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REGISTERED NUMBER: 12407658 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Taine Holdings Limited

Taine Holdings Limited (Registered number: 12407658)






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 5

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained Earnings 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


Taine Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr M A Wells
Mr T Wells





SECRETARY: Mrs L M Tibballs





REGISTERED OFFICE: The Meadows
Forester Road
Soberton Heath
Southampton
Hampshire
SO32 3QG





REGISTERED NUMBER: 12407658 (England and Wales)





AUDITORS: Alliott Wingham Limited
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB

Taine Holdings Limited (Registered number: 12407658)

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
Group key facts & figures (consolidated)

2023 2022
£ £
Turnover 45,739,830 33,183,167
EBITDA 4,351,986 1,936,296

The Group's business

Taine Holdings Limited (the "Group") is a construction and property group that operates with a range of clients in the residential and commercial sectors. All businesses within the group operate autonomously.

The majority of the Group's turnover comes from projects within a 100 mile radius of the office in Hampshire for repeat business clients.

Operating companies

Blanchard Wells Ltd - Structures and Civil Engineering Contractor

Blanchard Wells Ltd is one of the south coast's largest and most well established structures and civil engineering contractors. The majority of work is delivered as a subcontractor working for the UK's largest and most respected main contractors and housebuilders, through repeat business.

2023 2022
£ £
Turnover 45,253,947 33,750,897
EBITDA 1,021,051 296,159

Blanchard Wells (Plant Hire) Limited - Plant Hire

Blanchard Wells (Plant Hire) Ltd provides in house plant hire services to Blanchard Wells Ltd for heavy plant and machinery, small tools, site accommodation and formwork systems.

2023 2022
£ £
Turnover 2,862,820 2,539,477
EBITDA 2,417,957 1,074,994


Civil Engineering Training Centre ("CETC")
The group continue to have a significant lead in the management of CETC now that the effects of COVID-19 are diminishing.

Over 50 apprentices have passed through the groundworks apprenticeship scheme and many of which are successfully embedded within the site production teams.

This focus will sharpen as required by the construction leaders in order to deliver the secured workload.

The relevance and quality of the training and the behaviours of the young learners is always the main focus.


Taine Holdings Limited (Registered number: 12407658)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Key business risks are assessed and managed as follows:

Credit risk
The level of bad debts have been historically very low but always remain a potential business threat. This risk is managed aggressively within the Group with credit checks being completed regularly for all clients.

A credit insurance policy is in place, with one of the industry's leading insurers, to underwrite debts in the event of non-payment or failure of one of our clients.

Project risk
Tender submissions and pre contract negotiations are always focussed on minimising and managing project risks and any unforeseeable and unmanageable risks will be negotiated out of the contract. The directors have always declined contracts where unquantifiable risk is present.

The risk of construction errors and Health and Safety issues are managed through clear and effective site management and processes. Sites are all run by trained and experienced Project Managers with weekly support from Contracts Managers. Notwithstanding the complexity and volume of civil engineering works mean major construction quality errors has been identified as the Group's greatest risk.

Management
The success of the Group depends upon recruiting, engaging and retaining a skilled and experienced management team to lead the business. The main board is focussed on identifying and building the best possible management team to ensure we build to the highest possible standards.

The leadership team undergo a monthly business coaching process which is now in its 16th year, to maximise their effectiveness. The process involves careful and regular review of performance, and the setting of key business goals with clear annual, measurable, targets.

Liquidity risk
The Group is financed through retained profits with exposure to borrowings on plant and machinery only, for which fixed rates and terms are in place. The business within the Group do not operate bank overdraft facilities.

The spend on business critical plant, machinery and property is kept in house through the Plant company which reduces exposure to outside companies and keeps plant profits from within the Group.

Cash flow is closely and regularly monitored by the commercial team to ensure monies are collected in a timely manner.

The business operates a fundamental principal not to enter into any contracts with payment terms exceeding 35 days and will continue to do so whilst targeting clients and work with the best margins and payment terms possible.

