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Company Registration No. 05013530 (England and Wales) TOGHER CONSTRUCTION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TOGHER CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors | William Togher
| David Togher
Registered number | 05013530
Registered office | 3 Wharf Road
| Enfield
| Middlesex
| EN3 4TA
Independent auditors | Sumer Auditco Limited
| Chartered Accountants and Statutory Auditors
| 38-40 Chamberlayne Road
| London
| NW10 3JE
Bankers | NatWest Bank Plc
| 9 The Town
| Enfield
| EN2 6LE
TOGHER CONSTRUCTION LIMITED
CONTENTS
| Page
Strategic Report | 1 - 6
Directors' Report | 7 - 8
Independent Auditors' Report | 9 - 12
Statement of Income and Retained Earnings | 13
Balance Sheet | 14
Statement of Cash Flows | 15
Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 28
TOGHER CONSTRUCTION LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present the strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company remained that of specialist reinforced and post-tentioned concrete frame and groundworks contractors.
Key performance indicators and headline financials
Our number one indicator remains the health and safety of our workers. Then comes our team and the delivery of a quality and timely service. Our key financial targets remain profit and balance sheet strength. The key financial highlights of the company for the last four years are as follows:
Review of the year to March 2025
The directors are pleased to report a better year with profit up to £1,332,000 from £273,000 the year before despite the competitive low margin environment in which we operate and despite continuing challenging economic conditions and global turbulence. Our strong balance sheet, cash reserves, self-funding and the strength of our experienced team enabled us to maintain our focus on our core activities. We continue to invest in our people, in health and safety, training and technology. We completed and handed over contracts to programme and we thank our clients for the opportunity to work for them. Our thanks also goes to the strong relationships we maintain with our supply chain who continue to give us a good service in recognition of fair and prompt payment terms. Page 1
TOGHER CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Future prospects
Our current contracts are progressing satisfactorily and our sound finances enable us to continue to invest in our people and resources. We live in uncertain times where profit margins remain competitive and we still have the added challenges of the geo-political climate, continuing higher interest rates and slowdown in the UK economy all combining to keep investment confidence low so caution remains the order of the day. We have a satisfactory order book and we have a number of good potential opportunities. Looking further ahead, we see more opportunities when the promised reforms to the Building Safety Act Regulations get sorted and the many stalled Gateway applications get the go ahead. This is likely to lead to increased pricing and increased demand for experienced and well-resourced construction businesses like Togher Construction Limited. As we enter our 22nd year of successful trading we are confident that our sound finances, our dedicated and experienced team and our reputation in our sector will continue the delivery of a consistent, timely and quality service to our valued customers and will generate profit and positive cashflow going forward. The board remain committed to manage the business to remain efficient, profitable, and competitive to match the market it operates in and to deliver a quality service and to be a key strategic partner of its customers, suppliers, and stakeholders.
History and family values
We have traded successfully for the past 21 years. We strive to retain the family culture with our directors actively involved with our employees, clients, and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest engineering standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise, and reliability and to be the contractor of choice. We strive to continue the long-term relationships with our customer base by focusing on our core activities, our long-standing team and in house resources and capabilities, by bringing new innovations to our building methods and by working closely with our customers and suppliers. Page 2
TOGHER CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Principal risks and uncertainties
Construction is a higher risk, low margin sector and there are a number of uncertainties which could have an impact on the company’s performance and could cause results to differ substantially from historical profits and current projections. However, we have a strong balance sheet, an experienced team and well established systems and procedures in place to help avoid or minimise risks to the company. The principal risks for our company include the following: Pricing and delivery of large and complex construction contracts The pricing and delivery of construction contracts presents many challenges, principal amongst them being availability of materials and tradespeople, meeting tight deadlines, site conditions and cost overruns. Our policy remains to have an experienced team of construction, pre construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win. Credit risk The company’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long-standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. In particular our long-standing monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and act as an advance warning of any variances. Liquidity risk 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 and neither does it have any overdrafts. Therefore the directors are confident that they can meet their obligations as they fall due. Health and safety risk Construction is a higher risk activity. Health and safety remains at the top of our business management principles. Further details are set out in our health and safety note below. Our in-house team The success of the company is dependent on retaining skilled management, tradespeople and support 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.
Going concern
The Board of Directors are required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and we have a £11.6 million balance sheet with strong liquidity and consistent profits. Thus we continue to adopt the going concern basis in preparing the financial statements. Page 3
TOGHER CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Corporate social responsibility
The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner. Therefore, the company ensures that high standards are maintained. Throughout the year the company and its employees have supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation.
