TCD Construction UK Limited 09124712 false 2023-04-01 2024-03-31 2024-03-31 2024-03-31 The principal activity of the company is commercial renovations and fit outs as well as property investment Digita Accounts Production Advanced 6.30.9574.0 true true true false false 09124712 2023-04-01 2024-03-31 09124712 2024-03-31 09124712 bus:OrdinaryShareClass1 bus:Consolidated 2024-03-31 09124712 bus:OrdinaryShareClass2 bus:Consolidated 2024-03-31 09124712 bus:Consolidated 2024-03-31 09124712 core:RetainedEarningsAccumulatedLosses 2024-03-31 09124712 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 09124712 core:RevaluationReserve 2024-03-31 09124712 core:RevaluationReserve bus:Consolidated 2024-03-31 09124712 core:ShareCapital 2024-03-31 09124712 core:ShareCapital bus:Consolidated 2024-03-31 09124712 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-03-31 09124712 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 09124712 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 09124712 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 09124712 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 09124712 core:CurrentFinancialInstruments 2024-03-31 09124712 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 09124712 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09124712 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 09124712 core:Non-currentFinancialInstruments 2024-03-31 09124712 core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 09124712 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09124712 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-03-31 09124712 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-03-31 09124712 core:MotorVehicles bus:Consolidated 2024-03-31 09124712 core:DeferredTaxation bus:Consolidated 2024-03-31 09124712 core:OtherProvisionsContingentLiabilities bus:Consolidated 2024-03-31 09124712 bus:FRS102 bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:Audited bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:FullAccounts bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:RegisteredOffice bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:Director1 2023-04-01 2024-03-31 09124712 bus:Director1 bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09124712 bus:OrdinaryShareClass1 bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 09124712 bus:OrdinaryShareClass2 bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:Consolidated 1 2023-04-01 2024-03-31 09124712 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-04-01 2024-03-31 09124712 bus:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 09124712 bus:Agent1 bus:Consolidated 2023-04-01 2024-03-31 09124712 1 2023-04-01 2024-03-31 09124712 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 09124712 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-04-01 2024-03-31 09124712 core:RevaluationReserve 2023-04-01 2024-03-31 09124712 core:RevaluationReserve bus:Consolidated 2023-04-01 2024-03-31 09124712 core:ShareCapital 2023-04-01 2024-03-31 09124712 core:ShareCapital bus:Consolidated 2023-04-01 2024-03-31 09124712 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-04-01 2024-03-31 09124712 core:FurnitureFittings bus:Consolidated 2023-04-01 2024-03-31 09124712 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-04-01 2024-03-31 09124712 core:MotorVehicles bus:Consolidated 2023-04-01 2024-03-31 09124712 core:PlantMachinery bus:Consolidated 2023-04-01 2024-03-31 09124712 core:DeferredTaxation bus:Consolidated 2023-04-01 2024-03-31 09124712 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-04-01 2024-03-31 09124712 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 09124712 countries:England bus:Consolidated 2023-04-01 2024-03-31 09124712 2023-03-31 09124712 bus:Consolidated 2023-03-31 09124712 core:RetainedEarningsAccumulatedLosses 2023-03-31 09124712 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-03-31 09124712 core:RevaluationReserve 2023-03-31 09124712 core:RevaluationReserve bus:Consolidated 2023-03-31 09124712 core:ShareCapital 2023-03-31 09124712 core:ShareCapital bus:Consolidated 2023-03-31 09124712 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-03-31 09124712 core:CostValuation 2023-03-31 09124712 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-03-31 09124712 core:MotorVehicles bus:Consolidated 2023-03-31 09124712 core:DeferredTaxation bus:Consolidated 2023-03-31 09124712 core:OtherProvisionsContingentLiabilities bus:Consolidated 2023-03-31 09124712 2022-04-01 2023-03-31 09124712 2023-03-31 09124712 bus:OrdinaryShareClass1 bus:Consolidated 2023-03-31 09124712 bus:OrdinaryShareClass2 bus:Consolidated 2023-03-31 09124712 bus:Consolidated 2023-03-31 09124712 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 09124712 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-03-31 09124712 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 09124712 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-03-31 09124712 core:CurrentFinancialInstruments 2023-03-31 09124712 core:CurrentFinancialInstruments bus:Consolidated 2023-03-31 09124712 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09124712 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-03-31 09124712 core:Non-currentFinancialInstruments 2023-03-31 09124712 core:Non-currentFinancialInstruments bus:Consolidated 2023-03-31 09124712 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09124712 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-03-31 09124712 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-03-31 09124712 core:MotorVehicles bus:Consolidated 2023-03-31 09124712 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 09124712 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 09124712 bus:Consolidated 2022-04-01 2023-03-31 09124712 bus:Consolidated 1 2022-04-01 2023-03-31 09124712 1 2022-04-01 2023-03-31 09124712 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09124712 core:RevaluationReserve 2022-04-01 2023-03-31 09124712 core:ShareCapital 2022-04-01 2023-03-31 09124712 core:UKTax bus:Consolidated 2022-04-01 2023-03-31 09124712 2022-03-31 09124712 bus:Consolidated 2022-03-31 09124712 core:RetainedEarningsAccumulatedLosses 2022-03-31 09124712 core:RevaluationReserve 2022-03-31 09124712 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09124712

