wk-2024-12-31-ixbrl


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Technical Staffing Resources Limited

Strategic Report

Year ended 31 December 2024

The directors present their strategic report of the company for the year ended 31 December 2024.

Principal activities and business review

The principal activity of the company during the year was that of a full-service provider of staffing

solutions, providing project and technology-driven companies with hard-to-find technical talent in the UK

on both a temporary and permanent basis. In 2024 the business improved as the demand for staff by

projects increased.

Results

The profit for the year, after taxation, amounted to £2,023,283 (2023: profit after tax £4,135,716). The net

assets at the end of the year totalled £4,726,230 (2023: net assets £6,702,947).

It is proposed that the profit of £2,023,283 is transferred to reserves.

Financial risk management objectives and policies

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of

risks. The key business risks and uncertainties affecting the company are considered to relate to the

following:

• The current primary activity is to manage and support the contract labour requirements for its fellow

subsidiary, Kellogg Brown & Root Limited. Accordingly, business levels directly correlate with

changes in Kellogg Brown & Root Limited's contingent work force.

• Recoverability of intercompany receivables. Where amounts are due from group companies with net

liabilities, parental guarantees and letters of support are obtained to ensure that they will be able to

meet their obligations as they fall due.

• Financial counterpart risk. Group treasury activities are monitored and co-ordinated by a central

Treasury department on behalf of the whole KBR group. This includes the risk of potential failure by

counterparties holding cash deposits on behalf of group companies.

Key performance indicators ("KPIs")

• Job income as a percent of revenue (Gross Profit Margin). This item is closely monitored as we seek

continuous margin improvement. Job income percentages are reviewed and compared to published

"averages" for the staffing industry. The ratio is 3.90% for 2024 (2023: 3.92%).

• FTEs (Full Time Equivalents as related to Staffing Headcount). The company tracks client billable

headcount to ensure changes in revenue and margins correlate with staffing levels being provided to

clients. Client billable headcount includes direct employees (PAYEs), limited companies and other

agency personnel. The FTE calculation is "Total Hours Worked for Billable Employees divided by the

standard work week hours (typically 40)". FTE is 636 for 2024 (2023: 522).


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Technical Staffing Resources Limited

Strategic Report (continued)

Year ended 31 December 2024

Section 172(1) statement

The directors continue to have regard to the matters set out in sections 172(1) (a) to (f) of the Companies

Act 2006, thereby promoting the success of the company for the benefit of its stakeholders as a whole,

including the likely consequences of their decisions in the longer term, and how they have taken wider

stakeholders' needs into account.

During the year ended 31 December 2024, the board reviewed its stakeholder mapping to access whether

the identification of key stakeholders remains appropriate. It was concluded that the key stakeholders

remain the company's customers, the company's ultimate parent company KBR, Inc., contract personnel

and vendors.

In order to place stakeholders' considerations at the heart of the board's decision-making process, the

directors receive regular feedback and insights on the company's key stakeholders during their board

meetings, town halls with participation of its employees and contract staff. The directors recognise the

importance of proactive engagement with the company's stakeholders in order to understand their

perspectives and to maintain positive and effective relationships.

During the year, the directors discussed service delivery and other strategic matters with senior members of

the customer organisations during formal meetings, informal correspondence and attendance at strategic

boards. The company's ultimate parent's board regularly receives information regarding the company's

performance. The company remains aligned with the strategic and business development objectives of

KBR, Inc.

The directors regularly engage with clients, KBR employees and the subcontractors' employees and

management teams, to review operations first-hand and to assure themselves of the adequacy of resources,

employment conditions, facilities, safety arrangements and compliance with all relevant regulations. The

company reviews the subcontractors' supply chain arrangements, to confirm the continuation of effective

relationships and the transparency of transactions, including the flow down of the KBR code of business

conduct and ethics, and support of the company's statements on the modern slavery act and prompt

payment procedures. In addition, the directors have made available an independent whistleblowing facility

which can be accessed on the KBR's website.

The directors maintain the company's culture regarding staff members and contractors which involves

equity in reward and recognition, job satisfaction, career development and a positive work environment.

The directors manage and control strict compliance with the KBR Code of Business Conduct in all areas of

the company's activity by employees and contract personnel. The company's Zero Harm policy in the area

of health and safety is their top priority.