Our people, training and employee involvement
The company's continued success is attributable to the vast experience of our team of highly skilled, dedicated and competent company directors, ably supported by a well developed organisational structure including contract managers, project/site managers, site supervisors/foremen and trades operatives and underpinned by a strong and commercial team and head office support staff. Our hands on approach and short chain of command keeps our directors and managers in constant dialogue with our employees, keeping them abreast of the company's activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects. We remain committed to equality and equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion or disability and we are vehemently opposed to all forms of discrimination and modern slavery. We have company policies to support these undertakings.
Health and safety at work
The directors and senior managers, assisted by our health and safety team, continue to target ‘zero’ accidents by striving to embed best health and safety policies, practices and awareness throughout our operations. The company’s overriding principal is that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day. The investment in health and safety training to maintain, monitor and enhance our Health & Safety performance remains at the top of our core values. Our workforce continue to participate in sustaining our health and safety programmes and they are encouraged to constantly look for and suggest ways to further enhance our best practice Health & Safety policies. Our Building Mental Health Charter provides awareness and understanding of the importance of good mental health to our workforce through workshops, training and signpost to support.
Environment and quality management
We have built our business based on doing quality work and winning repeat business from our customers. The success of the business relies on maintaining and improving our environmental and quality management standards. Quality management is central to our day to day operations and helps us deliver value and meet our customers' requirements. To achieve our quality management goals we are committed to maintaining a management system which satisfies the requirements of ISO 9001:2015 accreditation. We recognise the significant impact the construction industry has on the environment. Our team continually promote sustainable resourcing of materials, reducing emissions and the efficient use of energy. We continue to minimise site waste and re use it wherever possible. We work closely with modern waste management recycling companies. Page 4
TOGHER CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Company’s stakeholders (Directors' statement of compliance with duty to promote the success of the company)
The primary responsibility of the Board is to promote the long term success of the company for the benefit of the shareholders, but the directors acknowledges that long term success and reputation is dependent on our responsibility to balance the interests of all other stakeholders who we come into contact with, in order to deliver the best possible outcome for all concerned. Section 172 of the Companies Act 2006 requires us to report each year on how we fulfil these obligations. Customers Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community. Our employees Our employees are key to the success of our business. We have a hands-on family culture where our directors and managers are actively involved on our projects on a day-to-day basis and who constantly engage with our employees and keep them informed of business development, forecasts and prospects. We have longstanding experienced employees, we expect and maintain high standards and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value. We thank our employees for their dedication and commitment. Subcontractors and suppliers Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, payment, terms and conditions and inclusivity and who we expect to adhere to our high standards. Local community and the environment We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation and we engage local subcontractors and we do business with local suppliers and we support local charities and organisations. We re-use and recycle as much of our site construction waste as possible and we work with modern waste recycling businesses. We acknowledge our carbon emissions obligations and we are constantly updating our already modern fleet with low emission engines and we comply with all permits and consent requirements. Other controls We acknowledge our ethical, moral and social responsibilities and the aim of the company to maintain high standards of business conduct remains paramount. We are opposed to all forms of discrimination. We obtain external assurance through audits and through national and international standards compliance and accreditations.
Our supply chain
We constantly assess and monitor the strong links we have with our suppliers who are a crucial part of our successful business. Our policy remains to pay our suppliers promptly at the end of the month following the month of delivery, as we have done for the past 21 years and this applies to the vast majority of our transactions. Where different terms are agreed in certain circumstances we are committed to adhering to our side of such agreements. Page 5
TOGHER CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The future
The Directors look forward with confidence to continue the success of the company into the future. This report was approved by the board on 10 December 2025 and signed on its behalf.
___________________________ William Togher Director
Page 6
TOGHER CONSTRUCTION LIMITED
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' responsibilities statement
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 and other information included in the Directors' Reports may differ from legislation in other jurisdictions.
Results and dividends
The profit for the year, after taxation, amounted to £996,808 (2024 - £197,476). Ordinary dividends proposed amounted to £400,000 (2024 - £400,000). The directors do not recommend payment of a further dividend.
Directors
The directors who served during the year were:
William Togher
David Togher
Page 7
TOGHER CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Strategic report
The company has chosen in accordance with Companies Act 2006, s414c(11) to set out in the company's strategic report infrormation required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, financial instruments and future prospects.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Riordan O'Sullivan & Co., the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 10 December 2025 and signed on its behalf.
