminate or mitigate those risks to an acceptable level.

The directors have identified the following key strategic and operational risks:

Market conditions - As contractors within the construction sector, our order book and operations are influenced by macro-economic factors, including public sector capital and maintenance budgets, over which we have little control. Where possible, we endeavour to mitigate this risk by having a diversified client base across the public and private sectors.

Competition and margins - To remain competitive, we continue to focus on delivering and completing our projects to the highest possible standards, on time and on budget. The company recognises the fact that efficiently managing each contract is of vital importance to its continued success and profitability. Strong management and financial controls are in place in respect of contract management, including a proactive job-costing system and strong procurement policies and procedures.

Input costs - The conflict in Ukraine has contributed toward challenges with regard to certain building products and plant items in terms of increased cost and availability issues. Where possible, this is mitigated in conjunction with our clients by pre-planning and working with extended supply chains.

Health, safety, wellbeing and environmental impact - Managing our impact on the environment and the health and safety of all employees, customers and contractors is of vital importance to the business. The company has in place, processes and procedures designed to mitigate health and safety risks and any potential environmental issues. These policies are regularly reviewed to ensure all are up to date and meet the requirements of all relevant parties.

People - The company recognises a key factor in its continued success is its ability to attract, retain and develop the best workforce that it can. The company has an excellent record in retaining its key staff and will strive to continue this by ensuring staff development and training is encouraged at all levels.
In support of our people strategy, Thomas Bow are developing a high performing culture, where employees feel part of the Thomas Bow family and love to be here.
We will create positivity and energy to maximise opportunities and find solutions for our clients through working collaboratively and demonstrating our willingness to learn and mentor others. We will foster mutual trust and respect by ensuring honest open communication and consultation across the organisation.
We will hold each other accountable to deliver the company objective of sustainable growth and to act in the Thomas Bow way.

ON BEHALF OF THE BOARD:





A T Bow - Director


7 August 2024

Thomas Bow Limited (Registered number: 04503934)

Report of the Directors
for the Year Ended 31 March 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of general construction, civil engineering and surfacing contractors.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 was £788,554.

An interim dividend of £788.55 per share, in respect of the year ended 31 March 2024, was declared and paid on the A Ordinary £1 shares on 21 August 2023.

An interim dividend of £788.55 per share, in respect of the year ended 31 March 2024, was declared and paid on the B Ordinary £1 shares on 21 August 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

A T Bow
J E Allen
J W Atherton-Ham
K G Carmichael
J S Haluch
A E Thorpe

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

Thomas Bow Limited (Registered number: 04503934)

Report of the Directors
for the Year Ended 31 March 2024


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:





A T Bow - Director


7 August 2024

Report of the Independent Auditors to the Members of
Thomas Bow Limited


Opinion
We have audited the financial statements of Thomas Bow Limited (the 'company') for the year ended 31 March 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 March 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.

Report of the Independent Auditors to the Members of
Thomas Bow Limited


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

Report of the Independent Auditors to the Members of
Thomas Bow Limited


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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance including targets for income and net profit;

- Results of our enquiries of management and the directors about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance, including any related to the General Data Protection Regulation or Bribery Act 2010;

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- The internal controls to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team and including relevant internal tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the ability of management to manipulate revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and the Financial Reporting Standard 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These include The General Data Protection Regulation, the Bribery Act 2010 and Health and Safety policies.

Audit response to risks identified

Our procedures to respond to risks identified above include the following:


Report of the Independent Auditors to the Members of
Thomas Bow Limited

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management and directors concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the fraud risk in revenue recognition we have tested a sample of revenue recorded in the year through agreement to the relevant sales terms and conditions and bank statements. Additionally, at an analytical review level, we developed an expectation of the revenue with reference to our experience of the client and discussions on the recognition and volatility of revenue in the year ; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. This 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.

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.




Kevin Slack FCA (Senior Statutory Auditor)
for and on behalf of Mabe Allen LLP
Chartered Accountants & Statutory Auditors
The Old Manse
29 St. Mary Street
Ilkeston
Derbyshire
DE7 8AB

7 August 2024

Thomas Bow Limited (Registered number: 04503934)

Statement of Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 37,645,221 34,175,542

Cost of sales 34,496,949 31,799,399
GROSS PROFIT 3,148,272 2,376,143

Administrative expenses 1,998,059 1,506,038
1,150,213 870,105

Other operating income 4,106 85,000
OPERATING PROFIT 5 1,154,319 955,105

Income from shares in group
undertakings

-

367,870
Interest receivable and similar income 145,294 55,486
145,294 423,356
1,299,613 1,378,461
Amounts written off investments 6 - 367,870
PROFIT BEFORE TAXATION 1,299,613 1,010,591

Tax on profit 7 331,896 176,738
PROFIT FOR THE FINANCIAL YEAR 967,717 833,853

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

967,717

833,853

Thomas Bow Limited (Registered number: 04503934)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 970,671 987,710
Investments 10 100 100
970,771 987,810

