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Registered number: SC181456 T D C (ABERDEEN) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
T D C (ABERDEEN) LIMITED
COMPANY INFORMATION
Directors | Neil Milne
| Helen Milne
| Karen Mcneil
| John Douglas
| Graeme Robertson (appointed 19 June 2024)
Company secretary | Shepherd & Wedderburn Secretaries Limited
Registered number | SC181456
Registered office | 37 Albyn Place
| Aberdeen
| Aberdeen City
| AB10 1YN
Independent auditor | Anderson Anderson & Brown Audit LLP
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
T D C (ABERDEEN) LIMITED
CONTENTS
| Page
Group strategic report | 1 - 3
Directors' report | 4 - 5
Directors' responsibilities statement | 6
Independent auditor's report | 7 - 10
Consolidated statement of comprehensive income | 11
Consolidated balance sheet | 12 - 13
Company balance sheet | 14 - 15
Consolidated statement of changes in equity | 16
Company statement of changes in equity | 17
Consolidated statement of cash flows | 18
Consolidated analysis of net debt | 19
Notes to the financial statements | 20 - 41
T D C (ABERDEEN) LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
Introduction
The Group supplies a comprehensive range of vital services and products to the international oil and gas, power generation, utilities, renewables, marine, defence and manufacturing markets. These include low voltage and high voltage electric motor and generator repairs, high voltage electric motor and generator manufacturing, electrical inspection, repair and maintenance services, mechanical engineering services, control panel manufacturing, and condition monitoring services, with particular specialism in the inspection and repair of ‘Ex’ certified equipment.
Business review
During the financial year, the Group sustained its growth trajectory, continuing the momentum of previous years, achieving a 14% increase in turnover to £37,750,000 through organic expansion. This translated into a 19% rise in profit before tax to £2,708,000 reflecting disciplined cost management and enhanced project execution. The Group maintained its strong growth trajectory by effectively mitigating macroeconomic risks, through the provision of a broad spectrum of equipment and services across multiple market sectors. This strategic diversification is reinforced by the dual advantage of having high voltage motor and generator OEM capabilities within the Group, alongside a comprehensive electro-mechanical services portfolio. The Group holds the well-established Parsons Peebles brand and retains the intellectual property for archived designs of a large installed base of equipment worldwide, dating back to the mid-20th century. This legacy not only drives significant aftermarket revenue but also creates opportunities for new orders, particularly for drop-in replacement machines. Operational resilience is further supported by a highly skilled and adaptable workforce that can be deployed across the Group’s operations, as well as a robust global supply network that reduces dependency on individual vendors. The Group’s strategy of related diversification and portfolio expansion has been instrumental in increasing market share, particularly within the oil and gas industry. In response to the UK energy sector’s transition from hydrocarbons to cleaner energy sources, the Group is actively pursuing contracts in the renewables market while maintaining strong support for oil and gas clients undergoing their own energy transitions. The Group has also seen continued expansion in other markets, such as defence and nuclear power generation, following the award of several high value contracts during the financial year, from domestic and international customers. The Group also has an established customer base within the utilities industry and is continuing to focus on increasing business levels in this sector. Page 1
T D C (ABERDEEN) LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Financial key performance indicators
The group's key financial performance indicators during the period were as follows: Gross profit rose by 20%, reaching 30% of turnover, while EBITDA increased by 18% compared to the previous financial year. These gains were driven by operational efficiencies and cost control initiatives, such as the centralisation of support functions, all while maintaining the delivery of high-quality customer services. Workforce and Health & Safety The average number of employees during the year grew by 11.4% to 254. Like many organisations in the engineering sector, the Group continues to face challenges in recruiting suitably qualified engineers. To address this, the Group increased its apprentice intake during the year, investing in future talent. Recognising that its people are its greatest asset and essential to long-term success, the Group also made substantial investments in staff training programmes throughout the year. The directors remain focused on prioritising the safety and well-being of all employees, stakeholders, and third parties who may be affected by the Group’s operations. In support of this commitment, TDC Parsons Peebles Limited achieved ISO 45001:2018 accreditation in 2024, joining TDC (Aberdeen) Limited, which already held the certification. The remaining Group companies are actively working towards achieving this accreditation, reinforcing the Group’s dedication to maintaining the highest standards in occupational health and safety. Page 2
