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Registration number: 05646655

TF Jones Property Services Ltd
Annual Report and Financial Statements
for the Year Ended 31 March 2025

TF Jones Property Services Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Profit and Loss Account and Statement of Retained Earnings | 10
Balance Sheet | 11
Notes to the Financial Statements | 12 to 24

TF Jones Property Services Ltd

Company Information

Directors | Miss T M Jones Mr M T Jones Mrs I A Jones Miss L Abdy Mr D Jones Mrs S Jones

Company secretary | Miss T M Jones

Registered office | 9 Ketterer Court Jackson Street St. Helens WA9 3AH

Auditors | Just Audit Limited Strelley Hall Main Street Strelley Nottingham NG8 6PE

TF Jones Property Services Ltd

Strategic Report for the Year Ended 31 March 2025

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

Principal activity

The principal activity of the company is the delivery of refurbishment services, with a strategic focus on building safety and regulatory compliance.

Fair review of the business

Turnover for the year decreased by 13% to £13.2 million (2024: £15.3 million), the company also experienced delays and disruption caused by client uncertainty around evolving building safety policies and directives, which contributed to the reduced revenue.
Despite the top-line contraction, the company delivered a healthy gross profit of £4.89 million. Gross profit margin reduced from 47% to 37%, largely due to increased remedial costs, pricing pressures in specific workstreams, and some underperformance linked to unsuccessful recruitment into key roles. In response, the Directors implemented a focused operational reset, prioritising fundamental project controls, more rigorous resource planning, and margin-led workload allocation.
Profit before tax was £1.77 million (2024: £4.41 million), impacted by both reduced turnover and increased strategic investment in business continuity planning, compliance systems, and employee development. Nevertheless, the company retains a strong balance sheet position with net assets of £4.3m at 31 March 2025 and continues to operate with resilience and confidence.
During the year, the company made significant progress in expanding its capabilities, including entry into the active fire safety market and achieving BAFE SP203 accreditation — a key milestone that aligns with our broader vision of delivering fully integrated building safety solutions.
Looking ahead, the Directors are committed to reinvesting profits to support sustainable growth, to further de-risk operations, and to strengthen our service offer across compliance activities.
The Directors would like to express their sincere thanks to all employees for their commitment and adaptability during a year of strategic repositioning and transformation.

TF Jones Property Services Ltd

Strategic Report for the Year Ended 31 March 2025

The company's key financial performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 13,250,066 | 15,303,272
Turnover growth | % | (13) | 31
Gross profit | £ | 4,892,650 | 7,143,676
Gross profit margin | % | 37 | 47
Profit before tax | £ | 1,776,786 | 4,405,720

Principal risks and uncertainties

The company recognises a number of risks that could affect future growth and profitability, including:
1. Public Sector Funding Constraints: As a contractor primarily serving housing associations and local authorities, the company is sensitive to changes in public sector funding. Inflationary pressures and evolving building safety legislation continue to influence client spending behaviours and the timing of capital works.
2. Operational Dependencies: Recruitment and retention remain key strategic priorities. Investment in employee development, improved leadership structures, and enhanced benefits packages are underway to support staff engagement and succession planning.
3. Technology and Systems Risk: The business relies heavily on integrated digital systems for contract management, compliance tracking, scheduling, and reporting. To mitigate this risk, robust business continuity and cyber resilience plans are maintained, tested regularly, and updated in line with best practice.
4. Client Concentration: To address the risk of overreliance on a limited number of clients, the company has actively pursued new partnerships and frameworks. These efforts are starting to yield a broader and more resilient pipeline of work for the 2025/26 financial year.

