Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312025-05-012024-12-312024-12-31falsefalse2024-01-01falsefalse 08799004 2024-01-01 2024-12-31 08799004 2023-01-01 2023-12-31 08799004 2024-12-31 08799004 2023-12-31 08799004 2023-01-01 08799004 2 2024-01-01 2024-12-31 08799004 d:Director1 2024-01-01 2024-12-31 08799004 d:Director2 2024-01-01 2024-12-31 08799004 d:Director3 2024-01-01 2024-12-31 08799004 d:Director3 2024-12-31 08799004 d:Director4 2024-01-01 2024-12-31 08799004 d:Director4 2024-12-31 08799004 d:RegisteredOffice 2024-01-01 2024-12-31 08799004 d:Agent1 2024-01-01 2024-12-31 08799004 e:Buildings 2024-01-01 2024-12-31 08799004 e:MotorVehicles 2024-01-01 2024-12-31 08799004 e:FurnitureFittings 2024-01-01 2024-12-31 08799004 e:ComputerEquipment 2024-01-01 2024-12-31 08799004 e:CurrentFinancialInstruments 2024-12-31 08799004 e:CurrentFinancialInstruments 2023-12-31 08799004 e:ShareCapital 2024-01-01 2024-12-31 08799004 e:ShareCapital 2024-12-31 08799004 e:ShareCapital 2023-01-01 2023-12-31 08799004 e:ShareCapital 2023-12-31 08799004 e:ShareCapital 2023-01-01 08799004 e:SharePremium 2024-01-01 2024-12-31 08799004 e:SharePremium 2024-12-31 08799004 e:SharePremium 2 2024-01-01 2024-12-31 08799004 e:SharePremium 2023-01-01 2023-12-31 08799004 e:SharePremium 2023-12-31 08799004 e:SharePremium 2023-01-01 08799004 e:CapitalRedemptionReserve 2024-01-01 2024-12-31 08799004 e:CapitalRedemptionReserve 2024-12-31 08799004 e:CapitalRedemptionReserve 2 2024-01-01 2024-12-31 08799004 e:CapitalRedemptionReserve 2023-12-31 08799004 e:RevaluationReserve 2024-01-01 2024-12-31 08799004 e:InvestmentPropertiesRevaluationReserve 2024-01-01 2024-12-31 08799004 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08799004 e:RetainedEarningsAccumulatedLosses 2024-12-31 08799004 e:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 08799004 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08799004 e:RetainedEarningsAccumulatedLosses 2023-12-31 08799004 e:RetainedEarningsAccumulatedLosses 2023-01-01 08799004 d:OrdinaryShareClass1 2024-01-01 2024-12-31 08799004 d:OrdinaryShareClass1 2024-12-31 08799004 d:OrdinaryShareClass1 2023-12-31 08799004 d:OrdinaryShareClass2 2024-01-01 2024-12-31 08799004 d:OrdinaryShareClass2 2024-12-31 08799004 d:OrdinaryShareClass2 2023-12-31 08799004 d:OrdinaryShareClass3 2024-01-01 2024-12-31 08799004 d:OrdinaryShareClass3 2023-12-31 08799004 d:OrdinaryShareClass4 2024-01-01 2024-12-31 08799004 d:OrdinaryShareClass4 2024-12-31 08799004 d:OrdinaryShareClass4 2023-12-31 08799004 d:OrdinaryShareClass5 2024-01-01 2024-12-31 08799004 d:OrdinaryShareClass5 2024-12-31 08799004 d:OrdinaryShareClass5 2023-12-31 08799004 d:FRS102 2024-01-01 2024-12-31 08799004 d:Audited 2024-01-01 2024-12-31 08799004 d:FullAccounts 2024-01-01 2024-12-31 08799004 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08799004 e:Subsidiary1 2024-01-01 2024-12-31 08799004 e:Subsidiary1 1 2024-01-01 2024-12-31 08799004 d:Consolidated 2024-12-31 08799004 d:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 08799004 2 2024-01-01 2024-12-31 08799004 6 2024-01-01 2024-12-31 08799004 e:ShareCapital 2 2024-01-01 2024-12-31 08799004 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08799004










T & B (CONTRACTORS) HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R D Borras 
Mrs C A Borras 
Mr N Stephens (appointed 8 February 2024)
Mr R Wishart (appointed 8 February 2024)