The company members play an active role in the life of local communities, supporting charities, local

schools and providing employment opportunities.

Responsibility for environmental protection is a key priority of the company's board. The company

successfully eliminated the use of disposable plastic in its offices, aims to minimise emissions and waste,

overall environmental impact of the company.


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Technical Staffing Resources Limited

Strategic Report (continued)

Year ended 31 December 2024

This report was approved by the board of directors on 3 September 2025 and signed on behalf of the board

by:


Mr J P Baillie
Director

Registered office:
Hill Park Court
Springfield Drive
Leatherhead
Surrey
KT22 7NL
England


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Technical Staffing Resources Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended

31 December 2024.

Directors

The directors who served the company during the year were as follows:


J J Ibrahim	Director
P E Kahn	Resigned	12 July 2024
A Al-Dadah	Resigned	15 March 2024
J P Baillie	Appointed	2 April 2024
P C O'Shaughnessey	Appointed	15 July 2024

Company secretary


S Galindo
M S Z Cable-Lewis	Appointed	15 May 2025

Dividends

During 2024, the Company declared a dividend of £4,000,000 (2023 - £Nil) which was subsequently paid

post year end.

Disclosure of information in the strategic report

The following information previously included in the directors' report can be found in the strategic report

on page 1:

* Principal activities and business review

* Results

* Principal risks and uncertainties

Political donations

There were no political donations made during the year (2023 - £Nil).

Going Concern

The financial statements have been prepared on the going concern basis which the Directors consider to be

appropriate for the following reasons.

At the balance sheet date, the company was in a net asset position of £4,726,230, providing staffing

services to the UK KBR companies.

The directors have prepared the financial statements on the going concern basis as they do not intend to

liquidate the company.


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Technical Staffing Resources Limited

Directors' Report (continued)

Year ended 31 December 2024

Going Concern (continued)

Consequently, the directors are confident that the company will have sufficient funds to continue to meet

its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and

therefore have prepared the financial statements on a going concern basis.

Future developments

Further information on likely developments in the operations of the company and the expected results of

operations have not been included in this report because the Directors believe it would be likely to result in

unreasonable prejudice to the company.

Disclosure of information to auditor

Each of the persons who is a director at the date of approval of this report confirms that:

• so far as they are aware, there is no relevant audit information of which the company's auditor is

unaware; and

• they have taken all steps that they ought to have taken as a director to make themselves aware of any

relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 487 of the

Companies Act 2006.

Events since the end of the reporting period

In January 2025, the Company paid a dividend of £4,000,000.

There were no events after the balance sheet date that require disclosure or impact the Statement of

Comprehensive Income or Statement of Financial Position other than disclosed above.


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Technical Staffing Resources Limited

Directors' Report (continued)

Year ended 31 December 2024

This report was approved by the board of directors on 3 September 2025 and signed on behalf of the board

by:


Mr J P Baillie
Director

Registered office:
Hill Park Court
Springfield Drive
Leatherhead
Surrey
KT22 7NL
England


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Technical Staffing Resources Limited

Directors’ Responsibilities Statement

Year ended 31 December 2024

The directors are responsible for preparing the strategic report, the directors' report and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law

they have elected to prepare the financial statements in accordance with UK accounting standards and

applicable law (UK Generally Accepted Accounting Practice), including FRS 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 of the profit or loss of the company

for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and 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;

• assess the company's ability to continue as a going concern, disclosing, as applicable, matters

related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the company or to

cease operations, or have no realistic alternative but to do so.

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 enable them to ensure that the financial statements comply with the Companies Act

2006. They are responsible for such internal control as they determine is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud or error,

and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets

of the company and to prevent and detect fraud and other irregularities.

The Directors’ Responsibilities Statement was presented in accordance with Appendix 17 FRC Bulletin

2010/2.

