REGISTERED NUMBER: SC134398 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

TI UK Contracting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

T Stark

REGISTERED OFFICE:

Tay House

300 Bath Street

Glasgow

G2 4JR

REGISTERED NUMBER:

SC134398 (Scotland)

AUDITORS:

McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

4

99,090

8,741

Investments

5

308,694

411,352

407,784

420,093

CURRENT ASSETS

Debtors

6

348,508

777,068

Cash at bank

4,471,562

3,033,950

4,820,070

3,811,018

CREDITORS

Amounts falling due within one year

7

(4,197,812

)

(2,952,686

)

NET CURRENT ASSETS

622,258

858,332

TOTAL ASSETS LESS CURRENT LIABILITIES

1,030,042

1,278,425

CREDITORS

Amounts falling due after more than one year

8

(36,199

)

-

NET ASSETS

993,843

1,278,425

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

992,843

1,277,425

993,843

1,278,425

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 October 2025 and were signed by:

T Stark - Director

1.	STATUTORY INFORMATION

TI UK Contracting Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of long-term contracts, turnover is calculated using the total contract value and the proportion of progress completed on said contract during the reporting period. This progress is calculated by referring to the cost incurred during the period in relation to the total estimated costs to complete the contracted work. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchases contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or less over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

16,483

Additions

94,914

At 31 December 2024

111,397

DEPRECIATION

At 1 January 2024

7,742

Charge for year

4,565

At 31 December 2024

12,307

NET BOOK VALUE

At 31 December 2024

99,090

At 31 December 2023

8,741

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

92,876

At 31 December 2024

92,876

DEPRECIATION

Charge for year

1,995

At 31 December 2024

1,995

NET BOOK VALUE

At 31 December 2024

90,881

5.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 January 2024

411,352

-

411,352

Additions

8,448

10,000

18,448

Disposals

(121,106

)

-

(121,106

)

At 31 December 2024

298,694

10,000

308,694

NET BOOK VALUE

At 31 December 2024

298,694

10,000

308,694

At 31 December 2023

411,352

-

411,352

The company's investments at the Balance Sheet date in the share capital of companies include the following:

European Manning Services Ltd.

Registered office: Tay House, 300 Bath Street, Glasgow, G2 4JR

Nature of business: Supply of labour

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

10,830

10,830

Ti Japan Co., Ltd.

Registered office: 19-16 Dialand 3-chrome, Nagaski 850 0963, Japan.

Nature of business: Supplier of insulation

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

-

119,797

Loss for the year

-

(5,183

)

Final accounts to 30 April 2024, and dissolved as of 1 July 2024.

Ti Korea Co., Ltd.

Registered office: 305 Dongsang-Ro, Onyang-Eup, Ulig-Gun, Ulsan, 689-901, South Korea.

Nature of business: Supplier of insulation

%

Class of shares:

holding

Common stock

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

277,731

(101,009

)

Profit for the year

378,740

154,640

Ti Europe Contracting S.L.

Registered office: CALLITX, 4 4 4B - 03590 Altea (Alicante)

Nature of business: Supply of labour

%

Class of shares:

holding

Ordinary shares

100.00

Incorporated on 21 June 2024.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

140,859

640,688

Other debtors

207,649

136,380

348,508

777,068

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

36,438

-

Trade creditors

108,684

281,430

Taxation and social security

64,949

63,366

Other creditors

3,987,741

2,607,890

4,197,812

2,952,686

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

36,199

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

36,438

-

Between one and five years

36,199

-

72,637

-

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

3,937

5,906

Between one and five years

-

3,937

3,937

9,843

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

11.	PENSION COMMITMENTS

The company operates a defined contribution 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 £14,891 (2023: £9,937). Contributions totalling £1,339 (2023: £1,319) were payable to the fund at the balance sheet date and are included in creditors.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is Ti Con Group Companies Ltd, a company registered in Scotland.

Ti Con Group Companies Ltd is the smallest and largest group for which consolidated financial statements are prepared, which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

c/o McLay, McAlister & McGibbon LLP

1st Floor

145 St Vincent Street

Glasgow

G2 5JF