Accreditations
The group achieved or retained the following accreditations:
- Builders Profile
- Construction Line
- Safety Schemes in Procurement (SSIP)
- Concrete Society
- The Contractors Health and Safety Assessment Scheme (CHAS)
- Fleet Operator Recognition Scheme (FORS)
- Construction Skills Certification Scheme (CSCS)
- ISO 9001: 2015 Quality Management Systems
- ISO 14001: 2015 Environmental Management Systems
- ISO 45001: 2018 Occupational Health and Safety Management Systems
- Safety Management Advisor Services (SMAS)


Taine Holdings Limited (Registered number: 12407658)

Group Strategic Report
for the Year Ended 31 December 2023

CORPORATE GOVERNANCE
Employees
The welfare and engagement of employees is key to the success of the Group and to ensure the leadership team build a strong and successful business which delivers upon it's values.

The Group utilises an in house recruitment manager to engage and recruit staff and specialists into the business. Employee satisfaction is worked upon continually by the leadership team on making the Group a great place to work.

Communications are regular, open and effective and regular family events are run throughout the year to reinforce the 'family feel' that exists within the Group. Support is offered to employees experiencing health, emotional or other life challenges through various different means such as training, counselling or professional advice to ensure they recover and continue to support the Group's activities.

Training is provided to all employees in support of their current role and development where applicable. Apprentices are employed and trained through the Civil Engineering Training Centre ("CETC") and have personal mentors to support their development.

Training is delivered to achieve target requirements in terms of Legislative Compliance, Health and Safety, competency in the relevant roles and responsibilities and in supporting personal development.

Disabled employees
The Group gives full and proper consideration to job applications received from disabled persons where the job role and requirements can be fulfilled by a disabled person. Should an existing employee become disabled full endeavours will be made to making alternative and suitable work opportunities available and to offer training and development to support the employee.

Equality and diversity
The Group provides an environment where the diversity of all its clients, employees and business associates are respected and valued and on employing a diverse workforce free of any discriminatory attitudes or behaviour.

Health and safety
The safety and welfare of our workforce is of primary importance and receives the attention and resources it requires and deserves. Training is provided for all employees, appropriate to their role, and modern site facilities and equipment is provided for all sites. Health and safety is monitored and managed by the Group health and safety manager and our workforce consultation is carried out to ensure all suggested improvements are considered and incorporated into our practices where applicable.

Group systems and processes are accredited to the OHSAS 18001 standard.

Sustainability
Working in a sustainable manner is a business focus and the group processes and systems are accredited to the ISO14001 standard to ensure that the future impact of our operations are considered in the planning, procurement, resourcing and construction of the projects we deliver.

Modern Slavery Act
The Group believe that modern slavery, human trafficking, servitude and forced labour are unacceptable practices. We are committed to conducting its business with complete integrity and to combatting acts of modern day slavery within the business and its supply chain and acknowledge our responsibility to the Modern Slavery Act 2015 and will ensure transparency within the Group and with suppliers of goods and services to the Group.

As the Group is privately owned with the main trade being civil engineering, groundworks and concrete frame contracting the vast majority of our subcontractors and suppliers are also UK based, we do not consider that human rights abuses, modern slavery and bribery represent a significant risk to our business. However, we have appropriate procedures in place to provide assurance that our employees and suppliers are working to the high standards we demand. Relevant members of our staff are provided with training to understand any potential risks of and to pass this understanding to our wider supply chain.

Our approach to combatting modern slavery is communicated to all supply chain partners in order that they have an awareness of this exploitation and are able to report suspected incidences.

ON BEHALF OF THE BOARD:



Mr M A Wells - Director


28 August 2024

Taine Holdings Limited (Registered number: 12407658)

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 ACTIVITIES
The principal activities of the group in the year under review were those of structures and civil engineering and investment property rental income.

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 M A Wells
Mr T Wells

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 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 group's auditors are aware of that information.

AUDITORS
The auditors, Alliott Wingham Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M A Wells - Director


28 August 2024

Report of the Independent Auditors to the Members of
Taine Holdings Limited

Opinion
We have audited the financial statements of Taine Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 Group 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.

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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.