This statement was approved by the board of directors on 3 September 2025 and signed on behalf of the

board by:


Mr J P Baillie
Director

Registered office:
Hill Park Court
Springfield Drive
Leatherhead
Surrey
KT22 7NL
England


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Independent auditor’s report to the members of

Technical Staffing Resources Limited

Opinion

We have audited the financial statements of Technical Staffing Resources Limited (the “Company”),

which comprise the Statement of Comprehensive Income, Statement of Financial Position,

Statement of Changes in Equity for the year ended 31 December 2024 and the related notes to the

financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial

statements is applicable law and FRS 102 “The Financial Reporting Standard applicable in the UK

and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Technical Staffing Resources Limited’s financial statements:

• give a true and fair view in accordance with United Kingdom Generally Accepted

Accounting Practice of the assets, liabilities and financial position of the Company as at 31

December 2024 and of its financial performance for the year then ended; and

• have been properly 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

‘Responsibilities of the auditor for the audit of the financial statements’ section of our report. We are

independent of the company in accordance with the ethical requirements that are relevant to our

audit of the financial statements in the United Kingdom, including the FRC’s Ethical Standard and

the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to

be appropriate in the circumstances for the entity. 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 going concern basis

of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to

events or conditions that, individually or collectively, may cast significant doubt on the Company’s

ability to continue as a going concern for a period of at least twelve months from the date when the

financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are

described in the relevant sections of this report.


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Independent auditor’s report to the members of

Technical Staffing Resources Limited (continued)

Other information

Other information comprises information included in the annual report, other than the financial

statements and our auditor’s report thereon, including the Directors’ Report and the Strategic

Report.

The directors are responsible for the other information. Our opinion on the financial statements

does not cover the other information and, except to the extent otherwise explicitly stated in our

report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with

the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially

misstated. If we identify such material inconsistencies in the financial statements, we are required to

determine whether there is a material misstatement in the financial statements or a material

misstatement of the other information. If, based on the work we have performed, we conclude that

there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors’ Report for the financial year

for which the financial statements are prepared is consistent with the financial statements;

and

• the Strategic Report and the Directors’ Report have been prepared in accordance with

applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the

course of the audit, we have not identified any material misstatements in the Strategic Report and the

Directors’ Report. We have nothing to report in respect of the following matters where the

Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not

been received from branches not visited by us; or

• the financial statements and the part of the Directors’ remuneration report to be audited 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.


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Independent auditor’s report to the members of

Technical Staffing Resources Limited (continued)

•

Responsibilities of management and those charged with governance for the financial statements

As explained more fully in the Directors' responsibilities statement, management is responsible for

the preparation of the financial statements which give a true and fair view in accordance with United

Kingdom Generally Accepted Accounting Practice, including FRS 102, and for such internal control

as directors determine necessary to enable the preparation of financial statements are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the 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 management either intends to liquidate the Company or

to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting

process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

A further description of an auditor’s responsibilities for the audit of the financial statements is

located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor’s report.

Explanation as to what extent the audit was considered capable of detecting irregularities,

including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, to detect material misstatements in respect of

irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable

risk that material misstatement in the financial statements may not be detected, even though the audit

is properly planned and performed in accordance with the ISAs (UK). The extent to which our

procedures are capable of detecting irregularities, including fraud is detailed below.


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Independent auditor’s report to the members of

Technical Staffing Resources Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities,

including fraud (continued)

Based on our understanding of the company and industry, we identified that the principal risks of

non-compliance with laws and regulations related to compliance with Data Privacy law, Employment

Law, Environmental Regulations, and Health & Safety, and we considered the extent to which non-

compliance might have a material effect on the financial statements. We also considered those laws

and regulations that have a direct impact on the preparation of the financial statements such as the

Companies Act 2006 and local tax legislation. We evaluated management’s incentives and

opportunities for fraudulent manipulation of the financial statements (including the risk of override

of controls), and determined that the principal risks were related to posting inappropriate journal

entries to manipulate financial performance and management bias through judgements and

assumptions in significant accounting estimates, in particular in relation to significant one-off or

unusual transactions. We apply professional scepticism through the audit to consider potential

deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures

in the financial statement.