Approved and authorised by the Board on 21 October 2025 and signed on its behalf by:

......................................... Mr D Jones Director
......................................... Mrs S Jones Director

TF Jones Property Services Ltd

Directors' Report for the Year Ended 31 March 2025

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

Directors of the company

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

Miss T M Jones - Company secretary and director

Mr M T Jones

Mrs I A Jones

Miss L Abdy

Mr D Jones

Mrs S Jones

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The business's principal financial instruments comprise bank balances, trade debtors, trade creditors, loans to the business, and hire purchase agreements. The main purpose of these instruments is to finance the business's operations.
In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of loans. All of the business cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The business manages the liquidity risk in respect of these by ensuring that there are sufficient funds to meet the payments.
The business is a lessee in respect of assets on hire purchase. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Dividends

After the year end dividends of £1,000,000 have been paid.

TF Jones Property Services Ltd

Directors' Report for the Year Ended 31 March 2025

Statement of directors' responsibilities

The statement of directors' responsibilities which the directors agree to is on page 6.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant audit information (as defined by section 418 of the Companies Act 2006) that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 21 October 2025 and signed on its behalf by:

......................................... Mr D Jones Director
......................................... Mrs S Jones Director

TF Jones Property Services Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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 these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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.

TF Jones Property Services Ltd

Independent Auditor's Report to the Members of TF Jones Property Services Ltd

Opinion

We have audited the financial statements of TF Jones Property Services Ltd (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, 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 31 March 2025 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 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 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 directors are responsible for the other information. The other information comprises the information included in the strategic report and directors' report, other than the financial statements and our auditor’s report thereon. 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 there is 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:

TF Jones Property Services Ltd

Independent Auditor's Report to the Members of TF Jones Property Services Ltd

• | 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [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 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.

TF Jones Property Services Ltd

Independent Auditor's Report to the Members of TF Jones Property Services Ltd

Auditor 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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.

......................................
Rachel Davis BA FCA (Senior Statutory Auditor)
For and on behalf of Just Audit Limited, Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

21 October 2025

TF Jones Property Services Ltd

Profit and Loss Account and Statement of Retained Earnings for the
Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 13,250,066 | 15,303,272
Cost of sales |  | (8,357,416) | (8,159,596)
Gross profit |  | 4,892,650 | 7,143,676
Administrative expenses |  | (3,070,928) | (2,706,014)
Operating profit | 5 | 1,821,722 | 4,437,662
Other interest receivable and similar income | 6 | 8,525 | 11,099
Interest payable and similar charges | 7 | (53,461) | (43,041)
|  | (44,936) | (31,942)
Profit before tax |  | 1,776,786 | 4,405,720
Taxation | 11 | (444,948) | (1,088,543)
Profit for the financial year |  | 1,331,838 | 3,317,177
Retained earnings brought forward |  | 3,677,239 | 3,075,062
Dividends paid |  | (692,540) | (2,715,000)
Retained earnings carried forward |  | 4,316,537 | 3,677,239

TF Jones Property Services Ltd

(Registration number: 05646655)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 13 | 1,975,956 | 1,685,713
Current assets |  |  |
Stocks | 14 | 133,635 | 195,361
Debtors | 15 | 2,887,379 | 2,955,698
Cash at bank and in hand | 16 | 1,774,008 | 1,454,307
|  | 4,795,022 | 4,605,366
Creditors: Amounts falling due within one year | 17 | (1,541,784) | (1,691,999)
Net current assets |  | 3,253,238 | 2,913,367
Total assets less current liabilities |  | 5,229,194 | 4,599,080
Creditors: Amounts falling due after more than one year | 17 | (418,470) | (500,425)
Provisions for liabilities | 18 | (493,989) | (421,218)
Net assets |  | 4,316,735 | 3,677,437
Capital and reserves |  |  |
Called up share capital |  | 198 | 198
Retained earnings |  | 4,316,537 | 3,677,239
Shareholders' funds |  | 4,316,735 | 3,677,437

Approved and authorised by the Board on 21 October 2025 and signed on its behalf by:

......................................... Mr D Jones Director
......................................... Mrs S Jones Director

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Ketterer Court
Jackson Street
St. Helens
WA9 3AH
England

These financial statements were authorised for issue by the Board on 21 October 2025.

2 | Accounting policies

The presentation currency is £ sterling.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has continued to trade well. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of paragraph 33.1 Related Party Disclosures.

