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REGISTERED NUMBER: 11621573 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

TMT Group Holdings Limited

TMT Group Holdings Limited (Registered number: 11621573)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditor 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


TMT Group Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr T M Traynor
Mrs L J Traynor
Mr D P Wilson





REGISTERED OFFICE: Watson House
45 Waterloo Road
Stockport
SK1 3BJ





REGISTERED NUMBER: 11621573 (England and Wales)





AUDITOR: UHY Hacker Young Chartered Accountants
Statutory Auditor
Quadrant House
4 Thomas More Square
London
E1W 1YW

TMT Group Holdings Limited (Registered number: 11621573)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of the business at the period end. This review is consistent with the size and nature of the business.

The matters raised in last year's report have been enacted in this financial year particularly in relation to the establishment by TMT Group Holdings Limited of the Employee Ownership Trust. The Employee Ownership Trust empowers the workforce, giving them ownership and a real incentive in the future success of the Group.

The group has performed in line with expectations (again as set out in last year's report) with turnover of £42,073,447 and Earnings Before Interest Tax and Depreciation of £596,732. It is pleasing to note that the Group continues to secure bigger and more complex projects. The group's Key Performance Indicator is to arrive at a net asset position at the end of the financial year which is equal to or greater than the position at the end of the previous financial year. The net assets at 31 December 2023 amounted to £7,654,917 compared to £6,628,712 at 31 December 2022.

During the year, the Group took the decision to set up and support two new Charities as part of its Corporate Social Responsibility Programme. The Charities are in the process of being set up and registered with the Charities Commission. It is anticipated that donations to both Charities will be made regularly and that employees of the Group will be involved in running them.

PRINCIPAL RISKS AND UNCERTAINTIES
While labour supply continues to present challenges by far the greater challenge is staff retention. We value our staff and recognise that salary levels are only a part of what motivates them. In recognition of this we have set up a Death in Service policy for all staff and are finalising Private Medical Cover. We are undertaking a formal professional development review process in which we actively encourage employees to develop and progress within the company. To support this, we provide study support to a number of employees to gain Professional/Vocational qualifications.

DEVELOPMENT AND PERFORMANCE
The Group wishes to consolidate on the performance achieved during the 2023 financial year. Projections and performance to date are in line with that performance and the directors, staff and all parties are committed to the continued growth and future success of the Group.

ON BEHALF OF THE BOARD:





Mr T M Traynor - Director


17 September 2024

TMT Group Holdings Limited (Registered number: 11621573)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of commercial contractors.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

Mr T M Traynor
Mrs L J Traynor

Other changes in directors holding office are as follows:

Mr D P Wilson - appointed 15 November 2023

STRATEGIC REPORT
The company has chosen in accordance with the Companies Act 2006, Section 414c (11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Schedule 7 to be contained in the directors' report. The company has disclosed in the strategic report the principal risk and uncertainties.

INDEMNITY INSURANCE
The group has the appropriate indemnity insurance cover in place in respect of legal actions against the directors of the company and its subsidiaries.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

TMT Group Holdings Limited (Registered number: 11621573)

Report of the Directors
for the Year Ended 31 December 2023


AUDITOR
The auditors, UHY Hacker Young Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr T M Traynor - Director


17 September 2024

Report of the Independent Auditor to the Members of
TMT Group Holdings Limited

Opinion
We have audited the financial statements of TMT Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, the consolidated balance sheet, the company balance sheet, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cash flows and related 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 of the parent company affairs as at 31 December 2023 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 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 and the group'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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditor to the Members of
TMT Group Holdings Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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 directors
As explained more fully in the directors' responsibilities statement, 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 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 directors are responsible for assessing the group and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditor to the Members of
TMT Group Holdings 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition and management override of controls.

Audit procedures performed included:
- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims. A review of a sample of legal and professional fees was undertaken as part of our substantive audit review work.

- Enquiries were made of management relating to compliance with key laws and regulations as being of significance to the company. These were also communicated with the audit team at the planning meeting so that the team remained alert for such instances throughout the duration of the audit. We also obtained an understanding of the entity's policies and procedures on the compliance affecting the construction and design of commercial buildings including documenting any instances of non-compliance

- We undertook a review of a range of internal health and safety audit reports and noted down any potential instances of non compliance with laws and regulations flagged in these reports.