Registered number
08799004



Registered office
Riverside House
1 Place Farm

Wheathampstead

St. Albans

AL4 8SB




Independent auditor
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU




Bankers
Barclays Bank PLC
11 Bank Court

Hemel Hempstead

Hertsfordshire

HP1 1BX





 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14
Consolidated Statement of Changes in Equity
 
15 - 16
Company Statement of Changes in Equity
 
17 - 18
Consolidated Statement of Cash Flows
 
19 - 20
Consolidated Analysis of Net Debt
 
21
Notes to the Financial Statements
 
22 - 40


 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
The business has maintained its strong financial strength throughout 2024 and continues to out-perform our
competitors, particularly, within two of the strongest construction industry sectors, Healthcare and Further &
Higher Education.
We have positioned the business to take full advantage of the most profitable sectors, with 75% of our turnover
being generated from the healthcare, higher & further education and school sectors. We have aligned our supply
chain with our business plan and vision which translates into exceptional project delivery and a high percentage
of repeat business.
We continue to look for opportunities to develop long-term relationships with our clients both on bespoke projects
and long-term Framework Agreements. Some of our notable key accounts include Royal Holloway University
London, the London School of Hygiene and Tropical Medicine, Hertfordshire CC, University of London and
various NHS Trusts.
Succession Planning
During 2024, the business saw some changes at Board level. In April, Mark Hickson stepped down as Joint
Managing Director and Rob Wishart became the new Managing Director. At the same time, Kevin O’Dell retired
as Director and both Dave Fogarty and Alex Blackhurst joined the Board of Directors with a primary focus on the
General Contracting division.
This handover has been seamless and significant milestone for the business, which is continuing to out-perform
its competitors and is in a very strong position to build upon our success.
Adding Value to the Business
We have continued to invest in our head office and during 2024. Beyond increasing the value of our asset, the
enhancements have created a more comfortable and modern working environment, reinforcing our commitment
to supporting our staff and fostering productivity.
We continue to invest in the development of our staff: 
• We invested over £127k (3,568 hours) in training during 2024
• We have appointed 8 new members of staff and made 9 internal promotions to ensure we meet our    business goals for 2024 and beyond
• Continued investment in T&B’s Training Development Scheme, which includes 1 Trade Apprentice, 9 site   staff taking their NVQs and 4 studying for their degrees
• We also offered 5 students Work Experience and Work Placements
 

Business Performance

The business posted a £52.9m turnover (against a predicted £57m) and an excellent profit before tax of £2m
(against a predicted £712k).
As of March 2025, we have a healthy Work in Hand (WIH) total of £35m with a healthy number of enquiries for
the first two quarters. This is a reflection of the success of our commitment to our Business Plan objectives and
the confidence our clients have in T&B.

Page 1

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The Construction Market remains uncertain and we must still be aware of:
• The industry using onerous T&Cs and single stage design & build procurement routes
• Increased cost of labour and materials
• Skills shortages within the supply chain and for technical staff

Key performance indicators
 
Our 2024 performance was measured via the following KPIs:
1.  Customer Satisfaction is currently at 9.5 out of 10 which is similar to 2023
2.  Staff Satisfaction (Investors in People survey) an average of 91% agreement against the three main
 indicators: Leading; Supporting and Improving
3.  Training days were increased to 4 per employee 

Development and performance

Our priority in 2025 is to continue to build upon the success of the last 3 years and to maintain the long-term and
stable relationships the business has with its clients and supply chain. To support this, we will continue to meet
the challenges of the economy and the Construction Industry by embracing change to strengthen the business
and offer our clients a better alternative to our competitors.
For example, the Building Safety Act has been described as the most significant change to construction
legislation in a generation. The process review will update our procedures in line with the Building Safety Act and
during 2025 and we will work with the Chartered Institute of Building (CIOB) as a training partner to deliver
Building Safety Act Training for all staff.

