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Registered number:
CONSOLIDATED
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
COMPANY INFORMATION
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TEXO GROUP LIMITED
CONTENTS
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TEXO GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
The directors present the strategic report for the year ended 30 November 2024.
The Group’s principal activities during the year comprised Engineering & Manufacturing, Inspection, Modular Building Solutions, Offshore Services, Fabric Maintenance, Recruitment Services, and Asset Integrity Management.
These services were delivered across strategically significant sectors, including Oil & Gas, Renewables, and Infrastructure, leveraging our technical expertise and sector experience to provide value-added solutions for clients. Business Review The Group delivered a satisfactory performance during the year, successfully transitioning from the previous trading period and maintaining operational momentum despite a competitive market environment. Performance was underpinned by disciplined project execution, focused delivery against client commitments, and prudent cost management. Revenue growth was achieved across several segments of the energy sector, with a notable increase from the Renewables market. This reflects the Group’s ability to adapt to shifting market demand and to capitalise on opportunities aligned with the global energy transition. The year’s results confirm the resilience of our diversified service offering and demonstrate progress against our strategic priorities of sector focus, operational excellence, and sustainable growth. Strategic Highlights • Revenue Growth: Strong year-on-year growth, with increased market share in Renewables and stable performance across Oil & Gas and Infrastructure. • Sector Diversification: Expanded footprint in the Utilities sector through multi-year service agreements. • Operational Restructuring: Streamlined service portfolio into three high-potential revenue streams to enhance scalability and market focus. • Project Delivery Excellence: Maintained on-time delivery of contracted projects.
The Board recognises that the Group operates in dynamic and evolving markets, where proactive risk management is critical to safeguarding performance and long-term shareholder value. Senior management conducts ongoing reviews of business activities and associated risks, with key exposures summarised as follows:
Regulatory Risks: • Ongoing restrictions on oil and gas exploration in the UK basin are expected to constrain activity in this segment. • Accelerating energy transition policies, rapid technological advancements, and shifting investor sentiment towards decarbonisation may impact long-term demand for hydrocarbons. • Failure to replace reserves in line with production rates could undermine growth prospects.
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TEXO GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
Price Volatility • Oil and gas prices remain highly sensitive to global supply-demand dynamics, OPEC+ production strategies, and macroeconomic conditions, directly influencing market activity. • Significant commodity price fluctuations can materially affect revenue, profitability, and project economics. • Delays in passing cost increases to customers may compress margins. Competitive Pressures: • The SME service sector remains highly competitive, with local competition targeting the same customer base. • Sustained differentiation will depend on delivering consistently high-quality, dependable, and customer- focused services that meet or exceed client expectations. Growth and Development During the year, the Group completed a strategic review of its operations to ensure alignment with market opportunities and to strengthen its competitive positioning. As a result, the Group will focus on three high-potential sectors — Energy, Utilities, and Construction and will consolidate operations into three core revenue streams: • Workspace Solutions (Modular Buildings) • Recruitment Services • Asset Life Management (ALM) This strategic focus will allow the Group to optimise resource allocation, enhance operational efficiency, and maximise growth potential in its chosen markets. The strategy is supported by a strong and expanding forward order book and pipeline, providing a solid foundation for sustainable growth in the years ahead. Board Statement The Group enters its new financial year with a clear strategic focus, a robust order book, and a growing market presence. While mindful of external risks, including regulatory change, commodity price volatility, and competitive pressures, the Board is confident that the Group’s streamlined business model, sector diversification, and proven delivery capability provide a strong platform for sustainable growth and long-term value creation.
The performance achieved in the period is set out in the Statement of Comprehensive Income.
Year on year revenue for the company increased by around 23% compared to the prior period at £47.4m to £58.2m. This year saw the second full year of trading after the hive up of the other Texo companies and seen a significant increase in turnover. The Group in the year 2023/24, having consolidated all trading companies, has seen a significant upturn in revenue for the year through the winning of long term significant and prestigious contracts across the Group's various divisions.
Annual budgets incorporating seasonal trends are set to assess the level of financial performance against actual.
A key performance indicator of financial success for the business is the monthly gross margin achievement for each operating department.
