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REGISTERED NUMBER: SC067094 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements For The Year Ended 31 December 2024

for

T.S.L. Contractors Ltd.

T.S.L. Contractors Ltd. (Registered number: SC067094)






Contents of the Financial Statements
For The Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


T.S.L. Contractors Ltd.

Company Information
For The Year Ended 31 December 2024







DIRECTORS: A D Knight
D Stewart
R M Forbes



REGISTERED OFFICE: Torosay Sandpit
Craignure
Isle of Mull
Argyll
PA65 6AY



REGISTERED NUMBER: SC067094 (Scotland)



INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ



SOLICITORS: Twin Deer Law
Ben Nevis Auction Mart
Torlundy
Fort William
PH33 6SW

T.S.L. Contractors Ltd. (Registered number: SC067094)

Strategic Report
For The Year Ended 31 December 2024

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

REVIEW OF BUSINESS
During financial year 2024, the Company achieved a turnover of £36.5m and net profit of £1.2m, with an EBITDA of £2.03m.

Following a difficult 2023, this year marked a significant return to form across the business, with strong performances from Construction and related activities, as well as for Skyhook, delivering a varied range of projects for an increasing and valued set of new and repeat clients in a diverse range of industry sectors.

While the business is exposed to the same factors that other comparable operators must contend with, such as continuing materials and wage inflation, recruitment challenges, tight financial constraints, etc, careful management of a multitude of larger and smaller projects and development of key client relationships, has resulted in excellent trading results backed importantly by significant recovery of cash and working capital position - crucial to providing a strong platform for growth and investment.

Construction turnover was derived from several sectors - ongoing social housing projects, (substructure and superstructure), larger industrial projects supporting the burgeoning Blue Economy in the area, as well as private commercial new builds and listed building refurbishments, formed the backbone of 2024, with significant Commercial works for Tier 1 contractors in the Energy Sector commencing in Q4 and programmed for continuation, until at least 2026. Challenges include project slippage, around planning delays, changes to work scopes, weather impacts, logistical hurdles etc, but TSL's collaborative and flexible approach has enabled solid margin recovery whilst delivering the projects to client satisfaction - evidenced by repeat custom and future works negotiation.

Skyhook continued to grow its reputation for being a dependable, adaptable and cost-effective solution for remote construction/material delivery, aerial survey and mast building, working with blue chip communication and infrastructure companies to deliver key projects across the UK and Ireland, but also supporting smaller projects and clients in deer/stock fencing and aerial concrete delivery and placement. At the end of the year, investment was made in a new, state of the art, Airbus H125 Utility aircraft, which confirms our commitment to improving our customer offering. In parallel we invested in the support structure for operating a third aircraft with the anticipation that this comes online Q1 2025 and enables greater availability and less maintenance downtime to build client confidence and associated capability.

For 2025, the outlook for the main revenue producing activities of Construction and Skyhook is very strong - the Energy Transmission sector is undergoing a huge increase in activity, powered by the drive for Net Zero, resulting in significant infrastructure works, mainly concentrated in Scotland which will provide opportunities for both Construction and Helicopter Support Services, which we believe TSL will be well placed to deliver.


T.S.L. Contractors Ltd. (Registered number: SC067094)

Strategic Report
For The Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Finance risk management objectives and policies
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company seeks to limit the adverse effects on the financial performance by monitoring levels of debt finance and related finance costs.

Credit risk
The company has implemented a policy that requires credit checks on potential customers, where sales will be made on credit, before the transaction takes place. The amount of exposure to any individual counterparty is subject to limit which is regularly assessed by the directors.

Liquidity risk
The company aims to mitigate risk by managing cash generated by its operations.

Interest rate cash flow risk
While the company utilises external debt, its exposure to interest rate risk is kept to a minimum. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

GOING CONCERN
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS
The directors have identified the following key financial performance indicators :

2024 2023
Turnover £36,501,739 £26,166,915
Gross profit 8% 2%
Net assets £7,368,391 £6,466,034

ON BEHALF OF THE BOARD:





A D Knight - Director


12 June 2025

T.S.L. Contractors Ltd. (Registered number: SC067094)

Report of the Directors
For The Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of construction work, road haulage, supply of quarry materials and the provision of aviation services for the construction industry and other sectors.