T D C (ABERDEEN) LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Principal risks and uncertainties
The Group's operations expose it to a variety of financial risks that include competitive risk, market risk, credit risk and liquidity risk. The policies and management processes seek to mitigate any adverse effects of these on the financial performance of the Group. The key business risks and uncertainties affecting the Group are set below. Competitive risk The Group faces competition for both contracts and resources. With a broad range of services, the Group offers a variety of options to customers ranging from a single service through to fully integrated services. Focus is on project execution to deliver on time and budget. The board regularly monitor the market and its competitors in order to identify opportunities. Market risk The Group is continuing to target customers out with the oil and gas industry to reduce exposure to volatility in the market. As a result, the Group now operates in a number of UK and global markets, such as renewables, marine, defence, nuclear power, and electrical and water utilities. The group has a small share of the market in most cases, and therefore, should not be restricted for future growth potential. Credit risk The Group's principal financial assets are bank balances and cash, trade and other receivables. Credit risk is primarily attributable to its trade and other receivables and is managed through maintaining good customer relationships and the monitoring of credit levels and settlement periods. The amounts presented in the balance sheet are net of allowances for doubtful receivables. In addition, the Group monitors the financial health of customers and sets credit terms and limits appropriate to the customers' financial strength. Liquidity risk In order to maintain liquidity and to ensure sufficient funds are available for ongoing and future developments, the Group monitors the timing of cash flows and aligns this with its strategic planning. The Group's primary source of finance is the operating cash flows it generates and through equity.
Future developments
Moving into financial year 2025, the Group continues to identify opportunities with both existing and new clients to expand its market share and reduce reliance on the oil and gas industry. Since year ending 2024, the Group has secured several large contracts across a diverse range of sectors, both domestically and internationally, with additional awards currently pending. In August 2025, TDC Parsons Peebles Limited successfully attained ISO 14001:2015, a certification already held by TDC (Aberdeen) Limited. The Group is committed to protecting the environment and complies with all applicable environmental legislation and will continue working towards achieving accreditation across all Group companies. This report was approved by the board and signed on its behalf.
Neil Milne Director
Date: 10 October 2025
Page 3
T D C (ABERDEEN) LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The directors present their report and the financial statements for the year ended 30 September 2024.
Principal activity
The principal activity of the group and parent company continued to be that of the provision of electrical, mechanical, and electronic engineering services.
Results and dividends
The profit for the year, after taxation, amounted to £2,039,864 (2023 - £1,716,810). During the year there were no dividends paid (2023 - £Nil).
Directors
The directors who served during the year were:
Neil Milne
Helen Milne
Karen Mcneil
John Douglas
Graeme Robertson (appointed 19 June 2024)
Disclosure of information to auditor
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 and the Group's auditor is 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 and the Group's auditor is aware of that information.
Infomation contained within Strategic Report
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditor
A resolution to appoint AAB Audit & Accountancy Limited as auditors of the Group and Company will be proposed at the next general meeting. Page 4
T D C (ABERDEEN) LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 This report was approved by the board and signed on its behalf.
Neil Milne Director
Date: 10 October 2025
Page 5
T D C (ABERDEEN) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 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; ∙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. Page 6
T D C (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C (ABERDEEN) LIMITED
Opinion
We have audited the financial statements of T D C (Aberdeen) Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 30 September 2024 and of the Group's 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 Auditor's 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.
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 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. Page 7
T D C (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C (ABERDEEN) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's 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 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.