Section 172 of the Companies Act 2006
 
The directors have had due regard for their duty to promote the success of the Company for the benefit of its
members as a whole. The directors carefully consider the consequences of all investments or projects, ensuring
they are fully planned and costed, taking account of the potential financial returns as well as the wider impacts on
the business and the environment. The Company's operations continually strive for the minimum environmental
impact and supports local charities within the community.
The directors take into account the interest of employees by continually keeping them informed and with any
decisions made, the impact on the employees of the business is considered. Regular meetings are held which
are open to all members of the Company to ensure a fair and transparent process that keeps all members
informed equally.
The directors are committed to the highest quality of services. This is achieved by regular quality assurance
testing and ensuring that the company is in line with the latest in quality standards and engaging with the relevant
accreditation board to ensure we are always on the forefront.
The directors are aware of both their own and the Company’s duties and responsibilities under the Bribery Act
2010 and act appropriately.

Page 2

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



Mr R D Borras
Director

Date: 28 April 2025

Page 3

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group's financial statements and then apply them consistently;

make judgments 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company was that of a holding company. The principal activity of the Group was that of building contractors.

Results and dividends

The profit for the year, after taxation, amounted to £1,555,013 (2023 - £1,984,944).

During the year dividends totalling £512,791 (2023 - £328,694) were paid.

Directors

The directors who served during the year were:

Mr R D Borras 
Mrs C A Borras 
Mr N Stephens (appointed 8 February 2024)
Mr R Wishart (appointed 8 February 2024)

Page 4

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the year are:
Measures taken to improve energy efficiency:
img51a7.png
Measures taken to improve energy efficiency:
The fleet of company owned and operated vehicles has continued to transition to low and zero emissions
vehicles. Company cars are now 80% hybrid, 13% electric and 7% diesel. An EV charging point has been
installed at the head office with free charging offered, to encourage employees to switch to hybrid or electric.

 
Page 5

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

The installation of a solar photovoltaic panel array on the roof of the head office enabled us to switch from gas
heating to electric heating within the office, which has reduced the carbon intensity of office-related heating
emissions. 
Method of calculations:
T&B (Contractors) Holdings Ltd continues to follow the requirements of the Streamlined Energy and Carbon Reporting (SECR) Regulations.
We use a custom calculation tool which shows the methodology behind each calculation and utilises the
government’s conversion factor datasets for reporting of greenhouse gas emissions, sourced from:
https://www.gov.uk/government /collections /government-conversion -factors-for-company -reporting) and updated
annually so that each year's calculations use that year's conversion factors.

Directors' indemnity insurance

Directors’ liability and indemnity insurance was in force throughout the year to cover the directors and officers of
the company against action brought against them in their personal capacity. Neither the insurance nor the
indemnity provide cover where the individual has acted fraudulently or dishonestly.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditors

The auditor previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes,
MacIntyre Hudson LLP ceased to hold an audit registration with engagement transitioning to MHA Audit Services
LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr R D Borras
Director

Date: 28 April 2025

Page 6

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of T & B (Contractors) Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 7

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group'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.


Auditor's 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and    claims;
• Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias; 
• Reviewing minutes of meetings of those charged with governance; 
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 9

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Georgette Alicia Crisp BSc (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

1 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).
Page 10

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
52,902,095
57,399,668

Cost of sales
  
(47,939,500)
(52,131,547)

Gross profit
  
4,962,595
5,268,121

Administrative expenses
  
(3,514,201)
(3,187,904)

Other operating income
 5 
216,888
201,216

Operating profit
 6 
1,665,282
2,281,433

Interest receivable and similar income
 10 
389,404
245,217

Interest payable and similar expenses
 11 
-
(23,698)

Profit before taxation
  
2,054,686
2,502,952

Tax on profit
 12 
(499,673)
(518,008)

Profit for the financial year
  
1,555,013
1,984,944

Profit for the year attributable to:
  

Owners of the parent Company
  
1,555,013
1,984,944

  
1,555,013
1,984,944

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,555,013
1,984,944

  
1,555,013
1,984,944

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 22 to 40 form part of these financial statements.