DIVIDENDS
No interim or final dividend was paid during the year.

DIRECTORS
A D Knight has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

I Lumsden - resigned 29 February 2024

D Stewart and R M Forbes were appointed as directors after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

T.S.L. Contractors Ltd. (Registered number: SC067094)

Report of the Directors
For The Year Ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A D Knight - Director


12 June 2025

Report of the Independent Auditors to the Members of
T.S.L. Contractors Ltd.

Opinion
We have audited the financial statements of T.S.L. Contractors Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the 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 Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
T.S.L. Contractors Ltd.


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
T.S.L. Contractors Ltd.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Report of the Independent Auditors to the Members of
T.S.L. Contractors Ltd.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Janice Alexander (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

13 June 2025

T.S.L. Contractors Ltd. (Registered number: SC067094)

Statement of Comprehensive
Income
For The Year Ended 31 December 2024

2024 2024 2024
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 36,501,739 - 36,501,739
Cost of sales (33,718,456 ) - (33,718,456 )
GROSS PROFIT 2,783,283 - 2,783,283

Administrative expenses (1,380,918 ) - (1,380,918 )

OPERATING PROFIT 5 1,402,365 - 1,402,365

Interest receivable and similar income 145 - 145
Interest payable and similar expenses 7 (192,250 ) - (192,250 )
PROFIT BEFORE TAXATION 1,210,260 - 1,210,260
Tax on profit 8 (307,903 ) - (307,903 )
PROFIT FOR THE FINANCIAL YEAR 902,357 - 902,357

OTHER COMPREHENSIVE INCOME
Income tax relating to components of other
comprehensive income

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

902,357

T.S.L. Contractors Ltd. (Registered number: SC067094)

Statement of Comprehensive
Income
For The Year Ended 31 December 2024

2023 2023 2023
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 25,202,748 964,167 26,166,915
Cost of sales (24,861,083 ) (717,960 ) (25,579,043 )
GROSS PROFIT 341,665 246,207 587,872

Administrative expenses (1,234,639 ) (263,280 ) (1,497,919 )

OPERATING LOSS 5 (892,974 ) (17,073 ) (910,047 )

Profit/loss on sale of
operations 6 - 605,712 605,712
(892,974 ) 588,639 (304,335 )

Interest receivable and similar income 89 - 89
Interest payable and similar expenses 7 (177,969 ) - (177,969 )
(LOSS)/PROFIT BEFORE TAXATION (1,070,854 ) 588,639 (482,215 )
Tax on (loss)/profit 8 267,017 (142,342 ) 124,675
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(803,837

)

446,297

(357,540

)

OTHER COMPREHENSIVE INCOME
Deferred tax on revaluation reserve (14,585 )
Revaluation of assets 471,932
Income tax relating to components of other
comprehensive income

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

457,347
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

99,807

T.S.L. Contractors Ltd. (Registered number: SC067094)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 9,367,909 7,299,523
Investments 11 80 80
9,367,989 7,299,603

CURRENT ASSETS
Stocks 12 1,981,557 1,883,984
Debtors 13 7,612,340 7,511,005
Cash at bank and in hand 1,438,367 650
11,032,264 9,395,639
CREDITORS
Amounts falling due within one year 14 8,350,228 8,081,686
NET CURRENT ASSETS 2,682,036 1,313,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,050,025

8,613,556

CREDITORS
Amounts falling due after more than one year 15 (3,551,516 ) (1,325,307 )

PROVISIONS FOR LIABILITIES 19 (1,130,118 ) (822,215 )
NET ASSETS 7,368,391 6,466,034

CAPITAL AND RESERVES
Called up share capital 20 21,800 21,800
Revaluation reserve 21 647,785 658,536
Capital redemption reserve 21 8,200 8,200
Retained earnings 21 6,690,606 5,777,498
SHAREHOLDERS' FUNDS 7,368,391 6,466,034

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2025 and were signed on its behalf by:





A D Knight - Director


T.S.L. Contractors Ltd. (Registered number: SC067094)

Statement of Changes in Equity
For The Year Ended 31 December 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2023 21,800 6,096,496 239,731 8,200 6,366,227

