Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30282023-07-01falseNo description of principal activity29falsetrue 01183174 2023-07-01 2024-06-30 01183174 2022-07-01 2023-06-30 01183174 2024-06-30 01183174 2023-06-30 01183174 2022-07-01 01183174 c:Director2 2023-07-01 2024-06-30 01183174 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 01183174 d:Buildings d:LongLeaseholdAssets 2024-06-30 01183174 d:Buildings d:LongLeaseholdAssets 2023-06-30 01183174 d:PlantMachinery 2023-07-01 2024-06-30 01183174 d:PlantMachinery 2024-06-30 01183174 d:PlantMachinery 2023-06-30 01183174 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01183174 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01183174 d:ComputerSoftware 2024-06-30 01183174 d:ComputerSoftware 2023-06-30 01183174 d:CurrentFinancialInstruments 2024-06-30 01183174 d:CurrentFinancialInstruments 2023-06-30 01183174 d:Non-currentFinancialInstruments 2024-06-30 01183174 d:Non-currentFinancialInstruments 2023-06-30 01183174 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01183174 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01183174 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 01183174 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01183174 d:ShareCapital 2023-07-01 2024-06-30 01183174 d:ShareCapital 2024-06-30 01183174 d:ShareCapital 2022-07-01 2023-06-30 01183174 d:ShareCapital 2023-06-30 01183174 d:ShareCapital 2022-07-01 01183174 d:SharePremium 2023-07-01 2024-06-30 01183174 d:SharePremium 2024-06-30 01183174 d:SharePremium 2022-07-01 2023-06-30 01183174 d:SharePremium 2023-06-30 01183174 d:SharePremium 2022-07-01 01183174 d:CapitalRedemptionReserve 2023-07-01 2024-06-30 01183174 d:CapitalRedemptionReserve 2024-06-30 01183174 d:CapitalRedemptionReserve 2022-07-01 2023-06-30 01183174 d:CapitalRedemptionReserve 2023-06-30 01183174 d:CapitalRedemptionReserve 2022-07-01 01183174 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 01183174 d:RetainedEarningsAccumulatedLosses 2024-06-30 01183174 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 01183174 d:RetainedEarningsAccumulatedLosses 2023-06-30 01183174 d:RetainedEarningsAccumulatedLosses 2022-07-01 01183174 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 01183174 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01183174 d:OtherDeferredTax 2024-06-30 01183174 d:OtherDeferredTax 2023-06-30 01183174 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-01 2024-06-30 01183174 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 01183174 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 01183174 c:OrdinaryShareClass1 2023-07-01 2024-06-30 01183174 c:OrdinaryShareClass1 2024-06-30 01183174 c:OrdinaryShareClass1 2023-06-30 01183174 c:FRS102 2023-07-01 2024-06-30 01183174 c:Audited 2023-07-01 2024-06-30 01183174 c:FullAccounts 2023-07-01 2024-06-30 01183174 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01183174 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 01183174 6 2023-07-01 2024-06-30 01183174 d:ComputerSoftware d:OwnedIntangibleAssets 2023-07-01 2024-06-30 01183174 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01183174










TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
REGISTERED NUMBER: 01183174

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
554

Tangible assets
 6 
221,351
219,094

Investments
 7 
35,726
35,726

  
257,077
255,374

Current assets
  

Stocks
 8 
546,369
373,325

Debtors: amounts falling due within one year
 9 
2,259,781
2,357,288

Cash at bank and in hand
 10 
1,297,631
2,126,725

  
4,103,781
4,857,338

Creditors: amounts falling due within one year
 11 
(2,101,318)
(1,465,175)

Net current assets
  
 
 
2,002,463
 
 
3,392,163

Total assets less current liabilities
  
2,259,540
3,647,537

Creditors: amounts falling due after more than one year
 12 
(79,077)
(396,353)

Provisions for liabilities
  

Other provisions
 14 
(218,256)
(217,187)

Net assets
  
1,962,207
3,033,997


Capital and reserves
  

Called up share capital 
 15 
1,665
1,665

Share premium account
 16 
9,667
9,667

Capital redemption reserve
 16 
2,138
2,138

Profit and loss account
 16 
1,948,737
3,020,527

  
1,962,207
3,033,997


Page 1

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
REGISTERED NUMBER: 01183174

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2024.




S C Taberham
Director

The notes on pages 4 to 15 form part of these financial statements.