Matters on which we are required to report by exception
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. 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 8
T D C (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C (ABERDEEN) LIMITED (CONTINUED)
Auditor's 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 Auditor's 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: We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: ∙Management override of controls to manipulate the group's key performance indicators to meet targets; ∙Timing and completeness of revenue recognition; ∙Management judgement applied in calculating provisions; and ∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading. Our audit procedures to respond to these risks included: ∙Testing of journal entries and other adjustments for appropriateness; ∙Evaluating the business rationale of significant transactions outside the normal course of business; ∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias, includingestimates with regard to revenue recognition; ∙Enquiries of management about litigation and claims and inspection of relevant correspondence; ∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; and ∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's report. Page 9
T D C (ABERDEEN) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C (ABERDEEN) LIMITED (CONTINUED)
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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Graeme Penman (Senior statutory auditor) for and on behalf of Anderson Anderson & Brown Audit LLP Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU 10 October 2025 Page 10
T D C (ABERDEEN) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 37,749,721 | 33,243,077
Cost of sales |  | (26,394,800) | (23,793,456)
Gross profit |  | 11,354,921 | 9,449,621
Administrative expenses |  | (8,586,486) | (7,100,474)
Other operating income | 5 | 62,896 | 37,165
Operating profit | 6 | 2,831,331 | 2,386,312
Interest receivable and similar income | 10 | 1,881 | 1,250
Interest payable and similar expenses | 11 | (124,894) | (104,351)
Profit before taxation |  | 2,708,318 | 2,283,211
Tax on profit | 12 | (668,454) | (566,401)
Profit for the financial year |  | 2,039,864 | 1,716,810
Release of negative goodwill |  | 4,363 | 4,363
Other comprehensive income for the year |  | 4,363 | 4,363
Total comprehensive income for the year |  | 2,044,227 | 1,721,173
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 2,039,864 | 1,716,810
|  | 2,039,864 | 1,716,810
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
The notes on pages 20 to 41 form part of these financial statements.
Page 11
T D C (ABERDEEN) LIMITED REGISTERED NUMBER:SC181456
CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Goodwill |  |  | 5,653 |  | 9,418
Negative goodwill |  |  | (84,469) |  | (88,832)
Tangible assets | 14 |  | 2,425,369 |  | 2,300,033
|  |  | 2,346,553 |  | 2,220,619
Current assets |  |  |  |  |
Stocks | 16 | 1,668,823 |  | 1,677,758 |
Debtors: amounts falling due within one year | 17 | 12,606,291 |  | 12,058,671 |
Cash at bank and in hand | 18 | 3,116,161 |  | 2,543,916 |
|  | 17,391,275 |  | 16,280,345 |
Creditors: amounts falling due within one year | 19 | (7,310,601) |  | (7,824,871) |
Net current assets |  |  | 10,080,674 |  | 8,455,474
Total assets less current liabilities |  |  | 12,427,227 |  | 10,676,093
Creditors: amounts falling due after more than one year | 20 |  | (848,845) |  | (1,129,048)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (171,104) |  | (183,994) |
|  |  | (171,104) |  | (183,994)
Net assets |  |  | 11,407,278 |  | 9,363,051
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 783,380 |  | 783,380
Share premium account | 25 |  | 75,042 |  | 75,042
Capital redemption reserve | 25 |  | 400,000 |  | 400,000
Other reserves | 25 |  | 8,338 |  | 8,338
Profit and loss account | 25 |  | 10,140,518 |  | 8,096,291
|  |  | 11,407,278 |  | 9,363,051
Page 12
T D C (ABERDEEN) LIMITED REGISTERED NUMBER:SC181456
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Neil Milne
Director
Date: 10 October 2025
The notes on pages 20 to 41 form part of these financial statements. Page 13
