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Registered number: 02693294 TITAN INTERIOR SOLUTIONS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
TITAN INTERIOR SOLUTIONS LIMITED
COMPANY INFORMATION
Directors | T Wragg
| J Cave (resigned 17 December 2024)
| A Gordon
| M Saunders
| D Cartwright
Company secretary | M Saunders
Registered number | 02693294
Registered office | South Grove House
| South Grove
| Rotherham
| South Yorkshire
| S60 2AF
Independent auditors | Shorts Chartered Accountants & Statutory Auditor
| Cedar House
| 63 Napier Street
| Sheffield
| South Yorkshire
| S11 8HA
TITAN INTERIOR SOLUTIONS LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 5
Directors' Responsibilities Statement | 6
Independent Auditors' Report | 7 - 10
Statement of Income and Retained Earnings | 11
Balance Sheet | 12
Notes to the Financial Statements | 13 - 28
TITAN INTERIOR SOLUTIONS LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025 The directors present their strategic report on the company for the year ended 31st May 2025.
Principal activities
The principal activity of the company continues to be that of a specialist interior fit-out subcontactor, undertaking various trades including suspended ceilings, dry-lining and demountable partitions.
Performance review
The Building Safety Act 2022 (BSA) has had a mixed impact on construction industry growth during the period. While its emphasis on higher standards, resident safety, and clearer accountability has enhanced quality and compliance, the introduction of new regulatory gateways—particularly for higher-risk residential buildings—has slowed the commencement of projects. Between June 2024 and May 2025, many developers and contractors experienced extended pre-construction phases due to delays in obtaining Building Safety Regulator approvals. This increased administrative workloads and compliance costs, particularly affecting high-rise residential projects, despite strong underlying demand. Despite these headwinds, the company delivered year-on-year growth with improved profit margins. The Board is satisfied with the results achieved under these challenging conditions. .
Future prospects
The company is well placed to benefit from anticipated improvements in the BSA approval process and the directors are confident it will continue to secure contracts and trade profitably. The core strategy of the group has strengthened margins, enhanced client satisfaction, and reduced risk exposure. The company continues to invest in its people and processes and remains on track to deliver its operational efficiency programme, which will provide sustained benefits. With secured orders and a strong pipeline, the company is on course to deliver further growth in FY2026 and beyond, alongside continuing margin improvement.
Principal risks and uncertainties
The UK construction market remains highly competitive, and inflationary pressures or labour shortages may arise. These risks are mitigated through selective contract tendering, rigorous monitoring of contract performance, and disciplined working capital management. The company’s principal credit risk arises from customer receivables. This is managed through credit referencing, selective tendering, and robust collection procedures. Cash flow and debtor balances are monitored daily, supported by rolling forecasts. The company is not materially exposed to bad debts. Its selective tendering approach reduces credit risk, a factor that has contributed to failures across the wider construction sector. Page 1
TITAN INTERIOR SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Use of KPIs
The company monitors a range of financial and operational KPIs to support delivery of strategic objectives, including: •Tender margin versus final account margin on a contract by contract basis • Project status against original programme timetable • Overdue final account debts • Retention collection • Average frequency rate for health and safety data • Enquiry levels • Work in hand • Client and Contract selectivity matrix • Tender conversion monitoring – by sector and client This report was approved by the board on 22 September 2025 and signed on its behalf.
T Wragg Director
Page 2
TITAN INTERIOR SOLUTIONS LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2025 The directors present their report and the financial statements for the year ended 31 May 2025.
Directors
The directors who served during the year were:
T Wragg
J Cave (resigned 17 December 2024)
A Gordon
M Saunders
D Cartwright
Results and dividends
The profit for the year, after taxation, amounted to £1,491,384 (2024 - £858,930). No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Future developments
Future developments have been set out in the strategic report.