Report of the Independent Auditors to the Members of
Taine Holdings Limited


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

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the
industry in which it operates,and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed at Company and significant component levels to respond to the risk, recognising that 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 involved deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, review of board meeting minutes, enquiries with management, enquiries of external legal advisors and review of correspondence with external legal advisors.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in their significant accounting estimates.

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.




Mark Nolan FCA (Senior Statutory Auditor)
for and on behalf of Alliott Wingham Limited
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB

28 August 2024

Taine Holdings Limited (Registered number: 12407658)

Consolidated Statement of Income and Retained Earnings
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 45,739,830 33,183,167

Cost of sales 36,820,309 26,894,881
GROSS PROFIT 8,919,521 6,288,286

Administrative expenses 6,678,260 5,489,843
2,241,261 798,443

Other operating income 35,306 22,000
OPERATING PROFIT 6 2,276,567 820,443

Interest receivable and similar income 359,602 36,631
2,636,169 857,074
Gain/loss on revaluation of investment
property

(320,000

)

1,436,965
2,316,169 2,294,039

Interest payable and similar expenses 8 355,024 231,750
PROFIT BEFORE TAXATION 1,961,145 2,062,289

Tax on profit 9 544,304 474,829
PROFIT FOR THE FINANCIAL YEAR 1,416,841 1,587,460

Retained earnings at beginning of year 11,877,777 10,849,578

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

13,294,618

12,437,038

Profit attributable to:
Owners of the parent 1,416,841 1,587,460

Taine Holdings Limited (Registered number: 12407658)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 6,027,902 4,101,964
Investments 12 - -
Investment property 13 11,783,360 12,103,360
17,811,262 16,205,324

CURRENT ASSETS
Stocks 14 1,162,004 -
Debtors 15 8,341,445 7,531,180
Cash at bank 8,380,673 3,788,829
17,884,122 11,320,009
CREDITORS
Amounts falling due within one year 16 7,780,564 5,091,807
NET CURRENT ASSETS 10,103,558 6,228,202
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,914,820

22,433,526

CREDITORS
Amounts falling due after more than one
year

17

(6,813,319

)

(6,098,720

)

PROVISIONS FOR LIABILITIES 20 (5,132,119 ) (1,823,717 )
NET ASSETS 15,969,382 14,511,089

CAPITAL AND RESERVES
Called up share capital 21 100 100
Capital redemption reserve 22 102 102
Fair value reserve 22 2,393,110 2,633,110
Retained earnings 22 13,576,070 11,877,777
SHAREHOLDERS' FUNDS 15,969,382 14,511,089

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr M A Wells - Director


Taine Holdings Limited (Registered number: 12407658)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 406 204
Investment property 13 - -
406 204

CURRENT ASSETS
Debtors 15 4,894,420 5,890,634
Cash at bank 2,676,557 810,234
7,570,977 6,700,868
CREDITORS
Amounts falling due within one year 16 586,537 999,904
NET CURRENT ASSETS 6,984,440 5,700,964
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,984,846

5,701,168

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 6,984,746 5,701,068
SHAREHOLDERS' FUNDS 6,984,846 5,701,168

Company's profit for the financial year 1,283,678 501,097

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr M A Wells - Director


Taine Holdings Limited (Registered number: 12407658)

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 5,440,272 575,446
Interest paid (226,904 ) (178,862 )
Interest element of hire purchase payments
paid

(128,120

)

(52,888

)
Taxation (paid)/refunded 188,082 (124,791 )
Net cash from operating activities 5,273,330 218,905

Cash flows from investing activities
Purchase of tangible fixed assets (3,624,237 ) (1,694,772 )
Purchase of investment property - (1,353,260 )
Sale of tangible fixed assets 53,010 71,499
Interest received 359,602 36,631
Net cash from investing activities (3,211,625 ) (2,939,902 )

Cash flows from financing activities
New loans in year 3,534,014 1,104,150
Loan repayments in year (641,407 ) (631,809 )
Capital repayments in year 37,532 -
Amount introduced by directors - 1,001,998
Amount withdrawn by directors (400,000 ) -
Net cash from financing activities 2,530,139 1,474,339