T D C (ABERDEEN) LIMITED REGISTERED NUMBER:SC181456
COMPANY BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 1,812,998 |  | 1,652,861
Investments | 15 |  | 2,097,163 |  | 2,097,163
|  |  | 3,910,161 |  | 3,750,024
Current assets |  |  |  |  |
Stocks | 16 | 1,062,846 |  | 1,008,039 |
Debtors: amounts falling due within one year | 17 | 8,905,934 |  | 7,673,706 |
Cash at bank and in hand | 18 | 1,448,096 |  | 1,086,798 |
|  | 11,416,876 |  | 9,768,543 |
Creditors: amounts falling due within one year | 19 | (3,820,252) |  | (4,009,999) |
Net current assets |  |  | 7,596,624 |  | 5,758,544
Total assets less current liabilities |  |  | 11,506,785 |  | 9,508,568
Creditors: amounts falling due after more than one year | 20 |  | (803,845) |  | (1,024,048)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (72,180) |  | (81,584) |
|  |  | (72,180) |  | (81,584)
Net assets |  |  | 10,630,760 |  | 8,402,936
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 783,380 |  | 783,380
Share premium account | 25 |  | 75,042 |  | 75,042
Capital redemption reserve | 25 |  | 400,000 |  | 400,000
Other reserves | 25 |  | 8,338 |  | 8,338
Profit and loss account brought forward |  | 7,136,176 |  | 6,179,502 |
Profit for the year |  | 2,227,824 |  | 956,674 |
Profit and loss account carried forward |  |  | 9,364,000 |  | 7,136,176
|  |  | 10,630,760 |  | 8,402,936
Page 14
T D C (ABERDEEN) LIMITED REGISTERED NUMBER:SC181456
COMPANY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Neil Milne
Director
Date: 10 October 2025
The notes on pages 20 to 41 form part of these financial statements. Page 15
T D C (ABERDEEN) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2022 | 783,380 | 75,042 | 400,000 | 8,338 | 6,375,118 | 7,641,878
Profit for the year | - | - | - | - | 1,716,810 | 1,716,810
Release of negative goodwill | - | - | - | - | 4,363 | 4,363
At 1 October 2023 | 783,380 | 75,042 | 400,000 | 8,338 | 8,096,291 | 9,363,051
Profit for the year | - | - | - | - | 2,039,864 | 2,039,864
Release of negative goodwill | - | - | - | - | 4,363 | 4,363
At 30 September 2024 | 783,380 | 75,042 | 400,000 | 8,338 | 10,140,518 | 11,407,278
| The notes on pages 20 to 41 form part of these financial statements.
Page 16
T D C (ABERDEEN) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Share premium account | Capital redemption reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2022 | 783,380 | 75,042 | 400,000 | 8,338 | 6,179,502 | 7,446,262
Profit for the year | - | - | - | - | 956,674 | 956,674
At 1 October 2023 | 783,380 | 75,042 | 400,000 | 8,338 | 7,136,176 | 8,402,936
Profit for the year | - | - | - | - | 2,227,824 | 2,227,824
At 30 September 2024 | 783,380 | 75,042 | 400,000 | 8,338 | 9,364,000 | 10,630,760
| The notes on pages 20 to 41 form part of these financial statements.
Page 17
T D C (ABERDEEN) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,039,864 | 1,716,810
Adjustments for: |  |
Amortisation of intangible assets | 3,765 | 3,765
Depreciation of tangible assets | 306,652 | 284,330
Profit on disposal of tangible assets | (21,048) | (5,750)
Interest paid | 124,894 | 104,351
Interest received | (1,881) | (1,250)
Taxation charge | 668,454 | 566,401
Decrease/(increase) in stocks | 8,935 | (266,171)
(Increase) in debtors | (547,620) | (3,212,312)
(Decrease)/increase in creditors | (556,096) | 3,042,932
Corporation tax (paid) | (639,518) | (228,595)
Net cash generated from operating activities | 1,386,401 | 2,004,511
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (431,988) | (707,133)
Sale of tangible fixed assets | 21,048 | 5,750
Interest received | 1,881 | 1,250
Net cash from investing activities | (409,059) | (700,133)
Cash flows from financing activities |  |
Repayment of bank loans | (280,203) | (299,859)
Interest paid | (124,894) | (104,351)
Net cash used in financing activities | (405,097) | (404,210)
Net increase in cash and cash equivalents | 572,245 | 900,168
Cash and cash equivalents at beginning of year | 2,543,916 | 1,643,748
Cash and cash equivalents at the end of year | 3,116,161 | 2,543,916
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,116,161 | 2,543,916
| 3,116,161 | 2,543,916
The notes on pages 20 to 41 form part of these financial statements.