TCD Construction UK Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

TCD Construction UK Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 27

 

TCD Construction UK Limited

Company Information

Director

Miss Daiva Staniukynaite

Registered office

45-47 High Street
Swanley
Kent
BR8 8AE

Auditors

Paul Winston Limited
Chartered Accountants and Statutory AuditorsSilver Rose, Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

TCD Construction UK Limited

Strategic Report for the Year Ended 31 March 2024

The director presents her strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the group is commercial renovations and fit outs as well as property investment

Fair review of the business

The company continues to trade at a steady pace and the director is satisfied that the level of trade and growth is sustainable and manageable.

Impact from the risks related to the Covid-19 pandemic

The Covid pandemic led to a reduction in work during the period of restrictions, but turnover has recovered as expected now that restrictions have ceased. The director will continue to monitor and manage the risks this poses to the company.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£000's

23,208

20,159

Gross profit

%

12

9

Principal risks and uncertainties

The principle risks facing the business are those of the potential for human error, and as a result injury, during the course of work on building sites which is a naturally dangerous environment. The world turbulance in recent years has added a further risk of injury and damage through intentional acts of violence, whether targeted or not.

These risks are managed through rigorous security, health and safety procedures on all sites and at all times.

Approved and authorised by the director on 2 January 2025
 

.........................................
Miss Daiva Staniukynaite
Director

 

TCD Construction UK Limited

Director's Report for the Year Ended 31 March 2024

The director presents her report and the for the year ended 31 March 2024.

Director of the group

The director who held office during the year was as follows:

Miss Daiva Staniukynaite

Financial instruments

Objectives and policies

The company strives to maintain the highest levels of building quality, and to do so in a highly secure and safe environment for all the workers and tenants involved on all sites and at all times.

Price risk, credit risk, liquidity risk and cash flow risk

The company often faces the risk of price rizes for raw materials and indeed labour in the face of market uncertainties following "Brexit" and the ongoing recovery from the Covid pandemic. The director continues to monitor the market and the effect on the business and the pricing structures for sales.

Disclosure of information to the auditor

The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditor is unaware.

Approved and authorised by the director on 2 January 2025
 

.........................................
Miss Daiva Staniukynaite
Director

 

TCD Construction UK Limited

Statement of Director's Responsibilities

The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

TCD Construction UK Limited

Independent Auditor's Report to the Members of TCD Construction UK Limited

Opinion

We have audited the financial statements of TCD Construction UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 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 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

TCD Construction UK Limited

Independent Auditor's Report to the Members of TCD Construction UK Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

We organise our work to detect irregularities and fraud by use of various standard audit procedures. These procedures are likely to uncover unintentional irregularities but a carefully constructed fraud may be harder to detect and one should not rely on our audit work as a guarantee of the absence of such irregularites and fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

 

TCD Construction UK Limited

Independent Auditor's Report to the Members of TCD Construction UK Limited

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.