Increase/(decrease) in cash and cash equivalents 4,591,844 (1,246,658 )
Cash and cash equivalents at beginning
of year

2

3,788,829

5,035,487

Cash and cash equivalents at end of year 2 8,380,673 3,788,829

Taine Holdings Limited (Registered number: 12407658)

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 1,961,145 2,062,289
Depreciation charges 1,626,054 1,076,681
Loss/(profit) on disposal of fixed assets 19,234 (21,133 )
Loss/(gain) on revaluation of fixed assets 320,000 (1,436,965 )
Provision movement 2,807,423 38,960
Finance costs 355,024 231,750
Finance income (359,602 ) (36,631 )
6,729,278 1,914,951
Increase in stocks (1,162,004 ) -
Increase in trade and other debtors (1,773,323 ) (1,547,116 )
Increase in trade and other creditors 1,646,321 207,611
Cash generated from operations 5,440,272 575,446

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 8,380,673 3,788,829
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,788,829 5,035,487


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 3,788,829 4,591,844 8,380,673
3,788,829 4,591,844 8,380,673
Debt
Finance leases (1,720,862 ) (1,566,503 ) (3,287,365 )
Debts falling due within 1 year - (588,660 ) (588,660 )
Debts falling due after 1 year (5,174,650 ) - (5,174,650 )
(6,895,512 ) (2,155,163 ) (9,050,675 )
Total (3,106,683 ) 2,436,681 (670,002 )

Taine Holdings Limited (Registered number: 12407658)

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

1. STATUTORY INFORMATION

The Company is a private company limited by shares. The Company was incorporated in England and Wales, registration number 12407658, under the Companies Act 2006, on 16 January 2020. The company's registered office is The Meadows, Forester Road, Soberton, Southampton, SO32 3QG.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

The Financial Statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The Financial Statements have been prepared on the historical cost basis, with the exception of investment property which is measured at fair value through profit and loss. Historical cost is generally based on the fair value of the consideration given in exchange for the goods and services.

The Group's functional currency is the Pound Sterling (£) being the currency that most accurately reflects the primary economic environment in which the Company operates. these Financial Statements are also presented in Pound Sterling.

Basis of consolidation
The Financial Statements consolidate the results of Taine Holdings Limited and its wholly owned subsidiaries on a line by line basis. Intercompany transactions and balances between the companies have been eliminated. No cash flow statement is disclosed for the parent company as permitted by section 1.12 of FRS102.

Turnover
Turnover is recognised at the fair value of 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 takes into account trade discounts and settlement discounts. On contracts, turnover is recognised by reference to the value of work undertaken and the overall stage of completion.

Disputed value and Retentions are not recognised until they are paid.

Turnover from rental properties represents the value of gross rents received or receivable on all properties held in the group. Amounts are accrued and deferred to the period in which they relate.

Interest Income
Interest income is recognised when interest is received or made available to draw.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery- 25% on reducing balance
Motor vehicles- 25% on reducing balance
Fixtures and fittings- 33% on cost

The above are stated at historical cost less accumulated depreciation.

All equipment has been reviewed at the year end to confirm that the depreciation has been applied at a rate which correctly values the assets.

Freehold property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss. Freehold property is valued annually on an open market basis by the directors.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taine Holdings Limited (Registered number: 12407658)

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

2. ACCOUNTING POLICIES - continued

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently measured at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taine Holdings Limited (Registered number: 12407658)

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

2. ACCOUNTING POLICIES - continued

Provisions
Provisions (i.e liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of past events, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period it arises.

Going concern
The directors have taken consideration over the ongoing Ukraine conflict and the interest and inflationary rises within the UK. The directors note that the Group is trading adequately and has sufficiently working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing these financial statements. There are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Critical accounting estimates and judgements
These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determined whether there are indicators of impairment of tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
- Determined the profit on long term contracts. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording revenue and related costs as contract activity progresses. Revenue is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues 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.

Key sources of estimation uncertainty
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessment consider issues such as future market conditions, the remaining life of the asset and projected disposable values.