CURRENT ASSETS
Stocks 11 51,994 66,078
Debtors 12 11,627,956 7,108,913
Cash at bank and in hand 5,447,555 5,418,995
17,127,505 12,593,986
CREDITORS
Amounts falling due within one year 13 14,867,075 10,484,681
NET CURRENT ASSETS 2,260,430 2,109,305
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,231,201

3,097,115

CREDITORS
Amounts falling due after more than one
year

14

(18,001

)

(53,991

)

PROVISIONS FOR LIABILITIES 17 (160,693 ) (169,780 )
NET ASSETS 3,052,507 2,873,344

CAPITAL AND RESERVES
Called up share capital 18 2,001,000 2,001,000
Retained earnings 19 1,051,507 872,344
SHAREHOLDERS' FUNDS 3,052,507 2,873,344

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





A T Bow - Director


Thomas Bow Limited (Registered number: 04503934)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 1,000 2,621,391 499,100 3,121,491

Changes in equity
Issue of share capital 2,000,000 - - 2,000,000
Share premium reduction - 499,100 (499,100 ) -
Dividends - (3,082,000 ) - (3,082,000 )
Total comprehensive income - 833,853 - 833,853
Balance at 31 March 2023 2,001,000 872,344 - 2,873,344

Changes in equity
Dividends - (788,554 ) - (788,554 )
Total comprehensive income - 967,717 - 967,717
Balance at 31 March 2024 2,001,000 1,051,507 - 3,052,507

Thomas Bow Limited (Registered number: 04503934)

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


1. STATUTORY INFORMATION

Thomas Bow 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.

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption 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.

As permitted by FRS 102 Section 1.12, the company has taken advantage of the disclosure exemptions available in relation to the presentation of a statement of cash flows. Where required, equivalent disclosures are given in the consolidated financial statements of the ultimate parent, Breedon Group plc, a company registered in England & Wales.

Preparation of consolidated financial statements
The financial statements contain information about Thomas Bow Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Breedon Group plc, a company registered in England & Wales.

The results of the Company are included within the consolidated results of Breedon Group plc, a company incorporated in England & Wales with registration number 14739556. Copies of these consolidated financial statements can be obtained from the Company Secretary, Breedon Group plc, Pinnacle House, Breedon Quarry, Breedon On The Hill, Derby, DE73 8AP.

Thomas Bow Limited (Registered number: 04503934)

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


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below.

Recognition of profit on long term contracts
Profit recognition is the area requiring the greatest use of judgement and is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date. Contract reviews are undertaken on a monthly basis by the management team.

Recoverability of debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management team reviews are performed to estimate the level of provision required for irrecoverable debt. Provision is made specifically against invoices, applications and retentions, as considered appropriate, where recoverability is uncertain.

The management team specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and change the profit and loss account.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, as adjusted for movements in sales retentions and work not invoiced.

Thomas Bow Limited (Registered number: 04503934)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - at variable rates on reducing balance
Plant and machinery - at varying rates on cost
Motor vehicles - at varying rates on cost
Office equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 credited or charged to profit or loss.

At each reporting period end date, the company 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.

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.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost, after making due allowance for indications of impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Thomas Bow Limited (Registered number: 04503934)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Basic financial instruments
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

3. TURNOVER

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

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,719,048 3,252,838
Social security costs 416,968 378,523
Other pension costs 205,884 139,023
4,341,900 3,770,384

Thomas Bow Limited (Registered number: 04503934)

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


4. EMPLOYEES AND DIRECTORS - continued

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

Direct labour and supervision 56 54
Administration 13 10
Directors 2 3
71 67

2024 2023
£    £   
Directors' remuneration 313,858 314,426
Directors' pension contributions to money purchase schemes 46,000 44,750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 177,858 169,215
Pension contributions to money purchase schemes 40,000 35,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 287,031 267,004
Depreciation - assets on hire purchase contracts 72,157 78,590
Profit on disposal of fixed assets (15,500 ) (75,117 )
Auditors' remuneration 15,000 14,500

6. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Impairment of value of
subsidiary - 367,870

On 7 March 2023, the company received a dividend of £367,870 from its dormant subsidiary, City Asphalt Limited. As a consequence of the resulting reduction in City Asphalt's reserves, an impairment of £367,870 against the value of the investment is also reflected in these financial statements. These two transactions have a combined zero effect on the company's profit for the year.