Page 18
T D C (ABERDEEN) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2024
| At 1 October 2023 | Cash flows | At 30 September 2024
| £ | £ | £
Cash at bank and in hand | 2,543,916 | 572,245 | 3,116,161
Debt due after 1 year | (1,129,048) | 280,203 | (848,845)
Debt due within 1 year | (320,714) | - | (320,714)
| 1,094,154 | 852,448 | 1,946,602
The notes on pages 20 to 41 form part of these financial statements.
Page 19
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | General information
T D C (Aberdeen) Limited (the `parent company`) is a private limited company domiciled and incorporated in Scotland. The registered office is 37 Albyn Place, Aberdeen, AB10 1YN. The parent company's principal place of business is Bankhead Industrial Estate, Bankhead Avenue, Bucksburn, Aberdeen, AB21 9ET. The nature of the group and parent company's operations and its principal activities are set out within the Strategic Report. The group consists of T D C (Aberdeen) Limited and all of its subsidiaries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the parent company and its own subsidiaries (the `Group`) as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
Based on operating forecasts prepared, the directors are satisfied that the group and parent company have adequate financial resources to continue to operate and meet its liabilities as they fall due for at least 12 months from the date of approving the financial statements. Thus the directors continue to adopt the going concern basis forpreparation of the financial statements. Page 20
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 21
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.11 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 22
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.12 | 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 and the Group operate and generate 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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.
| 2.13 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other 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. The estimated useful lives range as follows:
|  |  |  | Goodwill | - |  | 4 - 10 years
Page 23
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.14 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Freehold property | - | 3 - 4% straight line
|  |  |  | Leasehold buildings | - | Nil until brought into use
|  |  |  | Leasehold improvements | - | 10 - 25% straight line
|  |  |  | Plant & machinery | - | 12.5 - 25% straight line
|  |  |  | Motor vehicles | - | 33% straight line
|  |  |  | Fixtures, fittings and equipment | - | 20 - 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.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 24
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.18 | 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. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.21 | 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.
| 2.22 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 25
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.22 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 26
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’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 judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Amounts recoverable on contracts Management make judgements about the progress of jobs and recognise costs and revenue proportionally on that basis. This affects the valuation of amounts recoverable on contracts which was carried at £4,059,838 (2023 - £4,099,854). Depreciation of fixed assets The amount of depreciation charged is based on management’s assessment of the useful economic lives and estimated residual values of the related fixed assets. On the basis that the estimated residual value of leasehold properties is at least equal to their carrying value, no depreciation has been charged in these accounts. Carrying value of stocks Management review the carrying value of stocks at the period end and assess whether there has been any impairment due to obsolescence. Management’s judgements around this would impact the valuation of stocks. Page 27
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Derived from principal activity | 37,749,721 | 33,243,077
|  | 37,749,721 | 33,243,077
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 30,745,482 | 26,593,841
| Rest of the world | 7,004,239 | 6,649,236
|  | 37,749,721 | 33,243,077
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sundry income | 62,896 | 37,165
|  | 62,896 | 37,165
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on sale of tangible fixed assets | (21,048) | (5,750)
| Exchange differences | 45,769 | 28,204
| Other operating lease rentals | 1,039,346 | 961,817
| Depreciation | 306,652 | 284,330
| Amortisation | 3,765 | 3,765
7. | Auditor's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the parent company's auditor for the audit of the consolidated and parent company's financial statements | 65,500 | 58,000
Page 28
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 11,491,664 | 9,747,747
| Social security costs | 1,219,060 | 999,143
| Cost of defined contribution scheme | 809,148 | 656,108
|  | 13,519,872 | 11,402,998
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Operational | 165 | 155 | 118 | 106
|  | Management & administrative | 89 | 73 | 56 | 51
|  |  | 254 | 228 | 174 | 157
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 557,501 | 395,200
| Group contributions to defined contribution pension schemes | - | 18,962
|  | 557,501 | 414,162
| During the year retirement benefits were accruing to no directors (2023 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £136,130 (2023 - £108,263).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £8,962).