For revenue recognition and profit on long term contracts, the profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording revenue and related costs as contract activity progresses. Revenue is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer and paid. Full provision is made for losses on contracts in the year in which they are first foreseen.

3. TURNOVER

The majority of turnover and profit before taxation are attributable to construction activities, a small amount of rental income completes the activity of the group.

The directors believe that there is only one material income stream from Contracting Services which generated £45,739,830 (2022 £33,183,167). Turnover is recognised only on sums paid for work completed during the year. All income is earned in the UK.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 5,110,110 4,558,843
Social security costs 544,631 525,595
Other pension costs 174,909 79,995
5,829,650 5,164,433

Taine Holdings Limited (Registered number: 12407658)

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

Direct Staff 79 64
Admin Staff 43 42
122 106

5. DIRECTORS' EMOLUMENTS

31.12.23 31.12.22
£ £
Directors' remuneration 515,146 479,944
Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£ £
Emoluments etc 220,637 199,950


6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):
31.12.23 31.12.22
£ £
Other operating leases 84,500 78,315
Depreciation - owned assets 569,968 586,994
Depreciation - assets on hire purchase contracts 1,056,087 489,687
Loss/(profit) on disposal of fixed assets 19,234 (21,133 )

7. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

22,000

22,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Mortgage interest 189,372 175,407
Hire purchase interest 165,652 56,343
355,024 231,750

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 1,872 18,713

Deferred tax 542,432 456,116
Tax on profit 544,304 474,829

Taine Holdings Limited (Registered number: 12407658)

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

9. TAXATION - continued

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:

31.12.23 31.12.22
£    £   
Profit before tax 1,961,145 2,062,289
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

490,286

391,835

Effects of:
Expenses not deductible for tax purposes 486,513 204,569
Income not taxable for tax purposes (89,271 ) (273,023 )
Capital allowances utilised (853,587 ) (394,668 )
Deferred taxation 510,363 546,116
Total tax charge 544,304 474,829

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


11. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 10,700,954 69,753 10,770,707
Additions 3,565,920 58,317 3,624,237
Disposals (576,157 ) (32,020 ) (608,177 )
At 31 December 2023 13,690,717 96,050 13,786,767
DEPRECIATION
At 1 January 2023 6,612,607 56,136 6,668,743
Charge for year 1,616,146 9,909 1,626,055
Eliminated on disposal (507,194 ) (28,739 ) (535,933 )
At 31 December 2023 7,721,559 37,306 7,758,865
NET BOOK VALUE
At 31 December 2023 5,969,158 58,744 6,027,902
At 31 December 2022 4,088,347 13,617 4,101,964

Included within the Plant and Machinery net book value of £6,027,902 is £4,313,532 (2022: £2,284,348) relating to assets held under hire purchase agreements.


Taine Holdings Limited (Registered number: 12407658)

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

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 204
Additions 202
At 31 December 2023 406
NET BOOK VALUE
At 31 December 2023 406
At 31 December 2022 204


Subsidiaries Principal Activity Holding No. Shares
Blanchard Wells (Holdings) Limited Holding Company 100% 2
Blanchard Wells Limited Civil Engineering and Structures 100% 5,000
Blanchard Wells (Plant Hire)
Limited

Plant Hire


100%

2
Blanchard Wells (Groundworks
Contractors) Limited

Construction Services

100%

1,000
Blanchard Wells Civils & Structures
Limited

Civil Engineering and Structures

100%

100
Southern Concrete Limited Concrete Frames and Structures 100% 5,100
Blanchard Wells Properties Limited Property Investment 100% 100
Meadows Yard Limited Business Property Holding Company 100% 100
Fareham Plant Hire Limited Dormant 100% 2
Burnaby SPV Limited Property Development Business 100% 100
Rookery Yard Limited Dormant 100% 100

100% of the Share Capital of Burnaby SPV Ltd was acquired on 14 September 2023.

100% of the Share Capital of Rookery Yard Ltd was acquired on 3 November 2023, upon its incorporation.

