Company No: 03305857 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	05.04.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	28,018		23,625
		28,018		23,625
Current assets
Stocks		100,000		680,378
Debtors	4	5,005,842		2,929,647
Cash at bank and in hand		1,788,912		163,961
		6,894,754		3,773,986
Creditors: amounts falling due within one year	5	( 4,882,498)		( 2,486,513)
Net current assets		2,012,256		1,287,473
Total assets less current liabilities		2,040,274		1,311,098
Creditors: amounts falling due after more than one year	6	( 71,011)		( 295,315)
Provision for liabilities	7	( 74,842)		( 23,497)
Net assets		1,894,421		992,286
Capital and reserves
Called-up share capital	8	100,000		100,000
Capital redemption reserve		32,000		32,000
Profit and loss account		1,762,421		860,286
Total shareholder's funds		1,894,421		992,286

For the financial period ending 05 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of TEC Construction (Holdings) Limited (registered number: 03305857) were approved and authorised for issue by the Board of Directors on 28 November 2025. They were signed on its behalf by:

A E Carson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TEC Construction (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom. The principal place of business is Baird House, Darklake View, Estover, Plymouth, PL6 7TG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements cover the period 1 April 2024 to 5 April 2025. The comparatives cover the period 1 April 2023 to 31 March 2024.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Vehicles	3 - 5 years straight line
Fixtures and fittings	3 - 5 years straight line
Office equipment	3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

	Period from 01.04.2024 to 05.04.2025		Year ended 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	34		31

3. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	14,680		15,695		16,530		45,413		92,318
Additions	0		0		3,390		10,590		13,980
At 05 April 2025	14,680		15,695		19,920		56,003		106,298
Accumulated depreciation
At 01 April 2024	7,523		15,695		9,774		35,701		68,693
Charge for the financial period	732		0		3,265		5,590		9,587
At 05 April 2025	8,255		15,695		13,039		41,291		78,280
Net book value
At 05 April 2025	6,425		0		6,881		14,712		28,018
At 31 March 2024	7,157		0		6,756		9,712		23,625

4. Debtors

	05.04.2025		31.03.2024
	£		£
Trade debtors	1,899,179		871,927
Amounts owed by Group undertakings	1,498,566		459,318
Prepayments and accrued income	379,203		605,519
Other debtors	1,228,894		992,883
	5,005,842		2,929,647

5. Creditors: amounts falling due within one year

	05.04.2025		31.03.2024
	£		£
Bank loans (secured £ 7,200)	107,200		107,200
Trade creditors	1,964,080		1,088,371
Other loans	107,734		131,963
Accruals and deferred income	1,434,353		218,193
Taxation and social security	821,494		501,660
Other creditors	447,637		439,126
	4,882,498		2,486,513

Other creditors include £9,000 in relation to preference shares treated as debt. Disclosure of the terms and conditions attached to the non-equity shares are made in note 8.

6. Creditors: amounts falling due after more than one year

	05.04.2025		31.03.2024
	£		£
Bank loans (secured £ 34,215)	71,011		186,602
Other loans	0		108,713
	71,011		295,315

The bank loans are secured by way of a fixed and floating legal charge over all the property and assets present and future of the company .

7. Provision for liabilities

	05.04.2025		31.03.2024
	£		£
Deferred tax	5,885		4,756
Other provisions	68,957		18,741
	74,842		23,497

	Deferred taxation		Other		Total
	£		£		£
At 01 April 2024	4,756		18,741		23,497
Charged to the Statement of Income and Retained Earnings	1,129		50,216		51,345
At 05 April 2025	5,885		68,957		74,842

Other provision is in relation to a defects provision.

Deferred tax

	05.04.2025		31.03.2024
	£		£
Accelerated capital allowances	5,885		4,756
Provision for deferred tax	5,885		4,756

8. Called-up share capital

	05.04.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	100,000		100,000
9,000 10.00% Preference cumulative redeemable shares of £ 1.00 each	9,000		9,000
	109,000		109,000

The preference shares are redeemable at the option of the shareholder.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Included in other debtors is a balance of £539,323 (2024: £368,215) which is owed from a company owned by two of the directors.