Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-30 2024-09-30 false true false false 2023-10-01 true jjj 51 41 true SC663297 2023-10-01 2024-09-30 SC663297 2022-10-01 2023-09-30 SC663297 2024-09-30 SC663297 2023-09-30 SC663297 2022-10-01 SC663297 c:CompanySecretary1 2023-10-01 2024-09-30 SC663297 c:Director1 2023-10-01 2024-09-30 SC663297 c:Director2 2023-10-01 2024-09-30 SC663297 c:Director3 2023-10-01 2024-09-30 SC663297 c:Director4 2023-10-01 2024-09-30 SC663297 c:Director5 2023-10-01 2024-09-30 SC663297 c:Director5 2024-09-30 SC663297 c:RegisteredOffice 2023-10-01 2024-09-30 SC663297 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 SC663297 d:Buildings d:LongLeaseholdAssets 2024-09-30 SC663297 d:Buildings d:LongLeaseholdAssets 2023-09-30 SC663297 d:PlantMachinery 2023-10-01 2024-09-30 SC663297 d:PlantMachinery 2024-09-30 SC663297 d:PlantMachinery 2023-09-30 SC663297 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 SC663297 d:FurnitureFittings 2023-10-01 2024-09-30 SC663297 d:FurnitureFittings 2024-09-30 SC663297 d:FurnitureFittings 2023-09-30 SC663297 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 SC663297 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 SC663297 d:Goodwill 2023-10-01 2024-09-30 SC663297 d:Goodwill 2024-09-30 SC663297 d:Goodwill 2023-09-30 SC663297 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-09-30 SC663297 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-09-30 SC663297 d:CurrentFinancialInstruments 2024-09-30 SC663297 d:CurrentFinancialInstruments 2023-09-30 SC663297 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 SC663297 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 SC663297 d:ShareCapital 2024-09-30 SC663297 d:ShareCapital 2023-09-30 SC663297 d:ShareCapital 2022-10-01 SC663297 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 SC663297 d:RetainedEarningsAccumulatedLosses 2024-09-30 SC663297 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 SC663297 d:RetainedEarningsAccumulatedLosses 2023-09-30 SC663297 d:RetainedEarningsAccumulatedLosses 2022-10-01 SC663297 c:OrdinaryShareClass1 2023-10-01 2024-09-30 SC663297 c:OrdinaryShareClass1 2022-10-01 2023-09-30 SC663297 c:OrdinaryShareClass1 2024-09-30 SC663297 c:OrdinaryShareClass1 2023-09-30 SC663297 c:FRS102 2023-10-01 2024-09-30 SC663297 c:Audited 2023-10-01 2024-09-30 SC663297 c:FullAccounts 2023-10-01 2024-09-30 SC663297 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC663297 d:WithinOneYear 2024-09-30 SC663297 d:WithinOneYear 2023-09-30 SC663297 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC663297 T D C PARSONS PEEBLES LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
T D C PARSONS PEEBLES 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 | SC663297
Registered office | Bankhead Industrial Estate
| Bankhead Avenue
| Bucksburn
| Aberdeen
| AB21 9ET
Independent auditor | Anderson Anderson & Brown Audit LLP
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
T D C PARSONS PEEBLES LIMITED
CONTENTS
| Page
Directors' report | 1 - 2
Directors' responsibilities statement | 3
Independent auditor's report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 19
T D C PARSONS PEEBLES 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.
Business review
The company has sustained its positive growth trajectory, continuing the momentum established in the financial years ending 2022 and 2023. In financial year ending 2024, sales turnover increased by 19% to £11,516,752 reflecting an effective commercial strategy and the company’s commitment to consistently exceeding customer expectations. This growth translated into a profit before tax of £580,057, during a period in which the company made significant investments in strategic recruitment and staff development to support future expansion. A gross margin of 25% was achieved through strong cost control and improved project execution efficiency. This continued upward trend in turnover has been driven by the company’s strategic focus on reinforcing the globally recognised Parsons Peebles brand. Growth has been generated through the successful delivery of contracts for the manufacture of high-quality drop-in replacement high voltage (HV) motors and generators, as well as innovative custom-built machines, serving clients across a wide range of industry sectors worldwide. Additionally, the company recorded increased revenues from its workshop services and site services business streams. The company provides products and services to a range of key industries including power generation, renewables, nuclear, petrochemicals, utilities, manufacturing, defence and oil and gas, operating in geographically diverse locations across the UK and internationally. This broad market reach reduces reliance on any single sector and enhances business resilience. Several other factors contribute to the company’s operational strength. These include a high skilled and adaptable workforce, and the ability to draw on specialist engineering expertise and resources from within the wider TDC Group, enabling flexible resource allocation across projects. In addition, the company has broadened its global supply chain to mitigate reliance on individual vendors, further enhancing its agility and responsiveness in a dynamic market environment. The directors’ primary concern continues to be prioritising the safety and well-being of all employees, as well as those who may be affected by the company’s operations. To underpin this commitment, the company achieved ISO 45001:2018 accreditation in early 2024, reinforcing its focus on maintaining the highest standards in occupational health and safety.
