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Registered number:
FOR THE YEAR ENDED 31 MAY 2025
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TITAN FLOORING LIMITED
COMPANY INFORMATION
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TITAN FLOORING LIMITED
CONTENTS
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TITAN FLOORING 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.
The principal activity of the company continues to be that of a specialist flooring contractor carrying out the supply and installation of floor preparation and floor coverings.
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.
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.
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TITAN FLOORING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
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.
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TITAN FLOORING 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:
The profit for the year, after taxation, amounted to £165,142 (2024 - £98,945).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Future developments have been set out in the strategic report.
There have been no significant events affecting the Company 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
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TITAN FLOORING 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;
∙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.
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TITAN FLOORING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN FLOORING LIMITED
We have audited the financial statements of Titan Flooring 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).
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.
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.
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TITAN FLOORING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN FLOORING 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 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.
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.
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TITAN FLOORING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN FLOORING 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 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.
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.
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TITAN FLOORING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITAN FLOORING 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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TITAN FLOORING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2025
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TITAN FLOORING LIMITED
REGISTERED NUMBER: 14007087
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
The notes on pages 11 to 21 form part of these financial statements.
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Titan Flooring Limited is a private company limited by shares, incorporated in England and Wales (registered number: 14007087). 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 supply and fit of floor and wall covering.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The company's functional and presentation currency is Pounds Sterling.
The following principal accounting policies have been applied:
The directors have performed an assessment of going concern at a group level including a review of
financing, forecasts and covenant compliance, and having considered these factors, they are of the view that there is a reasonable expectation the group has adequate resources to continue in operational existence for a period of at least twelve months following the reporting date. 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 the total contract value. This proportion is calculated as a percentage of total expected 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.
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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.
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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.
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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 contracts 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. 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:
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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.
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TITAN FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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 £32,722 (2024 - £33,686). There was £5,570 (2024 - £4,636) payable to the fund at the Balance Sheet date. The 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.
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