- We made enquiries of management to obtain an understanding of the entity's policies and procedures on fraud risks including knowledge of any actual, suspected, or alleged fraud. Potential opportunities for fraud were also discussed during the audit team planning meeting so that they could apply professional scepticism when conducting their work.

- Review of the financial statement disclosures to underlying supporting documentation, review of correspondence and enquiries of management in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

- We undertook a review of a range of transactions and reviewed these to underlying documentation at the same time being mindful of any discrepancies and potential errors and made necessary enquiries of informed management in relation to the same.

- Auditing the risk of management override of controls, including thorough testing of journals entries using data analytics software. This led to the review of transactions considered unusual, abnormally large, appearing outside the normal course of business and various other criteria. Any such instances were then investigated, and explanations sought from informed management and documented.

There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Auditor.

Report of the Independent Auditor to the Members of
TMT Group Holdings Limited


Other matters which we are required to address
The financial statements of TMT Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 were audited by another auditor, who gave an unmodified opinion on 29 September 2023.

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.




Marc Waterman (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young Chartered Accountants
Statutory Auditor
Quadrant House
4 Thomas More Square
London
E1W 1YW

17 September 2024

TMT Group Holdings Limited (Registered number: 11621573)

Consolidated
Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 42,023,447 28,222,729

Cost of sales 33,361,117 20,054,680
GROSS PROFIT 8,662,330 8,168,049

Administrative expenses 8,065,598 5,122,588
OPERATING PROFIT 5 596,732 3,045,461

Interest receivable and similar income 7 7,604 42
604,336 3,045,503

Interest payable and similar expenses 8 - 174
PROFIT BEFORE TAXATION 604,336 3,045,329

Tax on profit 9 (308,049 ) 785,296
PROFIT FOR THE FINANCIAL YEAR 912,385 2,260,033
Profit attributable to:
Owners of the parent 912,385 2,260,033

TMT Group Holdings Limited (Registered number: 11621573)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 912,385 2,260,033


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

912,385

2,260,033

Total comprehensive income attributable to:
Owners of the parent 912,385 2,260,033

TMT Group Holdings Limited (Registered number: 11621573)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 381,861 634,723
Investments 12 - -
381,861 634,723

CURRENT ASSETS
Debtors 13 13,500,925 12,047,936
Cash at bank 1,584,753 5,100,006
15,085,678 17,147,942
CREDITORS
Amounts falling due within one year 14 7,753,422 11,094,753
NET CURRENT ASSETS 7,332,256 6,053,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,714,117

6,687,912

PROVISIONS FOR LIABILITIES 16 59,200 59,200
NET ASSETS 7,654,917 6,628,712

CAPITAL AND RESERVES
Called up share capital 17 1,111,202 108
Share premium 18 2,698 -
Capital reserves 18 999,999 -
Retained earnings 18 5,541,018 6,628,604
SHAREHOLDERS' FUNDS 7,654,917 6,628,712

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mr T M Traynor - Director


TMT Group Holdings Limited (Registered number: 11621573)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 1,100 100
1,100 100

CURRENT ASSETS
Debtors 13 3,730,054 5,631,653
Cash at bank 221,440 492,983
3,951,494 6,124,636
CREDITORS
Amounts falling due within one year 14 261,680 2,617,741
NET CURRENT ASSETS 3,689,814 3,506,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,690,914

3,506,995

CAPITAL AND RESERVES
Called up share capital 17 1,111,202 108
Share premium 18 2,698 -
Retained earnings 18 2,577,014 3,506,887
SHAREHOLDERS' FUNDS 3,690,914 3,506,995

Company's profit for the financial year 70,099 1,307,161

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mr T M Traynor - Director


TMT Group Holdings Limited (Registered number: 11621573)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Capital Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 January 2022 108 4,368,571 - - 4,368,679

Changes in equity
Profit for the year - 2,260,033 - - 2,260,033
Total comprehensive income - 2,260,033 - - 2,260,033
Balance at 31 December 2022 108 6,628,604 - - 6,628,712