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 12,103,360
Revaluations (320,000 )
At 31 December 2023 11,783,360
NET BOOK VALUE
At 31 December 2023 11,783,360
At 31 December 2022 12,103,360

Taine Holdings Limited (Registered number: 12407658)

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

13. INVESTMENT PROPERTY - continued

Group

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 489,500
Valuation in 2016 461,500
Valuation in 2017 165,000
Valuation in 2018 17,234
Valuation in 2021 940,615
Valuation in 2022 1,436,965
Valuation in 2023 (320,000 )
Cost 8,592,546
11,783,360

Most Investment Properties have been valued at their fair value at 31 December 2022 by Pearsons Estate Agents, who are not connected to the company. Another property has been valued at fair value at 13 September 2022 by Eddisons, who are not connected to the company. The fair value has been determined on an open market basis, by reference to market evidence of transaction prices for similar properties. The fair value has been determined on an open market basis, by reference to market evidence of transaction prices for similar properties.

14. STOCKS

Group
31.12.23 31.12.22
£    £   
Work-in-progress 1,162,004 -

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 3,115,340 4,010,225 - -
Amounts owed by group undertakings - - 1,172,693 3,309,969
Other debtors 4,736,309 2,936,934 3,721,727 2,580,665
Tax - 188,082 - -
VAT 489,796 395,939 - -
8,341,445 7,531,180 4,894,420 5,890,634

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Other loans (see note 18) 588,660 - - -
Hire purchase contracts (see note 19) 1,648,696 796,792 - -
Trade creditors 4,527,332 3,067,380 1 -
Amounts owed to group undertakings - - 200 -
Tax 8,849 6,977 - -
Social security and other taxes 236,964 115,791 - -
Other creditors 173,169 112,103 - -
Directors' current accounts 581,134 981,134 586,336 999,904
Accruals and deferred income 15,760 11,630 - -
7,780,564 5,091,807 586,537 999,904

Taine Holdings Limited (Registered number: 12407658)

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

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.12.23 31.12.22
£    £   
Bank loans (see note 18) 5,174,650 5,174,650
Hire purchase contracts (see note 19) 1,638,669 924,070
6,813,319 6,098,720

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Other loans 588,660 -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 5,174,650 5,174,650

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 1,648,696 796,792
Between one and five years 1,638,669 924,070
3,287,365 1,720,862

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 84,500 84,500
Between one and five years 332,205 338,000
In more than five years 14,438 93,143
431,143 515,643

20. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax 1,674,696 1,173,716

Other provisions 3,457,423 650,001

Aggregate amounts 5,132,119 1,823,717

Taine Holdings Limited (Registered number: 12407658)

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

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 1,173,716 650,000
Provided during year 500,980 2,807,422
Balance at 31 December 2023 1,674,696 3,457,422



Risk Provision

Other
Provision


Total
£ £ £
At 1 January 2023 650,000 - 650,000
Additional Provision in year 500,000 2,307,422 2,807,422
Utilisation in year - - -
At 31 December 2023 1,150,000 2,307,422 3,457,422

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary 1 100 100

22. RESERVES

Group
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 11,877,777 102 2,633,110 14,510,989
Profit for the year 1,416,841 1,416,841
2023 Adjustment 281,452 - (240,000 ) 41,452
At 31 December 2023 13,576,070 102 2,393,110 15,969,282


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
M A Wells
Balance outstanding at start of year (981,134 ) 20,864
Amounts advanced 400,000 (1,998 )
Amounts repaid - (1,000,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (581,134 ) (981,134 )

Taine Holdings Limited (Registered number: 12407658)

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

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year the group rented a residential property to a related party, total rent equalled £6,060 (2022 £5,700). There were no amounts outstanding at the year end.

During the year a Director became a shareholder of a group of companies which at the balance sheet date £3,721,751 is due to Taine Holdings Ltd. The interest receivable on the balance within the year totals £267,473.

The group rents property from the M A Wells Self Invested Pension Scheme for £62,000 (2022 £62,000) of which M A Wells entitlement is £31,000 (2022 £31,000).

Throughout the year, entities controlled by key management personnel invoiced the group £310,000 plus VAT (2022 £300,000) for services provided. At the year end date, there was an amount due of £12,000 (2022: NIL)

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M A Wells.