___________________________ William Togher Director
Page 8
TOGHER CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOGHER CONSTRUCTION LIMITED
Opinion
We have audited the financial statements of Togher Construction Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the 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, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 9
TOGHER CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOGHER CONSTRUCTION LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the 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 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 Directors' Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 10
TOGHER CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOGHER CONSTRUCTION LIMITED (CONTINUED)
Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry. We focused on specific laws and regulations which we considered may have a 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 these laws and regulations through discussions and enquiry with directors and senior management. We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount. Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, 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 or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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 11
TOGHER CONSTRUCTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOGHER CONSTRUCTION LIMITED (CONTINUED) _______________________________________ Patrick McNamara (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants and Statutory Auditors 38-40 Chamberlayne Road London NW10 3JE 10 December 2025 Page 12
TOGHER CONSTRUCTION LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 24,215,382 | 30,912,094
Cost of sales |  | (21,418,458) | (28,309,889)
Gross profit |  | 2,796,924 | 2,602,205
Administrative expenses |  | (1,789,170) | (2,439,003)
Operating profit | 5 | 1,007,754 | 163,202
Interest receivable | 9 | 324,278 | 109,970
Interest payable | 10 | - | (600)
Profit before tax |  | 1,332,032 | 272,572
Taxation | 11 | (335,224) | (75,096)
Profit after tax |  | 996,808 | 197,476
Retained earnings at the beginning of the year |  | 11,002,708 | 11,205,232
|  | 11,002,708 | 11,205,232
Profit for the year |  | 996,808 | 197,476
Dividends proposed to equity shareholders |  | (400,000) | (400,000)
Retained earnings at the end of the year |  | 11,599,516 | 11,002,708
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 17 to 28 form part of these financial statements.
Page 13
TOGHER CONSTRUCTION LIMITED REGISTERED NUMBER:05013530
BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 52,711 |  | 33,939
|  |  | 52,711 |  | 33,939
Current assets |  |  |  |  |
Debtors | 14 | 4,923,800 |  | 9,565,279 |
Cash at bank and in hand |  | 9,664,510 |  | 6,798,982 |
|  | 14,588,310 |  | 16,364,261 |
Creditors: amounts falling due within one year | 15 | (3,027,327) |  | (5,386,007) |
Net current assets |  |  | 11,560,983 |  | 10,978,254
Total assets less current liabilities |  |  | 11,613,694 |  | 11,012,193
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (13,178) |  | (8,485) |
|  |  | (13,178) |  | (8,485)
Net assets |  |  | 11,600,516 |  | 11,003,708
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 11,599,516 |  | 11,002,708
|  |  | 11,600,516 |  | 11,003,708
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2025.
___________________________ William Togher | ___________________________ David Togher
Director | Director
The notes on pages 17 to 28 form part of these financial statements. Page 14
TOGHER CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 996,808 | 197,476
Adjustments for: |  |
Depreciation of tangible assets | 40,911 | 117,563
Loss on disposal of tangible assets | (5,000) | (254,600)
Interest paid | - | 600
Interest received | (324,278) | (109,970)
Taxation charge | 335,224 | 75,096
Decrease in debtors | 4,886,821 | 1,716,292
(Increase) in amounts owed by associates | (246,491) | (752,860)
(Decrease) in creditors | (2,590,931) | (321,334)
Increase/(decrease)) in amounts owed to associates | - | (782,626)
Corporation tax (paid) | (98,280) | (165,585)
Net cash generated from operating activities | 2,994,784 | (279,948)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (58,534) | -
Sale of tangible fixed assets | 5,000 | 254,600
Interest received | 324,278 | 109,970
HP interest paid | - | (600)
Net cash from investing activities | 270,744 | 363,970
Cash flows from financing activities |  |
Repayment of finance leases | - | (12,781)
Dividends paid | (400,000) | (400,000)
Net cash used in financing activities | (400,000) | (412,781)
Net increase/(decrease) in cash and cash equivalents | 2,865,528 | (328,759)
Cash and cash equivalents at beginning of year | 6,798,982 | 7,127,741
Cash and cash equivalents at the end of year | 9,664,510 | 6,798,982
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 9,664,510 | 6,798,982
| 9,664,510 | 6,798,982
Page 15
TOGHER CONSTRUCTION LIMITED
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | At 31 March 2025
| £ | £ | £
Cash at bank and in hand | 6,798,982 | 2,865,528 | 9,664,510
Debt due within 1 year | (399,161) | (839) | (400,000)
| 6,399,821 | 2,864,689 | 9,264,510
The notes on pages 17 to 28 form part of these financial statements.