Changes in equity
Total comprehensive income - (318,998 ) 418,805 - 99,807
Balance at 31 December 2023 21,800 5,777,498 658,536 8,200 6,466,034

Changes in equity
Total comprehensive income - 913,108 (10,751 ) - 902,357
Balance at 31 December 2024 21,800 6,690,606 647,785 8,200 7,368,391

T.S.L. Contractors Ltd. (Registered number: SC067094)

Statement of Cash Flows
For The Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,074,352 (1,425,734 )
Interest paid (13,522 ) (37,888 )
Interest element of hire purchase payments
paid

(178,728

)

(140,081

)
Net cash from operating activities 2,882,102 (1,603,703 )

Cash flows from investing activities
Purchase of tangible fixed assets (868,726 ) (853,001 )
Sale of tangible fixed assets 549,084 877,289
Sale of operations - 605,712
Interest received 145 89
Net cash from investing activities (319,497 ) 630,089

Cash flows from financing activities
Bank loan repayments in year (119,389 ) (121,000 )
Hire purchase refinancing 1,656,256 -
Hire purchase repayments in year (1,720,901 ) (902,237 )
Amount withdrawn by directors (12,436 ) (2,040 )
Net cash from financing activities (196,470 ) (1,025,277 )

Increase/(decrease) in cash and cash equivalents 2,366,135 (1,998,891 )
Cash and cash equivalents at beginning of
year

2

(927,768

)

1,071,123

Cash and cash equivalents at end of year 2 1,438,367 (927,768 )

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Statement of Cash Flows
For The Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 1,210,260 (482,215 )
Depreciation charges 749,480 825,943
Profit on disposal of fixed assets (122,556 ) (894,652 )
Finance costs 192,250 177,969
Finance income (145 ) (89 )
2,029,289 (373,044 )
Increase in stocks (97,573 ) (604,368 )
(Increase)/decrease in trade and other debtors (88,899 ) 27,106
Increase/(decrease) in trade and other creditors 1,231,535 (475,428 )
Cash generated from operations 3,074,352 (1,425,734 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,438,367 650
Bank overdrafts - (928,418 )
1,438,367 (927,768 )
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 650 1,071,123
Bank overdrafts (928,418 ) -
(927,768 ) 1,071,123


T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Statement of Cash Flows
For The Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank
and in hand 650 1,437,717 1,438,367
Bank overdrafts (928,418 ) 928,418 -
(927,768 ) 2,366,135 1,438,367
Debt
Finance leases (1,621,608 ) 1,690,861 (3,994,530 ) (3,925,277 )
Debts falling due
within 1 year (118,564 ) 498 - (118,066 )
Debts falling due
after 1 year (288,658 ) 118,891 - (169,767 )
(2,028,830 ) 1,810,250 (3,994,530 ) (4,213,110 )
Total (2,956,598 ) 4,176,385 (3,994,530 ) (2,774,743 )

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

T.S.L. Contractors Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to the date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is shorter.

Land and buildings freehold - 2% and 5% straight line
Plant and machinery - 6%, 10%, 15%, 20%, 25% and 30% reducing balance
Fixtures and fittings - 7.5%, 15%, 20%, 25%, 30%, 40% and 50% reducing balance
Motor vehicles - 20%, 25%, 30% and 33% reducing balance

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation.

Stocks and long term contracts
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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. Excess progress payments are included in creditors as payments on account.

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company on independently administered funds. Contributions payable are charged to the profit and loss account in the year they are payable.

Group accounts
The company is entitled to the exemption under section 402 of the Companies Act 2006 from the obligation to prepare group accounts.

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities reported at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements.

Depreciation

The estimates and assumptions used to determine the depreciation charge requires judgements to be made as regards asset useful lives and residual values. The useful lives and residual values of the company's fixed assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets. Historically, changes in useful lives have not resulted in material changes to the company's depreciation charge.

Revenue Recognition

Revenue on long term contracts for services is recognised according to the stage of completion reached on the contract by measuring a proportion of costs incurred for work performed to total estimated costs.Estimating the costs to completion and therefore the total contract costs is a key judgement in respect of revenue recognition on these contracts. Management bases their judgements of revenue and the assessment of the expected outcome of each contract on the latest information available. This includes contract valuations, and forecast costs to complete. The estimates of the contract positions and the profit or loss earned to date is updated regularly and the impact of any change in the accounting estimates are reflected in the financial statements. See notes 13 for amounts recoverable on contracts and payments received on account.