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates, and discounts.
The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity; and
-specific criteria have been met for each of the company's activities.
Contract revenue is recognised by reference to the stage of completion of the contract activity as at the year end, any amounts not yet invoiced are included in debtors within gross amount due from customers for contract work.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 10% reducing balance
Plant and machinery | 15% reducing balance
Fixtures, fittings and equipment | 15% reducing balance
Motor vehicles | 15% reducing balance

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Accounting policy judgements and key sources of estimation uncertainty

Significant judgements
In the preparation of these financial statements the directors have made the following judgements:
- Estimation of the stage of completion of contracts determines the income recognised in the year.
Other key sources of estimation uncertainty
Tangible assets are depreciated over their anticipated useful lives taking into account residual values where appropriate. The useful lives of the assets and residual values are assessed annually, and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

3 | Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Provision of services | 13,250,066 | 15,303,272

The whole of the turnover is attributable to the principal activity wholly undertaken in the United Kingdom.

4 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
(Loss)/profit on disposal of property, plant and equipment | (20,487) | (51,838)

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 312,282 | 241,361
Operating lease expense - motor vehicles | 65,569 | 25,039
Loss on disposal of property, plant and equipment | 20,487 | 51,838
Operating lease expense - rent | 49,000 | 49,000

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 8,525 | 11,099

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on obligations under finance leases and hire purchase contracts | 53,461 | 28,154
Interest expense on other finance liabilities | - | 14,887
| 53,461 | 43,041

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 4,993,467 | 3,997,018
Social security costs | 481,665 | 394,923
Pension costs, defined contribution scheme | 388,735 | 513,090
Other employee expense | 88,486 | 59,021
| 5,952,353 | 4,964,052

The average number of employees (including directors) during the year was as follows:

| 2025 No. | 2024 No.
Directors | 6 | 6
Administration | 11 | 6
Site based | 125 | 117
| 142 | 129

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 75,240 | 75,240
Contributions paid to money purchase schemes | 300,000 | 340,000
| 375,240 | 415,240

During the year the number of directors who were receiving retirement benefits was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 5 | 5

Dividends totalling £844,700 (2024 £885,000) were paid to the directors by the parent company during the year.

10 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 26,915 | 26,000

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

11 | Corporation tax liability

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 372,177 | 936,168
UK corporation tax adjustment to prior periods | - | (11,660)
| 372,177 | 924,508
Deferred taxation |  |
Arising from origination and reversal of timing differences | 72,771 | 164,035
Tax expense in the profit and loss account | 444,948 | 1,088,543

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 1,776,786 | 4,405,720
Corporation tax at standard rate | 444,197 | 1,101,430
Effect of super deduction | 751 | (1,227)
Increase (decrease) in current tax from adjustment for prior periods | - | (11,660)
Total tax charge | 444,948 | 1,088,543

12 | Intangible assets

| Goodwill £ | Total £
Cost
At 1 April 2024 | 300,000 | 300,000
At 31 March 2025 | 300,000 | 300,000
Amortisation
At 1 April 2024 | 300,000 | 300,000
At 31 March 2025 | 300,000 | 300,000
Carrying amount
At 31 March 2025 | - | -
At 31 March 2024 | - | -

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

13 | Tangible assets

| Fixtures and fittings £ | Office equipment £ | Motor vehicles £ | Plant and machinery £
Cost
At 1 April 2024 | 27,766 | 43,404 | 2,236,130 | 21,479
Additions | - | 1,708 | 652,573 | -
Disposals | - | - | (143,085) | (732)
At 31 March 2025 | 27,766 | 45,112 | 2,745,618 | 20,747
Depreciation
At 1 April 2024 | 20,595 | 4,454 | 611,449 | 6,569
Charge for the year | 1,076 | 4,063 | 304,961 | 2,180
Eliminated on disposal | - | - | (91,400) | (660)
At 31 March 2025 | 21,671 | 8,517 | 825,010 | 8,089
Carrying amount
At 31 March 2025 | 6,095 | 36,595 | 1,920,608 | 12,658
At 31 March 2024 | 7,171 | 38,950 | 1,624,681 | 14,911

