Company No: 07930426 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	477,426		408,375
Investment property	4	1,536,811		1,536,811
Investments	5	109,101		109,101
		2,123,338		2,054,287
Current assets
Stocks	6	1,201,730		1,030,997
Debtors	7	792,726		1,113,131
Cash at bank and in hand		49,527		238,857
		2,043,983		2,382,985
Creditors: amounts falling due within one year	8	( 2,704,516)		( 1,921,267)
Net current (liabilities)/assets		(660,533)		461,718
Total assets less current liabilities		1,462,805		2,516,005
Creditors: amounts falling due after more than one year	9	( 280,066)		( 251,941)
Provision for liabilities	10	( 44,486)		( 25,028)
Net assets		1,138,253		2,239,036
Capital and reserves
Called-up share capital	11	100,250		100,250
Capital redemption reserve		60,000		60,000
Profit and loss account		978,003		2,078,786
Total shareholders' funds		1,138,253		2,239,036

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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 Group (Holdings) Limited (registered number: 07930426) were approved and authorised for issue by the Board of Directors on 28 November 2025. They were signed on its behalf by:

Anthony Edward Carson Director

1. Accounting policies

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

General information and basis of accounting

TEC Group (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 7TJ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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 year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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/reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	3 years straight line
Vehicles	25 % reducing balance
Office equipment	3 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment.

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.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		7

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	209,395		46,734		473,057		15,825		745,011
Additions	1,942		1,975		129,299		0		133,216
Disposals	0		0		( 8,495)		0		( 8,495)
At 31 March 2025	211,337		48,709		593,861		15,825		869,732
Accumulated depreciation
At 01 April 2024	6,530		37,231		278,479		14,396		336,636
Charge for the financial year	4,201		5,270		52,976		1,221		63,668
Disposals	0		0		( 7,998)		0		( 7,998)
At 31 March 2025	10,731		42,501		323,457		15,617		392,306
Net book value
At 31 March 2025	200,606		6,208		270,404		208		477,426
At 31 March 2024	202,865		9,503		194,578		1,429		408,375

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	1,536,811
As at 31 March 2025	1,536,811

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	109,101
At 31 March 2025	109,101
Carrying value at 31 March 2025	109,101
Carrying value at 31 March 2024	109,101

6. Stocks

	2025		2024
	£		£
Stocks	1,200,000		1,030,997
Work in progress	1,730		0
	1,201,730		1,030,997

An impairment loss of £237,477 (2024: £Nil) was recognised in administrative expenses against stock during the year due to bring in line with the sale price agreed on the Red house of £1.2 million which is below the total cost of the property held as stock.

7. Debtors

	2025		2024
	£		£
Trade debtors	18,482		0
Amounts owed by connected persons	110,075		66,180
Amounts owed by directors	526,389		978,490
Prepayments	81,666		53,367
VAT recoverable	39,054		0
Other debtors	17,060		15,094
	792,726		1,113,131

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	7,476		7,500
Trade creditors	100,942		43,691
Amounts owed to Group undertakings	1,457,741		494,272
Accruals	4,180		3,800
Corporation tax	0		160,115
Other taxation and social security	8,146		19,638
Obligations under finance leases and hire purchase contracts	47,691		43,044
Other creditors	1,078,340		1,149,207
	2,704,516		1,921,267

Hire purchase liabilities are secured against the assets to which they relate.

The bank loans are secured by way of a fixed and floating charge over all the property or undertaking of the company.

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

	2025		2024
	£		£
Bank loans (secured)	171,190		176,826
Obligations under finance leases and hire purchase contracts (secured)	108,876		75,115
	280,066		251,941

Hire purchase liabilities are secured against the assets to which they relate.

The bank loans are secured by way of a fixed and floating charge over all the property or undertaking of the company.

10. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 25,028)		( 28,134)
(Charged)/credited to the Statement of Income and Retained Earnings	( 19,458)		3,106
At the end of financial year	( 44,486)		( 25,028)

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
12,500 B ordinary shares of £ 0.01 each	125		125
12,500 C ordinary shares of £ 0.01 each	125		125
100,000 Ordinary shares of £ 1.00 each	100,000		100,000
	100,250		100,250
9,000 10.00% Preference cumulative redeemable shares of £ 1.00 each	9,000		9,000
	109,250		109,250

12. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts owed by participator in the company	110,075		66,180

The amounts are repayable on demand and interest is charged at the HMRC approved interest rates.

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed by the directors	526,389		978,490

The amounts are repayable on demand and interest is charged at the HMRC approved interest rates.

The company has taken advantage of the exemption in section of 43 of the financial Reporting Standard 102 "Related party disclosures" from disclosing transactions with other members of the group headed by TEC Group (Holdings) Limited. No other related party transactions have occurred during the year that are required to be reported in accordance with FRS 102 1A.