Provisions

Liabilities are recognised where the Company has an obligation at the Statement of Financial Position date as a result of a past event and it is probable that a transfer of economic benefit will be required in settlement with the amount of the settlement able to be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advance payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,066,020 5,958,312
Social security costs 651,106 594,340
Other pension costs 210,064 183,981
6,927,190 6,736,633

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Construction and haulage 122 139
Directors 3 2
Administrative staff 10 10
Other 18 16
153 167

2024 2023
£    £   
Directors' remuneration 101,179 217,187
Directors' pension contributions to money purchase schemes 3,774 17,149

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 207,932 198,629
Depreciation - owned assets 343,265 398,567
Depreciation - assets on hire purchase contracts 406,215 427,376
Profit on disposal of fixed assets (122,556 ) (288,940 )
Auditors' remuneration 20,000 15,400

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit/loss on sale of
operations - 605,712

In 2023, the Haulage and Pier division was sold, resulting in a gain on sale of £605,712. This is considered to be a non-recurring event and the related profit & loss has been classified as a discontinued operation in the Statement of Comprehensive Income.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank and other loan interest 13,522 37,888
Hire purchase interest 178,728 140,081
192,250 177,969

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 307,903 (124,675 )
Tax on profit/(loss) 307,903 (124,675 )

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 1,210,260 (482,215 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23.500%)

302,565

(113,321

)

Effects of:
Expenses not deductible for tax purposes 776 2,727
Capital allowances in excess of depreciation (490,665 ) -
Depreciation in excess of capital allowances - 3,830
Timing differences 495,227 (17,911 )


Total tax charge/(credit) 307,903 (124,675 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023
Gross Tax Net
£    £    £   
Deferred tax on revaluation reserve (14,585 ) - (14,585 )
Revaluation of assets 471,932 - 471,932
457,347 - 457,347

9. 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 represents contributions payable by the company to the fund and amounted to £210,064 (2023: £183,981). At the period end date there was £33,648 outstanding (2023: £23,953).

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

10. TANGIBLE FIXED ASSETS
Land and Fixtures
buildings Plant and and Motor
freehold machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 1,987,417 8,455,832 928,446 684,997 12,056,692
Additions 4,450 3,032,157 - 207,787 3,244,394
Disposals - (770,891 ) - (116,456 ) (887,347 )
At 31 December 2024 1,991,867 10,717,098 928,446 776,328 14,413,739
DEPRECIATION
At 1 January 2024 - 3,572,141 601,393 583,635 4,757,169
Charge for year 9,000 595,777 67,192 77,511 749,480
Eliminated on disposal - (460,819 ) - - (460,819 )
At 31 December 2024 9,000 3,707,099 668,585 661,146 5,045,830
NET BOOK VALUE
At 31 December 2024 1,982,867 7,009,999 259,861 115,182 9,367,909
At 31 December 2023 1,987,417 4,883,691 327,053 101,362 7,299,523

Included in cost or valuation of land and buildings is freehold land of £ 431,121 (2023 - £ 431,121 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Land and Fixtures
buildings Plant and and Motor
freehold machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2015 255,025 - - - 255,025
Valuation in 2023 437,535 - - - 437,535
Cost 1,299,307 10,717,098 928,446 776,328 13,721,179
1,991,867 10,717,098 928,446 776,328 14,413,739

If land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,299,307 1,294,857
Aggregate depreciation 155,657 134,621

Land and buildings were valued on an open market basis on 12 May 2023 by DM Hall LLP .

The directors have considered the value for 31 December 2024 and have concluded that no change to current net book value is required.