Page 11

 
T & B (CONTRACTORS) HOLDINGS LIMITED
REGISTERED NUMBER: 08799004

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,496,814
2,159,445

Investments
 15 
100
100

Investment property
 16 
1,811,749
1,774,352

  
4,308,663
3,933,897

Current assets
  

Debtors: amounts falling due within one year
 17 
8,850,340
9,618,199

Cash at bank and in hand
 18 
8,326,404
7,385,389

  
17,176,744
17,003,588

Creditors: amounts falling due within one year
 19 
(11,164,518)
(10,592,674)

Net current assets
  
 
 
6,012,226
 
 
6,410,914

Total assets less current liabilities
  
10,320,889
10,344,811

Provisions for liabilities
  

Deferred taxation
 20 
(237,435)
(238,981)

  
 
 
(237,435)
 
 
(238,981)

Net assets
  
10,083,454
10,105,830


Capital and reserves
  

Called up share capital 
 21 
1,004
1,020

Share premium account
 22 
2,529,380
2,508,980

Revaluation reserve
 22 
680,027
680,027

Capital redemption reserve
 22 
18
-

Investment property reserve
 22 
252,246
252,246

Profit and loss account
 22 
6,620,779
6,663,557

Equity attributable to owners of the parent Company
  
10,083,454
10,105,830

  
10,083,454
10,105,830


Page 12

 
T & B (CONTRACTORS) HOLDINGS LIMITED
REGISTERED NUMBER: 08799004
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R D Borras
Director

Date: 28 April 2025

The notes on pages 22 to 40 form part of these financial statements.

Page 13

 
T & B (CONTRACTORS) HOLDINGS LIMITED
REGISTERED NUMBER: 08799004

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
4,900,000
4,900,000

  
4,900,000
4,900,000

Current assets
  

Debtors: amounts falling due within one year
 17 
20,402
-

  
20,402
-

Total assets less current liabilities
  
 
 
4,920,402
 
 
4,900,000

  

  

Net assets
  
4,920,402
4,900,000


Capital and reserves
  

Called up share capital 
 21 
1,004
1,020

Share premium account
 22 
4,919,380
4,898,980

Capital redemption reserve
 22 
18
-

  
4,920,402
4,900,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr R D Borras
Director

Date: 28 April 2025

The notes on pages 22 to 40 form part of these financial statements.

Page 14

 

 
T & B (CONTRACTORS) HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 January 2024
1,020
2,508,980
-
680,027
252,246
6,663,557
10,105,830



Comprehensive income for the year


Profit for the year
-
-
-
-
-
1,555,013
1,555,013

Total comprehensive income for the year
-
-
-
-
-
1,555,013
1,555,013



Contributions by and distributions to owners


Dividends
-
-
-
-
-
(512,791)
(512,791)


Purchase of own shares
-
-
-
-
-
(1,085,000)
(1,085,000)


Shares issued during the year
2
20,400
-
-
-
-
20,402


Share cancellation
(18)
-
18
-
-
-
-



Total transactions with owners
(16)
20,400
18
-
-
(1,597,791)
(1,577,389)



At 31 December 2024
1,004
2,529,380
18
680,027
252,246
6,620,779
10,083,454



The notes on pages 22 to 40 form part of these financial statements.

Page 15

 

 
T & B (CONTRACTORS) HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 January 2023
1,020
2,508,980
680,027
252,246
5,007,307
8,449,580



Comprehensive income for the year


Profit for the year
-
-
-
-
1,984,944
1,984,944

Total comprehensive income for the year
-
-
-
-
1,984,944
1,984,944



Contributions by and distributions to owners


Dividends
-
-
-
-
(328,694)
(328,694)



Total transactions with owners
-
-
-
-
(328,694)
(328,694)



At 31 December 2023
1,020
2,508,980
680,027
252,246
6,663,557
10,105,830



The notes on pages 22 to 40 form part of these financial statements.

Page 16

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


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

£
£
£
£
£

At 1 January 2024
1,020
4,898,980
-
-
4,900,000


Comprehensive income for the year

Profit for the year
-
-
-
1,597,791
1,597,791
Total comprehensive income for the year
-
-
-
1,597,791
1,597,791


Contributions by and distributions to owners

Dividends
-
-
-
(512,791)
(512,791)

Purchase of own shares
-
-
-
(1,085,000)
(1,085,000)

Shares issued during the year
2
20,400
-
-
20,402

Share cancellation
(18)
-
18
-
-


Total transactions with owners
(16)
20,400
18
(1,597,791)
(1,577,389)


At 31 December 2024
1,004
4,919,380
18
-
4,920,402


The notes on pages 22 to 40 form part of these financial statements.

Page 17

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£

At 1 January 2023
1,020
4,898,980
-
4,900,000


Comprehensive income for the year

Profit for the year
-
-
328,694
328,694


Contributions by and distributions to owners

Dividends
-
-
(328,694)
(328,694)


Total transactions with owners
-
-
(328,694)
(328,694)


At 31 December 2023
1,020
4,898,980
-
4,900,000


The notes on pages 22 to 40 form part of these financial statements.

