Company registration number 08731039 (England and Wales)
THAMES VALLEY (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
THAMES VALLEY (HOLDINGS) LIMITED
COMPANY INFORMATION
DIRECTOR
L McGoldrick
SECRETARY
M McGoldrick
COMPANY NUMBER
08731039
REGISTERED OFFICE
Thames Valley House
Albany Street
Newport
Gwent
NP20 5NJ
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
THAMES VALLEY (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14 - 15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18 - 19
Notes to the financial statements
20 - 41
THAMES VALLEY (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The director presents the strategic report for the Period ended 30 September 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company and group continued to be that of h olding company and construction of civil engineering projects

REVIEW OF THE BUSINESS

T he financial statements indicate the results for the 12 months period from 1st October 2023 to 30th September 202 4, along with the financial standing and accounting detail of the Group.

The prior period accounts reflect an extended 18 months figures in the accounts, hence an appropriate comparison is not possible.

The business continues to appraise any new contracts that are available, and tenders for those contracts on a commercial basis, in the construction and civil engineering industry.

The current year has seen the business operate successfully,- despite the constant pressures such as inflation and rise demands, which was the predominant effect on the Gross Profit Margin than the prior year.

The business continues to maintain close controls on spend and profitability.

The directors believe the main performance indicators are turnover and the gross profit margin. The group recorded a turnover of £18.2 million (2023 - £31 million), Gross Margin on £1.9 million (2023 - £2.5 million) and Net profit of £364k (2023 - £1.1 million).

The Group continued to develop a small portfolio of commercial investment properties and has seen significant uplift in the market values as a result of historical improvement works and active development of this market as well as an uplift in rentals received.

THAMES VALLEY (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
PRINCIPAL RISKS AND UNCERTAINTIES

The business as historically been successful with tendering for large construction and civil engineering works due to their good reputation with main contractors.

These large scale construction projects are not expected to stop due to the UK Government and private enterprise requiring improvements to infrastructure, including schools and hospitals over the short to medium terms.

However, external factors such as the cost of core materials, labour and shortage of construction skills will continue to put pressure on the business.

We have seen an impact on labour shortages due to other large infrastructure projects in the area of operations, namely HS2 and Hinkley Point, absorbing the available resources.

These projects may be either ceasing soon, or slowing down, This will mitigate some of the external factors affecting the business.

Despite some obvious short and medium term challenges, due to the good reputation and relationships with main contractors, the business will continue to achieve its aims and goals as it trades through the next 12 months,

The directors look to the future with confidence as the group continues to seek new opportunities.

On behalf of the board

L McGoldrick
Director
5 September 2025
THAMES VALLEY (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -

The director presents his annual report and financial statements for the Period ended 30 September 2024.

RESULTS AND DIVIDENDS

The results for the Period are set out on page 10.

Ordinary dividends were paid amounting to £34,320. The director does not recommend payment of a further dividend.

DIRECTOR

The director who held office during the Period and up to the date of signature of the financial statements was as follows:

L McGoldrick
STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies 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 and company will continue in business.

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

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

THAMES VALLEY (HOLDINGS) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
L McGoldrick
Director
5 September 2025
THAMES VALLEY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THAMES VALLEY (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Thames Valley (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the Period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 director with respect to going concern are described in the relevant sections of this report.

THAMES VALLEY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THAMES VALLEY (HOLDINGS) LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the director's r eport for the financial Period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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.

THAMES VALLEY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THAMES VALLEY (HOLDINGS) LIMITED
- 7 -
Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
THAMES VALLEY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THAMES VALLEY (HOLDINGS) LIMITED
- 8 -
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

