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REGISTERED NUMBER: SC242071 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

TSQUARED GROUP LIMITED

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Consolidated Income Statement 13

Consolidated Other Comprehensive Income 14

Consolidated Balance Sheet 15

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 21


TSQUARED GROUP LIMITED

Company Information
for the Year Ended 31 March 2025







DIRECTORS: G Malcolm
A Simpson
D Nicol
R A Dinwoodie
D Callan
C A Paterson
M McFarlane


SECRETARY: M McFarlane


REGISTERED OFFICE: Optimus Building
2 Robroyston Oval
Nova Technology Park
Glasgow
G33 1AP


REGISTERED NUMBER: SC242071 (Scotland)


AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA


BANKERS: Bank of Scotland
41 Princes Mall
East Kilbride
G74 1LS

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Group Strategic Report
for the Year Ended 31 March 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

TSquared Group Ltd is a UK based contractor involved in the provision of specialist design, construction, maintenance and validation services.

REVIEW OF BUSINESS
A summary of the results of trading for the 31 March 2025 is provided within the attached financial statements.

The directors are satisfied with the results achieved by the group during the year, which remained broadly in line with expectations.

Based on a year to year comparison of the results of the group:

- Turnover increased slightly to £40,561,665 from £40,401,508
- Gross profit increased to £17,021,775 (42%) from £16,253,760 (40%),
- Net profit decreased to £13,701,425 (34%) from £14,321,044 (35%), and
- There was 1 lost time incident during the current year.

Overall, the group has continued to trade profitability during the year.

The directors consider that the financial performance of the group and its future growth prospects remain strong, and that the group was in a healthy financial position at the year end.

The group's key performance indicators are turnover, gross profit, net profit and lost time injuries (LTI's).

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks that include performance risk, operational risk, credit risk, liquidity risk and price risk. The directors recognise their overall responsibility for the group's systems and internal control. The controls are designed to manage as opposed to completely eliminate risk.

The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by regularly reviewing and monitoring individual contract balances and ensuring adequate funding is in place for any given contract.

Performance risk is minimised through accurately budgeting and costing individual projects at the outset and then monitoring the performance on these projects through to completion. The performance of the group and the individual companies within the group is monitored through monthly management accounts which are reviewed at regular board meetings.

Operational risk is minimised through having robust health and safety and quality assurance policies and procedures in place as well as the development of a positive health and safety culture throughout the group.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing regular payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and controlled.

Liquidity risk is minimised through the retention of a healthy level of group reserves and funds in the bank. At present the group is not reliant on any bank facilities.

Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers, maintaining strong long-standing supplier relationships, and sourcing goods and services from multiple suppliers to ensure competitive pricing.


TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Group Strategic Report
for the Year Ended 31 March 2025

SECTION 172(1) STATEMENT
The Companies Act 2006 requires company directors to state how they have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172.

These are as follows:

(a) the likely consequences of any decision in the long term,
(b) the interests of the group's employees,
(c) the need to foster the group's business relationships with suppliers, customers and others,
(d) the impact of the group's operations on the community and the environment,
(e) the desirability of the group maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly between members of the group.

The consideration given to each of these matters and how we have engaged with various stakeholders during the year is set out below.

Clients
The group has built a strong reputation in the marketplace, with our purpose to "create space for genius" founded upon 3 strategic pillars of innovation, employee success and client success.

The group has built strong relationships with its clients in recent years by fostering a culture that strives to exceed expectations during the full project life cycle, and by delivering innovative, energy efficient and cost-effective solutions for their benefit.

The success of this strategy is reflected by our long-term growth and high levels of key customer retention rates. We continue to secure major projects, maintenance agreements and validation assignments with multinational clients and government agencies in the fields of life sciences, aerospace, battery, quantum technologies, space, medical, pharmaceutical, electronics and semiconductors.

The Directors consider that the ongoing delivery of our strategy is most likely to promote the long term, sustainable success of the group for its members and stakeholders as a whole.

Employees
The development and wellbeing of our employees is critically important to the delivery of the group strategy.

We have provided our staff with regular and varied internal & externally accredited training through the year. Our employees continue to develop following their individual employee training plan, which have been designed to ensure that our staff remain at the leading edge of industry standards, knowledge and developments.