Directors
The directors who served during the year were:
Neil Milne
Helen Milne
Karen McNeil
John Douglas
Graeme Robertson (appointed 19 June 2024)
Future developments
Moving into financial year ending 2025, the company carried forward a strong order book for the manufacture and overhaul of HV equipment. Several additional high value contracts have subsequently been secured, both domestically and internationally, supporting a positive outlook with increased profitability forecasted for the financial year. The company remains focused on delivering industry leading standards in environmental sustainability. This commitment was demonstrated by the successful attainment of ISO 14001:2015 certification in August 2025. Page 1
T D C PARSONS PEEBLES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 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'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's auditor is aware of that information.
Auditor
A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Neil Milne Director
Date: 10 October 2025
Page 2
T D C PARSONS PEEBLES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The directors are responsible for preparing 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; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
T D C PARSONS PEEBLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C PARSONS PEEBLES LIMITED
Opinion
We have audited the financial statements of T D C Parsons Peebles Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the 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 company's affairs as at 30 September 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. Page 4
T D C PARSONS PEEBLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C PARSONS PEEBLES LIMITED (CONTINUED)
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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 5
T D C PARSONS PEEBLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C PARSONS PEEBLES 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 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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Employment, Health & Saftey and Taxation legislation. 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 company'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 compy 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, including estimates 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 6
T D C PARSONS PEEBLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T D C PARSONS PEEBLES 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 7
T D C PARSONS PEEBLES LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 2024 | 2023
| £ | £
Turnover |  | 11,516,752 | 9,667,089
Cost of sales |  | (8,600,368) | (6,781,071)
Gross profit |  | 2,916,384 | 2,886,018
Administrative expenses |  | (2,336,327) | (1,950,908)
Operating profit |  | 580,057 | 935,110
Tax on profit |  | (142,487) | (238,886)
Profit for the financial year |  | 437,570 | 696,224
There was no other comprehensive income for 2024 (2023 - £nil).
The notes on pages 11 to 19 form part of these financial statements.
Page 8
T D C PARSONS PEEBLES LIMITED REGISTERED NUMBER:SC663297
BALANCE SHEET AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 5 |  | 5
Tangible assets | 6 |  | 580,685 |  | 608,183
|  |  | 580,690 |  | 608,188
Current assets |  |  |  |  |
Stocks | 7 | 437,328 |  | 494,067 |
Debtors: amounts falling due within one year | 8 | 3,659,880 |  | 2,968,081 |
Cash at bank and in hand |  | 652,130 |  | 859,523 |
|  | 4,749,338 |  | 4,321,671 |
Creditors: amounts falling due within one year | 9 | (4,589,297) |  | (4,381,271) |
Net current assets/(liabilities) |  |  | 160,041 |  | (59,600)
Total assets less current liabilities |  |  | 740,731 |  | 548,588
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (102,606) |  | (108,033) |
|  |  | (102,606) |  | (108,033)
Net assets |  |  | 638,125 |  | 440,555
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 250,001 |  | 250,001
Profit and loss account |  |  | 388,124 |  | 190,554
|  |  | 638,125 |  | 440,555
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 11 to 19 form part of these financial statements. Page 9
T D C PARSONS PEEBLES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2022 | 250,001 | (505,670) | (255,669)
Profit for the year | - | 696,224 | 696,224
At 1 October 2023 | 250,001 | 190,554 | 440,555
Profit for the year | - | 437,570 | 437,570
Dividends | - | (240,000) | (240,000)
At 30 September 2024 | 250,001 | 388,124 | 638,125
| The notes on pages 11 to 19 form part of these financial statements.
Page 10
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | General information
T D C Parsons Peebles Limited (the 'company') is a private company limited by shares incorporated in Scotland. The registered office is Bankhead Industrial Estate, Bankhead Avenue, Bucksburn, Aberdeen, United Kingdom, AB21 9ET. The principal activity of the company is that of electrical and mechanical engineering services. The company supplies a comprehensive range of services and products to the international energy, marine, utilities and manufacturing markets. These include high voltage electric motor and generator manufacture, maintenance and repairs. 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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
| 2.2 | Going concern
In making their going concern assessment the directors have considered cashflow forecasts to September 2026. Taking into account current order levels and business activity, the company is forecasting a healthy profit for the financial year ending September 2025. Based on the operating forecasts prepared, the directors are satisfied that the company has 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. The company is also part of the TDC Group and has access to funding support if required. At the year end the company has net current assets of £160,041 (2023 net current liabilities - £59,600), and net assets of £638,125 (2023 - £440,555) of which £909,629 (2023 - £123,945) relate to amounts owed to group undertakings. The group companies have indicated that a repayment of the amounts due to group undertakings will not be called for settlement to the detriment of the company's liabilities. The directors have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. Thus, given the current circumstances and forecast projections, the directors have prepared the accounts on a going concern basis. Page 11
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.3 | 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.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer; ∙the company 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 company 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 company 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. The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty, Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for losses as soon as they are foreseen. Amounts recoverable on long-term contracts are included in debtors and represent turnover recognised in excess of payments on account. Page 12
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.5 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.7 | Pensions
Defined contribution pension plan The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 13
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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 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 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.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 20% straight line
|  |  |  | Plant & machinery | - | 10 - 20% straight line
|  |  |  | Fixtures, fittings & equipment | - | 20% - 33.3% 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.
