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Registered number: 11383263









TEXO GROUP LIMITED







CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
TEXO GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
R C Lamb 
C H Smith 
H F Smith 
G W Watt 
D G Marshall (resigned 16 August 2024)
C R Smith (resigned 1 January 2025)




Registered number
11383263



Registered office
8 Stepfield
Witham

Essex

CM8 3TH




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
TEXO GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Directors' responsibilities statement
 
6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
Company balance sheet
 
14 - 15
Consolidated statement of changes in equity
 
16
Company statement of changes in equity
 
17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 43


 
TEXO GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 30 November 2024.

Principal activities
 
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.
 

Principal risks and uncertainties
 
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.

 
Page 1

 
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.

Financial key performance indicators
 
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. 

Other key performance indicators
 
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.

Page 2

 
TEXO GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Directors' statement of compliance with duty to promote the success of the Group
 
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.



C H Smith
Director

Page 3

 
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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £827,701 (2023 - loss £1,188,405).

Directors

The directors who served during the year were:

R C Lamb 
C H Smith 
H F Smith 
G W Watt 
D G Marshall (resigned 16 August 2024)
C R Smith (resigned 1 January 2025)

Future developments

The directors consider that there are no significant future developments which require disclosure.

Engagement with suppliers, customers and others

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. 

Greenhouse gas emissions, energy consumption and energy efficiency action

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. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 4

 
TEXO GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 August 2025 and signed on its behalf.
 





C H Smith
Director

Page 5

 
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 2006They 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.

Page 6

 
TEXO GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 November 2024 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.


Page 7

 
TEXO GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED (CONTINUED)


Other information


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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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 Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 8

 
TEXO GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEXO GROUP LIMITED (CONTINUED)


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 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, 
 
Page 9

 
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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Matthew Wells ACA (Senior statutory auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

29 August 2025
Page 10

 
TEXO GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
66,907,769
47,791,684

Cost of sales
  
(53,467,861)
(39,818,083)

Gross profit
  
13,439,908
7,973,601

Administrative expenses
  
(12,120,732)
(9,924,114)

Other operating income
 5 
56,470
288,413

Operating profit/(loss)
 6 
1,375,646
(1,662,100)

Interest receivable and similar income
 10 
-
276

Interest payable and similar expenses
 11 
(77,457)
(70,610)

Profit/(loss) before taxation
  
1,298,189
(1,732,434)

Tax on profit/(loss)
 12 
20,267
177,842

Profit/(loss) for the financial year
  
1,318,456
(1,554,592)

  

Total comprehensive income for the year
  
1,318,456
(1,554,592)

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
490,755
(366,187)

Owners of the parent Company
  
827,701
(1,188,405)

  
1,318,456
(1,554,592)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
490,755
(366,187)

Owners of the parent Company
  
827,701
(1,188,405)

  
1,318,456
(1,554,592)

The notes on pages 19 to 43 form part of these financial statements.

Page 11

 
TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
529,925
521,165

Tangible assets
 15 
2,757,407
2,656,314

Investments
 16 
167,060
57,817

  
3,454,392
3,235,296

Current assets
  

Stocks
 17 
142,968
150,962

Debtors: amounts falling due within one year
 18 
16,298,430
19,547,695

Cash at bank and in hand
 19 
4,946,164
972,391

  
21,387,562
20,671,048

Creditors: amounts falling due within one year
 20 
(21,549,991)
(22,039,105)

Net current liabilities
  
 
 
(162,429)
 
 
(1,368,057)

Total assets less current liabilities
  
3,291,963
1,867,239

Creditors: amounts falling due after more than one year
 21 
(336,139)
(229,871)

Provisions for liabilities
  

Net assets excluding pension asset
  
2,955,824
1,637,368

Net assets
  
2,955,824
1,637,368


Capital and reserves
  

Called up share capital 
 25 
23,500,010
23,500,010

Profit and loss account
 26 
(20,735,404)
(21,563,105)

Equity attributable to owners of the parent Company
  
2,764,606
1,936,905

Non-controlling interests
  
191,218
(299,537)

  
2,955,824
1,637,368


Page 12

 
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 29 August 2025.