Changes in equity
Profit for the year - 912,385 - - 912,385
Bonus Issue - (1,999,971 ) - 999,999 (999,972 )
Total comprehensive income - (1,087,586 ) - 999,999 (87,587 )
Issue of share capital 1,111,094 - 2,698 - 1,113,792
Balance at 31 December 2023 1,111,202 5,541,018 2,698 999,999 7,654,917

TMT Group Holdings Limited (Registered number: 11621573)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 108 2,199,726 - 2,199,834

Changes in equity
Profit for the year - 1,307,161 - 1,307,161
Total comprehensive income - 1,307,161 - 1,307,161
Balance at 31 December 2022 108 3,506,887 - 3,506,995

Changes in equity
Profit for the year - 70,099 - 70,099
Bonus issue - (999,972 ) - (999,972 )
Total comprehensive income - (929,873 ) - (929,873 )
Issue of share capital 1,111,094 - 2,698 1,113,792
Balance at 31 December 2023 1,111,202 2,577,014 2,698 3,690,914

TMT Group Holdings Limited (Registered number: 11621573)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (3,388,565 ) 5,297,029
Interest paid - (174 )
Tax paid (1,142,500 ) (13,442 )
Net cash from operating activities (4,531,065 ) 5,283,413

Cash flows from investing activities
Purchase of tangible fixed assets (102,886 ) (258,236 )
Sale of tangible fixed assets - 74,678
Interest received 7,604 42
Net cash from investing activities (95,282 ) (183,516 )

Cash flows from financing activities
Share issue 1,111,094 -
Net cash from financing activities 1,111,094 -

(Decrease)/increase in cash and cash equivalents (3,515,253 ) 5,099,897
Cash and cash equivalents at beginning of
year

2

5,100,006

109

Cash and cash equivalents at end of year 2 1,584,753 5,100,006

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 604,336 3,045,329
Depreciation charges 355,748 513,850
Loss on disposal of fixed assets - 32,155
Finance costs - 174
Finance income (7,604 ) (42 )
952,480 3,591,466
Increase in trade and other debtors (1,296,342 ) (11,503,841 )
(Decrease)/increase in trade and other creditors (3,044,703 ) 13,209,404
Cash generated from operations (3,388,565 ) 5,297,029

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 1,584,753 5,100,006
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 5,100,006 109


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 5,100,006 (3,515,253 ) 1,584,753
5,100,006 (3,515,253 ) 1,584,753
Total 5,100,006 (3,515,253 ) 1,584,753

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

TMT Group Holdings Limited is a private company, limited by shares, registered in England and
Wales. The company's registered number is 11621573 and the registered office address is Watson House, 45 Waterloo Road, Stockport, SK1 3BJ.

The group consists of TMT Group Holdings Limited and all of its subsidiaries.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The 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 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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparations of the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest
income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

Section 33 'Related Party Disclosures': Compensation for key management personnel.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company TMT Group Holdings Limited together with all the entities controlled by the parent company.

Where necessary, adjustments are made to the financial statements of subsidiares to bring the accounting policies used into line with those used by other members of the group.

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

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are 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.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements

Valuation of contracts
Management review each construction contract ongoing at the year end in order to obtain an estimated valuation of the work completed to date and subsequently the profit to recognise. Management recognise profit on contracts once the outcome can be measured with reasonable certainty and based on a percentage of costs to completion.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Amounts recoverable on construction contracts are included in debtors and are valued, inclusive of profit, at
work completed at contract prices plus variations. Any work invoiced in advance of the work being completed is recorded in creditors. The value of work completed is based on surveys of work performed and management's judgement.

Turnover and costs on contracts are recognised as activity progresses once the outcome can be assessed with reasonable certainty. Full provision is made for anticipated future losses. Where contract payments received exceed amounts recoverable, these amounts are included in creditors.

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 of valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings - amortised over the term of the lease
Plant and equipment - 20% per annum of cost
Fixtures and fittings - 20% per annum of cost
Motor vehicles - 20% per annum of cost

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 the profit or loss.


TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date..

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.