The health and safety of our employees remains of paramount importance in all our activities with regular health & safety training provided to all staff. The group holds ISO45011 accreditation with IEC and is certified with both CHAS and SafeContractor, providing external independent validation of our commitment to health and safety and our health and safety management systems.

We have continued to develop our Health & Safety software (Assure SHE by Evotix) to improve our working practices, risk management, compliance and reporting capabilities. The core functionality of this system has now been in place for over 12 months and we are in the process of extending the reporting capabilities of the system to our Technical Services & Validation teams.

As reported above, we only had 1 lost time incident during the current year across all our operations. This incident consisted of a minor laceration resulting in one day of absence.

Additionally, we have continued to enhance our employee wellbeing support by launching an Employee Assistance Programme and providing group life insurance coverage for all staff during the year.






TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Group Strategic Report
for the Year Ended 31 March 2025

Suppliers
We recognise the importance of maintaining strong supplier relationships in delivering our strategy.

We strive to maintain long-term working relationships with reputable suppliers and sub-contractors to ensure that the quality and availability of materials and services required to meet our clients' expectations. We work closely with our subcontractors to ensure that health and safety risks and environmental aspects on our sites are understood and managed effectively.

The group policy is to ensure that payments to suppliers and subcontractors are made on a timely basis, in accordance with our agreed terms and conditions. We routinely monitor our payment statistics along with our credit score and limit to ensure that our practices & processes are helping to maintain and develop our supplier relationships.

During the year ended 31 March 25, the group took an average of 39 days (FY24: 41 days) from the invoice date to payment date.

Shareholders
The controlling shareholders of the group, all of whom are current or former employees, meet regularly to ensure that their interests are appropriately reflected in the group strategy. The interests of minority shareholders across the group are represented through their active involvement in those businesses in which they have a shareholding.

Community
The group remains committed to supporting the wider community as part of its corporate responsibility agenda. During the financial year, several initiatives were undertaken which reflect the group's continued focus on delivering social value.

We provided structured apprenticeship and trainee roles in both our Technical Services & Validation divisions. The roles will equip individuals with practical skills and professional experience, supporting their long-term employment and contributing to closing the skills gap within the sector.

Additionally, we facilitated school insight days at our Glasgow office, offering pupils from the local community direct exposure to the working environment and promoting awareness of potential future career pathways.

We also commend the charitable efforts, particularly of our employees and supply chain, whose collective fundraising efforts and initiatives help raise over £13,000 for our nominated charity partner Tiny Changes (SC049112). We hope to continue our charitable initiatives during the coming year with our staff nominated charity, Marie Curie.

Finally, the group continued to support local community outreach groups through the provision of repurposed, surplus IT equipment for their redistribution to individuals who could use this equipment. This initiative supports digital inclusion and minimises waste, reinforcing our commitment to sustainable operational practices.


TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Group Strategic Report
for the Year Ended 31 March 2025


ENVIRONMENT
The group is committed to a positive and responsible course of action with regard to those aspects of the business which impact upon the environment. We seek to act in accordance with good practice, preserving and, where possible, enhancing the quality of the environment that we operate in.

Our commitment to the environment is demonstrated by our Environmental Management System which meets the requirements of ISO14001. The system is focused upon preventing pollution and continuously improving our performance with respect to environmental matters.

Key steps in our procedures include pre-commencement environmental impact reviews; improved employee awareness through regular training; thought leadership articles; stringent waste management processes and the delivery of highly energy efficient solutions for our clients, alongside a focus on reducing and recycling materials and waste, where possible.

The group's GHG emissions and energy consumption for the year were as follows:

- The annual quantity of GHG emissions (CO2 equivalent) resulting from activities involving the combustion of gas or consumption of fuel for the purposes of transport was 379mT (FY24: 356mT). The annual energy consumption from this source was equivalent to 1,517,460 kWh (FY24: 1,403,357 kWh).
- The annual quantity of GHG emissions (CO2 equivalent) resulting from the purchase of electricity for its own use, including for the purpose of transport was 3mT (FY24: 3mT). The annual energy consumption from this source was equivalent to 75,018 kWh (FY24: 55,563 kWh).
- The total annual quantity of GHG emissions (CO2 equivalent) from both sources was 382mT (FY24: 359mT). The annual energy consumption was 1,592,477 kWh (FY24: 1,458,920 kWh).
- The intensity ratio mT in CO2e per £1m in revenue was 9.42mT (FY24: 8.89mT). The intensity ratio mT in CO2e per staff member was 3.57mT (FY24: 3.52mT).