Engagement with suppliers, customers and others
Engaging with stakeholders The success of our business is dependent on the support of all our stakeholders. Building positive relationships with stakeholders that share our values is important to us, and working together towards shared goals assists us in delivering long-term sustainable success. Shareholders We have an open dialogue with our shareholders through monthly Board meeting and monthly management meeting, shareholders play a key role in our decision-making process, financial performance, and strategic outlook. Employees The safety of our employees and subcontractors is our foremost concern. We have processes in place to ensure the safety of our working practices and sites, we promote good practice through various incentives, and we review adherence through a site audit process. Health and Safety reporting is reviewed at all levels of the Group up to and including at Board level. Business unit managers attend monthly management meeting where we have an open dialogue to discuss the business financial performance, supplier and customer relationships and operational performance. We also run quarterly site management forums, which allows an opportunity for our site based employees to have an open dialogue with business management and play an active role in decision making. We have an open relationship with our employees and promote a two way dialogue to ensure continuous improvement of both the business and our employees. We promote the development of our employees through our “Planning for the Future” programme to upskill our staff to help make them, and us, more competitive. Employees needing help have access to support through our EAP as well as our trained Mental Health First Aiders positioned around the business. Page 3
TITAN INTERIOR SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 Customers Our ambition is to deliver best-in-class product and services to our customers. We continue to build strong and lasting relationships with our key customers and invest considerable time with them to understand their needs and listen to how we can improve our service. We attend regular site meeting with our customers to discuss on-going project matters and agree on key project related decisions. Suppliers We continue to build strong working relationships with our suppliers to develop long lasting partnerships. We run a central procurement team and one of their key performance targets is to continue to develop and support supplier relationships, this is done through periodic reviews with key accounts and more informally with open dialogue on a day-to-day basis. The Board recognises that relationship with suppliers is important to the Group’s long-term success and are briefed in the monthly management meeting by the Procurement team on supplier relationships and any open issues. Communities We engage with the local communities on several fronts and aim to give something back to the local communities we work in. We partner with a local charity each year to help raise awareness and we organise and fund several fund-raising events throughout the year which are keenly supported by employees. We also run an apprenticeship scheme committed to developing local talent into skilled tradespeople, professionals and managers and have formed a strategic partnership with Sheffield College.
Qualifying third party indemnity provisions
The directors have been granted a qualifying third party indemnity provision under Section 234. of the Companies Act 2006. The Company's indemnity does not provide cover in the event of a director being proved to have acted fraudulently or dishonestly.
Energy and carbon report
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom is considered at a group level and disclosed in Horbury Group Limited.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Shorts Chartered Accountants & Statutory Auditor, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 4
TITAN INTERIOR SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 This report was approved by the board on 22 September 2025 and signed on its behalf.
T Wragg Director
Page 5
TITAN INTERIOR SOLUTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MAY 2025 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 the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
TITAN INTERIOR SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN INTERIOR SOLUTIONS LIMITED
Opinion
We have audited the financial statements of Titan Interior Solutions Limited (the 'Company') for the year ended 31 May 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 May 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
TITAN INTERIOR SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN INTERIOR SOLUTIONS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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 material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
TITAN INTERIOR SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN INTERIOR SOLUTIONS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations applicable to the Company; and ∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙considered journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. Page 9
TITAN INTERIOR SOLUTIONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN INTERIOR SOLUTIONS LIMITED (CONTINUED) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; ∙considering relationships with HMRC, relevant regulators and the Company’s legal advisors; ∙reviewing minutes of meeting of management and directors; ∙reviewing incident log to identify any breaches and problems; and ∙reviewing the company's risk register to identify key risk areas. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Irvine (Senior Statutory Auditor) for and on behalf of Shorts Chartered Accountants & Statutory Auditor Cedar House 63 Napier Street Sheffield South Yorkshire S11 8HA 22 September 2025 Page 10
TITAN INTERIOR SOLUTIONS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MAY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 48,833,937 | 41,018,222
Cost of sales |  | (41,701,528) | (35,514,721)
Gross profit |  | 7,132,409 | 5,503,501
Administrative expenses |  | (4,653,373) | (4,410,887)
Exceptional administrative expenses | 5 | (315,028) | (98,298)
Operating profit | 6 | 2,164,008 | 994,316
Interest receivable and similar income | 10 | 7 | 5,361
Interest payable and similar expenses | 11 | (276) | (6,749)
Profit before tax |  | 2,163,739 | 992,928
Tax on profit | 12 | (672,355) | (133,998)
Profit after tax |  | 1,491,384 | 858,930
Retained earnings at the beginning of the year |  | 8,748,386 | 7,889,456
|  | 8,748,386 | 7,889,456
Profit for the year |  | 1,491,386 | 858,930
Retained earnings at the end of the year |  | 10,239,772 | 8,748,386
The notes on pages 13 to 28 form part of these financial statements.
Page 11
TITAN INTERIOR SOLUTIONS LIMITED REGISTERED NUMBER:02693294
BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 42,800 |  | 63,337
Tangible assets | 14 |  | 8,356 |  | 12,312
Investments | 15 |  | 1,266,761 |  | 1,266,761
|  |  | 1,317,917 |  | 1,342,410
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 9,171,462 |  | 11,766,959 |
Cash at bank and in hand |  | 10,206,026 |  | 6,852,813 |
|  | 19,377,488 |  | 18,619,772 |
Creditors: amounts falling due within one year | 17 | (10,455,436) |  | (11,207,598) |
Net current assets |  |  | 8,922,052 |  | 7,412,174
Total assets less current liabilities |  |  | 10,239,969 |  | 8,754,584
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | - |  | (5,998) |
|  |  | - |  | (5,998)
Net assets |  |  | 10,239,969 |  | 8,748,586
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 122 |  | 122
Capital redemption reserve |  |  | 78 |  | 78
Profit and loss account |  |  | 10,239,769 |  | 8,748,386
|  |  | 10,239,969 |  | 8,748,586
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025.