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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

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.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company 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 company's statement of financial position when the company
becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and amounts due from related parties, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 company 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and invoice financing agreements, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 ransaction price and subsequently measured at amortised cost using the effective interest method.

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 through 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 company's contractual obligations expire or are discharged or
cancelled.

Equity instruments
Equity instruments issued by the company 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 company.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

3. TURNOVER

Turnover and profit before taxation are attributable to the principal activites of the group. Income from
construction of commercial buildings amounted to £42,073,447 (2022: £27,472,729). Income from interest
amounted to £7,604 (2022: £42).

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,187,893 3,792,977
Social security costs 238,000 270,935
Other pension costs 74,965 23,290
2,500,858 4,087,202

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 4 3
Administration 29 22
Direct 24 19
57 44

The company has no employees during the year except for the directors. The cost and number of employees relate to the group and not the individual company.

There were no staff costs in the company for the year ended 31 December 2023 nor for the year ended 31 December 2022. The directors are remunerated by other group companies and it is not practical to recharge the proportion of their remuneration which relates to acting as directors of the company.

The number of directors for whom retirement benefits are accruing under defined contribution schemes
amounted to 2 (2022:2).

During the year directors remuneration amounted to £598,423 (2022: £1,239,858). The highest paid director received £471,122 (2022: £623,115).

During the year defined contribution schemes amounted to £74,965 (2022: £31,408).

During the year defined contributions schemes for directors amounted to £10,788 (2022: £8,188).

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 355,748 513,850
Loss on disposal of fixed assets - 32,155
Operating leases 24,706 22,244

6. AUDITORS' REMUNERATION

The fees payable to the company's auditor for the audit of the group and company's financial statements is £35,000 (2022: £25,000).

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Interest receivable 7,604 42

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest - 174

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax - 778,248

Deferred tax:
Tax losses carried forward (308,049 ) 7,048
Tax on profit (308,049 ) 785,296

UK corporation tax has been charged at 25 % (2022 - 19 %).

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

31.12.23 31.12.22
£    £   
Profit before tax 604,336 3,045,329
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

151,084

578,613

Effects of:
Expenses not deductible for tax purposes - 209,611
Capital allowances in excess of depreciation - (2,928 )
Utilisation of tax losses (459,133 ) -
Total tax (credit)/charge (308,049 ) 785,296

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

The company's profit for the year was £70,099 (2022: £1,307,161).

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 795,629 30,580 287,409 311,976 1,425,594
Additions 91,557 - 6,429 4,900 102,886
At 31 December 2023 887,186 30,580 293,838 316,876 1,528,480
DEPRECIATION
At 1 January 2023 397,814 15,075 120,365 257,617 790,871
Charge for year 264,686 5,242 46,826 38,994 355,748
At 31 December 2023 662,500 20,317 167,191 296,611 1,146,619
NET BOOK VALUE
At 31 December 2023 224,686 10,263 126,647 20,265 381,861
At 31 December 2022 397,815 15,505 167,044 54,359 634,723

The company has no tangible fixed assets.

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023 100
Additions 1,000
At 31 December 2023 1,100
NET BOOK VALUE
At 31 December 2023 1,100
At 31 December 2022 100

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

TMT Commercial Contractors Limited
Registered office: Watson House, 45 Waterloo Road, Stockport, England, SK1 3BJ
Nature of business:
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 3,922,978 3,298,294
Profit for the year 2,801,161 1,652,872

TMT Commercial Contracting Limited
Registered office: Watson House, 45 Waterloo Road, Stockport, England, SK1 3BJ
Nature of business:
%
Class of shares: holding
Ordinary 100.00
31.12.23
£   
Aggregate capital and reserves 42,126
Profit for the year 42,126


13. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 7,754,950 5,765,492 - -
Amounts recoverable on contract 128,707 544,096 - -
Other debtors 12,006 5,643,750 2,756,059 5,631,653
Amounts due from related
undertaking - - 373,995 -
Tax 377,694 - - -
VAT 100,000 - - -
Prepayments 4,819,519 94,598 600,000 -
13,192,876 12,047,936 3,730,054 5,631,653