In response to these principal risks, our audit procedures included but were not limited to:

• enquiries board on the policies and procedures in place regarding compliance with laws and

regulations, including consideration of known or suspected instances of non-compliance and

whether they have knowledge of any actual, suspected or alleged fraud;

• review of minutes of board meetings during the year to corroborate inquiries made;

• gaining an understanding of the internal controls established to mitigate risk related to fraud;

• discussion amongst the engagement team in relation to the identified laws and regulations

and regarding the risk of fraud, and remaining alert to any indications of non-compliance or

opportunities for fraudulent manipulation of financial statements throughout the audit;

• identifying and testing journal entries to address the risk of inappropriate journals and

management override of controls;

• designing audit procedures to incorporate unpredictability around the nature, timing or

extent of our testing;

• challenging assumptions and judgements made by management in their significant

accounting estimates; and

• review of the financial statement disclosures to underlying supporting documentation and

inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with

those charged with governance and management. As with any audit, there remains a risk of non-

detection or irregularities, as these may involve collusion, forgery, intentional omissions,

misrepresentations or override of internal controls.


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Independent auditor’s report to the members of

Technical Staffing Resources Limited (continued)

The purpose of our audit work and to whom we owe our responsibilities

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.

Stephen Murray (Senior Statutory Auditor)

For and on behalf of

Grant Thornton

Chartered Accountants & Statutory Auditors

3 September 2025

The notes on pages 16 - 24 form part of these financial statements.


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Technical Staffing Resources Limited

Statement of Comprehensive Income

Year ended 31 December 2024


		2024	2023
	Note	£	£
Turnover	4	89,249,297	69,609,032
Cost of sales		(85,772,119)	(66,878,538)
Gross profit		3,477,178	2,730,494
Administrative expenses		(586,693)	(594,999)
Operating profit	5	2,890,485	2,135,495
Interest receivable and similar income	8	1,989,874	4,134,433
Interest payable and similar expenses	9	(2,184,590)	(865,521)
Profit before taxation		2,695,769	5,404,407
Tax on profit	10	(672,486)	(1,268,691)
Profit for the financial year		2,023,283	4,135,716

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as

set out above.

The notes on pages 16 - 24 form part of these financial statements.


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Technical Staffing Resources Limited

Statement of Financial Position

31 December 2024


		2024		2023
	Note	£	£	£
Current assets
Debtors	11	13,784,295		88,361,714
Cash at bank and in hand		1,838,438		—
		15,622,733		88,361,714
Creditors: amounts falling due within one year	12	(10,896,503)		(81,658,767)
Net current assets			4,726,230	6,702,947
Total assets less current liabilities			4,726,230	6,702,947
Net assets			4,726,230	6,702,947
Equity
Called up share capital	15		100	100
Profit and loss account	16		4,726,130	6,702,847
Total equity			4,726,230	6,702,947

These financial statements were approved by the board of directors and authorised for issue on

3 September 2025, and are signed on behalf of the board by:

Mr J P Baillie

Director

Company registration number: 07493832

The notes on pages 16 - 24 form part of these financial statements.


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Technical Staffing Resources Limited

Statement of Changes in Equity

Year ended 31 December 2024


	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	2,567,131	2,567,231
Profit for the financial year	—	4,135,716	4,135,716
Total comprehensive income for the year	—	4,135,716	4,135,716
At 31 December 2023	100	6,702,847	6,702,947
Profit for the financial year	—	2,023,283	2,023,283
Total comprehensive income for the year	—	2,023,283	2,023,283
Dividends paid and payable		(4,000,000)	(4,000,000)
At 31 December 2024	100	4,726,130	4,726,230


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Technical Staffing Resources Limited

Notes to the Financial Statements

Year ended 31 December 2024

1.General information

The company is a private company limited by shares and is incorporated and domiciled in the United

Kingdom, and registered in England. The address of the registered office is Hill Park Court, Springfield

Drive, Leatherhead, Surrey, KT22 7NL, England.

2.Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 The

Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"), and with

Companies Act 2006.

3.Accounting policies

3 (a).Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling (£), which is the functional currency of the entity.

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements

are consolidated into the financial statements of KBR, Inc., (incorporated in the state of Delaware, U.S.A.)

which heads the largest group in which the company is consolidated. The group financial statements are

available to the public and can be obtained from the Public Relations Department, Hill Park Court,

Springfield Drive, Leatherhead, Surrey, KT22 7NL, England. As such, advantage has been taken of the

following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

3 (b).Going Concern

The financial statements have been prepared on the going concern basis which the Directors consider to be

appropriate for the following reasons.

At the balance sheet date, the company was in a net asset position of £4,726,230, providing staffing

services to the UK KBR companies.