Page 29
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
10. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 1,768 | 1,250
| Other interest receivable | 113 | -
|  | 1,881 | 1,250
11. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 115,468 | 104,351
| Other interest payable | 9,426 | -
|  | 124,894 | 104,351
12. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 697,676 | 464,978
| Adjustments in respect of previous periods | (17,660) | (46)
| Foreign tax |  |
| Foreign tax in respect of prior periods | 1,328 | 28,986
| Total current tax | 681,344 | 493,918
| Deferred tax |  |
| Origination and reversal of timing differences | (4,893) | 71,330
| Changes to tax rates | (6,621) | (161)
| Effect of tax rate change on opening balance | (1,376) | 1,314
| Total deferred tax | (12,890) | 72,483
| Tax on profit | 668,454 | 566,401
Page 30
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,708,318 | 2,283,211
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%) | 677,080 | 502,494
| Effects of: |  |
| Expenses not deductible for tax purposes | 7,881 | 13,499
| Capital allowances for year in excess of depreciation | 5,620 | (1,749)
| Adjustments to tax charge in respect of prior periods | (16,332) | 28,940
| Deferred tax adjustment in respect of prior years | (7,871) | (161)
| Remeasurement of deferred tax rate | (1,375) | 10,025
| Other tax adjustments, relief's and transfers | 14 | 14,616
| Movement in deferred tax not recognised | 3,437 | (1,263)
| Total tax charge for the year | 668,454 | 566,401
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 31
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
13. | Intangible assets
| Group and Company
|  | Goodwill | Negative goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 October 2023 | 58,278 | (114,011) | (55,733)
| At 30 September 2024 | 58,278 | (114,011) | (55,733)
| Amortisation |  |  |
| At 1 October 2023 | 48,860 | (25,179) | 23,681
| Charge for the year on owned assets | 3,765 | (4,363) | (598)
| At 30 September 2024 | 52,625 | (29,542) | 23,083
| Net book value |  |  |
| At 30 September 2024 | 5,653 | (84,469) | (78,816)
| At 30 September 2023 | 9,418 | (88,832) | (79,414)
Page 32
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
14. | Tangible fixed assets
| Group
|  | Freehold property | Leasehold buildings | Plant & machinery | Motor vehicles | Fixtures, fittings & equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 October 2023 | 215,000 | 1,943,696 | 3,289,814 | 152,561 | 437,620 | 6,038,691
| Additions | - | 176,977 | 227,043 | 1,468 | 26,500 | 431,988
| Disposals | - | - | - | (50,360) | - | (50,360)
| At 30 September 2024 | 215,000 | 2,120,673 | 3,516,857 | 103,669 | 464,120 | 6,420,319
| Depreciation |  |  |  |  |  |
| At 1 October 2023 | 124,700 | 605,429 | 2,609,581 | 150,394 | 248,554 | 3,738,658
| Charge for the year on owned assets | 8,600 | 54,661 | 158,360 | 1,500 | 83,531 | 306,652
| Disposals | - | - | - | (50,360) | - | (50,360)
| At 30 September 2024 | 133,300 | 660,090 | 2,767,941 | 101,534 | 332,085 | 3,994,950
| Net book value |  |  |  |  |  |
| At 30 September 2024 | 81,700 | 1,460,583 | 748,916 | 2,135 | 132,035 | 2,425,369
| At 30 September 2023 | 90,300 | 1,338,267 | 680,233 | 2,167 | 189,066 | 2,300,033
| Included within leasehold buildings are assets under construction of £1,154,118 (2023 - £1,154,118). The assets were brought into operational use subsequent to the balance sheet date.
