T Vaughan Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—6
Income Statement	7
Statement of Financial Position	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—19

The directors present their strategic report for the year ended 31 January 2025.

Principal Activity

The company's principal activity continues to be that of a contractor specialising in groundworks, reinforced concrete construction substructures and all associated works.

Review of the Business

Our key performance indicators below show that although the company turnover has reduced from £21.78 million to £14,85 million, the directors are please to report profit before tax of £626,617.

The directors are projecting that the revenues for 2026 and profitablity will improve from the 2025 levels. The net assets of the company remains strong at £4.2 million.

We continued our investment in Health and Safety and Training and the Directors remain committed to delivering excellent service and to managing the company’s strategic direction to match that of the market it operates in and believe that future opportunities in the UK market remain strong.

Key Performance Indicators

Our priority is the successful delivery of our projects in a quality and timely manner while protecting health and safety of our workers.

Our key financial targets remain profitability and balance street strength.

The key financial highlights of the company for the last two years are as below

	2025	2024
	£	£
Turnover	14,850,312	21,788,069
Profit after Tax	508,093	1,896,486
Gross Profit Margin	16.51%	19.17%
Balance Sheet Strength	4,234,639	4,279,046

Principal Risks and Uncertainties

Management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually. The principal risks and uncertainties affecting the company are those impacting on the operations and are detailed below.

Economic downturn

The company acknowledges the importance of maintaining close relationships with its's key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining.

Competitor pressure

The market in which the company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The company manages this risk by having a stable team of skilled and experience directors, managers and operational staff, providing quality services and maintaining strong relationships with its key customers.

Our management team

The success of the company is dependent on recruiting and retaining skilled management and operational staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.

Credit risk

The company credit risks are mainly attributable to trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long standing customers and we operate a mondern and efficient financial management reporting system that monitors our customers and our debt book on a day to day basis. The company does not have a concentration of credit risk with the exposure spread over a number of customers.

Liquidity risk

...CONTINUED

Page 1

Page 2

T Vaughan Limited

Strategic Report (continued)

For The Year Ended 31 January 2025

Principal Risks and Uncertainties - continued

The company maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products. All sales are to UK customers and all suppliers are UK based.

Health and safety risk

Construction can be a higher risk activity. Health and safety remains at the forefront of our management principles. We work hard to eliminate and prevent the recurrence of even the most minor accidents and non injury events. We prioritise investment in health and safety training to maintain, monitor and enhance our health and safety performance.

Future Developments

Our current contracts are progressing satisfactorily, we have a steady order book from well established customers and a encouraging pipeline in future opportunities.

The fundamentals of our business are strong and focussed and our financial strength continues to enable us to invest in our people, resources and the health and safety of our workforce.

However, as we enter another year of successful trading we are confident that the strength of the company with its strong and liquid balance sheet, our dedicated and experience team, our reputation in our sector to continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cash flow going forward.

On behalf of the board

Thomas Vaughan

Director

29/10/2025

Page 2

Page 3

T Vaughan Limited

Company No. 07120692

Directors' Report For The Year Ended 31 January 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors

The directors who held office during the year were as follows:

Thomas Vaughan

Eoin Whelan

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Affinia Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Thomas Vaughan

Director

29/10/2025

Page 3

Page 4

Independent Auditor's Report

to the Members of

T Vaughan Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of T Vaughan Limited for the year ended 31 January 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit/(loss) 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 UK, including the FRC'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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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 or 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.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

T Vaughan Limited

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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;

Tested journal entries to identify unusual transactions;

Reviewed the internal controls in place, specifically around payroll and bank transactions; and

Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that 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.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

T Vaughan Limited

Oliver James White ACA (Senior Statutory Auditor)

for and on behalf of Affinia Chartered Accountants , Statutory Auditor

29/10/2025

Affinia Chartered Accountants

The Octagon, Suite E2, 2nd Floor

Middleborough

Colchester

Essex

CO1 1TG

Page 6

Page 7

T Vaughan Limited

Income Statement

For The Year Ended 31 January 2025

Income Statement

		2025	2024
	Notes	£	£
TURNOVER	3	14,850,312	21,788,069
Cost of sales		(12,398,899 )	(17,611,408 )

GROSS PROFIT		2,451,413	4,176,661

Administrative expenses		(1,820,956 )	(1,676,723 )
Other operating income		-	47,152

OPERATING PROFIT	5	630,457	2,547,090
Other interest receivable and similar income	10	41,660	8,259
Interest payable and similar charges	11	(45,500 )	(41,283 )

PROFIT BEFORE TAXATION		626,617	2,514,066
Tax on Profit	12	(118,524 )	(617,580 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		508,093	1,896,486

The notes on pages 11 to 19 form part of these financial statements.