C H Smith
Director

The notes on pages 19 to 43 form part of these financial statements.

Page 13

 
TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
184,137
133,463

Tangible assets
 15 
2,679,786
2,638,531

Investments
 16 
686,362
577,119

  
3,550,285
3,349,113

Current assets
  

Stocks
 17 
142,968
150,962

Debtors: amounts falling due within one year
 18 
18,495,223
22,616,283

Cash at bank and in hand
 19 
3,156,148
942,871

  
21,794,339
23,710,116

Creditors: amounts falling due within one year
 20 
(21,880,283)
(24,009,177)

Net current liabilities
  
 
 
(85,944)
 
 
(299,061)

Total assets less current liabilities
  
3,464,341
3,050,052

  

Creditors: amounts falling due after more than one year
 21 
(283,171)
(108,059)

  

Net assets excluding pension asset
  
3,181,170
2,941,993

Net assets
  
3,181,170
2,941,993


Capital and reserves
  

Called up share capital 
 25 
23,500,010
23,500,010

Profit and loss account brought forward
  
(20,558,017)
(19,917,354)

Profit/(loss) for the year
  
239,177
(640,663)

Profit and loss account carried forward
  
(20,318,840)
(20,558,017)

  
3,181,170
2,941,993


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.


C H Smith
Director

The notes on pages 19 to 43 form part of these financial statements.
Page 14

 
TEXO GROUP LIMITED
REGISTERED NUMBER: 11383263
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024


Page 15

 
TEXO GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 December 2023 (as previously stated)
23,500,010
(20,842,595)
2,657,415
(299,537)
2,357,878

Prior year adjustment - correction of error
-
(720,510)
(720,510)
-
(720,510)

At 1 December 2023 (as restated)
23,500,010
(21,563,105)
1,936,905
(299,537)
1,637,368


Comprehensive income for the year

Profit for the year
-
827,701
827,701
490,755
1,318,456
Total comprehensive income for the year
-
827,701
827,701
490,755
1,318,456


At 30 November 2024
23,500,010
(20,735,404)
2,764,606
191,218
2,955,824



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 December 2022
17,000,010
(20,374,700)
(3,374,690)
-
(3,374,690)


Comprehensive income for the year

Loss for the year
-
(1,188,405)
(1,188,405)
(366,187)
(1,554,592)
Total comprehensive income for the year
-
(1,188,405)
(1,188,405)
(366,187)
(1,554,592)


Contributions by and distributions to owners

Shares issued during the year
6,500,000
-
6,500,000
-
6,500,000

Acquired on acquisition
-
-
-
66,650
66,650


Total transactions with owners
6,500,000
-
6,500,000
66,650
6,566,650


At 30 November 2023
23,500,010
(21,563,105)
1,936,905
(299,537)
1,637,368


Page 16

 
TEXO GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2023 (as previously stated)
23,500,010
(19,837,507)
3,662,503

Prior year adjustment - correction of error
-
(720,510)
(720,510)

At 1 December 2023 (as restated)
23,500,010
(20,558,017)
2,941,993


Comprehensive income for the year

Profit for the year
-
239,177
239,177
Total comprehensive income for the year
-
239,177
239,177


At 30 November 2024
23,500,010
(20,318,840)
3,181,170



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
17,000,010
(19,917,354)
(2,917,344)


Comprehensive income for the year

Loss for the year
-
(640,663)
(640,663)
Total comprehensive income for the year
-
(640,663)
(640,663)


Contributions by and distributions to owners

Shares issued during the year
6,500,000
-
6,500,000


At 30 November 2023
23,500,010
(20,558,017)
2,941,993


The notes on pages 19 to 43 form part of these financial statements.