Page 2

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
1,665
9,667
2,138
1,495,733
1,509,203


Comprehensive income for the year

Profit for the year
-
-
-
2,534,350
2,534,350
Total comprehensive income for the year
-
-
-
2,534,350
2,534,350


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,009,556)
(1,009,556)


Total transactions with owners
-
-
-
(1,009,556)
(1,009,556)



At 1 July 2023
1,665
9,667
2,138
3,020,527
3,033,997


Comprehensive income for the year

Profit for the year
-
-
-
1,943,826
1,943,826
Total comprehensive income for the year
-
-
-
1,943,826
1,943,826


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(3,015,616)
(3,015,616)


Total transactions with owners
-
-
-
(3,015,616)
(3,015,616)


At 30 June 2024
1,665
9,667
2,138
1,948,737
1,962,207


The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

TAB Refractory Construction & Maintenance Co. Limited, registration number 01183174, is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the directors' report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared trading and cashflow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The directors have reviewed the Company's working capital requirements. 
The Company is part of the Pyrotek Inc Group and note 18 explains that there is a group pooling facility with certain other group companies which is secured by a cross guarantee with certain other group companies and on the freehold property of one of the group companies that is party to the facility. At the year end the net position was a positive cash balance of £2,546,785 (2023: £3,834,187). In addition, there is a group cross guarantee in place with other group companies in respect of outstanding bank guarantees. In performing their going concern assessment the directors have reviewed the trading and cash flow forecasts for the group entities included within the group pooling facility to determine the level of funds and headroom available under the share facilities and to assess the likelihood of any guarantee events arising.
Following this assessment, the directors have concluded that the Company has sufficient liquid financial resources in order to meet its liabilities as and when they fall due for the foreseeable future and accordingly the directors consider it appropriate to prepare the financial statements on a going concern basis

Page 4

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Profit on long-term contracts is taken as the work is carried out if the final outcome can be measured reliably. Profits are recognised as stages of the overall contracts are completed. Where an element of the contract has not yet completed no profit is recognised until the outcome can be assessed with reasonable certainty. Turnover is calculated as the proportion of total contract value that covers costs incurred to date for completed contract stages and profit in relation to any completed stages of the contract based on the specific performance of the contract. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. 
Monies received over the value of work done are classified as payments on accounts and included in creditors. Monies which are due in relation to work done are classified as accrued income and are included in debtors.

Page 5

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.5

Operating Leases

The Company has no assets which are financed by leasing agreements that give rights approximating to ownership ('finance leases').
As such, all leases are treated as operating leases. Annual rentals are charged to the statement of comprehensive income on a straight-line basis over the term of the lease.
Reverse premiums and similar incentives received to enter into operating lease agreements are released to the statement of comprehensive income over the term of the lease.

  
2.6

Pensions

Contributions to the Company's defined contribution pension scheme are charged to the statement of comprehensive income in the year in which they become payable. The assets of the scheme are held separately from those of the Company in an independently administered fund.

 
2.7

Finance costs

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

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 6

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the remaining term of the lease
Plant and machinery
-
5-33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in unlisted company shares are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 
2.12

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 7

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.17

Warranty costs

The Company offers warranties to its customers on goods and services supplied, according to the specific terms of customer purchase agreements. At the time that revenue is recognised, the Company records a provision for estimated costs under its warranties. These costs are estimated based on historical experience and any known warranty issues. The Company periodically assesses the adequacy of its recorded warranty provision and adjusts the amounts as necessary. 

 
2.18

Financial instruments

Financial assets including cast at bank and trade and other debtors are measured initially at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities including trade and other creditors as well as bank overdrafts are measured initially at transaction price (including transactions costs) and subsequently held at amortised cost. 
Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made judgements to;
- Determine whether customer contracts have the characteristics which suggest that they should be accounted for as long term contracts and the impact this has on setting the respective policies and estimates.
- Determine the warranty terms on the goods manufactured and assess the required provision to ensure that potential faults are sufficiently but not excessively provided.
Other key sources of estimation uncertainty:
- Long term contracts accounting (note 9 ,10 and 12)
Revenue and profit is recognised in relation to long term contracts as the contract progresses, taking account of milestones or percentage of costs complete based on total estimated contract costs. Parts income will be separated for the projects and recognised upon delivery.
- Warranty provision (note 15)
Warranty provision is recognised based on 1% of the annual sales less the claims made in the period plus a provision for any known warranty issues. The percentage of sales that is applied to the warranty provision is assessed regularly by reference to the Company's experience of incurring warranty rectification costs on completed contracts.


4.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 28).

