Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
COMPANY INFORMATION
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T & B (CONTRACTORS) LIMITED
CONTENTS
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T & B (CONTRACTORS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
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
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.
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T & B (CONTRACTORS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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
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.
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.
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T & B (CONTRACTORS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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T & B (CONTRACTORS) 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,555,013 (2023 - £1,984,944).
During the year dividends totalling £1,597,791 (2023 - £328,694) were paid.
The directors who served during the year were:
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T & B (CONTRACTORS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's greenhouse gas emissions and energy consumption for the year are:
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.
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T & B (CONTRACTORS) 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) 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’ 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.
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.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED
We have audited the financial statements of T & B (Contractors) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
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 Company 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company'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.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' Report.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED (CONTINUED)
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.
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, and • 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.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED (CONTINUED)
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.
for and on behalf of
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).
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T & B (CONTRACTORS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
REGISTERED NUMBER: 01667869
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
REGISTERED NUMBER: 01667869
STATEMENT OF FINANCIAL POSITION (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:
The notes on pages 15 to 30 form part of these financial statements.
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T & B (CONTRACTORS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
T & B (Contractors) 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
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 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 Company's accounting policies (see note 3).
The company's functional and presentational currency is pounds sterling, rounded to the nearest £1.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of the parent company, T&B (Contractors) Holdings Limited, as at 31 December 2024 and these financial statements may be obtained from the registered office, Riverside House, 1 Place Farm, Wheathampstead, AL4 8SB.
After reviewing the forecasts and projections of the Company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to adopt the going concern basis in preparing its financial statements.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Termination benefits are recognised when employment is terminated by the Company 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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution pension plan for its directors. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds
Deferred tax balances are not discounted.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets, excluding properties, are disclosed under the cost model and 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 company 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 Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
The directors regularly review the methods of providing depreciation on all assets.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Individual freehold properties are carried 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 the Statement of Comprehensive Income, together with related deferred taxation, 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.
An entity is treated as an associated undertaking where the Company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
All turnover arose within the United Kingdom.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There are no factors that may affect future tax charges.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cost or valuation at 31 December 2024 is as follows:
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company 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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At the balance sheet date the Company owed the directors a total of £91,675 (2023 - £107,760), following advances of £370,270 and repayments of £354,184, at the balance sheet date. The loans are unsecured, interest free and repayable on demand.
The immediate and ultimate parent company is T&B (Contractors) Holdings Limited, a company incorporated in England and Wales, which holds 100% of the issued share capital. Its registered office is as that for the Company given on the company information page.
T & B (Contractors) Holdings Limited is the smallest and largest group into which the company's results are consolidated. The Company was under the joint control of Mr R D Borras and Mrs C A Borras, directors of the Company, who have a controlling interest in the share capital of the parent company.
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