......................................
Paul Winston (Senior Statutory Auditor)
For and on behalf of Paul Winston Limited, Statutory Auditor
 Silver Rose, Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

2 January 2025

 

TCD Construction UK Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

23,207,567

20,158,656

Cost of sales

 

(20,334,555)

(18,443,240)

Gross profit

 

2,873,012

1,715,416

Administrative expenses

 

(583,940)

(448,232)

Operating profit

5

2,289,072

1,267,184

Other interest receivable and similar income

6

26,913

4,280

Interest payable and similar expenses

7

(57,066)

(41,039)

   

(30,153)

(36,759)

Profit before tax

 

2,258,919

1,230,425

Tax on profit

11

(606,503)

(236,902)

Profit for the financial year

 

1,652,416

993,523

Profit/(loss) attributable to:

 

Owners of the company

 

1,652,416

993,523

 

TCD Construction UK Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

1,652,416

993,523

Surplus on property, plant and equipment revaluation

1,361,172

-

Deficit on revaluation of other assets

(88,473)

-

1,272,699

-

Total comprehensive income for the year

2,925,115

993,523

Total comprehensive income attributable to:

Owners of the company

2,925,115

993,523

 

TCD Construction UK Limited

(Registration number: 09124712)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

272,993

204,690

Investment property

13

12,108,503

8,326,340

 

12,381,496

8,531,030

Current assets

 

Stocks

15

45,000

48,000

Debtors

16

1,660,522

1,710,540

Cash at bank and in hand

 

2,631,034

3,401,313

 

4,336,556

5,159,853

Creditors: Amounts falling due within one year

18

(2,527,948)

(2,594,473)

Net current assets

 

1,808,608

2,565,380

Total assets less current liabilities

 

14,190,104

11,096,410

Creditors: Amounts falling due after more than one year

18

(879,058)

(857,507)

Provisions for liabilities

19

(704,330)

(497,302)

Net assets

 

12,606,716

9,741,601

Capital and reserves

 

Called up share capital

21

100

100

Revaluation reserve

1,479,567

206,868

Retained earnings

11,127,049

9,534,633

Equity attributable to owners of the company

 

12,606,716

9,741,601

Shareholders' funds

 

12,606,716

9,741,601

Approved and authorised by the director on 2 January 2025
 

.........................................
Miss Daiva Staniukynaite
Director

 

TCD Construction UK Limited

(Registration number: 09124712)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

13

12,108,503

7,826,340

Investments

14

100

100

 

12,108,603

7,826,440

Current assets

 

Debtors

16

5,520

6,550

Cash at bank and in hand

 

426,170

406,319

 

431,690

412,869

Creditors: Amounts falling due within one year

18

(2,122,937)

(1,041,401)

Net current liabilities

 

(1,691,247)

(628,532)

Total assets less current liabilities

 

10,417,356

7,197,908

Creditors: Amounts falling due after more than one year

18

(722,541)

(731,144)

Net assets

 

9,694,815

6,466,764

Capital and reserves

 

Called up share capital

21

100

100

Revaluation reserve

1,479,567

118,395

Retained earnings

8,215,148

6,348,269

Shareholders' funds

 

9,694,815

6,466,764

The company made a profit after tax for the financial year of £1,926,879 (2023 - profit of £988,417).

Approved and authorised by the director on 2 January 2025
 

.........................................
Miss Daiva Staniukynaite
Director

 

TCD Construction UK Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

206,868

9,534,633

9,741,601

Profit for the year

-

-

1,652,416

1,652,416

Other comprehensive income

-

1,272,699

-

1,272,699

Total comprehensive income

-

1,272,699

1,652,416

2,925,115

Dividends

-

-

(60,000)

(60,000)

At 31 March 2024

100

1,479,567

11,127,049

12,606,716

Total equity
£

At 1 April 2023

9,741,601

Profit for the year

1,652,416

Other comprehensive income

1,272,699

Total comprehensive income

2,925,115

Dividends

(60,000)

At 31 March 2024

12,606,716

 

TCD Construction UK Limited

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

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

118,395

6,348,269

6,466,764

Profit for the year

-

-

1,926,879

1,926,879

Other comprehensive income

-

1,361,172

-

1,361,172

Total comprehensive income

-

1,361,172

1,926,879

3,288,051

Dividends

-

-

(60,000)