Page 17

 
TEXO GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

972,391

3,973,773

4,946,164

Debt due after 1 year

(121,812)

68,844

(52,968)

Debt due within 1 year

(3,122,426)

(48,895)

(3,171,321)

Finance leases

(280,116)

(134,261)

(414,377)


(2,551,963)
3,859,461
1,307,498

The notes on pages 19 to 43 form part of these financial statements.

Page 18

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires 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:

  
2.2

Basis of consolidation

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.

  
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":    
  • The 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.

Page 19

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

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.   

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 20

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.7

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.9

Interest income

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

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Tangible fixed assets (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:

Buildings
-
6.7% / 10% / 25%
Plant and machinery
-
6.7% / 10% / 25%
Motor vehicles
-
25%
Fixtures and fittings
-
25% / 33%
Office equipment
-
25% / 33%
Computer equipment
-
33%

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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.



  
2.18

Stocks

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.

  
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost using the effective interest method, less any impairment. Work in progress and finished goods
include labour and attributable overheads..

Page 23

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.23

Financial instruments

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.

Page 24

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.23
Financial instruments (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.

Page 25

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Group's accounting policies, the directors are required to make judgements, estimates
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
66,907,769
47,791,684

66,907,769
47,791,684


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
66,906,614
47,791,684

Rest of the world
1,155
-

66,907,769
47,791,684


Page 26

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Other operating income

2024
2023
£
£

Other operating income
56,470
288,413

56,470
288,413



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of owned tangible fixed assets
652,595
622,557

Amortisation of intangible fixed assets
221,688
31,435

Exchange differences
14,309
12,035

Other operating lease rentals
892,375
616,400

Gain on disposal of fixed assets
3,833
(23,683)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
38,500
30,000

Page 27

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
10,283,421
6,909,325
9,472,597
6,393,220

Social security costs
1,075,553
774,656
998,082
724,175

Cost of defined contribution scheme
700,099
656,879
644,227
625,224

12,059,073
8,340,860
11,114,906
7,742,619


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
9
11
6
8



Staff
165
126
155
118

174
137
161
126


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
896,399
657,924

Group contributions to defined contribution pension schemes
112,486
50,378

1,008,885
708,302


The highest paid director received remuneration of £190,783 (2023 - £130,000).

The value of the Group's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £24,861 (2023 - £8,750).

Page 28

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
-
276

-
276


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
38,553
52,592

Other loan interest payable
3,470
4,233

Finance leases and hire purchase contracts
35,434
13,785

77,457
70,610


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(198,109)
-


(198,109)
-


Total current tax
(198,109)
-

Deferred tax


Origination and reversal of timing differences
177,842
(177,842)

Total deferred tax
177,842
(177,842)


(20,267)
(177,842)
Page 29

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,298,189
(1,732,433)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)
298,529
(398,460)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
51,984
-

Utilisation of tax losses
(321,253)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(49,527)
-

Other differences leading to an increase (decrease) in the tax charge
-
220,618

Total tax charge for the year
(20,267)
(177,842)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


13.


Parent company profit for the year

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 £239,177 (2023 - loss £640,663).

Page 30

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Intangible assets

Group





Weld Procedures
Goodwill
Total

£
£
£



Cost


At 1 December 2023
133,463
419,137
552,600


Additions
96,666
-
96,666


Additions - internal
133,782
-
133,782



At 30 November 2024

363,911
419,137
783,048



Amortisation


At 1 December 2023
-
31,435
31,435


Charge for the year on owned assets
179,774
41,914
221,688



At 30 November 2024

179,774
73,349
253,123



Net book value



At 30 November 2024
184,137
345,788
529,925



At 30 November 2023
133,463
387,702
521,165

Internal additions relate to a class transfer from Assets under Construction to Weld Procedures.



Page 31

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
           14.Intangible assets (continued)

Company




Weld Procedures

£



Cost


At 1 December 2023
133,463


Additions
96,666


Additions - internal
133,782



At 30 November 2024

363,911



Amortisation


Charge for the year
179,774



At 30 November 2024

179,774



Net book value



At 30 November 2024
184,137



At 30 November 2023
133,463

Internal additions relate to a class transfer from Assets under Construction to Weld Procedures

Page 32
 


 
TEXO GROUP LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


15.