We have followed the 2019 HM Government Environmental Reporting Guidelines in calculating & reporting our GHG emissions and energy consumptions. We have applied the "majority approach" and used the 2024 UK Government GHG Conversion Factors for Company Reporting in the current year (2023 UK Government GHG Conversion Factors in the prior year).

Over the past 12 months, we have observed an increase in our absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions, rising by approximately 6.4%. This increase is largely attributable to a change in the composition of Group turnover, with our Service & Validation divisions contributing approximately 35% of turnover in FY25, up from around 29% in FY24.

These divisions primarily consist of mobile service and validation engineers, which inherently results in higher levels of fuel consumption compared to the Group average. Additionally, we opened a new office premises in Edinburgh during the year, which has contributed to an increase in energy consumption. However, its impact on overall GHG emissions has been limited, as outlined further below.

Sustainability Progress and Key Actions
Notwithstanding the rise in emissions, we have continued to make significant progress in executing our long-term sustainability strategy. Key actions undertaken during the year include:

Transition to Renewable Energy in Durham
From 1 September 2024, our Durham office transitioned its electricity supply to predominantly renewable sources. This change has resulted in a reduction of approximately 0.4 metric tonnes (mT) of CO2e emissions in the reporting year, with an annualised saving of 0.6mT. A full conversion to 100% renewable energy is planned for 2026, which is expected to deliver a total saving of 1.0mT CO2e annually.

Engagement with Serviced Office Providers
We have continued to encourage our serviced office landlords to switch to fully renewable energy sources. This advocacy contributed to two landlords making the switch during the year.




TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Group Strategic Report
for the Year Ended 31 March 2025


Low-Impact Edinburgh Office Selection
The selection of our new Edinburgh office was strongly influenced by the landlord's use of renewable energy and implementation of extensive energy-saving measures. These features have contributed to an additional 0.8mT of CO2e emissions saved during the year

Fleet Optimisation and EV Considerations
We have replaced a number of older large commercial vehicles with smaller, more efficient models, resulting in both fuel savings and reduced GHG emissions. 15% of our fleet now consists of smaller compact vehicles. This transition will continue over the next 3-4 years, with a target of approximately 40% of the fleet being composed of compact vehicles. Additionally, we are actively analysing the potential to introduce more electric vehicles (EVs) into our fleet, whcih currently includes one fully electric vehicle.

These actions build on the sustainability initiatives introduced in previous years, such as the installation of PV panels and EV charging stations at our Head Office in 2023, and the switch to renewable electricity sources at the same site. Together, these efforts mark important steps in our ongoing journey toward achieving net zero.

Independent Assessment and Certification
Significantly, we have now commenced the process of securing independent assessment and certification of our sustainability plans, targets and actions through Ecovadis. We anticipate receiving our initial assessment rating during FY26, further reinforcing our commitment to transparency and continuous improvement in sustainability performance.

GOING CONCERN
The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:





M McFarlane - Secretary


8 August 2025

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Report of the Directors
for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of specialist design, construction, maintenance and validation services.

DIVIDENDS
Interim dividends per share were paid as follows:

A Ordinary £1 shares
A dividend of £784.60 per share was paid on 12 August 2024.

A dividend of £4.80 per share was paid on 12 August 2024. Shareholders owning 27.78% of the issued A Ordinary shares waived their right to this dividend.

A dividend of £5.60 per share was paid on 12 August 2024. Shareholders owning 27.78% of the issued A Ordinary shares waived their right to this dividend.

B Ordinary £1 shares
A dividend of £795.00 per share was paid on 12 August 2024.

C Ordinary £1 shares
A dividend of £795.00 per share was paid on 12 August 2024.

The total distribution of dividends for the year ended 31 March 2025 will be £7,924,000.