Page 18

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,555,013
1,984,944

Adjustments for:

Depreciation of tangible assets
199,074
110,997

Loss on disposal of tangible assets
(43,458)
(9,746)

Interest paid
-
23,698

Interest received
(389,404)
(245,217)

Taxation charge
499,673
518,008

Decrease in debtors
2,076,980
2,047,153

(Increase)/decrease in amounts owed by associates
(10,000)
-

(Decrease)/increase in creditors
(478,120)
889,176

(Decrease)/increase in amounts owed to associates
(100)
50

Corporation tax (paid)
(750,276)
(9,296)

Net cash generated from operating activities

2,659,382
5,309,767


Cash flows from investing activities

Purchase of tangible fixed assets
(536,444)
(489,007)

Sale of tangible fixed assets
43,459
9,747

Purchase of investment properties
(37,397)
(74,352)

Purchase of share in associates
-
(50)

Interest received
389,404
245,217

Net cash from investing activities

(140,978)
(308,445)
Page 19

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash flows from financing activities

Issue of ordinary shares
20,402
-

Repayment of loans
-
(435,833)

Dividends paid
(512,791)
(328,694)

Interest paid
-
(23,698)

Share buyback
(1,085,000)
-

Net cash used in financing activities
(1,577,389)
(788,225)

Net increase in cash and cash equivalents
941,015
4,213,097

Cash and cash equivalents at beginning of year
7,385,389
3,172,292

Cash and cash equivalents at the end of year
8,326,404
7,385,389


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,326,404
7,385,389

8,326,404
7,385,389


The notes on pages 22 to 40 form part of these financial statements.

Page 20

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

7,385,389

941,015

8,326,404

Debt due within 1 year

(107,760)

16,085

(91,675)


7,277,629
957,100
8,234,729

The notes on pages 22 to 40 form part of these financial statements.

Page 21

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

T & B (Contractors) Holdings Limited is a private company, limited by shares, incorporated in England and Wales. The registered office and principal place of business is Riverside House, 1 Place Farm, Wheathampstead, St Albans,  Hertfordshire, AL4 8SB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in sterling (£), the functional currency, rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they form a single entity drawn up to 31 December. Intercompany transactions and balances between group companies are therefore eliminated in full. 
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Going Concern

After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the forseeable future. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Page 22

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.7

Termination payments

Termination benefits are recognised when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for termination benefits and may be made in other exceptional circumstances. 

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 23

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Finance costs

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

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

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

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

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

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

Deferred tax balances are not discounted.

Page 24

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

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

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Motor vehicles
-
5 years
Fixtures and fittings
-
10 years
Computer equipment
-
4-6 years

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

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

  
2.13

Revaluation of tangible freehold properties

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Accordingly, no depreciation has been charged.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers, or by the directors.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 25

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.16

Associates and joint ventures

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
Fixed asset investments in associates and joint ventures are held at cost less impairment.

  
2.17

Amounts recoverable on contracts

Amounts recoverable on long term contracts which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. All costs to accrue are included within trade creditors. Unbilled retentions have been recognised in turnover in the profit and loss account.
Materials held at the year end for specific contracts are included at the lower of cost and net realisable value within amounts recoverable on contracts. These are released at net realisable value once the work is invoiced.

 
2.18

Debtors

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

 
2.19

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

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

Page 26

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 27

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.23

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors consider that the critical accounting policies where judgments and estimations have been applied relate to the valuations of properties, tangible asset lives and amounts recoverable on long term contracts. The directors conclude that the property valuations are appropriate. In respect of the life of tangible fixed assets, judgments are made on the useful economic life and residual values of plant and machinery. The directors have concluded that the asset values and residual values are appropriate. In respect of amounts recoverable on contracts, the directors consider the changes in economic conditions in respect of all estimates and consider that the amounts recoverable on trade debtors and contracts are fairly stated.


4.


Turnover

All turnover arose within the United Kingdom.