Page 7

Page 8

T Vaughan Limited

Statement of Financial Position

As At 31 January 2025

Statement of Financial Position

Registered number: 07120692

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		695,306		255,166

			695,306		255,166
CURRENT ASSETS
Stocks	14	934,477		517,190
Debtors	15	3,761,013		2,950,161
Cash at bank and in hand		1,745,962		3,299,331

		6,441,452		6,766,682
Creditors: Amounts Falling Due Within One Year	16	(2,326,849 )		(2,254,967 )

NET CURRENT ASSETS (LIABILITIES)			4,114,603		4,511,715

TOTAL ASSETS LESS CURRENT LIABILITIES			4,809,909		4,766,881

Creditors: Amounts Falling Due After More Than One Year	17		(402,228 )		(425,000 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(173,042 )		(62,835 )

NET ASSETS			4,234,639		4,279,046

CAPITAL AND RESERVES
Called up share capital	22		1		1
Income Statement			4,234,638		4,279,045

SHAREHOLDERS' FUNDS			4,234,639		4,279,046

On behalf of the board

Thomas Vaughan

Director

29/10/2025

The notes on pages 11 to 19 form part of these financial statements.

Page 8

Page 9

T Vaughan Limited

Statement of Changes in Equity

For The Year Ended 31 January 2025

Statement of Changes in Equity

	Share Capital	Income Statement	Total
	£	£	£
As at 1 February 2023	1	2,517,059	2,517,060
Profit for the year and total comprehensive income	-	1,896,486	1,896,486

Dividends paid	-	(134,500)	(134,500)

As at 31 January 2024 and 1 February 2024	1	4,279,045	4,279,046


Profit for the year and total comprehensive income	-	508,093	508,093

Dividends paid	-	(552,500)	(552,500)

As at 31 January 2025	1	4,234,638	4,234,639

Page 9

Page 10

T Vaughan Limited

Statement of Cash Flows

For The Year Ended 31 January 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(336,123 )	3,427,320
Interest paid		(45,500 )	(41,283 )
Tax (paid)/refunded		(494,133 )	30,616

Net cash (used in)/generated from operating activities		(875,756 )	3,416,653

Cash flows from investing activities
Purchase of tangible assets		(55,063 )	(263,389 )
Interest received		41,660	8,259

Net cash used in investing activities		(13,403 )	(255,130 )

Cash flows from financing activities
Equity dividends paid		(552,500 )	(134,500 )
Repayment of bank borrowings		(300,000 )	(300,000 )
Proceeds from new other loans		220,023	-
Repayment of finance leases		(31,733 )	-

Net cash used in financing activities		(664,210 )	(434,500 )



(Decrease)/increase in cash and cash equivalents		(1,553,369 )	2,727,023
Cash and cash equivalents at beginning of year	2	3,299,331	572,308

Cash and cash equivalents at end of year	2	1,745,962	3,299,331

Page 10

Page 11

T Vaughan Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 January 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Profit for the financial year	508,093	1,896,486
Adjustments for:
Tax on profit	118,524	617,580
Interest expense	45,500	41,283
Interest income	(41,660 )	(8,259 )
Depreciation of tangible assets	65,840	19,967
Movements in working capital:
(Increase)/decrease in stocks	(417,287 )	1,381,534
Increase in trade and other debtors	(1,030,875 )	(649,219 )
Increase in trade and other creditors	415,742	127,948

Net cash (used in)/generated from operations	(336,123 )	3,427,320

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,745,962	3,299,331

3. Analysis of changes in net funds

	As at 1 February 2024	Cash flows	As at 31 January 2025
	£	£	£
Cash at bank and in hand	3,299,331	(1,553,369)	1,745,962
Finance leases	-	(419,184)	(419,184)
Debts falling due within one year	(300,000 )	-	(300,000 )
Debts falling due after more than one year	(425,000)	300,000	(125,000)

	2,574,331	(1,672,553)	901,778

Page 11

Page 12

T Vaughan Limited

Notes to the Financial Statements

For The Year Ended 31 January 2025

Notes to the Financial Statements

1. General Information

T Vaughan Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07120692 . The registered office is Thomand House, Beacon Hill Industrial Estate, Botany Way, Purfleet, RM19 1SR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% straight line and 10% reducing balance
Motor Vehicles	25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

Page 12

Page 13

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.7. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Page 13

Page 14

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.10. Government Grant

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.