FUTURE DEVELOPMENTS
Based on current budgets, the directors are confident that the group will continue to trade profitably.

EVENTS SINCE THE YEAR END
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

G Malcolm
A Simpson
D Nicol
R A Dinwoodie
D Callan
C A Paterson
M McFarlane

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are all conducted in sterling. The group does not enter into any hedging transactions.

DISCLOSURE IN THE STRATEGIC REPORT
The review of the group's business and the description of the principal risks and uncertainties facing the group are disclosed in the strategic report.


TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Report of the Directors
for the Year Ended 31 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:



M McFarlane - Secretary


8 August 2025

Report of the Independent Auditors to the Members of
TSquared Group Limited

Opinion
We have audited the financial statements of TSquared Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
TSquared Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
TSquared Group Limited


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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from internal/external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the group and company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates applied in the year end adjustments to account for contract revenue and expenditure.

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
TSquared Group Limited


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.




Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

8 August 2025

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Consolidated
Income Statement
for the Year Ended 31 March 2025

2025 2024
Notes £    £   

TURNOVER 40,561,665 40,401,508

Cost of sales 23,539,890 24,147,748
GROSS PROFIT 17,021,775 16,253,760

Administrative expenses 4,514,640 3,224,204
12,507,135 13,029,556

Interest receivable and similar income 1,195,679 1,291,658
13,702,814 14,321,214

Interest payable and similar expenses 5 1,389 170
PROFIT BEFORE TAXATION 6 13,701,425 14,321,044

Tax on profit 7 3,494,115 3,658,326
PROFIT FOR THE FINANCIAL YEAR 10,207,310 10,662,718
Profit attributable to:
Owners of the parent 9,654,956 10,101,186
Non-controlling interests 552,354 561,532
10,207,310 10,662,718

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 10,207,310 10,662,718


OTHER COMPREHENSIVE INCOME
Share based payment transfer 31,341 111,712
Income tax relating to other comprehensive
income

-

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

31,341

111,712
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

10,238,651

10,774,430

Total comprehensive income attributable to:
Owners of the parent 9,686,297 10,212,898
Non-controlling interests 552,354 561,532
10,238,651 10,774,430

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Consolidated Balance Sheet
31 March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 788,780 738,041
Tangible assets 11 988,373 841,132
Investments 12 - -
1,777,153 1,579,173

CURRENT ASSETS
Stocks 13 212,387 283,728
Debtors 14 7,683,196 6,492,599
Cash at bank and in hand 32,783,574 32,416,844
40,679,157 39,193,171
CREDITORS
Amounts falling due within one year 15 18,904,103 19,091,978
NET CURRENT ASSETS 21,775,054 20,101,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,552,207

21,680,366

CREDITORS
Amounts falling due after more than one
year

16

(282,232

)

(240,000

)

PROVISIONS FOR LIABILITIES 18 (182,015 ) (165,237 )
NET ASSETS 23,087,960 21,275,129

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Share option reserve 20 143,053 111,712
Retained earnings 20 22,082,172 20,351,216
SHAREHOLDERS' FUNDS 22,235,225 20,472,928

NON-CONTROLLING INTERESTS 21 852,735 802,201
TOTAL EQUITY 23,087,960 21,275,129

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2025 and were signed on its behalf by:





A Simpson - Director


TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Company Balance Sheet
31 March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 2,584,353 2,239,129
2,584,353 2,239,129

CURRENT ASSETS
Cash at bank 2,885,783 2,768,250

CREDITORS
Amounts falling due within one year 15 4,209,742 3,744,893
NET CURRENT LIABILITIES (1,323,959 ) (976,643 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,260,394

1,262,486

CREDITORS
Amounts falling due after more than one
year

16

282,232

240,000
NET ASSETS 978,162 1,022,486

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 968,162 1,012,486
SHAREHOLDERS' FUNDS 978,162 1,022,486

Company's profit for the financial year 7,879,676 9,386,758

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2025 and were signed on its behalf by:





A Simpson - Director


TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up Share
share Retained option
capital earnings reserve
£    £    £   
Balance at 1 April 2023 10,000 18,912,030 -