Page 28

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Other operating income
35,172
33,112

Net rents receivable
181,716
168,104

216,888
201,216



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
199,074
110,997

Operating lease rentals
15,403
18,861

Defined contribution pension cost
390,876
317,858

Profit on disposal of fixed assets
(43,458)
(9,746)


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
22,500
20,000

Fees payable to the Company's auditor in respect of:

Taxation compliance services
1,500
1,500

All non-audit services not included above
15,000
7,655






Page 29

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,055,094
4,862,231
-
-

Social security costs
831,050
778,866
-
-

Cost of defined contribution scheme
390,876
317,858
-
-

6,277,020
5,958,955
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Number of construction staff
81
78



Number of administrative staff
21
20

102
98

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

The directors' remuneration information provided below is in relation to directors of all group companies.


2024
2023
£
£

Directors' emoluments
900,961
806,487

Group contributions to defined contribution pension schemes
106,510
66,833

1,007,471
873,320


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £146,113 (2023 - £145,883).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,267 (2023 - £11,718).

The directors are the Key Management Personnel of the Company and their remuneration is noted above.

Page 30

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
389,404
245,217

389,404
245,217


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
23,698

-
23,698


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
501,219
562,524

Adjustments in respect of previous periods
-
(130,498)


501,219
432,026


Total current tax
501,219
432,026

Deferred tax


Origination and reversal of timing differences
(1,546)
85,982

Total deferred tax
(1,546)
85,982


Taxation on profit on ordinary activities
499,673
518,008
Page 31

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,054,686
2,502,952


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
513,672
625,738

Effects of:


Expenses not deductible for tax purposes
16,401
6,127

Capital allowances for year in excess of depreciation
(28,652)
(317)

Adjustments to tax charge in respect of prior periods
-
(130,498)

Short-term timing difference leading to an increase (decrease) in taxation
(1,748)
2,754

Other differences leading to an increase (decrease) in the tax charge
-
14,204

Total tax charge for the year
499,673
518,008


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,597,791 (2023 - £328,694).

Page 32

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,673,952
666,696
336,906
306,658
2,984,212


Additions
82,818
413,737
2,897
36,992
536,444


Disposals
-
(166,114)
-
(40,329)
(206,443)



At 31 December 2024

1,756,770
914,319
339,803
303,321
3,314,213



Depreciation


At 1 January 2024
-
396,133
181,806
246,828
824,767


Charge for the year
-
139,003
28,265
31,806
199,074


Disposals
-
(166,113)
-
(40,329)
(206,442)



At 31 December 2024

-
369,023
210,071
238,305
817,399



Net book value



At 31 December 2024
1,756,770
545,296
129,732
65,016
2,496,814



At 31 December 2023
1,673,952
270,563
155,100
59,830
2,159,445

Freehold property is shown at fair value and as such is not depreciated.
The fair value of the property is sensitive to changes in the property market. The property was professionally valued in August 2021, based on current market rents and investment property yields for comparable real estate, by Allan N Hertz FRICS. In the opinon of the directors, the fair value of the property at 31 December 2024 can be measured reliably by the directors and they do not consider the August 2021 valuation to be materially different at the year end.

Cost or valuation at 31 December 2024 is as follows:

Freehold property
£


At cost
1,012,397
At valuation:

31 December 2024
744,373



1,756,770

Page 33

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
1,012,397
929,579

Net book value
1,012,397
929,579


15.


Fixed asset investments

Group





Investments in associates

£



Cost


At 1 January 2024
100



At 31 December 2024
100




The Group holds 50% of the ordinary share capital of Central Accounts Limited, a company incorporated in England and Wales, involved in the provision of accounting services.
The Group holds 50% of the ordinary share capital of Central Health, Safety, Quality And Enviromental Services Limited, incorported on 27th November 2023 in England and Wales, involved in the provision of health and safety services.

Page 34

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
4,900,000



At 31 December 2024
4,900,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

T & B (Contractors) Limited
Riverside House, 1 Place Farm, Wheathampstead, St Albans, AL4 8SB
Ordinary
100%

Page 35

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2024
1,774,352


Additions at cost
37,397



At 31 December 2024
1,811,749

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,503,949
1,466,552

The 2024 valuations were made by the directors, on an open market value for existing use basis.