Page 9

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Intangible assets




Computer software

£



Cost


At 1 July 2023
19,061



At 30 June 2024

19,061



Amortisation


At 1 July 2023
18,507


Charge for the year on owned assets
554



At 30 June 2024

19,061



Net book value



At 30 June 2024
-



At 30 June 2023
554



Page 10

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Leasehold land and buildings
Plant and machinery
Total

£
£
£



Cost 


At 1 July 2023
73,223
774,392
847,615


Additions
-
53,412
53,412


Disposals
-
(2,469)
(2,469)



At 30 June 2024

73,223
825,335
898,558



Depreciation


At 1 July 2023
17,023
611,498
628,521


Charge for the year on owned assets
4,055
44,768
48,823


Disposals
-
(137)
(137)



At 30 June 2024

21,078
656,129
677,207



Net book value



At 30 June 2024
52,145
169,206
221,351



At 30 June 2023
56,200
162,894
219,094


7.


Fixed asset investments





Investments in associates

£



Cost 


At 1 July 2023
35,726



At 30 June 2024
35,726




TAB Refractory Services Saudi Arabia Company is an associate of TAB Refractory Construction & Maintenance Co. Limited. TAB Refractory Services Saudi Arabia Company prepares audited accounts to 31 December. During the year ended 31 December 2023 the entity made a profit of 1,978,817  Saudi Riyals (Dec 2022: 4,717,324 Saudi Riyals) and had net assets of 5,981,052 Saudi Riyals (Dec 2022: 6,353,578 Saudi Riyals).

Page 11

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Stocks

2024
2023
£
£

Raw materials and consumables
325,409
243,566

Work in progress (goods to be sold)
220,960
129,759

546,369
373,325


There is no material difference between the replacement cost of stocks and the amounts stated above.


9.


Debtors

2024
2023
£
£


Trade debtors
1,705,739
1,172,690

Amounts owed by group undertakings
402,457
346,203

Other debtors
18,791
7,866

Prepayments and accrued income
111,240
762,283

Deferred taxation
21,554
68,246

2,259,781
2,357,288



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,297,631
2,126,725



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
285,099
648,655

Amounts owed to group undertakings
115,291
78,768

Corporation tax
-
121,126

Other taxation and social security
160,279
127,714

Other creditors
1,367,816
367,810

Accruals and deferred income
172,833
121,102

2,101,318
1,465,175


Page 12

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
79,077
396,353



13.


Deferred taxation




2024


£






At beginning of year
68,246


Charged to profit or loss
(46,692)



At end of year
21,554

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(43,038)
(49,971)

Other timing differences
64,592
118,217

21,554
68,246


The expected reversal of deferred taxation assets and liabilities is not expected to be significant.


14.


Provisions




Warranty provision

£





At 1 July 2023
217,187


Charged to profit or loss
3,140


Utilised in year
(2,071)



At 30 June 2024
218,256

Page 13

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,665 (2023 - 1,665) Ordinary shares of £1.00 each
1,665
1,665



16.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs
and is non-distributable.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company and is non-distributable.

Profit and loss account

This reserve records the cumulative distributable reserves of the entity


17.


Contingent liabilities

At the balance sheet date, the Company has outstanding bank guarantees in favour of customers of £109,628 (2023: £Nil). There is a group guarantee facility in place which forms part of the group banking
arrangement. At the year end, the outstanding bank guarantees under this group facility in respect of other
group companies totalled £356,163 (2023: £217,173).
The bank overdraft of £Nil (2023: £Nil) arises within a group pooling facility which is secured on freehold
property owned by the group and by a cross-guarantee with other group companies. The group's net
position across the facility as a whole was a positive cash balance of £2,546,785 (2023: £3,834,187).


18.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company is an independently administered fund. The pension charge
amounted to £157,233 (2023: £143,377). Contributions amounting to £Nil (2023: £1,488) were payable
to the fund and are included in creditors.


19.


Related party transactions

The Company has taken advantage of the exemptions available with FRS 102 not to disclose details of
any transactions between itself and fellow Group undertakings on the basis that it is a subsidiary
undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial
statements are publicly available.

Page 14

 
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Controlling party

At 30 June 2024, the ultimate parent company and the ultimate controlling party was Pyrotek, Inc. which is
incorporated in the state of Washington, United States of America. Pyrotek, Inc. is the parent undertaking
of both the smallest and the largest groups for which group accounts are drawn up. The registered office
of Pyrotek, Inc. is 705 W 1st Avenue, Spokane, WA99201, USA.


21.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 25 July 2024 by James Delve (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


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