Changes in equity
Dividends - (8,662,000 ) -
Total comprehensive income - 10,101,186 111,712
Balance at 31 March 2024 10,000 20,351,216 111,712

Changes in equity
Dividends - (7,924,000 ) -
Total comprehensive income - 9,654,956 31,341
Balance at 31 March 2025 10,000 22,082,172 143,053
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2023 18,922,030 723,924 19,645,954

Changes in equity
Dividends (8,662,000 ) (483,255 ) (9,145,255 )
Total comprehensive income 10,212,898 561,532 10,774,430
Balance at 31 March 2024 20,472,928 802,201 21,275,129

Changes in equity
Dividends (7,924,000 ) (501,820 ) (8,425,820 )
Total comprehensive income 9,686,297 552,354 10,238,651
Balance at 31 March 2025 22,235,225 852,735 23,087,960

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Company Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2023 10,000 287,728 297,728

Changes in equity
Dividends - (8,662,000 ) (8,662,000 )
Total comprehensive income - 9,386,758 9,386,758
Balance at 31 March 2024 10,000 1,012,486 1,022,486

Changes in equity
Dividends - (7,924,000 ) (7,924,000 )
Total comprehensive income - 7,879,676 7,879,676
Balance at 31 March 2025 10,000 968,162 978,162

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 12,221,388 11,094,872
Interest element of hire purchase or finance
lease rental payments paid

(1,389

)

(170

)
Tax paid (3,843,472 ) (2,688,004 )
Net cash from operating activities 8,376,527 8,406,698

Cash flows from investing activities
Purchase of intangible fixed assets (345,224 ) (868,283 )
Purchase of tangible fixed assets (510,978 ) (614,811 )
Sale of tangible fixed assets 76,546 70,108
Acquisition of subsidiary undertaking - (176,619 )
Interest received 1,195,679 1,291,658
Net cash from investing activities 416,023 (297,947 )

Cash flows from financing activities
Equity dividends paid (7,924,000 ) (8,662,000 )
Dividends to non-controlling interests (501,820 ) (483,255 )
Net cash from financing activities (8,425,820 ) (9,145,255 )

Increase/(decrease) in cash and cash equivalents 366,730 (1,036,504 )
Cash and cash equivalents at beginning of
year

2

32,416,844

33,453,348

Cash and cash equivalents at end of year 2 32,783,574 32,416,844

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2025 2024
£    £   
Profit before taxation 13,701,425 14,321,044
Depreciation charges 634,077 372,373
Profit on disposal of fixed assets (52,401 ) (9,775 )
Employee share options 31,341 111,712
Finance costs 1,389 170
Finance income (1,195,679 ) (1,291,658 )
13,120,152 13,503,866
Decrease in stocks 71,341 811,367
Increase in trade and other debtors (939,987 ) (362,336 )
Decrease in trade and other creditors (30,118 ) (2,858,025 )
Cash generated from operations 12,221,388 11,094,872

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 32,783,574 32,416,844
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 32,416,844 33,453,348


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank and in hand 32,416,844 366,730 32,783,574
32,416,844 366,730 32,783,574
Total 32,416,844 366,730 32,783,574

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

TSquared Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company and all the subsidiary companies which it controls either directly or indirectly.

Intercompany transactions and balances between group companies are eliminated on consolidation.

The share of non-controlling interests in subsidiary companies is presented under the heading non-controlling interests in the consolidated balance sheet. Their share in the profit or loss for the year is disclosed as income attributable to non-controlling interests in the consolidated income statements.

The financial statements of all subsidiary companies are prepared to the same reporting date as the parent company. All subsidiary companies have been consolidated.

The cost of a business combination is the fair value at the acquisition date, of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs.

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key accounting estimate - contract balances
Contract balances which includes work in progress and long term contracts within stock and payments on account within creditors are determined using estimates based on the stage of completion of individual contracts. These contract balances are regularly reviewed and updated.

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Turnover is derived from various activities performed by the group as a contractor providing specialist design, construction and servicing for controlled environments and business critical facilities. This includes construction contracts, maintenance contracts and other small works either on a fixed price or time and materials basis.

When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that it is probable will be recovered.