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,344,141
5,798,362
-
-

Amounts owed by group undertakings
-
-
20,402
-

Amounts owed by related undertakings
25,000
15,000
-
-

Other debtors
1,437,877
1,438,756
-
-

Prepayments and accrued income
289,037
263,587
-
-

Amounts recoverable on long-term contracts
1,754,285
2,102,494
-
-

8,850,340
9,618,199
20,402
-


Page 36

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
8,326,404
7,385,389



19.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Trade creditors
8,294,294
8,136,501

Amounts owed to related undertakings
-
100

Corporation tax
312,588
562,524

Other taxation and social security
726,214
855,004

Other creditors
1,549,959
324,718

Accruals and deferred income
281,463
713,827

11,164,518
10,592,674


Page 37

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Deferred taxation


Group



2024


£






At beginning of year
(238,981)


Charged to profit or loss
1,546



At end of year
(237,435)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(38,528)
(40,074)

On revaluations
(198,907)
(198,907)

(237,435)
(238,981)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



70,000 (2023 - 70,000) A Founder shares of £0.01 each
700.0
700.0
30,000 (2023 - 30,000) B Founder shares of £0.01 each
300.0
300.0
0 (2023 - 1,700) C Founder shares of £0.01 each
-
17.0
100 (2023 - 50) A Ordinary shares of £0.01 each
1.0
1.0
120 (2023 - 60) B Ordinary shares of £0.01 each
1.2
1.0
146 (2023 - 76) C Ordinary shares of £0.01 each
1.5
1.0

1,003.7

1,020.0

All Founder shares and Ordinary shares, as a class, rank pari passu.
During the year, 1,700 C Founder shares were cancelled, whilst 50 A Ordinary, 60 B Ordinary and 70 C Ordinary shares were issued.


Page 38

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Reserves

Revaluation reserve

The revaluation reserve is an amount arising on the revaluation of fixed assets, being the difference between the amount of these assets determined under the historical cost convention and the amount determined by the revaluation of the assets, together with related deferred taxation. Transfers to the revaluation reserve arising from disposals are reflected in transfers from the profit and loss account. The revaluation reserve relates to non-distributable reserves.

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares that have been acquired by the Company and cancelled. The capital redemption reserve has arisen following the cancelling of the shares.

Investment property revaluation reserve

The investment property revaluation reserve is an amount arising on the revaluation of investment property, being the difference between the amount of these assets determined under the historical cost convention and the amount determined by the revaluation of the assets, together with related deferred taxation. Transfers to the revaluation reserve arising from disposals are reflected in transfers from the profit and loss account. The investment property revaluation reserve relates to non-distributable reserves.

Profit and loss account

The profit and loss account is represented by retained earnings.


23.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £390,976 (2023 - £317,858). Contributions totalling £2,782 (2023 - £18,464) were payable to the fund at the year end and were included within creditors.


24.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
7,181
18,861

Later than 1 year and not later than 5 years
-
6,582

7,181
25,443
Page 39

 
T & B (CONTRACTORS) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Transactions with directors

At the balance sheet date the Group owed the directors a total of £91,675 (2023 - £107,760). The loans are unsecured, interest free and repayable on demand. 


26.


Related party transactions

During the year, the Group was invoiced £80,850 (2023 - £115,500) in respect to services provided by Borras Construction Limited.
During the year, the Group was invoiced £106,320 (2023 - £105,000) by Borras Construction Limited for its share of the directors' remuneration of its common directors of group companies, Mr R D Borras and Mrs C A Borras.
At the year end, RBC Property Developments Limited owed the Group £1,435,959 (2023 - £1,435,959) in respect of financing arrangements. This relates to an unsecured interest free loan, repayable on demand.
Mr R D Borras and Mrs C A Borras, directors of group companies, have interests in the above companies.
During the year, the Group was invoiced £142,825 (2023 - £133,000) by Central Accounts Limited, a company 50% owned by T&B (Contractors) Limited. At the year end £15,000 (2023 - £15,000) was due from Central Accounts Limited. This is in respect of an interest free loan, unsecured and repayable on demand.
During the year, the Group was invoiced £49,150 (2023 - £Nil) by Central Health, Safety, Quality and Enviornmental Services Limited, a company 50% owned by T&B (Contractors) Limited. At the year end £10,000 (2023 - £Nil) was due from Central Health, Safety, Quality and Enviornmental Services Limited. This is in respect of an interest free loan, unsecured and repayable on demand.


27.


Controlling party

The company was under the joint control of Mr R D Borras and Mrs C A Borras, directors of the company,
throughout the year and the prior year.

 
Page 40