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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TETRA TECH UK HOLDINGS LIMITED
COMPANY INFORMATION
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TETRA TECH UK HOLDINGS LIMITED
CONTENTS
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TETRA TECH UK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors present their Strategic Report for Tetra Tech UK Holdings Limited (the ‘Company’) for the year ended 30 September 2024
The Company continues to act as an intermediate holding company of a group of companies. As the parent company Tetra Tech, Inc. (‘Tetra Tech’) continues to expand in the UK and Europe, the strategic aims of the holding company are to provide the necessary financial support to ensure the stability and growth of the various operating companies.
Strategic review The profit before tax for the year was £82,285,000 (2023: £11,650,000). Income from fixed asset investments totalled £77,718,000 (2023: £8,065,000) and the Company paid dividends of £104,080,000 (2023 £39,500,000). Future developments and subsequent events The Tetra Tech group offers an increasingly wide range of services to a broad client base and is actively growing its business portfolio in the UK and Europe. We believe the Company is well positioned to continue to provide services and to adapt to continually changing circumstances. Since the year end the Company has received dividends totalling £174,359,000 and paid dividends of £221,359,000. On 24 March 2025 the Company acquired 100% of the share capital of Carron + Walsh Construction Consultants Limited, a company registered in the Republic of Ireland which delivers project and cost management solutions for large-scale commercial, life science, residential and infrastructure programs across Europe. The initial consideration was €5,250,000. Key performance indicators The Company uses the following key performance indicators to monitor its performance: Year ended Year ended 30 September 2024 30 September 2023 Profit after tax £81,063,000 £9,541,000 Investments £786,325,000 £786,733,000 Principal risks and uncertainties The Company is a holding company and is not directly exposed to any specific risks. The Company’s investments do face risks and uncertainties although none of these had an impact on the recoverable amount of investments and loans at 30 September 2024. The Company’s Directors and senior management regularly review these risks and their potential impact on the Company.
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TETRA TECH UK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors are mindful of their duties under Section 172 of the Companies Act 2006 to promote the success of the Company with regards to all its stakeholders and has complied with this. The Company’s Board works within the principles of the Tetra Tech group’s governance structure and decisions affecting the Company are required to be taken in line with this, including in accordance with the applicable delegations of authority. The Company’s key stakeholder and sole shareholder is the parent company, Tetra Tech, Inc., and all decisions and actions consider the potential long-term impact on the wider Tetra Tech group.
As a responsible corporate citizen, the Company and the wider Tetra Tech group is committed to the highest standards of ethics, integrity and compliance in all respects of our business. The Company’s corporate social responsibility practices are aligned to those of Tetra Tech, Inc. and the most recent Sustainability Report Card is publicly available at www.tetratech.com.
Decision making
The Directors monitor the investments in companies in its region and the recoverability of balance due from group undertakings. This includes the review of budgets, forecasts and the strategic plans for the businesses in its region and monitoring the performance and financial position of these companies. Community and environment The Directors recognise the importance of the Company contributing to the wider society and the Company’s subsidiaries support clients to develop environmental and socially responsible solutions. We recognise our obligation to manage the impact of the Company’s operations on the environment and endeavour to limit our impact where possible. Carbon management, adaptation and mitigation strategies are under review by the Tetra Tech group to identify opportunities for energy efficiency and energy reduction.
This report was approved by the board and signed on its behalf.
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TETRA TECH UK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included in the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The directors expect the Company to continue to operate for a period of no less than 12 months from the date of the signing of the director’s report. Thus, they continue to adopt the going concern basis in preparing the financial statements.
The Directors who served during the year and up to the date of this report were:
C J Green (appointed 11 December 2024)
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TETRA TECH UK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Details of future developments can be found in the Strategic report on page 1.
Directors' indemnities Directors and Officers of the Company, including Directors and Officers of the wider Tetra Tech group, benefit from directors' and officers' liability insurance cover in respect of legal actions brought against them. In addition, Directors are indemnified under the Company's articles of association to the maximum extend permitted by law, such indemnities being qualifying third party indemnities.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TETRA TECH UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TETRA TECH UK HOLDINGS LIMITED
We have audited the financial statements of Tetra Tech UK Holdings Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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TETRA TECH UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TETRA TECH UK HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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:
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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TETRA TECH UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TETRA TECH UK HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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TETRA TECH UK HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TETRA TECH UK HOLDINGS LIMITED
REGISTERED NUMBER: 05909611
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 24 form part of these financial statements.
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TETRA TECH UK HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company is an intermediate holding company in the Tetra Tech Inc. group of companies. The Company is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company’s operations and principal activities are given in the Strategic report and the Directors’ report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006.
The directors have a reasonable expectation that the Company has adequate resource to continue in operational existence for at least 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 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 following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Tetra Tech, Inc. as at 30 September 2024 and these financial statements may be obtained from their website at www.tetratech.com.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Key sources of estimation uncertainty Impairment of investments The directors deemed it necessary to determine whether there are indicators of impairment of the Company’s fixed asset investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the discount rate. No impairment was required to be recognised as a consequence of this review as at 30 September 2024. Recoverability of the amounts owed by group undertakings The directors deemed it necessary to determine whether there are indicators of impairment of the Company’s amounts receivable from group undertakings. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the debtor company and the current and forecast financial position of the debtor company. The directors have concluded that all such amounts are expected to be fully recoverable so no allowance for bad debts has been made during the reporting period. No reasonably possible movements in estimates of which the Directors are aware would lead to material changes in valuations of investments or intercompany amounts.
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10.Taxation (continued)
The Company is within the scope of the OECD Pillar Two model rules as it is part of a large group. The legislation was enacted in the UK in July 2023 and will come into effect for the Company from 30 September 2024. The Company does not expect to be affected by the rules as the effective tax rate should exceed the 15% minimum rate.
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Subsidiary undertakings (continued)
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TETRA TECH UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share premium account
Profit and loss account
The Company is a subsidiary undertaking of Tetra Tech, Inc., a company incorporated in the USA. The ultimate controlling party is
The largest group in which the results of the Company are consolidated is that headed by On 10 December 2024 the Company extended the maturity date on its loan note to R P S Group Limited from 29 September 2025 to 1 October 2026. Since the year end the Company has received dividends totalling £174,359,000 and paid dividends of £221,359,000. On 24 March 2025 the Company acquired 100% of the share capital of Carron + Walsh Construction Consultants Limited, a company registered in the Republic of Ireland which delivers project and cost management solutions for large-scale commercial, life science, residential and infrastructure programs across Europe. The initial consideration was €5,250,000.
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