THAMES VALLEY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THAMES VALLEY (HOLDINGS) LIMITED
- 9 -
Huw Sheppard
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
5 September 2025
THAMES VALLEY (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 10 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
TURNOVER
3
18,227,917
30,896,899
Cost of sales
(16,305,971)
(28,343,982)
GROSS PROFIT
1,921,946
2,552,917
Administrative expenses
(1,628,927)
(2,292,061)
Other operating income
178,054
974,249
OPERATING PROFIT
4
471,073
1,235,105
Interest receivable and similar income
8
6,895
(3,468)
Interest payable and similar expenses
9
(112,769)
(137,847)
Amounts written off investments
10
(1,200)
-
PROFIT BEFORE TAXATION
363,999
1,093,790
Tax on profit
11
(18,900)
(241,066)
PROFIT FOR THE FINANCIAL PERIOD
345,099
852,724
Profit for the financial Period is all attributable to the owners of the parent company.
THAMES VALLEY (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 11 -
Year
Period
ended
ended
30 September
30 September
2024
2023
£
£
PROFIT FOR THE PERIOD
345,099
852,724
OTHER COMPREHENSIVE INCOME
-
-
Cash flow hedges gain arising in the Period
-
0
-
0
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
345,099
852,724
Total comprehensive income for the Period is all attributable to the owners of the parent company.
THAMES VALLEY (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
13
913,563
1,014,382
Investment property
14
1,797,643
1,565,000
2,711,206
2,579,382
CURRENT ASSETS
Stocks
18
18,000
23,000
Debtors
19
5,120,601
6,444,374
Investments
56,814
51,119
Cash at bank and in hand
1,187,233
540,328
6,382,648
7,058,821
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20
(2,577,993)
(3,395,176)
NET CURRENT ASSETS
3,804,655
3,663,645
TOTAL ASSETS LESS CURRENT LIABILITIES
6,515,861
6,243,027
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
21
(1,283,378)
(1,291,260)
PROVISIONS FOR LIABILITIES
Deferred tax liability
25
(297,792)
(327,855)
NET ASSETS
4,934,691
4,623,912
CAPITAL AND RESERVES
Called up share capital
27
100
100
Profit and loss reserves
4,934,591
4,623,812
TOTAL EQUITY
4,934,691
4,623,912

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

THAMES VALLEY (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 13 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2025
05 September 2025
L McGoldrick
Director
Company registration number 08731039 (England and Wales)
THAMES VALLEY (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 14 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
13
247,438
314,687
Investment property
14
1,797,643
1,565,000
Investments
15
200
200
TOTAL ASSETS LESS CURRENT LIABILITIES
2,045,281
1,879,887
CURRENT ASSETS
Debtors
19
1,986,753
1,997,745
Investments
51,331
44,436
Cash at bank and in hand
183,235
19,175
2,221,319
2,061,356
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20
(493,117)
(177,454)
NET CURRENT ASSETS
1,728,202
1,883,902
TOTAL ASSETS LESS CURRENT LIABILITIES
3,773,483
3,763,789
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
21
(992,187)
(1,053,042)
PROVISIONS FOR LIABILITIES
Deferred tax liability
25
(174,757)
(185,951)
NET ASSETS
2,606,539
2,524,796
CAPITAL AND RESERVES
Called up share capital
27
100
100
Profit and loss reserves
2,606,439
2,524,696
TOTAL EQUITY
2,606,539
2,524,796

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £116,063 (2023 - £670,016 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

THAMES VALLEY (HOLDINGS) LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 15 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2025
05 September 2025
L McGoldrick
Director
Company registration number 08731039 (England and Wales)
THAMES VALLEY (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 1 APRIL 2022
100
3,827,708
3,827,808
PERIOD ENDED 30 SEPTEMBER 2023:
Profit and total comprehensive income
-
852,724
852,724
Dividends
12
-
(56,620)
(56,620)
BALANCE AT 30 SEPTEMBER 2023
100
4,623,812
4,623,912
PERIOD ENDED 30 SEPTEMBER 2024:
Profit and total comprehensive income
-
345,099
345,099
Dividends
12
-
(34,320)
(34,320)
BALANCE AT 30 SEPTEMBER 2024
100
4,934,591
4,934,691
THAMES VALLEY (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 1 APRIL 2022
100
1,911,300
1,911,400
PERIOD ENDED 30 SEPTEMBER 2023:
Profit and total comprehensive income for the period
-
670,016
670,016
Dividends
12
-
(56,620)
(56,620)
BALANCE AT 30 SEPTEMBER 2023
100
2,524,696
2,524,796
PERIOD ENDED 30 SEPTEMBER 2024:
Profit and total comprehensive income
-
116,063
116,063
Dividends
12
-
(34,320)
(34,320)
BALANCE AT 30 SEPTEMBER 2024
100
2,606,439
2,606,539
THAMES VALLEY (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 18 -
2024
2023
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss)for the year after tax
345,099
852,724
Adjustments for:
Taxation charged
18,900
241,066
Finance costs
112,769
137,847
Investment income
(6,895)
3,468
Loss/(gain) on disposal of tangible fixed assets
4,123
(14,726)
Fair value gain on investment properties
(5,000)
(650,640)
Depreciation and impairment of tangible fixed assets
270,332
439,916
Other gains and losses
1,200
(3,468)
Movements in working capital:
Decrease in stocks
5,000
27,000
Decrease in debtors
1,514,310
198,297
Decrease in creditors
(1,262,350)
(973,442)
Increase in deferred income
29,418
-
Cash generated from operations
1,026,906
258,042
Interest paid
(112,769)
(107,975)
Income taxes refunded
103,456
32,378
Net cash inflow from operating activities
1,017,593
182,445
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(2,946)
(355,517)
Proceeds from disposal of tangible fixed assets
2,667
32,885
Purchase of investment property
(195,000)
-
Proceeds from disposal of investments
(6,895)
3,568
Repayment of loans
(190,537)
Income received from investments
6,895
Net cash generated from investing activities
(385,816)
(319,064)
THAMES VALLEY (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2024
2023
Notes
£
£
- 19 -
FINANCING ACTIVITIES
Proceeds from borrowings
-
(66,694)
Repayment of borrowings
-
(304,587)
Repayment of bank loans
(69,082)
(132,448)
Payment of finance leases obligations
118,530
(174,961)
Dividends paid to equity shareholders
(34,320)
(56,620)
Net cash used in financing activities
15,128
(735,310)
NET INCREASE IN CASH AND CASH EQUIVALENTS
646,905
(871,929)
Cash and cash equivalents at beginning of Period
540,228
1,412,256
CASH AND CASH EQUIVALENTS AT END OF PERIOD
1,187,133
540,228
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 20 -
1
ACCOUNTING POLICIES
Company information