Contract costs include direct costs incurred in securing the contract that can be separately identified and measured reliably, if it is probable that the contract will be obtained. Costs incurred in securing a contract which have been expensed as incurred, are not included in contract costs if the contract is subsequently obtained.

The Group uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period usually with reference to work invoiced for on a monthly basis. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. These costs are presented as long term contracts provided it is probable they will be recovered. Where invoiced turnover exceeds the value of works completed to date the balance is reflected within creditors as payments on account. On larger projects a 5% defects provision is made at completion and released over the defects period of the contract.

Revenue in relation to maintenance contracts is recognised as costs are incurred. Work in progress is recognised in relation to minor additional works where the cost has been incurred and it is probable that the consideration due will be received.

Goodwill
Goodwill paid in connection with the acquisition of additional shares in a subsidiary undertaking from a non-controlling interest in March 2023 was amortised in full in the year of acquisition.

Goodwill paid in connection with the acquisition of a subsidiary undertaking in June 2023 is being amortised over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - Straight line over 4 years and Straight line over 7 years
Fixtures and fittings - Straight line over 4 years and Straight line over 3 years
Motor vehicles - Straight line over 4 years
Computer equipment - Straight line over 3 years

At each balance sheet date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks, work in progress and long term contracts
Work in progress (except on long term contracts) is valued at the lower of cost and expected selling price less costs to complete, after making due allowance for any expected losses.

Cost includes all direct expenditure and overheads incurred in relation to individual contracts.

Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued

Basic financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.

Recognition and measurement of financial instruments:
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Classification of financial instruments:
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Trade, group and other debtors:
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Cash and cash equivalents:
Cash and cash equivalents comprise cash at bank and on hand and demand deposits with banks.

Trade creditors, group and other creditors:
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

Derecognition of financial assets and liabilities:
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.


TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit swill be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Employee benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued

Share based payments
Equity settled shared based payment arrangements are measured at fair value. The fair value is determined at each year based on an estimated valuation of the company using a multiplier of EBITDA which is then discounted for non-controlling interests and other relevant factors. Movements in the fair value are recognised in the profit and loss account over the estimated vestment period of the share options. The estimated vestment period over which share options are expected to be exercised is considered each year end.

4. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 6,714,809 6,050,097
Social security costs 788,736 701,729
Other pension costs 487,506 326,782
7,991,051 7,078,608

The average number of employees during the year was as follows:
2025 2024

Group directors 7 7
Administration 14 14
Operational 86 81
107 102

2025 2024
£    £   
Directors' remuneration 869,758 980,506
Directors' pension contributions to money purchase schemes 79,110 21,478

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2025 2024
£    £   
Emoluments etc 283,174 366,693
Pension contributions to money purchase schemes 24,579 3,826

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Hire purchase 1,389 170

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2025 2024
£    £   
Other operating leases 199,768 175,304
Depreciation - owned assets 339,592 241,407
Depreciation - assets on hire purchase contracts or finance leases - 724
Profit on disposal of fixed assets (52,401 ) (9,775 )
Goodwill amortisation 294,485 130,242
Auditors' remuneration 16,000 15,000
Auditors' remuneration for other non audit services 51,350 56,345

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 3,506,128 3,548,873
Previous year tax adjustment (28,791 ) -
Total current tax 3,477,337 3,548,873

Deferred tax 16,778 109,453
Tax on profit 3,494,115 3,658,326

Reconciliation of total tax charge 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:

2025 2024
£    £   
Profit before tax 13,701,425 14,321,044
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2024 - 25 %)

3,425,356

3,580,261

Effects of:
Expenses not deductible for tax purposes 97,570 84,853
Adjustments to tax charge in respect of previous periods (28,811 ) -
super-deduction
Tax charged at different rates - 20,680
Pre-acquisition profits of subsidiary - (27,468 )
Total tax charge 3,494,115 3,658,326

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2025
Gross Tax Net
£    £    £   
Share based payment transfer 31,341 - 31,341