Tangible fixed assets


Group







Buildings
Assets under Construction
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 December 2023
1,814,592
133,782
1,601,127
229,815
231,917
39,285
612,356
4,662,874


Additions
118,550
-
285,410
-
367,370
3,007
133,967
908,304


Disposals
-
-
-
-
(24,999)
-
-
(24,999)


Transfers between classes
-
(133,782)
-
-
-
-
-
(133,782)



At 30 November 2024

1,933,142
-
1,886,537
229,815
574,288
42,292
746,323
5,412,397



Depreciation


At 1 December 2023
365,386
-
908,636
158,534
49,170
36,046
488,789
2,006,561


Charge for the year on owned assets
137,405
-
306,692
23,724
37,342
1,340
70,590
577,093


Charge for the year on financed assets
-
-
6,663
-
68,839
-
-
75,502


Disposals
-
-
-
-
(4,166)
-
-
(4,166)



At 30 November 2024

502,791
-
1,221,991
182,258
151,185
37,386
559,379
2,654,990
Page 33

 


 
TEXO GROUP LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           15.Tangible fixed assets (continued)




Net book value



At 30 November 2024
1,430,351
-
664,546
47,557
423,103
4,906
186,944
2,757,407



At 30 November 2023
1,449,206
133,782
692,492
71,281
182,747
3,239
123,567
2,656,314

Page 34

 


 
TEXO GROUP LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           15.Tangible fixed assets (continued)



Company







Buildings
Assets under Construction
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Office equipment
Total

£
£
£
£
£
£
£
£

Cost or valuation


At 1 December 2023
1,814,592
133,782
1,601,127
222,765
605,535
223,099
36,008
4,636,908


Additions
118,550
-
285,410
-
60,827
367,370
2,192
834,349


Disposals
-
-
-
-
-
(24,999)
-
(24,999)


Transfers between classes
-
(133,782)
-
-
-
-
-
(133,782)



At 30 November 2024

1,933,142
-
1,886,537
222,765
666,362
565,470
38,200
5,312,476



Depreciation


At 1 December 2023
365,386
-
908,636
158,534
485,458
44,502
35,862
1,998,378


Charge for the year on owned assets
137,405
-
306,692
21,961
63,612
33,193
113
562,976


Charge for the year on financed assets
-
-
6,663
-
-
68,839
-
75,502


Disposals
-
-
-
-
-
(4,166)
-
(4,166)



At 30 November 2024

502,791
-
1,221,991
180,495
549,070
142,368
35,975
2,632,690
Page 35

 


 
TEXO GROUP LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

           15.Tangible fixed assets (continued)




Net book value



At 30 November 2024
1,430,351
-
664,546
42,270
117,292
423,102
2,225
2,679,786



At 30 November 2023
1,449,206
133,782
692,492
64,231
120,077
178,597
146
2,638,531





Page 36
 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

16.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 December 2023
57,817


Additions
109,243



At 30 November 2024
167,060




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 December 2023
519,302
57,817
577,119


Additions
-
109,243
109,243



At 30 November 2024
519,302
167,060
686,362





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Texo Recruitment Limited
8 Stepfield, Witham, Essex, EM8 3TH
Ordinary
75%
Airport Capacity Solutions Limited
8 Stepfield, Witham, Essex, EM8 3TH
Ordinary
60%
Texo (Guyana) Inc.
62 Hadfield and Cross Strreets, Werk-en-Rust, Georgetown, Guyana
Ordinary
100%

Page 37

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 November 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Texo Recruitment Limited
332,423
242,674

Airport Capacity Solutions Limited
(147,420)
1,075,217

Texo Guyana Limited
(252,228)
(205,411)


Associates


The following were associates of the Company:


Name

Registered office

Class of shares

Holding

Kite Technology Limited
2 Smithycroft, Bourtie, Inverurie, Aberdeenshire, AB51 0HN
Ordinary
40%
Texo Technologies Limited
Texo House, Venture Drive, Westhill, United Kingdom, AB32 6FQ.
Ordinary
40%


17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
142,968
150,962
142,968
150,962

142,968
150,962
142,968
150,962


Page 38

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

18.