Thames Valley (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Thames Valley House, Albany Street, Newport, Gwent, NP20 5NJ.

The group consists of Thames Valley (Holdings) Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements cover a twelve month period from 1 October 2023 to 30 September 2024. The comparative period was from 1 April 2022 to 30 September 2023, an eighteen month period, as a result of the company changing its financial yearend. As such, the comparative figures in these financial statements may not be directly comparable to the current year figures.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 21 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Thames Valley (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from construction contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by quantity surveyors who assess the value of works completed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

Revenue from the rental and hiring is recognised each month as per the contractual agreement, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 22 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 23 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

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

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 24 -

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

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

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 25 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 26 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 27 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 28 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CRITICAL JUDGEMENTS

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Amount recoverable on contract

These are measured by reference to stage of completion which is calculated by carrying out valuations of works completed at a point in time and, where applicable, estimating the value of works carried out after this point in time up to the balance sheet date. This requires management to estimate the value of work done on a job to job basis. The carrying value of amounts recoverable on contract at the period end was £1,503,837 (2023 : £2,398,159)

Valuation of investment properties

The valuations are carried out by expert, independent professional valuer with recent experience in the location and category of property that is valued. The valuer used market rent yield rate adjusted as necessary for any difference in the location or condition of the specific asset. However the macro economic factors has inevitably increased the degree of judgement involved in property valuation at 30 September 2024.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 29 -
3
TURNOVER AND OTHER REVENUE
2024
2023
£
£
Turnover analysed by class of business
Revenue from contracts and rental income
18,227,917
30,896,899
2024
2023
£
£
Other revenue
Interest income
6,895
(3,468)
Grants received
10,030
26,637
4
OPERATING PROFIT
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Government grants
(10,030)
(26,637)
Fees payable to the group's auditor for the audit of the group's financial statements
8,700
8,500
Depreciation of owned tangible fixed assets
270,332
439,916
Loss/(profit) on disposal of tangible fixed assets
4,123
(14,726)
Operating lease charges
75,060
85,353
5
AUDITOR'S REMUNERATION
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,700
8,500
Audit of the financial statements of the company's subsidiaries
10,000
12,500
18,700
21,000
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 30 -
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the group and company during the Period was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
28
38
2
2
Administrative staff
9
7
-
-
Management staff
2
2
-
-
Total
39
47
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
349,947
621,629
-
0
-
0
Social security costs
175,650
275,903
-
-
Pension costs
35,959
80,000
-
0
-
0
561,556
977,532
-
0
-
0
7
DIRECTOR'S REMUNERATION
2024
2023
£
£
Remuneration for qualifying services
77,060
18,270
8
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
6,895
(3,468)
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
8
INTEREST RECEIVABLE AND SIMILAR INCOME
(Continued)
- 31 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
6,895
(3,468)
9
INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
81,920
103,595
Other finance costs:
Interest on finance leases and hire purchase contracts
14,970
13,353
Other interest
15,879
20,899
Total finance costs
112,769
137,847
10
FAIR VALUE MOVEMENTS ON INVESTMENTS
2024
2023
£
£
Amounts written off investments held at fair value
(1,200)
-
11
TAXATION
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
99,104
97,737
Adjustments in respect of prior periods
(50,141)
(56,026)
Total current tax
48,963
41,711
Deferred tax
Origination and reversal of timing differences
(31,313)
199,355
Other adjustments
1,250
-
0
Total deferred tax
(30,063)
199,355
Total tax charge
18,900
241,066
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
11
TAXATION
(Continued)
- 32 -