Amounts falling due after more than one year:
Deferred tax asset 308,049 - - -

Aggregate amounts 13,500,925 12,047,936 3,730,054 5,631,653

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. DEBTORS - continued

Deferred tax asset
Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Tax losses carried forward 308,049 - - -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade creditors 4,710,514 2,537,419 - -
Amounts owed to group undertakings - - 1,000 2,475,241
Tax - 764,806 - 142,500
Social security and other taxes 599,869 2,011,450 - -
Other creditors 250,680 230,946 250,680 -
Amounts due to related undertaking 226,005 - - -
Accruals and deferred income 1,966,354 5,550,132 10,000 -
7,753,422 11,094,753 261,680 2,617,741

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 24,706 22,244

16. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Other provisions
Deferred tax liability 59,200 59,200

Aggregate amounts 59,200 59,200

Group
Deferred
tax Liability
£    £   
Balance at 1 January 2023 - 59,200
Tax losses carried forward (308,049 ) -
Balance at 31 December 2023 (308,049 ) 59,200

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
54 Ordinary A £1 - 54
54 Ordinary B £1 - 54
1,111,202 Ordinary £1 1,111,202 -
1,111,202 108

During the year the share capital was reorganised into one class of share. A bonus issue of 9,259 shares per Ordinary £1 share was made. Following the bonus issue 2 new Ordinary shares of £1 each were subscribed for. Finally two Directors of TMT Commercial Contractors Limited exercised share options resulting in 111,120 Ordinary shares of £1 each being issued.

Ordinary shares carry full voting, dividend and capital distribution rights.

18. RESERVES

Group
Retained Share Capital
earnings premium reserves Totals
£    £    £    £   

At 1 January 2023 6,628,604 - - 6,628,604
Profit for the year 912,385 912,385
Bonus share issue (999,972 ) 2,698 - (997,274 )
Capital reserves (999,999 ) - 999,999 -
At 31 December 2023 5,541,018 2,698 999,999 6,543,715

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,506,887 - 3,506,887
Profit for the year 70,099 70,099
Bonus share issue (999,972 ) 2,698 (997,274 )
At 31 December 2023 2,577,014 2,698 2,579,712

Share premium includes any share premium received on issue of share capital. Any transaction cost relating to issue of shares is deducted from share premium.

The retained earnings reserve holds the retained earnings for the Group, after the deduction of any paid in the period.

Capital reserves constitute a bonus share issue of share capital made in TMT Contractors Limited which is not available for distribution as part of retained earnings.

TMT Group Holdings Limited (Registered number: 11621573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. RELATED PARTY TRANSACTIONS

At 31 December 2023 the group owed £262,005 to TMT Investment Holdings Limited, a company in which both Mr T M Traynor and Mrs L J Traynor are directors and ultimate shareholders.

The group operates from premises which are owned by TMT Property Investment Limited, a company in which both Mr T M Traynor and Mrs L J Traynor are directors and ultimate shareholders. During the period rentals of £426,450 (2022: £204,999) were payable to TMT Property Investment Limited.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is TMT EOT Trustee Limited. This company acts as a trustee of the TMT Group Employee Ownership Trust. TMT EOT Trustee Limited became the ultimate controlling party on 15 November 2023.

21. LOANS AND OVERDRAFTS

There is a debenture in place dated 15 November 2023 by which the company is part of an omnibus guarantee and set-off arrangement with other members of the group and TMT Property Investment Limited in favour of Lloyds Bank plc and contains a fixed charge over the assets of the company.

There is a general debenture in place dated 11 November 2021 between TMT Commercial Contractors Limited and Lloyds Bank PLC which contains a fixed and floating charge over the assets of the company.

There is a general debenture in place dated 16 December 2021 between TMT Commercial Contractors Limited and TMT Group Holdings Limited which contains a fixed and floating charge over the assets of the company.

There is a general debenture in place dated 15 November 2023 between TMT Commercial Contracting Limited and Lloyds Bank Plc which contains a fixed and floating charge over the assets of the company.

22. DIRECTORS TRANSACTIONS

During the financial year ended 31 December 2023 advances of £1,530,360 (2022: £1,405,764) were made to the directors. All sums were repaid prior to 31 December 2023.