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Registered number: 01667869










T & B (CONTRACTORS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
T & B (CONTRACTORS) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R D Borras 
Mrs C A Borras 
Mr N Stephens 
Mr A Skilton 
Mr R W Wishart 
Mr K G Blatchford (appointed 28 March 2024)
Mr D Fogarty (appointed 28 March 2024)
Mr A J Blackhurst (appointed 28 March 2024)




Company secretary
Mrs C A Borras



Registered number
01667869



Registered office
Riverside House
1 Place Farm

Wheathampstead

St Albans

Hertfordshire

AL4 8SB




Independent auditor
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

United Kingdom




Bankers
Barclays Bank PLC
11 Bank Court

Hemel Hempstead

Hertfordshire

HP1 1BX





 
T & B (CONTRACTORS) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12 - 13
Statement of Changes in Equity
 
14
Notes to the Financial Statements
 
15 - 30


 
T & B (CONTRACTORS) LIMITED
 
 
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) LIMITED
 

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) LIMITED
 

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) 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 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 2006They 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.

Principal activity

The principal activity of the Company during the year 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 £1,597,791 (2023 - £328,694) were paid.

Directors

The directors who served during the year were:

Mr R D Borras 
Mrs C A Borras 
Mr K O'Dell (resigned 8 April 2024)
Mr N Stephens 
Mr A Skilton 
Mr R W Wishart 
Mr K G Blatchford (appointed 28 March 2024)
Mr D Fogarty (appointed 28 March 2024)
Mr A J Blackhurst (appointed 28 March 2024)
Mr M Hickson (resigned 28 June 2024)
Page 4

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


Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are:
img6778.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) 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’ 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'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's auditor is aware of that information.

Auditor

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

Opinion


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 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 Company's affairs as at 31 December 2024 and of its 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 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company'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) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) 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 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.


Matters on which we are required to report by exception
 

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.


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 8

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


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 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.


Page 9

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

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

The notes on pages 15 to 30 form part of these financial statements.

Page 11

 
T & B (CONTRACTORS) LIMITED
REGISTERED NUMBER: 01667869

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,496,814
2,159,445

Investments
 14 
100
100

Investment property
 15 
1,811,749
1,774,352

  
4,308,663
3,933,897

Current assets
  

Debtors: amounts falling due within one year
 16 
8,850,340
9,618,199

Cash at bank and in hand
 17 
8,326,402
7,385,389

  
17,176,742
17,003,588

Creditors: amounts falling due within one year
 18 
(11,184,918)
(10,592,674)

Net current assets
  
 
 
5,991,824
 
 
6,410,914

Total assets less current liabilities
  
10,300,487
10,344,811

Provisions for liabilities
  

Deferred tax
 19 
(237,435)
(238,981)

  
 
 
(237,435)
 
 
(238,981)

Net assets
  
10,063,052
10,105,830


Capital and reserves
  

Called up share capital 
 20 
2,510,000
2,510,000

Revaluation reserve
 21 
680,027
680,027

Investment property reserve
 21 
252,246
252,246

Profit and loss account
 21 
6,620,779
6,663,557

  
10,063,052
10,105,830


Page 12

 
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: 




Mr R D Borras
Director

Date: 28 April 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
T & B (CONTRACTORS) LIMITED
 

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


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

£
£
£
£
£


At 1 January 2023
2,510,000
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 1 January 2024
2,510,000
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
-
-
-
(1,597,791)
(1,597,791)


Total transactions with owners
-
-
-
(1,597,791)
(1,597,791)


At 31 December 2024
2,510,000
680,027
252,246
6,620,779
10,063,052


The notes on pages 15 to 30 form part of these financial statements.

Page 14

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

1.


General information

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

 
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 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

 
2.3

Going concern

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.

Page 15

 
T & B (CONTRACTORS) 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 Company 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 Company 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.

Amounts reoverable on long term contracts are included in debtors.

 
2.5

Operating leases: the Company 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.

  
2.6

Termination payments

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.

 
2.7

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.8

Interest income

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

Page 16

 
T & B (CONTRACTORS) 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 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

 
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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.


Deferred tax balances are not discounted.

Page 17

 
T & B (CONTRACTORS) 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, 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.

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.

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:

Motor vehicles
-
5 years
Fixtures and fittings
-
10 years
Computer equipment
-
4 to 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.

The directors regularly review the methods of providing depreciation on all assets.

Page 18

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

2.Accounting policies (continued)

  
2.13

Revaluation of tangible freehold properties

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.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers, or by the directors 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 the Statement of Comprehensive Income.

 
2.15

Associates and joint ventures

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. 

Associates and Joint Ventures are held at cost less impairment.

 
2.16

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.

  
2.17

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.

Page 19

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

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

 
2.20

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.

 
2.21

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 trade debtors and 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 trade debtors and 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 20

 
T & B (CONTRACTORS) 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
390,976
317,858

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


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

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

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

Taxation compliance services
1,500
1,500

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

Page 21

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

8.


Employees

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


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


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
900,961
806,487

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

1,007,471
873,320


During the year retirement benefits were accruing to 7 directors (2023 - 7) in respect of defined contribution pension schemes.

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

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,627 (2023 - £11,718).

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

Page 22

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

10.


Interest receivable

2024
2023
£
£


Bank 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)

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 23

 
T & B (CONTRACTORS) 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 of25% (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 timing differences leading to an increase (decrease) in taxation
-
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.

Page 24

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

13.


Tangible fixed assets





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:

Land and buildings
£


At cost
1,012,397
At valuation:

31 December 2024
744,373



1,756,770

Page 25

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

           13.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
£
£



Cost
1,012,397
929,579


14.


Fixed asset investments





Investments in associates

£



Cost


At 1 January 2024
100



At 31 December 2024
100




The Company 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 Company 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 26

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

15.


Investment property


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

1,503,949
1,466,552


16.


Debtors

2024
2023
£
£


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

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



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,326,402
7,385,389

8,326,402
7,385,389


Page 27

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

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

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

Amounts owed to group undertakings
20,400
-

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

11,184,918
10,592,674



19.


Deferred taxation




2024


£






At beginning of year
238,981


Charged to profit or loss
(1,546)



At end of year
237,435

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
38,528
40,074

On revaluations
198,907
198,907

237,435
238,981

Page 28

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

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,510,000 (2023 - 2,510,000) Ordinary shares of £1.00 each
2,510,000
2,510,000
34 (2023 - ) Ordinary shares of £0.01 each
-
-

2,510,000

2,510,000



21.


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.

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.


22.


Pension commitments

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.

Page 29

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

23.


Commitments under operating leases

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

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


24.


Transactions with directors

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. 


25.


Related party transactions

As 100% of the Company's voting rights are controlled within T&B (Contractors) Holdings Limited, the Company has taken advantage of the exemption contained in Financial Reporting Standard 102 section 33 and has not disclosed transactions or balances with entities which form part of the Group. The group financial statements of T&B (Contractors) Holdings Limited, within which the Company is included, can be obtained from the registered office. 


26.


Parent company and controlling party

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.

 
Page 30