2024
Gross Tax Net
£    £    £   
Share based payment transfer 111,712 - 111,712

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2025 2024
£    £   
A Ordinary shares of £1 each
Interim 7,129,000 7,792,000
B Ordinary shares of £1 each
Interim 397,500 435,000
C Ordinary shares of £1 each
Interim 397,500 435,000
7,924,000 8,662,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2024 1,196,994
Additions 345,224
At 31 March 2025 1,542,218
AMORTISATION
At 1 April 2024 458,953
Amortisation for year 294,485
At 31 March 2025 753,438
NET BOOK VALUE
At 31 March 2025 788,780
At 31 March 2024 738,041

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2024 481,272 69,799 1,106,713 107,194 1,764,978
Additions 114,008 - 366,439 30,531 510,978
Disposals (191,363 ) - (226,532 ) (36,641 ) (454,536 )
At 31 March 2025 403,917 69,799 1,246,620 101,084 1,821,420
DEPRECIATION
At 1 April 2024 315,428 21,039 519,708 67,671 923,846
Charge for year 44,654 17,367 258,023 19,548 339,592
Eliminated on disposal (182,843 ) - (210,908 ) (36,640 ) (430,391 )
At 31 March 2025 177,239 38,406 566,823 50,579 833,047
NET BOOK VALUE
At 31 March 2025 226,678 31,393 679,797 50,505 988,373
At 31 March 2024 165,844 48,760 587,005 39,523 841,132

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2024 2,239,129
Additions 345,224
At 31 March 2025 2,584,353
NET BOOK VALUE
At 31 March 2025 2,584,353
At 31 March 2024 2,239,129

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

TSquared Shared Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Group services
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 127,231 63,490
Profit/(loss) for the year 68,763 (47,849 )

TSquared P1 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Design & construction services
%
Class of shares: holding
Ordinary 98.00
2025 2024
£    £   
Aggregate capital and reserves 14,613,840 13,885,173
Profit for the year 4,063,887 5,562,663

TSquared S1 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Servicing & maintenance
%
Class of shares: holding
Ordinary 95.30
2025 2024
£    £   
Aggregate capital and reserves 1,258,925 1,244,311
Profit for the year 959,614 945,408

TSquared S3 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Servicing & maintenance
%
Class of shares: holding
Ordinary 83.30
2025 2024
£    £   
Aggregate capital and reserves 1,706,785 1,563,405
Profit for the year 1,458,380 1,317,731

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

12. FIXED ASSET INVESTMENTS - continued

TSquared P2 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Design & construction services
%
Class of shares: holding
Ordinary 92.00
2025 2024
£    £   
Aggregate capital and reserves 930,241 528,080
Profit for the year 814,661 412,571

TSquared P3 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Design & construction services
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 1,470,589 1,452,341
Profit for the year 269,498 482,910

TSquared P4 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Design & construction services
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 1,948,794 1,447,908
Profit for the year 766,325 428,985

T-Squared E1 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Electrical installation services
%
Class of shares: holding
Ordinary 80.00
2025 2024
£    £   
Aggregate capital and reserves 709,183 813,399
Profit for the year 669,762 778,206

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

12. FIXED ASSET INVESTMENTS - continued

T-Squared Technical Services Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 80 80

TSquared P5 Ltd
Registered office: Optimus Building, 2 Robroyston Oval, Nova Technology Park, Glasgow, G33 1AP
Nature of business: Design & construction services
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 136,963 (16,322 )
Profit/(loss) for the year 151,285 (16,422 )

T-Squared Validair Ltd
Registered office: Dunns 4 Bowes Business Park, Lambton Park, Chester Le Street, Co. Durham, England, DH3 4AN
Nature of business: Testing & servicing
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 1,002,740 771,866
Profit for the year 441,902 298,017


13. STOCKS

Group
2025 2024
£    £   
Work-in-progress 73,029 158,043
Long term contracts 139,358 125,685
212,387 283,728

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2025 2024
£    £   
Trade debtors 7,271,009 6,350,681
Other debtors 22,136 9,875
Tax 250,641 31
Prepayments & accrued income 139,410 132,012
7,683,196 6,492,599

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Payments on account 9,190,958 11,307,727 - -
Trade creditors 3,745,272 2,694,075 - -
Amounts owed to group undertakings - - 3,780,083 3,537,147
Tax 1,113,705 1,229,230 147,428 87,746
Other taxes & social security 245,806 175,194 - -
VAT 1,743,266 1,226,725 - -
Other creditors 377,063 216,541 282,231 120,000
Accruals & deferred income 2,488,033 2,242,486 - -
18,904,103 19,091,978 4,209,742 3,744,893