T Wragg
Director
The notes on pages 13 to 28 form part of these financial statements. Page 12
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Titan Interior Solutions Limited is a private company limited by shares, incorporated in England and Wales (registered number: 02693294). Its registered office is South Grove House, South Grove, Rotherham, South Yorkshire S60 2AF. The principal activity of the company throughout the year continued to be that of the provision of specialist interior fit-out subcontractor. 2.Accounting policies
| 2.1 | 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 amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: ∙Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures; ∙Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; ∙Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel. The financial statements of the company are consolidated in the financial statements of Horbury Group Limited. These consolidated financial statements are available from its registered office.
| 2.2 | Going concern
The directors have performed an assessment of going concern at a group level including a review of financing, forecasts, covenant compliance, and having considered these factors, they are of the view that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least twelve months following the reporting date. Page 13
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Turnover Turnover represents amounts receivable for goods and services net of VAT and trade discounts. In the case of long term contracts, turnover reflects the contract activity during the year and represents a proportion of total contract value. This proportion is calculated as a percentage of total expected contract costs. Construction contracts The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project and is calculated as a percentage of total expected contract costs. Full provision is made for losses on all contracts in the year in which the loss is first foreseen. Trade debtors represent contract valuations and retentions certified up to one month after the year end. Amounts recoverable on contracts represent the balance of uncertified valuations.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 14
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 15
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Software costs | - | 25% | straight line
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 16
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 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.
| 2.17 | Equity instruments
Equity instruments issued by the company 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 company. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Page 17
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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 judgement (apart from those involving estimates) has had the most significant effect on amounts recognised in the financial statements. Turnover from long term contract s Turnover is generated from long term contracts. The group recognises contract revenue and contract costs associated with each contract using the percentage of completion method. The recognition of revenue and profit therefore rely on estimates in relation to the stage of completion and the forecast total costs of each contract. Judgements and key sources of estimation uncertainty Margin is presented in the monthly management accounts for each contract as it is earned on the specific tasks undertaken in the period. A margin is used based on the job budget form completed at the outset, with variations requiring individual approval. Each project’s outturn is reforecast on a monthly basis, so any changes to expected final outturn are reflected in the accounts promptly. The profit to be recognised monthly is calculated on a cumulative basis so that the overall expected outturn is reflected in the cumulative position each month. The method applies ensures that profit is recognised equally across the life of the project. The calculation of expected outturn is based on the following factors: ∙Variations to overall contract value (expected turnover) which have been agreed with the client; ∙Costs incurred to date allocated to the project. These allocated costs are reviewed monthly by site managers and matched to site material lists and expected spend and; ∙Budgeted overall costs as calculated at the beginning of the project during the tender process which are used to calculate the expected costs to complete. The degree of estimation uncertainty centres around the expected costs to complete the contract which, combined with the contract turnover, are used to calculate the expected margin outturn on each project. When contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably. Page 18
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contract revenue | 48,833,937 | 41,018,222
| All turnover arose within the United Kingdom.
5. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exceptional items | 315,028 | 98,298
| The above exceptional items include £137,634 (2024: £70,057) in relation to redundancy costs, £nil (2024: £13,241) in relation to staff long term sickness and £177,394 (2024: £15,000) in relation to various write offs of contracting applications no longer deemed recoverable as a result of contractor insolvencies.
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 344,254 | 333,452
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 31,500 | 30,500
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 19
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,861,421 | 4,158,547
| Social security costs | 308,173 | 348,438
| Cost of defined contribution scheme | 137,791 | 129,410
|  | 4,307,385 | 4,636,395
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Construction | 77 | 84
|  | Administration | 23 | 27
|  | Directors | 3 | 3
|  |  | 103 | 114
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 329,914 | 281,730
| Company contributions to defined contribution pension schemes | 21,673 | 24,140
|  | 351,587 | 305,870
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £283,408 (2024 - £205,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,800 (2024 - £17,500).