Page 33
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14.Tangible fixed assets (continued)
| Company
|  | Freehold property | Leasehold buildings | Plant & machinery | Motor vehicles | Fixtures, fittings & equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 October 2023 | 215,000 | 1,822,472 | 2,363,908 | 120,761 | 183,609 | 4,705,750
| Additions | - | 171,999 | 97,282 | 1,468 | 13,118 | 283,867
| Disposals | - | - | - | (18,560) | - | (18,560)
| At 30 September 2024 | 215,000 | 1,994,471 | 2,461,190 | 103,669 | 196,727 | 4,971,057
| Depreciation |  |  |  |  |  |
| At 1 October 2023 | 124,700 | 591,692 | 2,077,717 | 118,594 | 140,186 | 3,052,889
| Charge for the year on owned assets | 8,600 | 29,835 | 56,486 | 1,500 | 27,309 | 123,730
| Disposals | - | - | - | (18,560) | - | (18,560)
| At 30 September 2024 | 133,300 | 621,527 | 2,134,203 | 101,534 | 167,495 | 3,158,059
| Net book value |  |  |  |  |  |
| At 30 September 2024 | 81,700 | 1,372,944 | 326,987 | 2,135 | 29,232 | 1,812,998
| At 30 September 2023 | 90,300 | 1,230,780 | 286,191 | 2,167 | 43,423 | 1,652,861
| Included within leasehold buildings are assets under construction of £1,154,118 (2023 - £1,154,118). The assets were brought into operational use subsequent to the balance sheet date.
Page 34
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 October 2023 | 2,097,163
| At 30 September 2024 | 2,097,163
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Deebridge Electrical Engineers Limited | 37 Albyn Place, Aberdeen, AB10 1YN | Electrical engineering | Ordinary | 100%
| MCI Electrotechnics Limited | 37 Albyn Place, Aberdeen, AB10 1YN | Manufacture, installation & maintenance of low voltage electrical switchgear | Ordinary | 100%
| T D C Parson Peebles Limited | Bankhead Industrial Estate, Bankhead Avenue, Bucksburn, Aberdeen AB21 9ET | Engineering activities | Ordinary | 100%
16. | Stocks
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Raw materials and consumables | 164,972 | - | - | -
| Work in progress | 274,165 | 411,116 | - | -
| Finished goods and goods for resale | 1,229,686 | 1,266,642 | 1,062,846 | 1,008,039
|  | 1,668,823 | 1,677,758 | 1,062,846 | 1,008,039
Page 35
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
17. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 8,415,803 | 7,611,641 | 5,784,843 | 4,700,335
| Amounts owed by group undertakings | - | - | 626,479 | 110,924
| Other debtors | 5,576 | 53,766 | 965 | 1,090
| Prepayments and accrued income | 125,074 | 132,119 | 16,661 | 16,668
| Amounts recoverable on long-term contracts | 4,059,838 | 4,261,145 | 2,476,986 | 2,844,689
|  | 12,606,291 | 12,058,671 | 8,905,934 | 7,673,706
| Amounts owed by group undertakings are repayable on demand and interest free.
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,116,161 | 2,543,916 | 1,448,096 | 1,086,798
|  | 3,116,161 | 2,543,916 | 1,448,096 | 1,086,798
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank loans (note 21) | 320,714 | 320,714 | 260,714 | 260,714
| Trade creditors | 2,363,576 | 2,294,451 | 1,312,811 | 981,354
| Amounts owed to group undertakings | - | - | 730,354 | 1,164,388
| Corporation tax | 441,330 | 399,504 | 346,874 | 166,040
| Other taxation and social security | 970,092 | 907,482 | 700,112 | 653,549
| Other creditors | 352,297 | 51,302 | - | 8,611
| Accruals and deferred income | 2,862,592 | 3,851,418 | 469,387 | 775,343
|  | 7,310,601 | 7,824,871 | 3,820,252 | 4,009,999
| Amounts owed to group undertakings are repayable on demand and interest free.
Page 36
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank loans (note 21) | 848,845 | 1,129,048 | 803,845 | 1,024,048
|  | 848,845 | 1,129,048 | 803,845 | 1,024,048
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 320,714 | 320,714 | 260,714 | 260,714
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 272,381 | 320,714 | 227,381 | 260,714
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 182,143 | 377,143 | 182,143 | 332,143
| Amounts falling due after more than 5 years |  |  |  |
| Bank loans | 394,321 | 431,191 | 394,321 | 431,191
|  | 1,169,559 | 1,449,762 | 1,064,559 | 1,284,762
| The group has various bank term loans repayable by equal monthly installments over a period between 5 and 15 years. The interest rates on these loans are a percentage between 1.7% and 3.3% over Bank of England base rate. The bank loans are secured by a bond and floating charge over the assets of the company to which they relate. The group also has a Cross Corporation Guarantee between the parent company and other group entites in place covering the bank borrowings of group companies.