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TEXO GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
The directors of Texo Group have fulfilled their duty under Section 172 of the Companies Act 2006 by considering the long-term impact of decisions on stakeholders. We engaged regularly with client, employees, suppliers and local communities to support and sustain growth. We made strategic decisions to improve efficiency, while maintaining high standards of ethics. Our decisions are based on balancing short-term needs with long-term strategic goals.
This report was approved by the board on 29 August 2025 and signed on its behalf.
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TEXO GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
The directors present their report and the financial statements for the year ended 30 November 2024.
The profit for the year, after taxation and minority interests, amounted to £827,701 (2023 - loss £1,188,405).
The directors who served during the year were:
The directors consider that there are no significant future developments which require disclosure.
The board recognises that strong relationships with suppliers, customers and other stakeholder are essential to the long-term success of Texo Group. Throughout the year we have maintained dialogue with our supply chain partners to ensure continuity and quality.
We engage with customers throughout the planning process to better understand their needs and deliver value for their projects. In addition, we engaged with the local communities, which helped to inform key decisions and supports our commitment to long-term value creation and collaboration.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as it has taken the exemption based on the information being included in the consolidated accounts of Trad Properties LLP.
There have been no significant events affecting the Group since the year end.
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TEXO GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TEXO GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group's financial statements and then apply them consistently;
∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TEXO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED
We have audited the financial statements of Texo Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company 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 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 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 Group's or 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.
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TEXO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 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 Directors' report.
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TEXO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that: • had a direct effect on the determination of material amounts and disclosures in the financial statements. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation, and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include operational and employment laws and regulations including health and safety regulations, environmental regulations and GDPR. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. We have considered the control systems in place to prevent fraud from non-compliance with laws and regulations which are applicable to the company. We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. Procedures performed to address these were as follows: • Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud, including known of suspected instances or non- compliance with laws and regulations and fraud, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
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TEXO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED (CONTINUED)
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud,
• Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management, • Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries. These were scrutinised for evidence of unusual entries, • Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation including sales invoice to ensure revenue was appropriately recorded, • Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation to ensure the expense was appropriately recorded, • Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 an Auditors' 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
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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TEXO GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2024
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TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 43 form part of these financial statements.
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TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 43 form part of these financial statements.
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TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024
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TEXO GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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TEXO GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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TEXO GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Texo Group is a private company, limited by shares and incorporated in England and Wales, United
Kingdom, with a registration number 11383263. The address of the registered office is 8 Stepfield, Witham, Essex, CM8 3TH. The nature of the company's operation and principal activity is that of the manufacture of fabricated metal products, recruitment services and modular turnkey systems.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The company has prepared consolidated financial statements on a voluntary basis in accordance with Section 9 of the FRS 102.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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 requirement of Section 7 Statement of Cash Flows. This information is included in the consolidated financial statements of Trad Properties as at 30 November 2024 and these financial satatements may be obtained from Companies House.
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
These financial statements have been prepared on the going concern basis. The directors have prepared plans, which take into account all available information and reflect the current performance of the business. These plans cover a period of at least 12 months following the authorising of these financial statements.
Based on these plans and together with the support of the parent company and the ultimate controlling party, the directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and therefore consider it appropriate to adopt the going concern basis of preparation for these financial statements.
Functional and presentation currency
Transactions and balances
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Work in progress and finished goods include labour and attributable overheads..
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2.Accounting policies (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
and assumptions in determining the carrying amount of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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. The key estimate that has the most significant effect on the Group at 30 November 2024 is construction revenue and margin recognition. The Group's recognition and margin recognition policies are central to how they value the work it has carried out in each financial year. These policies require estimates to be made of the outcomes of long-term construction services, including forecasting the total construction costs required to complete a contract. Given the length of projects often exceeds 2 years this involves significant estimation uncertainty. Estimates are reviewed regularly throughout the contract life based on latest available information and adjustments are made where necessary.
Analysis of turnover by country of destination:
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
12.Taxation (continued)
There are no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
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TEXO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
14.Intangible assets (continued)
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15.Tangible fixed assets (continued)
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