Page 20
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable from group companies | 7 | 5,361
|  | 7 | 5,361
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 276 | 535
| Loans from group undertakings | - | 6,214
|  | 276 | 6,749
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 557,626 | -
| Adjustments in respect of previous periods | 120,727 | -
| Total current tax | 678,353 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (5,998) | 133,998
| Total deferred tax | (5,998) | 133,998
| Tax on profit | 672,355 | 133,998
Page 21
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,163,739 | 992,928
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 540,935 | 248,232
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 10,732 | (6,289)
| Adjustments to tax charge in respect of prior periods | 120,727 | -
| Fixed asset differences | - | (278)
| Deferred tax - other | - | 133,998
| Movement in deferred tax not recognised | (39) | -
| Group relief | (557,626) | (241,665)
| Payment for group relief | 557,626 | -
| Total tax charge for the year | 672,355 | 133,998
Page 22
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
13. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 June 2024 | 84,450
| Additions - internal | 575
| At 31 May 2025 | 85,025
| Amortisation |
| At 1 June 2024 | 21,113
| Charge for the year on owned assets | 21,112
| At 31 May 2025 | 42,225
| Net book value |
| At 31 May 2025 | 42,800
| At 31 May 2024 | 63,337
Page 23
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
14. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 June 2024 | 61,112
| Additions | 1,533
| Disposals | (24,261)
| At 31 May 2025 | 38,384
| Depreciation |
| At 1 June 2024 | 48,800
| Charge for the year on owned assets | 5,489
| Disposals | (24,261)
| At 31 May 2025 | 30,028
| Net book value |
| At 31 May 2025 | 8,356
| At 31 May 2024 | 12,312
Page 24
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
15. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 June 2024 | 1,266,761
| At 31 May 2025 | 1,266,761
| Titan Interior Solutions Limited along with related parties, Horbury Joinery Limited and Horbury Support Services Limited each own 33.3% of the issued share capital of South Grove House Limited which provides managed office facilities to these companies. The directors are of the opinion that the carrying value of the investment is supported by the underlying assets held within South Grove House Limited.
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Titan Flooring Limited | England and Wales | Ordinary | 95.0%
| South Grove House Limited | England and Wales | Ordinary | 33.3%
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,673,440 | 1,984,652
| Amounts recoverable on long-term contracts | 1,983,871 | 5,321,922
| Amounts owed by group undertakings | 4,000,566 | 4,394,831
| Other debtors | 467,866 | 32,950
| Prepayments and accrued income | 45,719 | 32,604
|  | 9,171,462 | 11,766,959
| Included in trade debtors are amounts of £878,831 (2024: £866,982) which are debts due in more than twelve months
Page 25
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 5,260,420 | 6,029,449
| Amounts owed to group undertakings | 703,185 | 3,250,958
| Other taxation and social security | 263,023 | 322,280
| Other creditors | 1,282,807 | 1,042,792
| Accruals and deferred income | 2,946,001 | 562,119
|  | 10,455,436 | 11,207,598
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (5,998)
| Utilised in year | 5,998
| At end of year | -
| The deferred tax balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | - | (5,998)
|  | - | (5,998)
| Comprising: |  |
| Liability | - | (5,998)
|  | - | (5,998)
Page 26
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 122 (2024 - 122) Ordinary shares of £1.00 each | 122 | 122
20. | Contingent liabilities
The Company's bankers hold an unlimited Composite Company Limited Multilateral Guarantee and debenture between the following group companies: Horbury Group Limited, Horbury Joinery Limited, Tubular Scaffolding Services Limited, Titan Interior Solutions Limited, T.I.S. Services Limited, South Grove House Limited, Millstone Building Limited, Magna Plant and Tool Hire Limited, Horbury Support Services Limited (formerly known as G.B.W. (Tool Hire) Limited), Horbury Property Services Limited, Titan Flooring Limited and Environ Safety Management Limited.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £137,791 (2024 - £129,410). There was £32,736 (2024 - £29,802) payable to the fund at the Balance Sheet date.
22. | Commitments under operating leases
| At 31 May 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 146,915 | 177,166
| Later than 1 year and not later than 5 years | 90,742 | 201,892
|  | 237,657 | 379,058
Page 27
TITAN INTERIOR SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
23. | Related party transactions
| The company has taken advantage of the exemption under paragraph 33.1A from the provisions of section 33 of FRS 102. Related party disclosures, from disclosing transaction with wholly owned subsidiary undertakings. Transactions during the year and balances at the year end with related parties are shown below:
|  | 2025 | 2024
|  | £ | £
| Management services paid to subsidiaries | (1,662,396) | (1,451,774)
| Rent payable to fellow subsidiaries | (185,292) | (180,000)
| Balances owed to group undertakings | (703,185) | (3,250,958)
| Balance due from group undertakings | 4,000,566 | 4,394,831
| Advances or credits have been granted by the company to its directors as follows: At the year-end the directors of the company owed £Nil (2024: £23,243). During the year there were no advances or repayments by the directors. Loans to directors are interest free and repayable on demand.
24. | Controlling party
The immediate and ultimate parent undertaking and controlling party is Horbury Group Limited, which prepares consolidated financial statements of which are available from the Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office of Horbury Group Limited is South Grove House, South Grove, Rotherham, South Yorkshire, S60 2AF.
Page 28