Page 16
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Togher Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Wharf Road, Enfield, Middlesex, EN3 4TA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). Financial statements are prepared in sterling which is the functional currency of the company. The following principal accounting policies have been applied:
| 2.2 | Going concern
The strategic report provides information in relation to the company's financial and liquidity position as well as details of its financial instruments and exposure to credit and liquidity risk. The company has a strong balance sheet with adequate liquidity and a healthy order book from long standing customers for the twelve months from the date of approval of the financial statements. The company's forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Thus they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Turnover
Turnover from contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of the business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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. Page 17
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | straight line
|  |  |  | Motor vehicles | - | 25% | straight line
|  |  |  | Fixtures and fittings | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Construction contracts
Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included as creditors as payments received on account.
| 2.10 | Cash and cash equivalents
Cash at bank and in hand 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.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.12 | Financial instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Page 19
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Financial instruments are recognised in the Company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities 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 Page 20
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
the assets of the company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Page 21
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows: Construction contracts Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Concrete frame contracts | 24,215,382 | 30,912,094
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 40,911 | 117,563
6. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit fees | 20,000 | 24,500
| Accountancy fees | 20,000 | 24,500
|  | 40,000 | 49,000
Page 22
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 667,022 | 821,997
| Social security costs | 74,626 | 91,048
| Pension costs | 14,601 | 17,684
|  | 756,249 | 930,729
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Administration | 13 | 18
|  |  | 15 | 20
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 60,000 | 60,000
| Pension costs | 1,307 | 1,901
|  | 61,307 | 61,901
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest | 324,278 | 109,970
Page 23
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | - | 600
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 330,531 | 98,282
| Total current tax | 330,531 | 98,282
| Deferred tax |  |
| Origination and reversal of timing differences | 4,693 | (23,186)
| Total deferred tax | 4,693 | (23,186)
| Taxation | 335,224 | 75,096
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,332,032 | 272,572
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 333,008 | 68,143
| Effects of: |  |
| Expenses not deductible for tax purposes | 3,741 | 4,953
| Capital allowances for year in excess of depreciation | 4,418 | 88,836
| Profit on disposal of fixed assets | (1,250) | (63,650)
| Origination and reversal of timing differences | (4,693) | (23,186)
| Total tax charge for the year | 335,224 | 75,096
Page 24
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Proposed dividends to equity shareholders | 400,000 | 400,000
13. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 1,151,944 | - | 23,860 | 1,175,804
| Additions | - | 58,534 | - | 58,534
| At 31 March 2025 | 1,151,944 | 58,534 | 23,860 | 1,234,338
| Depreciation |  |  |  |
| At 1 April 2024 | 1,119,656 | - | 22,209 | 1,141,865
| Charge for the year | 23,637 | 14,634 | 1,491 | 39,762
| At 31 March 2025 | 1,143,293 | 14,634 | 23,700 | 1,181,627
| Net book value |  |  |  |
| At 31 March 2025 | 8,651 | 43,900 | 160 | 52,711
| At 31 March 2024 | 32,288 | - | 1,651 | 33,939
Page 25
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts recoverable on contracts | 2,977,421 | 7,791,081
| Other debtors | 835,330 | 774,633
| Prepayments and accrued income | 111,698 | 246,705
| Amounts owed by associates | 999,351 | 752,860
|  | 4,923,800 | 9,565,279
| Amounts owed by associates are interest free, unsecured and repayable on demand. Other debtors includes VAT recoverable amounting to £748,691 (2024: £687,994).
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 801,681 | 3,933,353
| Corporation tax | 320,531 | 88,280
| Other taxation and social security | 107,546 | 205,852
| Other creditors | 607,350 | 670,054
| Accruals and deferred income | 1,190,219 | 488,468
|  | 3,027,327 | 5,386,007
| Amounts due to associates and to directors are unsecured, interest free and payable on demand. Other creditors includes directors current account of £400,000 (2024: £400,000).
Page 26
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets | 9,664,510 | 6,798,982
| Financial assets that are debt instruments measured at amortised cost | 4,063,411 | 8,630,580
|  | 13,727,921 | 15,429,562
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (2,599,250) | (5,091,875)
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (8,485)
| Charged to profit or loss | (4,693)
| At end of year | (13,178)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (13,178) | (8,485)
|  | (13,178) | (8,485)
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
Page 27
TOGHER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Related party transactions
During the year the company transacted business at normal commercial rates with TCL Formwork Limited and W&D Togher Limited, companies related by common control. At the year end the company was owed £999,351 by TCL Formwork Limited (2024: £752,860). W&D Togher Limited had a Nil balance for 2025 and (2024 - £NIL).
20. | Directors' transactions
Proposed dividends totalling £400,000 (2024 - £400,000) were due to be paid in respect of shares held by the company's directors.
21. | Pension commitments
The company operates a defined pension contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £14,601 (2024 : £17,684). Contributions totalling £7,729 (2024 - £2,640) was payable to the fund at the balance sheet date.
22. | Post balance sheet events
There were no events since the year end which materially affected the company.
Page 28