Registered number: 06217640
FOR THE YEAR ENDED 31 MAY 2025
HORBURY GROUP LIMITED
COMPANY INFORMATION
HORBURY GROUP LIMITED
CONTENTS
HORBURY GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The Directors present their report and the audited financial statements of the Group for the year ended 31 May 2025.
Horbury Group Limited is a holding company for its subsidiary companies. The majority of the Group’s turnover is derived from its largest trading subsidiaries and their principal activities are:
Titan Interior Solutions Limited – specialist interior fit-out subcontractor, undertaking various trades including suspended ceilings, drylining, carpets and floor finishes and demountable partitions.
Titan Flooring Limited – specialist flooring contractor carrying out the supply and installation of floor preparation and floor coverings.
Horbury Joinery Limited – specialist joinery contractor.
Horbury Property Service Limited – specialist repairs, maintenance and compliance services contractor.
Titan Interior Solutions Limited – specialist interior fit-out subcontractor, undertaking various trades including suspended ceilings, drylining, carpets and floor finishes and demountable partitions.
Titan Flooring Limited – specialist flooring contractor carrying out the supply and installation of floor preparation and floor coverings.
Horbury Joinery Limited – specialist joinery contractor.
Horbury Property Service Limited – specialist repairs, maintenance and compliance services contractor.
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.
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.
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HORBURY GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
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.
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
• 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
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HORBURY GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
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.
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.
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.
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.
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HORBURY GROUP LIMITED
GROUP STRATEGIC 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.
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HORBURY GROUP 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.
The directors who served during the year were:
Titan Interior Solutions Limited - specialist interior fit-out subcontractor, undertaking various trades including suspended ceilings, dryining, carpets and floor finishes and demountable partitions.
Titan Flooring Limited - specialist interior fit out subcontractor, undertaking various types of flooring including timber, carpets, vinyl and rubber and all forms of specialist floor preparation.
Horbury Joinery Limited - specialist joinery contractor.
Horbury Property Services Limited - specialist repairs, maintenance and compliance services contractors.
The group also includes a property holding company (South Grove House Limited).
The profit for the year, after taxation and minority interests, amounted to £304,411 (2024 - £1,735,233).
No ordinary dividends were paid. The directors do not recommend payment of a dividend.
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HORBURY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The Horbury Group acknowledges the clear scientific evidence linking the rising concentrations of greenhouse gases in our atmosphere to a global warming effect that is resulting in changes to the Earth’s climate. As a responsible organisation, the Horbury Group seeks to minimise adverse environmental impacts resulting from its operations, including the direct and indirect release of greenhouse gas emissions from the use of energy, fuels and refrigerants across the business.
Emissions by source
Energy consumption used to calculate emissions
Intensity ratio
For the purposes of monitoring and improving our energy efficiency, we have introduced a carbon intensity metric of ‘tonnes of CO2e per £1 million of turnover’.
Greenhouse gas emissions have been calculated by multiplying the energy usage by the emission factors listed on Government websites. The Horbury Group utilises fully renewable electricity sources and figures have been presented using the market-based reporting approach.
Energy efficiency action
Horbury Group Limited has taken a number of actions relating to its carbon footprint. End of life fleet vehicles are replaced with more efficient vehicles, either fossil fuel or electric, dependant on use cases. Charging points for electric vehicles have been installed at the Group’s head office.
The Group continues to investigate ways to reduce its impact on the environment through reduction of emissions of greenhouse gasses.
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HORBURY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
There have been no significant events affecting the Group since the year end.
The auditors, Shorts Chartered Accountants and Statutory Auditors, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 22 September 2025 and signed on its behalf.
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HORBURY GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HORBURY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP LIMITED
We have audited the financial statements of Horbury Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HORBURY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HORBURY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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 sector, 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.
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;
∙considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and
∙review of legal and professional fees and of incident log for evidence of litigation.
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HORBURY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HORBURY GROUP LIMITED (CONTINUED)
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Cedar House
63 Napier Street
South Yorkshire
S11 8HA
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HORBURY GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
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HORBURY GROUP LIMITED
REGISTERED NUMBER: 06217640
CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2025
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HORBURY GROUP LIMITED
REGISTERED NUMBER: 06217640
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025.
The notes on pages 22 to 42 form part of these financial statements.
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HORBURY GROUP LIMITED
REGISTERED NUMBER: 06217640
COMPANY BALANCE SHEET
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2025 .
The notes on pages 22 to 42 form part of these financial statements.
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