| 2.11 | 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. Page 14
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 15
T D C PARSONS PEEBLES 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 company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Depreciation Depreciation is provided based on the estimated useful economic life of each class of asset, which is an estimate made by management. Depreciation is taken to the profit and loss in order to write off the asset over its useful economic life. The rates used for depreciation are disclosed within note 2.10. Work in Progess The percentage complete of work in progress at the year end is a judgement exercised by the directors. They have reviewed actual costs both pre and post year end to ensure that the stage of completion is accurately identified and the corresponding costs and revenue recorded correctly.
4. | Employees
| The average monthly number of employees, including directors, during the year was 51 (2023 - 41).
5. | Intangible assets
|  | Trademarks | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 October 2023 | 4 | 1 | 5
| At 30 September 2024 | 4 | 1 | 5
| Net book value |  |  |
| At 30 September 2024 | 4 | 1 | 5
| At 30 September 2023 | 4 | 1 | 5
Page 16
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
6. | Tangible fixed assets
|  | Long-term leasehold property | Plant & machinery | Fixtures, fittings & equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2023 | 121,224 | 461,983 | 174,142 | 757,349
| Additions | 4,978 | 119,900 | 11,423 | 136,301
| At 30 September 2024 | 126,202 | 581,883 | 185,565 | 893,650
| Depreciation |  |  |  |
| At 1 October 2023 | 13,737 | 91,745 | 43,684 | 149,166
| Charge for the year on owned assets | 24,826 | 85,515 | 53,458 | 163,799
| At 30 September 2024 | 38,563 | 177,260 | 97,142 | 312,965
| Net book value |  |  |  |
| At 30 September 2024 | 87,639 | 404,623 | 88,423 | 580,685
| At 30 September 2023 | 107,487 | 370,238 | 130,458 | 608,183
7. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 164,972 | 87,337
| Work in progress | 272,356 | 406,730
|  | 437,328 | 494,067
Page 17
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,990,920 | 1,790,459
| Amounts owed by group undertakings | 282,834 | -
| Other debtors | 4,611 | 52,676
| Prepayments | 104,493 | 106,104
| Amounts recoverable on long-term contracts | 1,277,022 | 1,018,842
|  | 3,659,880 | 2,968,081
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 858,674 | 1,011,180
| Amounts owed to group undertakings | 909,629 | 123,945
| Corporation tax | 57,914 | 150,391
| Other taxation and social security | 136,976 | 84,207
| Other creditors | 344,585 | 29,412
| Accruals and deferred income | 2,281,519 | 2,982,136
|  | 4,589,297 | 4,381,271
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 250,001 (2023 - 250,001) Ordinary shares of £1.00 each | 250,001 | 250,001
11. | Pension commitments
The company's contributions to defined contribution pension schemes in the year were £93,941 (2023 - £63,897). Outstanding contributions accrued at the year end amounted to £21,812 (2023 - £15,230). Page 18
T D C PARSONS PEEBLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
12. | Commitments under operating leases
| At 30 September 2024, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total | 1,320,000 | 1,440,000
| Total lease commitments include a lease agreement in relation to it's operating premises. The lease, which has annual payments of £120,000, is due to expire on 30 September 2035.
13.Other financial commitments The company has a Cross Corporation Guarantee in place covering the bank borrowings of other group companies. At the year end the value of group borrowings was £1,169,559 (2023 - £1,449,762).
14. | Related party transactions
| During the year, the company paid rent of £120,000 (2023 - £120,000) to a pension fund which a director is a member of. As at the year end £84,000 (2023 - £84,000) was outstanding. During the year the company entered into transactions, in the normal course of business, with related parties. The company has taken advantage of the exemption available in FRS 102 Section 1AC.35 to not disclose transactions with 100% owned group companies.
15. | Controlling party
The company is a wholly owned subsidiary of T D C (Aberdeen) Limited and its registered office is 37 Albyn Place, Aberdeen, AB10 1YN. T D C (Aberdeen) Limited represents the largest and smallest group which prepares consolidated financial statements. A copy of the T D C (Aberdeen) Limited consolidated financial statements are available from the company's registered office, 37 Albyn Place, Aberdeen, AB10 1YN.
Page 19