Debtors

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
10,477,854
8,945,779
9,519,269
8,758,105

Amounts owed by group undertakings
-
-
3,054,896
3,936,461

Amounts owed by joint ventures and associated undertakings
-
101,743
-
101,743

Other debtors
1,362,014
1,598,256
1,517,740
1,349,523

Prepayments and accrued income
829,916
1,038,757
774,672
607,291

Amounts recoverable on long-term contracts
3,628,646
7,685,318
3,628,646
7,685,318

Deferred taxation
-
177,842
-
177,842

16,298,430
19,547,695
18,495,223
22,616,283



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,946,164
972,391
3,156,148
942,871

4,946,164
972,391
3,156,148
942,871



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
66,974
60,565
-
-

Trade creditors
2,575,967
5,657,048
2,227,209
5,147,932

Amounts owed to parent entity
10,422,402
8,426,155
11,324,323
8,422,253

Other taxation and social security
1,109,541
768,205
563,622
737,881

Obligations under finance lease and hire purchase contracts
131,206
172,057
131,206
172,057

Other creditors
3,117,776
3,168,155
3,104,346
3,132,483

Accruals and deferred income
4,126,125
3,786,920
4,529,577
6,396,571

21,549,991
22,039,105
21,880,283
24,009,177


Page 39

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
52,968
121,812
-
-

Net obligations under finance leases and hire purchase contracts
283,171
108,059
283,171
108,059

336,139
229,871
283,171
108,059


The bank loan is secured by a fixed and floating charge over the assets of the Company. 


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
66,974
60,565


66,974
60,565

Amounts falling due 1-2 years

Bank loans
52,968
66,972


52,968
66,972

Amounts falling due 2-5 years

Bank loans
-
54,840


-
54,840


119,942
182,377


Page 40

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.


Finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
134,592
172,057
134,592
172,057

Between 1-5 years
289,341
108,059
289,341
108,059

423,933
280,116
423,933
280,116


24.


Deferred taxation


Group



2024


£






At beginning of year
177,842


Charged to profit or loss
(177,842)



At end of year
-

Company


2024


£






At beginning of year
177,842


Charged to profit or loss
(177,842)



At end of year
-
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Tax losses brought forward
-
177,842
-
177,842

-
177,842
-
177,842

Page 41

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary Shares shares of £0.01 each
10
10
23,500,000 (2023 - 23,500,000) Preference shares shares of £1.00 each
23,500,000
23,500,000

23,500,010

23,500,010



26.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


27.


Prior year adjustment

A prior year adjustment has been recorded to write off a debtor balance within Texo Group which should have been incorporated into the prior year. This has decreased debtors and profit by £720,510. 


28.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £413,786  (2023:
£284,344). Contributions totaling £105,301 (2023: £62,790) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 30 November 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
385,519
16,494
365,519
16,494

Later than 1 year and not later than 5 years
2,220,140
15,265
2,160,140
15,265

2,605,659
31,759
2,525,659
31,759

Page 42

 
TEXO GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

30.


Related party transactions

During the year, the group entered into the following transactions with related parties:


2024
2023
£
£

Parent company, Gapsun Properties Limited
(10,422,253)
(8,422,253)
Entities under common control
1,453,706
1,283,153
(8,968,547)
(7,139,100)


31.


Controlling party

The company was controlled throughout the current and prior year by its immediate parent company,
Gapsun Properties Limited, a company incorporated in England and Wales.
The ultimate controlling entity of Gapsun Properties Limited is Trad Properties LLP, a limited liability
partnership incorporated in England and Wales.
Trad Properties LLP is controlled by the Trustees of Trad Scaffolding Co. Limited (H F Smith) FURBS and H F Smith is the controlling Trustee.

Page 43