(60,000)

At 31 March 2024

100

1,479,567

8,215,148

9,694,815

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

100

118,395

5,425,852

5,544,347

Profit for the year

-

-

988,417

988,417

Dividends

-

-

(66,000)

(66,000)

At 31 March 2023

100

118,395

6,348,269

6,466,764

 

TCD Construction UK Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,652,416

993,523

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

90,999

68,234

Changes in fair value of investment property

13

(1,361,172)

-

Profit on disposal of tangible assets

4

(3,489)

(56,588)

Loss from sales of investment properties

4

16,527

-

Finance income

6

(26,913)

(4,280)

Finance costs

7

57,066

41,039

Income tax expense

11

606,503

236,902

 

1,031,937

1,278,830

Working capital adjustments

 

Decrease/(increase) in stocks

15

3,000

(23,000)

Decrease/(increase) in trade debtors

16

50,018

(141,763)

(Decrease)/increase in trade creditors

18

(432,844)

1,305,210

Increase in provisions

19

177,109

96,181

Cash generated from operations

 

829,220

2,515,458

Income taxes paid

11

(214,741)

(245,450)

Net cash flow from operating activities

 

614,479

2,270,008

Cash flows from investing activities

 

Interest received

26,913

4,280

Acquisitions of tangible assets

(162,496)

(235,075)

Proceeds from sale of tangible assets

 

6,683

118,226

Acquisition of investment properties

13

(2,420,991)

(2,575,349)

Proceeds from sale of investment properties

 

(16,527)

-

Net cash flows from investing activities

 

(2,566,418)

(2,687,918)

Cash flows from financing activities

 

Interest paid

7

(57,066)

(41,039)

Proceeds from bank borrowing draw downs

 

(8,603)

731,144

Payments to finance lease creditors

 

1,307,329

74,013

Dividends paid

(60,000)

(66,000)

Net cash flows from financing activities

 

1,181,660

698,118

Net (decrease)/increase in cash and cash equivalents

 

(770,279)

280,208

Cash and cash equivalents at 1 April

 

3,401,313

3,121,105

Cash and cash equivalents at 31 March

 

2,631,034

3,401,313

 

TCD Construction UK Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,926,879

988,417

Adjustments to cash flows from non-cash items

 

Finance income

(1,601,752)

(720,041)

Finance costs

42,893

31,764

Income tax expense

11

116,461

62,962

 

484,481

363,102

Working capital adjustments

 

Decrease in trade debtors

16

1,030

249,250

Increase in trade creditors

18

1,028,037

972,487

Cash generated from operations

 

1,513,548

1,584,839

Income taxes paid

11

(62,962)

(52,622)

Net cash flow from operating activities

 

1,450,586

1,532,217

Cash flows from investing activities

 

Interest received

1,601,752

720,041

Acquisition of investment properties

(2,920,991)

(2,575,349)

Net cash flows from investing activities

 

(1,319,239)

(1,855,308)

Cash flows from financing activities

 

Interest paid

(42,893)

(31,764)

Proceeds from bank borrowing draw downs

 

(8,603)

731,144

Dividends paid

(60,000)

(66,000)

Net cash flows from financing activities

 

(111,496)

633,380

Net increase in cash and cash equivalents

 

19,851

310,289

Cash and cash equivalents at 1 April

 

406,319

96,030

Cash and cash equivalents at 31 March

 

426,170

406,319

 

TCD Construction UK Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45-47 High Street
Swanley
Kent
BR8 8AE
England

These financial statements were authorised for issue by the director on 2 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

 

TCD Construction UK Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

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

Tax

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

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

 

TCD Construction UK Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% net book value

Motor vehicles

25% net book value

Fixtures and fittings

25% net book value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

TCD Construction UK Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

TCD Construction UK Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

22,628,823

19,739,093

Rental income from investment property

566,744

407,563

Leasing of equipment

12,000

12,000

23,207,567

20,158,656

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

3,489

56,588

Loss from sales of investment properties

(16,527)

-

(13,038)

56,588

 