The directors have prepared the financial statements on the going concern basis as they do not intend to

liquidate the company.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet

its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and

therefore have prepared the financial statements on a going concern basis.


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Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3.Accounting policies (continued)

3 (c).Turnover

Turnover is the total amount receivable, excluding value added tax, in respect of the supply of goods and

services.

Revenue from the rendering of services is measured by reference to the stage of completion of the service

transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the

outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the

expenses recognised will be recovered.

3 (d).Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the

reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised

in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive

income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the

amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or

substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses

and other 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. Deferred tax is measured using

the tax rates and laws that have been enacted or substantively enacted by the reporting date that are

expected to apply to the reversal of the timing difference.

Any taxable losses made by Group companies are surrendered to other Group companies as Group relief,

for which no payments are made except for the companies in with net liabilities where losses are

surrendered in exchange for a payment.

3 (e).Foreign currency translation

Foreign currency transactions are initially recorded in the functional currency, by applying the spot

exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign

currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being

taken to the profit and loss account.

3 (f).Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like bank overdrafts, amounts owed by and to group undertakings, trade and

other debtors and trade creditors.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting

period for objective evidence of impairment. If objective evidence of impairment is found, an impairment

loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between

an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original


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Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3.Accounting policies (continued)

3 (f).Financial instruments (continued)

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation

of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

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.

3 (g).Cash at bank/Bank overdrafts

Cash at bank comprise bank balances. Bank overdrafts are repayable on demand and form an integral part

of the company's cash management. Interest expense on bank overdrafts is recognised in profit or loss as it

accrues, using the effective interest method.

3 (h).Critical accounting assumptions and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates

will, by definition, seldom equal the related actual results. The estimates and assumptions that have a

significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the

next financial year are addressed below.

• Going concern (for details of assumptions adopted see note 3 (b))

• Recoverability of intercompany receivables (see also note 3 (f) above).

4.Turnover

Turnover arises from:


	2024	2023
	£	£
Rendering of services	89,249,297	69,609,032

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the

geographical markets that substantially differ from each other is given below:


	2024	2023
	£	£
United Kingdom	89,249,297	69,609,032


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Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

5.Operating profit

Operating profit or loss is stated after charging/(crediting):


	2024	2023
	£	£
Foreign exchange differences	4,227	(8,611)

The fee payable to the company's auditor for the audit of the company's financial statements was £15,600

(2023: £14,616). This fee was borne by Kellogg Brown & Root Limited.

6.Particulars of employees

The average number of persons employed by the company during the year, including the directors,

amounted to:


	2024	2023
	No.	No.
Administrative staff	8	8
	8	8

The aggregate payroll costs incurred during the year, relating to the above, were:


	2024	2023
	£	£
Wages and salaries	287,331	278,663
Social security costs	42,616	41,844
Other pension costs	30,911	29,059
	360,858	349,566


	- 20 -

Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

7.Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:


	2024	2023
	£	£
Remuneration	1,156,538	566,528
Company contributions to defined contribution pension plans	25,919	22,800
	1,182,457	589,328

Remuneration of the highest paid director in respect of qualifying services:


	2024	2023
	£	£
Aggregate remuneration	811,701	566,528
Company contributions to defined contribution pension plans	6,849	22,800
	818,550	589,328

In instances where directors are appointed to more than one company within the Kellogg Brown & Root

Holdings Limited group, the remuneration of individual directors is disclosed solely in the highest

company within the Kellogg Brown & Root Holdings Limited group structure in which the director holds

office. The directors' remuneration disclosed in the accounts only represents the remuneration of directors

for whom this is their highest directorship.

8.Interest receivable and similar income


	2024	2023
	£	£
Interest on cash and cash equivalents	133,518	—
Interest from group undertakings	1,856,356	4,134,433
	1,989,874	4,134,433

9.Interest payable and similar expenses


	2024	2023
	£	£
Interest on banks loans and overdrafts	2,184,590	865,521


	- 21 -

Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

10.Income Tax

Major components of tax expense



	2024	2023
	£	£
Current tax:
UK corporation tax for the current year	676,303	1,270,722
Total UK Tax	676,273	1,270,722
Adjustments in respect of prior periods	222	—
Total foreign tax	222	—
Total current tax	676,495	1,270,722

Deferred tax:
Origination and reversal of timing differences	(2,344)	(198)
Adjustment in respect of prior periods	(1,665)	(1,833)
Total deferred tax	(4,009)	(2,031)
Tax charge	672,486	1,268,691

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2023: lower) the standard rate of corporation tax

in the UK of 25% (2023: 23.52%).