| Total £
Cost
At 1 April 2024 | 2,328,779
Additions | 654,281
Disposals | (143,817)
At 31 March 2025 | 2,839,243
Depreciation
At 1 April 2024 | 643,067
Charge for the year | 312,280
Eliminated on disposal | (92,060)
At 31 March 2025 | 863,287
Carrying amount
At 31 March 2025 | 1,975,956
At 31 March 2024 | 1,685,713

The net book value of the tangible assets includes £1,162,916 in respect of assets held under hire purchase contracts (2024: £1,109,456)

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

14 | Stocks

| 2025 £ | 2024 £
Consumables | 133,635 | 195,361

15 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 1,593,624 | 2,053,058
Other debtors | 6,845 | 3,034
Prepayments | 48,129 | 8,522
Gross amount due from customers for contract work | 1,099,015 | 891,084
Income tax asset | 139,766 | -
| 2,887,379 | 2,955,698

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 1,774,008 | 1,454,307

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 21 | 310,569 | 262,000
Trade creditors |  | 560,613 | 688,838
Amounts due to group |  | - | 2,855
Social security and other taxes |  | 425,908 | 435,690
Outstanding defined contribution pension costs |  | 6,007 | 3,003
Other payables |  | 81,021 | 27,991
Accrued expenses |  | 157,666 | 33,565
Income tax liability |  | - | 238,057
|  | 1,541,784 | 1,691,999
Due after one year |  |  |
Loans and borrowings | 21 | 418,470 | 500,425

Secured debts

Included within loans and borrowings are secured debts relating to assets under hire purchase contracts of £729,039 (2024: £762,435). The obligations under hire purchase contracts are secured on the assets to which they relate.

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 April 2024 | 421,218 | 421,218
Increase (decrease) in existing provisions | 72,771 | 72,771
At 31 March 2025 | 493,989 | 493,989

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £388,735 (2024 - £513,090).
Contributions totalling £6,007 (2024 - £3,003) were payable to the scheme at the end of the year and are included in creditors.

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares A of £1 each | 33 | 33 | 33 | 33
Ordinary shares B of £1 each | 33 | 33 | 33 | 33
Ordinary shares C of £1 each | 33 | 33 | 33 | 33
Ordinary shares D of £1 each | 33 | 33 | 33 | 33
Ordinary shares E of £1 each | 33 | 33 | 33 | 33
Ordinary shares F of £1 each | 33 | 33 | 33 | 33
| 198 | 198 | 198 | 198

These are non-redeemable Ordinary shares. Each class of share carries full voting rights. On the subdivided A- F shares, dividends may be declared independently on each share class at the discretion of the directors but otherwise rank pari passu.

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

21 | Loans and borrowings

| 2025 £ | 2024 £
Non-current loans and borrowings
HP and finance lease liabilities | 418,470 | 500,425

| 2025 £ | 2024 £
Current loans and borrowings
HP and finance lease liabilities | 310,569 | 262,000

22 | Obligations under leases and hire purchase contracts

Hire Purchase

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 310,569 | 262,000
Later than one year and not later than five years | 418,470 | 500,435
| 729,039 | 762,435

Operating lease commitments

Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non- cancellable operating leases, which fall due as follows:

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 25,000 | 25,000
Later than one year and not later than five years | 100,000 | 100,000
Later than five years | 10,417 | 35,417
| 135,417 | 160,417

23 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Final dividend |  | 692,540 |  | 2,715,000

TF Jones Property Services Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

24 | Parent/subsidiary relationship

At 31 March 2025 the immediate and ultimate parent company was Jones Holdings Limited. The registered office for the parent company was 9 Ketterer Court, St Helens, England, WA9 3AH. The group accounts of Jones Holdings Limited, which include the results of this company, can be obtained from Companies House.