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Other creditors 282,232 240,000 282,232 240,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2025 2024
£    £   
Within one year 187,090 242,188
Between one and five years 209,769 363,305
In more than five years - 9,808
396,859 615,301

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

18. PROVISIONS FOR LIABILITIES

Group
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 203,265 185,737
Other timing differences (21,250 ) (20,500 )
182,015 165,237

Group
Deferred
tax
£   
Balance at 1 April 2024 165,237
Provided during year 16,778
Balance at 31 March 2025 182,015

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
9,000 A Ordinary £1 9,000 9,000
500 B Ordinary £1 500 500
500 C Ordinary £1 500 500
10,000 10,000

Shares in all classes have equal voting rights and entitlement to dividends. In the event of liquidation C Ordinary shares are entitled to £2,250 per share, then A ordinary shares are entitled to a distribution up to the value of protected reserves with any remainder then being available to distribute equally between all Ordinary shares.

20. RESERVES

Group
Share
Retained option
earnings reserve Totals
£    £    £   

At 1 April 2024 20,351,216 111,712 20,462,928
Profit for the year 9,654,956 9,654,956
Dividends (7,924,000 ) (7,924,000 )
Fair value movement - 31,341 31,341
At 31 March 2025 22,082,172 143,053 22,225,225

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 April 2024 1,012,486
Profit for the year 7,879,676
Dividends (7,924,000 )
At 31 March 2025 968,162


21. NON-CONTROLLING INTERESTS

Non-controlling interests which represent the portion of profit or loss and net assets in subsidiaries that is not held by the Group is presented separately from parent shareholders' equity in the financial statements.
£
At 1 April 2024 802,201
Profit attributable to non-controlling interests 552,354
Dividends paid to non-controlling interests (501,820 )
At 31 March 2025 852,735

22. CAPITAL COMMITMENTS
2025 2024
£    £   
Contracted but not provided for in the
financial statements 188,121 -

23. RELATED PARTY DISCLOSURES

During the year, total dividends of £7,924,000 (2024 - £8,662,000) were paid to the directors .

During the year the group was invoiced rent, service charges and insurance costs relating to the lease of the head office premises, of £60,315 (2024 - £59,973) by the Self Invested Personal Pensions of certain group directors and shareholders.

During the year, a total of key management personnel compensation of £ 1,117,340 (2024 - £ 1,021,134 ) was paid.

24. POST BALANCE SHEET EVENTS

The group is in the process of acquiring the head office premises for £1.2m from the SIPP of the directors. This transaction is expected to take place in the year to 31 March 2026.

25. ULTIMATE CONTROLLING PARTY

The group has no ultimate controlling party.

TSQUARED GROUP LIMITED (REGISTERED NUMBER: SC242071)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2025

26. SHARE BASED PAYMENTS

Two subsidiary companies of the group have granted share options to certain employees of those companies.

No employee share options were granted during the year.

No employee share options were exercised during the year.

To date TSquared P1 Ltd has granted employee share options in respect of 112 shares at an option price of £892.86 per share.

To date TSquared P4 Ltd has granted employee share options in respect of 137 shares at an option price of £545.65 per share.

These options are exercisable based on an exit event such as the sale of the business arising.

During the year £31,341 (2024 - £111,712) was recognised as an expense in the profit and loss account with a corresponding credit to the share option reserve.

The fair value of these options at the year end was £143,053 (2024 - £111,712).

27. ACQUISITIONS AND DISPOSALS

On 30 June 2023 the group acquired a 100% shareholding in Validair (Euro) Ltd at an estimated cost of £1,425,688. Validair (Euro) Ltd subsequently changed its name to T-Squared Validair Ltd.

This initial estimate included a contingent element which has subsequently been increased by £345,224 resulting in a revised estimated cost of £1,770,912.

The above business combination has been recorded on an acquisition accounting basis.

Goodwill of £1,213,507 arising on this business combination is being amortised over its estimated useful life of 5 years.