The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
363,999
1,093,790
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
91,000
246,103
Tax effect of expenses that are not deductible in determining taxable profit
-
0
10,972
Tax effect of utilisation of tax losses not previously recognised
(20,527)
-
0
Adjustments in respect of prior years
(39,424)
35,900
Effect of revaluations of investments
1,250
-
0
Other non-reversing timing differences
68,456
1,529
Other permanent differences
(81,855)
-
0
Under/(over) provided in prior years
-
0
(77,980)
-
0
34,042
-
0
(9,500)
Taxation charge
18,900
241,066
12
DIVIDENDS
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
34,320
56,620
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 33 -
13
TANGIBLE FIXED ASSETS
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
2,114,699
34,798
90,958
1,154,118
3,394,573
Additions
25,817
-
0
3,379
179,750
208,946
Disposals
-
0
-
0
(1,709)
(89,374)
(91,083)
Transfers
-
0
-
0
-
0
(32,643)
(32,643)
At 30 September 2024
2,140,516
34,798
92,628
1,211,851
3,479,793
Depreciation and impairment
At 1 October 2023
1,634,616
22,317
61,273
661,985
2,380,191
Depreciation charged in the Period
123,637
3,120
7,599
135,976
270,332
Eliminated in respect of disposals
-
0
-
0
(1,704)
(82,589)
(84,293)
At 30 September 2024
1,758,253
25,437
67,168
715,372
2,566,230
Carrying amount
At 30 September 2024
382,263
9,361
25,460
496,479
913,563
At 30 September 2023
480,083
12,481
29,685
492,133
1,014,382
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
13
TANGIBLE FIXED ASSETS
(Continued)
- 34 -
Company
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,037,458
1,709
741,060
1,780,227
Additions
2,000
-
0
47,792
49,792
Disposals
-
0
(1,709)
(89,374)
(91,083)
Transfers
-
0
-
0
(32,643)
(32,643)
At 30 September 2024
1,039,458
-
0
666,835
1,706,293
Depreciation and impairment
At 1 October 2023
1,033,491
1,704
430,345
1,465,540
Depreciation charged in the Period
1,170
-
0
76,438
77,608
Eliminated in respect of disposals
-
0
(1,704)
(82,589)
(84,293)
At 30 September 2024
1,034,661
-
0
424,194
1,458,855
Carrying amount
At 30 September 2024
4,797
-
0
242,641
247,438
At 30 September 2023
3,967
5
310,715
314,687
14
INVESTMENT PROPERTY
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023
1,565,000
1,565,000
Additions through external acquisition
195,000
195,000
Transfers from owner-occupied property
32,643
32,643
Net gains or losses through fair value adjustments
5,000
5,000
At 30 September 2024
1,797,643
1,797,643

The fair value of the investment property has been arrived at on the basis of a valuation carried out at September 2024 by Clarke Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
14
INVESTMENT PROPERTY
(Continued)
- 35 -

"The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction, after proper marketing wherein the parties had each acted knowledgably, prudently and without compulsion."

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
1,109,360
914,360
-
-
Accumulated depreciation
-
-
-
-
Carrying amount
1,109,360
914,360
-
-
15
FIXED ASSET INVESTMENTS
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
200
200
MOVEMENTS IN FIXED ASSET INVESTMENTS
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
200
Carrying amount
At 30 September 2024
200
At 30 September 2023
200
16
SUBSIDIARIES

Details of the company's subsidiaries at 30 September 2024 are as follows:

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
16
SUBSIDIARIES
(Continued)
- 36 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Thames Valley Construction Limited
United Kingdom
Ordinary
100.00
Thames Valley Construction and Civil Engineering Limited
United Kingdom
Ordinary
100.00
17
FINANCIAL INSTRUMENTS
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
56,814
51,119
51,331
44,436
18
STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Stocks
18,000
23,000
-
-
19
DEBTORS
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
463,118
603,743
6,328
-
0
Gross amounts owed by contract customers
1,895,274
2,844,231
-
0
-
0
Amounts owed by group undertakings
-
-
916,232
903,905
Other debtors
2,762,209
2,996,400
1,064,193
1,093,840
5,120,601
6,444,374
1,986,753
1,997,745
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 37 -
20
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
89,614
64,799
54,628
45,238
Obligations under finance leases
23
317,980
79,465
233,403
29,552
Trade creditors
1,500,643
2,529,969
16,957
9,608
Corporation tax payable
378,926
226,507
130,404
72,175
Other taxation and social security
79,851
381,109
7,727
9,000
Deferred income
24
29,418
-
0
29,418
-
0
Other creditors
2,537
6,136
80
80
Accruals and deferred income
179,024
107,191
20,500
11,801
2,577,993
3,395,176
493,117
177,454

Included in creditors falling due within one year are secured amounts totaling £407,594 (2023: 144,164).

£89,614 (2023: £64,700) pertains to bank loans, whilst £317,980 (2023: £79,646) relates to hire purchase contracts

The hire purchase contracts are secured upon the assets to which they relate to.

21
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
1,142,496
1,236,393
992,187
1,051,793
Obligations under finance leases
23
140,882
54,867
-
0
1,249
1,283,378
1,291,260
992,187
1,053,042
Amounts included above which fall due after five years are as follows:
Payable by instalments
10,765
45,056
-
-
THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 38 -
22
LOANS AND OVERDRAFTS
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,232,010
1,301,092
1,046,815
1,097,031
Bank overdrafts
100
100
-
0
-
0
1,232,110
1,301,192
1,046,815
1,097,031
Payable within one year
89,614
64,799
54,628
45,238
Payable after one year
1,142,496
1,236,393
992,187
1,051,793

The long-term loans are secured by fixed charges upon the assets to which they relate to. The borrowing payable after 5 years amounts to £258,423. The loan carries interest at a rate of 7.9% per annum.

23
FINANCE LEASE OBLIGATIONS
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
121,214
79,465
40,278
29,552
In two to five years
337,648
54,867
193,125
1,249
458,862
134,332
233,403
30,801

Finance lease payments represent rentals payable by the company or group for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. These are secured on the asset.

24
DEFERRED INCOME
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
29,418
-
29,418
-

The deferred income pertains to rent received in advance.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 39 -
25
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
297,792
327,855
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
174,757
185,951
Group
Company
2024
2024
Movements in the Period:
£
£
Liability at 1 October 2023
327,855
185,951
Credit to profit or loss
(30,063)
(11,194)
Liability at 30 September 2024
297,792
174,757
26
RETIREMENT BENEFIT SCHEMES
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,959
80,000

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 40 -
27
SHARE CAPITAL
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
28
NON-DISTRIBUTABLE PROFITS RESERVE
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the Period
494,891
-
494,891
-
Non distributable (loss)/profit in the period
6,250
494,891
6,250
494,891
At the end of the Period
501,141
494,891
501,141
494,891
29
RELATED PARTY TRANSACTIONS

During the period the group traded with entities controlled by key management, The aggregated totals are below:

The amount owed to group by Gwent Civil Engineering Limited £1,777,517 (2023: £1,004,769).

Amount owed by group to Gwent Property Developments Limited £95,788

During the year the overdrawn direct or's and close family loan account s amounted to £682,137 (2023: £457,475).

Key management personal include all persons that have authority and responsibility for planning, directing and controlling the activities of the group.

30
CONTINGENCIES

The company has given a crossed guarantee to the related company, Gwent Civil Engineering Limited, as well as its parent company, Thames Valley (Holdings) Limited's bankers as security against the liabilities owed to the bank. As at 30 September 2024, Gwent Civil Engineering owed the bank £1,213,213 (2023: £1,131,263 and Thames Valley (Holdings) Limited owed the bank £1,046,816 (2023: 1,097,031). The guarantee is secured by a fixed and floating charge over all of the assets of the company.

THAMES VALLEY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 41 -
31
ANALYSIS OF CHANGES IN NET DEBT - GROUP
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
540,228
647,005
1,187,233
Borrowings excluding overdrafts
(1,301,092)
69,082
(1,232,010)
Obligations under finance leases
(134,332)
(324,530)
(458,862)
Current asset investment
51,118
(51,118)
-
(844,078)
340,439
(503,639)
32
CONTROLLING PARTY

The company's immediate and ultimate controlling party is Mr. L McGoldrick.

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