Thomas Bow Limited (Registered number: 04503934)

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


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 340,983 145,777
Overprovision in prior year - (23,359 )
Total current tax 340,983 122,418

Deferred tax (9,087 ) 54,320
Tax on profit 331,896 176,738

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

2024 2023
£    £   
Profit before tax 1,299,613 1,010,591
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

324,903

192,012

Effects of:
Expenses not deductible for tax purposes 6,993 1,283
Adjustments to tax charge in respect of previous periods - (23,359 )
Capital allowances super-deduction - (33,947 )
Increase in corporation tax rate on deferred tax - 40,749
Total tax charge 331,896 176,738

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final - 2022 - 1,182,000
Interim - 2023 - 1,900,000
A Ordinary shares of £1 each
Interim 630,843 -
B Ordinary shares of £1 each
Interim 157,711 -
788,554 3,082,000

Thomas Bow Limited (Registered number: 04503934)

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


9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 363,240 1,695,564 579,477 86,442 2,724,723
Additions 8,630 187,642 120,110 25,767 342,149
Disposals - (29,463 ) (46,307 ) (717 ) (76,487 )
At 31 March 2024 371,870 1,853,743 653,280 111,492 2,990,385
DEPRECIATION
At 1 April 2023 167,542 1,131,034 359,122 79,315 1,737,013
Charge for year 25,191 208,731 118,722 6,544 359,188
Eliminated on disposal - (29,463 ) (46,307 ) (717 ) (76,487 )
At 31 March 2024 192,733 1,310,302 431,537 85,142 2,019,714
NET BOOK VALUE
At 31 March 2024 179,137 543,441 221,743 26,350 970,671
At 31 March 2023 195,698 564,530 220,355 7,127 987,710

The net book value of tangible fixed assets includes £ 56,652 (2023 - £ 128,809 ) in respect of assets held under hire purchase contracts.

10. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

Thomas Bow Limited (Registered number: 04503934)

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


10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

City Asphalt Limited
Registered office: Ashbow Court, 4-12 Middleton Street, Lenton, Nottingham, NG7 2AL
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

11. STOCKS
2024 2023
£    £   
Stocks 51,994 66,078

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 7,261,003 3,402,613
Amounts owed by group undertakings 2,299,354 2,129,393
Amounts recoverable on contract 901,225 698,127
Corporation Tax - 23,443
Prepayments 96,223 275,869
10,557,805 6,529,445

Amounts falling due after more than one year:
Trade debtors due after more
than one year 1,070,151 579,468
1,070,151 579,468

Aggregate amounts 11,627,956 7,108,913

Thomas Bow Limited (Registered number: 04503934)

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


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 35,990 67,835
Payments on account - 100,423
Trade creditors 9,361,471 6,976,665
Amounts owed to group undertakings 3,845,899 2,314,881
Corporation Tax 179,984 145,777
Social security and other taxes 730,285 422,490
Accruals 713,446 456,610
14,867,075 10,484,681

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 18,001 53,991

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 35,990 67,835
Between one and five years 18,001 53,991
53,991 121,826

Non-cancellable operating leases
2024 2023
£    £   
Within one year 91,677 106,683
Between one and five years 181,937 273,614
273,614 380,297

During the year, total operating lease payments recognised as an expense amounted to £106,683 (2023 - £108,964).

Thomas Bow Limited (Registered number: 04503934)

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


16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 53,991 121,826

Various hire purchase contracts are secured on the specific plant items to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 160,693 169,780

Deferred
tax
£   
Balance at 1 April 2023 169,780
Accelerated capital allowances (20,587 )
Other timing differences 11,500
Balance at 31 March 2024 160,693

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
800 A Ordinary £1 800 800
200 B Ordinary £1 200 200
2,000,000 Preference £1 2,000,000 2,000,000
2,001,000 2,001,000

19. RESERVES
Retained
earnings
£   

At 1 April 2023 872,344
Profit for the year 967,717
Dividends (788,554 )
At 31 March 2024 1,051,507

Thomas Bow Limited (Registered number: 04503934)

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


20. PENSION COMMITMENTS

The company operates contributory pension schemes. They are defined contribution schemes and contributions are charged to the profit and loss account as they accrue. The charge for the year was £205,884 (2023 - £139,023).

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, where applicable, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Sales 698,211 375,635
Purchases 8,821,815 7,858,227
Management charges payable 95,000 95,000
Purchase of fixed assets 100,000 -
Amount due from related party 76,106 282,800
Amount due to related party 1,303,993 368,988

Sales and purchases between group members are all carried out under normal market conditions under terms that prevail in arm's length transactions.

Other related parties
2024 2023
£    £   
Expenses recharged to related party 1,085 1,688
Sales 59,486 -
Rent paid to related party 41,000 39,199
Amount due from related parties 66,000 -

During the year, a total of key management personnel compensation of £ 502,223 (2023 - £ 528,999 ) was paid.

22. CONTROL RELATIONSHIP

The Company's immediate parent is Breedon Trading Limited, a company incorporated in England & Wales with a registered office address of Pinnacle House, Breedon Quarry, Breedon On The Hill, Derby, DE73 8AP.

The ultimate parent company is Breedon Group plc, a company incorporated and domiciled in England & Wales with registration number 14739556. Consolidated accounts are available from the Company Secretary, Breedon Group plc, Pinnacle House, Breedon Quarry, Breedon On The Hill, Derby, DE73 8AP.