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 4,320,903 226,967 4,547,870
Additions 2,208,416 197,252 2,405,668
Disposals (259,148 ) (94,281 ) (353,429 )
Transfer to ownership (612,478 ) (45,826 ) (658,304 )
At 31 December 2024 5,657,693 284,112 5,941,805
DEPRECIATION
At 1 January 2024 1,440,371 82,535 1,522,906
Charge for year 353,852 52,363 406,215
Eliminated on disposal (103,600 ) (41,514 ) (145,114 )
Transfer from/(to) ownership (349,719 ) (28,104 ) (377,823 )
At 31 December 2024 1,340,904 65,280 1,406,184
NET BOOK VALUE
At 31 December 2024 4,316,789 218,832 4,535,621
At 31 December 2023 2,880,532 144,432 3,024,964

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2024
and 31 December 2024 5,079
PROVISIONS
At 1 January 2024
and 31 December 2024 4,999
NET BOOK VALUE
At 31 December 2024 80
At 31 December 2023 80

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Mull Developments Ltd
Registered office: Torosay Sandpit, Craignure, Isle Of Mull, Argyll, PA65 6AY
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 99.98
31.7.24 31.7.23
£    £   
Aggregate capital and reserves (10,861 ) (10,861 )

TSL Landscaping Limited
Registered office: Torosay Sandpit, Craignure, Isle Of Mull, Scotland, PA65 6AY
Nature of business: Landscape service activities
%
Class of shares: holding
Ordinary 80.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 100 100

12. STOCKS
2024 2023
£    £   
Raw materials 343,055 269,482
Land stocks and work-in- progress 1,638,502 1,614,502
1,981,557 1,883,984

During the previous year, DM Hall LLP performed a valuation on the land stock held by TSL Contractors Ltd. Stock with a carrying value of £1,566,761 has a market value of £3,045,000 as at April 2023.

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,893,530 1,409,333
Amounts recoverable on long term contracts 2,567,680 3,710,416
Other debtors 720,703 467,091
Amounts owed by related parties 81,542 75,620
Directors' current accounts 52,189 39,753
VAT - 5,131
Prepayments and accrued income 974,707 963,568
6,290,351 6,670,912

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

13. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amounts recoverable on long
term contracts 1,321,989 840,093
1,321,989 840,093

Aggregate amounts 7,612,340 7,511,005

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 118,066 1,046,982
Hire purchase contracts (see note 17) 543,528 584,959
Trade creditors 1,089,482 3,218,835
Social security and other taxes 318,541 215,359
VAT 636,517 -
Accruals and deferred income 5,644,094 3,015,551
8,350,228 8,081,686

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 169,767 288,658
Hire purchase contracts (see note 17) 3,381,749 1,036,649
3,551,516 1,325,307

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 928,418
Bank loans 118,066 118,564
118,066 1,046,982

Amounts falling due between one and two years:
Bank loans - 1-2 years 78,011 118,564

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

16. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 59,032 114,026

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 32,724 56,068

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 543,528 584,959
Between one and five years 3,381,749 1,036,649
3,925,277 1,621,608

Non-cancellable operating leases
2024 2023
£    £   
Within one year 185,060 188,880
Between one and five years 157,382 166,463
342,442 355,343

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 928,418
Bank loans 287,833 407,222
Hire purchase contracts 3,925,277 1,621,608
4,213,110 2,957,248

The Royal Bank of Scotland plc hold a standard security over land and buildings of the company together with a bond and floating charge over the whole of the assets of the company.

The bank also holds assignation of policies on the life of A D Knight, director, to the value of £150,000.

The obligations under hire purchase contracts are secured over the assets which the agreements relate to.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,130,118 822,215

Deferred
tax
£   
Balance at 1 January 2024 822,215
Provided during year 307,903
Revaluation reserve movement
Balance at 31 December 2024 1,130,118

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
21,800 Ordinary £1 21,800 21,800

T.S.L. Contractors Ltd. (Registered number: SC067094)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

21. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2024 5,777,498 658,536 8,200 6,444,234
Profit for the year 902,357 902,357
Transfer to profit and loss account 10,751 (10,751 ) - -
At 31 December 2024 6,690,606 647,785 8,200 7,346,591

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
A D Knight
Balance outstanding at start of year 39,753 37,713
Amounts advanced 12,436 2,040
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,189 39,753

23. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Amount due from related parties 81,542 75,620

Amounts are interest free and repayable on demand.

24. ULTIMATE CONTROLLING PARTY

The company is controlled by the director, A D Knight.