	2024	2023
	£	£
Profit before tax	2,695,769	5,404,407
Profit multiplied by rate of tax	673,942	1,271,117
Adjustment to tax charge in respect of prior periods	(1,695)	(2,030)
Effect of expenses not deductible for tax purposes	17	—
Tax on profit	672,486	1,268,691

Factors that may affect future tax income

From 1 April 2023, the corporation tax main rate levied on taxable profits in the UK is 25%. For the

financial year ended 31 December 2024, the current tax rate was 25%.


	- 22 -

Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

11.Debtors


	2024	2023
	£	£
Amounts owed by group undertakings	13,769,760	88,350,902
Deferred tax asset (note 13)	5,138	1,129
Social security and other taxes	—	622
Other debtors	9,397	9,061
	13,784,295	88,361,714

Amounts owed by group undertakings amounting to £7,759,701 (2023: £81,286,242) bear interest at

6.875%, are unsecured and repayable on demand. Interest recognised in Statement of comprehensive

income amounted of £1,856,356 (2023 : £4,134,433). All other amounts owed by group undertakings are

non-interest bearing, unsecured and repayable on demand.

12.Creditors: amounts falling due within one year


	2024	2023
	£	£

Bank overdrafts	—	73,500,327
Trade creditors	2,486,114	4,433,756
Amounts owed to group undertakings	1,007,454	333,957
Accruals	3,390,086	3,375,937
Social security and other taxes	11,926	14,157
VAT	174	—
Other creditors	4,000,749	633
	10,896,503	81,658,767

Bank overdrafts are part of the KBR Group Cash pooling agreement, unsecured and bear an interest of

1.75% annually.

Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

Amounts in other creditor includes £4,000,000 (2023:£Nil) of dividends payable that were subsequently

paid post year end.


	- 23 -

Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

13.Deferred tax

The deferred tax included in the statement of financial position is as follows:


	2024	2023
	£	£
Included in debtors (note 11)	5,138	1,129

The deferred tax account consists of the tax effect of timing differences in respect of:


	2024	2023
	£	£
Defined contribution pension schemes	4,795	—
Bonus not paid within 9 months	343	1,129
	5,138	1,129

14.Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £30,911

(2023: £29,059).

15.Called up share capital

Authorised share capital


	2024		2023

	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Issued, called up and fully paid


	2024		2023

	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

16.Profit and loss account

Profit and loss account - This reserve records accumulated retained earnings to date.

17.Related party transactions

As a subsidiary of KBR, Inc. during the period from 1 January 2024 to 31 December 2024, the company

has taken advantage of the exemption of section 33.1A in FRS 102, not to disclose transactions with other

wholly owned members of the group headed by KBR, Inc.


	- 24 -

Technical Staffing Resources Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

18.Controlling party

The company is a wholly owned subsidiary undertaking of KBR Jersey Limited, (2nd Floor, Sir Walter

Raleigh House, 48-50 Esplanade, St. Helier JE2 3QB, Jersey), a company registered in Jersey, which heads

the smallest group in which the company is consolidated.

The ultimate parent company is KBR, Inc. (601 Jefferson Street, Suite 3400, Houston, Texas) incorporated

in the State of Delaware, U.S.A. which heads the largest group in which the company is consolidated.

The financial statements of these companies are available to the public and can be obtained from the Public

Relations Department, Hill Park Court, Springfield Drive, Leatherhead, Surrey KT22 7NL, England.

19.Events after the end of the reporting period

In January 2025, the Company paid a dividends of £4,000,000.

There were no events after the balance sheet date that require disclosure or impact the profit and loss

account or balance sheet other than disclosed above.


Contents	Pages

Strategic report	1

Directors' report	4

Directors' responsibilities statement	7

Independent auditor's report to the member of Technical Staffing Resources Limited	8

Statement of comprehensive income	13

Statement of financial position	14

Statement of changes in equity	15

Notes to the financial statements	16