All grants in the income statement are recognised when all conditions for receipt have been complied with.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Construction contracts	14,846,336	21,754,950
Sale of scrap metal	3,976	33,119

	14,850,312	21,788,069

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	14,850,312	21,788,069

	14,850,312	21,788,069

4. Other Operating Income

	2025	2024
	£	£
Other operating income	-	47,152

	-	47,152

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	65,840	19,967

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	14,250	14,000

Page 14

Page 15

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	868,255	769,217
Social security costs	109,462	81,813
Other pension costs	24,668	11,541

	1,002,385	862,571

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	13	10
Operational	4	4

	17	14

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	248,663	260,700

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	1		1

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	235,463	248,000
Company contributions to money purchase pension schemes	1,323	1,320

	236,786	249,320

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Other interest receivable	41,660	8,259

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	17,480	25,751
Finance charges payable under finance leases and hire purchase contracts	7,877	-
Other finance charges	20,143	15,532

	45,500	41,283

Page 15

Page 16

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

12. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	24.0%	8,317	534,376
Deferred Tax
Deferred taxation			110,207	83,204


Total tax charge for the period			118,524	617,580


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			626,617	2,514,066

Tax on profit at 25% (UK standard rate)			156,655	604,130
Goodwill/depreciation not allowed for tax			16,460	4,798
Expenses not deductible for tax purposes			1,665	213
Capital allowances			(126,667 )	(63,434 )
Research and Development tax credit			(39,796 )	(11,331 )
Deferred tax relating to changes in tax rates or laws			110,207	83,204

Total tax charge for the period			118,524	617,580

13. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 February 2024	788,179	6,650	794,829
Additions	505,980	-	505,980

As at 31 January 2025	1,294,159	6,650	1,300,809

Depreciation
As at 1 February 2024	533,013	6,650	539,663
Provided during the period	65,840	-	65,840

As at 31 January 2025	598,853	6,650	605,503

Net Book Value
As at 31 January 2025	695,306	-	695,306

As at 1 February 2024	255,166	-	255,166

14. Stocks

	2025	2024
	£	£
Work in progress	934,477	517,190

Page 16

Page 17

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

15. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	3,122,402	1,965,617
Other debtors	638,611	984,544

	3,761,013	2,950,161

16. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	141,956	-
Trade creditors	1,499,091	1,337,235
Bank loans and overdrafts	300,000	300,000
Other creditors	289,480	56,118
Corporation tax	48,560	534,376
Taxation and social security	47,762	27,238

	2,326,849	2,254,967

17. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	277,228	-
Bank loans	125,000	425,000

	402,228	425,000

Of the creditors the following amounts are secured.

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	419,184	-
Bank loans and overdrafts	425,000	725,000

The net obligations under finance lease and hire purchase contracts is secured on the assets concerned. The bank loan falling due within and after more than one year is secured by a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures, plant and machinery.

18. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	300,000	300,000

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	125,000	425,000

Page 17

Page 18

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

19. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	141,956	-
Later than one year and not later than five years	277,228	-

	419,184	-

	419,184	-

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	173,042	62,835

21. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 February 2024	62,835	62,835
Deferred taxation	110,207	110,207

Balance at 31 January 2025	173,042	173,042

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1 each	1	1

23. Contingent Liabilities

The Company is currently involved in ongoing legal proceedings, with a court hearing scheduled for January 2026. At this stage, the outcome of the case cannot be determined, and no reasonable estimate of any potential financial effect can be made. Accordingly, no provision has been recognised in the financial statements. The Company will continue to monitor the matter and will update its assessment as further information becomes available.

24. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	84,000	-
Later than one year and not later than five years	98,000	-

	182,000	-

Page 18

Page 19

T Vaughan Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

25. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the income statement in respect of defined contribution schemes was £24,668 (2024: £11,541).

At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.

26. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 February 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 January 2025
	£	£	£	£	£
Mr Thomas Vaughan	552,474	332,451	552,474	-	332,451

The above loan is unsecured and repayable on demand. A commercial rate of interest at 2.25% of the average outstanding balance has been charged to the director. This outstanding balance will be repaid by way of a dividend.

27. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	552,500	134,500

28. Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

29. Related Party Disclosures

During the year the following related party transactions took place.

T Vaughan Plant Limited

A company wholly owned by one of the directors.

During the year, T Vaughan Plant Limited supplied the company equipment hire at the market rate. Included in trade creditors as at 31st January 2025 is £84,139 (2024: £694,975) owing to T Vaughan Plant Limited. Included in other creditors is £242,957 (2024: £Nil) owing to T Vaughan Plant Limited.

Deltashor Ltd

A company which one of the directors has ultimate control.

During the year, Deltashor Ltd supplied the company equipment hire at the market rate. Included in trade debtors as at 31st January 2025 is £20,342 (2024: £53,539) owing by Deltashor Ltd. Included in trade creditors as at 31st January 2025 is £27,995 (2024: £50,209) owing to Deltashor Ltd.

Future Delta Limited

A company wholly owned by one of the directors.

Included in other debtors is £Nil (2024: £97,733) owing from Future Delta Limited.

30. Controlling Parties

The company's ultimate controlling party is Thomas Vaughan by virtue of their interest in the share capital of the company.

Page 19