Page 37
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
22. | Financial instruments
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,116,161 | 2,543,916
| Financial assets that are debt instruments measured at amortised cost | 12,481,217 | 11,812,829
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (6,748,024) | (7,646,933)
| Financial assets measured at fair value through profit or loss comprise of cash at bank. Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, amounts due from group undertakings, other debtors and amounts recoverable on long term contracts. Financial liabilities measured at amortised cost comprise of trade creditors, amounts due to group undertakings, other creditors, bank loans and accruals.
23. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | (183,994)
| Charged to profit or loss | 12,890
| At end of year | (171,104)
Page 38
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 23.Deferred taxation (continued)
| Company
|  | 2024
|  | £
| At beginning of year | (81,584)
| Charged to profit or loss | 9,404
| At end of year | (72,180)
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Accelerated capital allowances | (189,058) | (194,649) | (81,648) | (89,856)
| Short term timing differences | 17,954 | 10,655 | 9,468 | 8,272
|  | (171,104) | (183,994) | (72,180) | (81,584)
24. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 83,380 (2023 - 83,380) Ordinary shares of £1 each | 83,380 | 83,380
|  | 700,000 (2023 - 700,000) Preference shares of £1 each | 700,000 | 700,000
|  |  | 783,380 | 783,380
| The parent company have one class of ordinary shares which carry full voting, dividend and capital distribution rights. The redeemable preference shares carry no voting and dividend rights but do confer rights to capital distribution and rights of redemption at the option of the company. The Group has granted share options to certain members of the management team. The options were granted for 4,388 shares, carrying an exercise profit of £32.81. As at 30 September 2024, all 4,388 options remain outstanding. Certain options carry performance related conditions which require to be met prior to exercise.
Page 39
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
25. | Reserves
Share premium account The share premium account represents the excess of par value received for the ordinary share capital on initial issue of shares. This reserve is non-distributable. Capital redemption reserve The capital redemption reserve represents amounts capitalised to maintain fixed capital following the purchase or redemption of shares. Other reserves This reserve represents shares for options exercisable in the future. This reserve is non-distributable. Profit and loss account Profit and loss reserves represent cumulative distributable reserves.
26. | Pension commitments
The group's contributions to defined contribution pension schemes in the year were £809,148 (2023 - £656,108). Outstanding contributions accrued at the year end amounted to £90,991 (2023 - £70,797).
27. | Commitments under operating leases
| At 30 September 2024, the group and the parent company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Not later than 1 year | 1,046,412 | 907,246 | 843,912 | 704,746
| Later than 1 year and not later than 5 years | 3,447,422 | 3,187,812 | 2,637,422 | 2,377,812
| Later than 5 years | 10,142,250 | 10,420,000 | 8,927,250 | 9,002,500
|  | 14,636,084 | 14,515,058 | 12,408,584 | 12,085,058
| Total lease commitments include lease agreements in relation to the operating premises of the group and parent company. Included with the analysis above are leases which have annual payments of £472,500 (parent company - £270,000) and are due to expire in September & October 2035. There are further leases which have annual payments of £200,000 and £60,000 (parent company - £200,000 and £60,000) and are due to expire in September 2037 and June 2120 respectively.
Page 40
T D C (ABERDEEN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
28. | Related party transactions
| During the year, the group paid rent of £699,250 (2023 - £472,500) to a pension fund which a director is a member of. As at the year end £8,500 (2023 - £84.000) was outstanding. During the year, the parent company paid rent of £496,750 (2023 - £270,000) to a pension fund which a director is a member of. As at the year end £nil (2023 - £nil) was outstanding. The company has taken advantage of exemptions under Financial Reporting Standard 102 s.33.1A not to disclose transactions with group undertakings within T D C (Aberdeen) Limited as it is a subsidiary whose results are included in publicly available consolidated accounts.
29. | Controlling party
The group was under the control of director Neil Milne throughout the current and previous year.
Page 41