TCD Construction UK Limited

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

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

90,999

68,234

Profit on disposal of property, plant and equipment

(3,489)

(56,588)

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

26,913

4,280

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

42,841

31,764

Interest on obligations under finance leases and hire purchase contracts

11,901

9,259

Interest expense on other finance liabilities

2,324

16

57,066

41,039

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

119,691

132,290

Social security costs

10,196

9,116

Pension costs, defined contribution scheme

2,097

2,737

Other employee expense

2,700

1,162

134,684

145,305

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

5

7

5

7

9

Director's remuneration

The director's remuneration for the year was as follows:

 

TCD Construction UK Limited

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

2024
£

2023
£

Remuneration

13,200

13,200

Contributions paid to money purchase schemes

209

209

13,409

13,409

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

8,000

7,700


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

576,583

215,613

UK corporation tax adjustment to prior periods

-

1,300

576,583

216,913

Deferred taxation

Arising from origination and reversal of timing differences

29,920

19,989

Tax expense in the income statement

606,503

236,902

Deferred tax

Group

 

TCD Construction UK Limited

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

12

tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

262,267

283,830

546,097

Additions

-

162,496

162,496

Disposals

-

(30,170)

(30,170)

At 31 March 2024

262,267

416,156

678,423

Depreciation

At 1 April 2023

244,326

97,081

341,407

Charge for the year

4,486

86,513

90,999

Eliminated on disposal

-

(26,976)

(26,976)

At 31 March 2024

248,812

156,618

405,430

Carrying amount

At 31 March 2024

13,455

259,538

272,993

At 31 March 2023

17,941

186,749

204,690

13

Investment properties

Group

2024
£

At 1 April

8,326,340

Additions

2,420,991

Fair value adjustments

1,361,172

At 31 March

12,108,503

There has been no valuation of investment property by an independent valuer.

Company

2024
£

At 1 April

7,826,340

Additions

2,920,991

Fair value adjustments

1,361,172

At 31 March

12,108,503

There has been no valuation of investment property by an independent valuer.

 

TCD Construction UK Limited

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

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Provision

Carrying amount

At 31 March 2024

100

At 31 March 2023

100

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

45,000

48,000

-

-

Group

16

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

1,558,512

1,582,011

5,500

5,800

Other debtors

101,135

127,779

20

-

Prepayments

875

750

-

750

 

1,660,522

1,710,540

5,520

6,550

 

TCD Construction UK Limited

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

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

-

1,091

-

-

Cash at bank

138,264

515,789

94,877

398,279

Short-term deposits

2,492,770

2,884,433

331,293

8,040

2,631,034

3,401,313

426,170

406,319

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

26,808

22,331

-

-

Trade creditors

 

1,397,364

1,543,987

9,371

2,770

Amounts due to related parties

29,682

29,682

1,965,314

970,314

Social security and other taxes

 

428,494

734,364

-

256

Other payables

 

47,660

33,911

29,641

3,549

Accruals

 

19,200

13,300

2,150

1,550

Income tax liability

11

578,740

216,898

116,461

62,962

 

2,527,948

2,594,473

2,122,937

1,041,401

Due after one year

 

Loans and borrowings

22

879,058

857,507

722,541

731,144

19

Provisions for liabilities

Group

Deferred tax
£

Other provisions
£

Total
£

At 1 April 2023

38,891

458,410

497,301

Increase (decrease) in existing provisions

29,920

177,109

207,029

At 31 March 2024

68,811

635,519

704,330

 

TCD Construction UK Limited

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

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £2,097 (2023 - £2,737).

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary D of £1 each

70

70

70

70

Ordinary T of £1 each

30

30

30

30

100

100

100

100

22

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

722,541

731,144

722,541

731,144

Hire purchase contracts

156,517

126,363

-

-

879,058

857,507

722,541

731,144

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Hire purchase contracts

26,808

22,331

-

-

23

Dividends

Interim dividends paid

 

TCD Construction UK Limited

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

2024
£

2023
£

Interim dividend of £600.00 (2023 - £685.71) per each Ordinary D

42,000

48,000

Interim dividend of £600.00 per each Ordinary T

18,000

18,000

60,000

66,000