Henderson & Taylor Public Works Limited Company accounts

COMPANY REGISTRATION NUMBER: 00795798

Henderson & Taylor Public Works Limited

Financial Statements

31 March 2025

Henderson & Taylor Public Works Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of comprehensive income	10

Statement of financial position	11

Statement of changes in equity	12

Statement of cash flows	13

Notes to the financial statements	14

Henderson & Taylor Public Works Limited

Strategic Report

Year ended 31 March 2025

The directors are pleased to present the Strategic Report for Henderson & Taylor Public Works Limited for the financial year ending 31st March 2025. This report outlines our performance, key achievements, challenges, and future outlook. Financial Performance During the financial year, the company achieved revenue of £30m, representing an increase compared to the previous year (£25.9m). The net profit for the year stood at £637k reflecting our efforts in cost management and revenue optimisation. Our financial position remains strong with a total asset base of £15m and reserves of £4.95m. Business Highlights - Successful delivery of multiple term service contracts for local authorities across the UK. - Expansion of the rail division. - Successful awards to multiple construction frameworks. - Increase in our portfolio of key strategic clients including local authorities, multinationals and National Infrastructure Asset Management Businesses. Challenges and Risks The business faced several challenges during the year, including: - Changes to the landscape of local authorities. - Delay in the confirmation of major infrastructure projects including the New Lower Thames Crossing. Corporate Social Responsibility (CSR) Initiatives We remain committed to our social and environmental responsibilities. Key CSR initiatives undertaken during the year include: - Environmental sustainability with a reuse of arisings measured at 98.5% of delivered works. Circa 27,000m3 in the year. - Community engagement programs, including ongoing support for local foodbanks, several schools local to our major projects, housing charities and hiring of local apprentices.

Future Outlook Looking ahead, Henderson & Taylor is focused on sustainable growth and expansion. Key strategic priorities include: - We have strategically positioned Henderson & Taylor in the highways maintenance sector, with a secure workload of £255 million. Our forecast workload is fundamentally secure and not at risk from external elements such as the housing market. The belief is that further funding to stimulate the economy will be put into the national infrastructure with H&T ideally positioned to deliver it with our outstanding reputation. - We will continue to invest in innovation in our sectors with a drive for reducing carbon the target for the following year. - The through flow of new work has substantially picked up and we are forecasting a return to £36 million plus turnover for 25/26. Conclusion I would like to extend my gratitude to our employees, and stakeholders for their unwavering support and contributions. We remain committed to delivering value and ensuring the continued success of Henderson & Taylor Public Works Limited

This report was approved by the board of directors on 30 December 2025 and signed on behalf of the board by:

J A Lynch

Director

Registered office:

Suite1, First Floor

1 Duchess Street

London

W1W 6AN

Henderson & Taylor Public Works Limited

Directors' Report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:

J A Lynch
M Lynch
M M Lynch

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Financial instruments

The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors, trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks:

Liquidity risk

The company operates a working capital facility which provides short term flexibility to meet fluctuation in the amount and timing of future cashflows.

Credit risk

The principal credit risk arises from the loss of customer-base and resulting income. This would occur as a result of degradation of current business relationships in a competitive market. To manage the risk, the business continues to nurture its relationships with all clients, thereby reducing the risk of occurrence. Additionally, the directors look to identify new markets and customers to continue to reduce these risks further.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

This report was approved by the board of directors on 30 December 2025 and signed on behalf of the board by:

J A Lynch

Director

Registered office:

Suite1, First Floor

1 Duchess Street

London

W1W 6AN

Henderson & Taylor Public Works Limited

Independent Auditor's Report to the Members of Henderson & Taylor Public Works Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Henderson & Taylor Public Works Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims;and - reviewing correspondence with HMRC and the company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Paul Mattei

(Senior Statutory Auditor)

For and on behalf of

Leaman Mattei

Chartered accountants & statutory auditor

Suite 1, First floor

1 Duchess Street

London

W1W 6AN

30 December 2025

Henderson & Taylor Public Works Limited

Statement of Comprehensive Income

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	30,017,627	25,902,200

Cost of sales	24,508,582	21,953,735
	-------------	-------------
Gross profit	5,509,045	3,948,465

Distribution costs		459,378	860,303
Administrative expenses		4,603,143	3,758,758
Other operating income	5	413,015	848,517
		------------	------------
Operating profit	6	859,539	177,921

Other interest receivable and similar income	10	19,954	29,404
Interest payable and similar expenses	11	229,148	5,042
		------------	------------
Profit before taxation		650,345	202,283

Tax on profit	12	13,506	–
		---------	---------
Profit for the financial year and total comprehensive income		636,839	202,283
		---------	---------

All the activities of the company are from continuing operations.

Henderson & Taylor Public Works Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	255,711	128,382
Investments	15	50	50
		---------	---------
		255,761	128,432

Current assets

Stocks	16	232,551	141,280
Debtors	17	13,474,097	8,863,918
Cash at bank and in hand		1,412,511	1,155,562
		-------------	-------------
		15,119,159	10,160,760

Creditors: amounts falling due within one year	18	8,275,485	5,924,079
		-------------	-------------
Net current assets		6,843,674	4,236,681
		------------	------------
Total assets less current liabilities		7,099,435	4,365,113

Creditors: amounts falling due after more than one year	19	2,097,483	–
		------------	------------
Net assets		5,001,952	4,365,113
		------------	------------

Capital and reserves

Called up share capital	24	50,000	50,000
Profit and loss account		4,951,952	4,315,113
		------------	------------
Shareholders funds		5,001,952	4,365,113
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

J A Lynch

Director

Company registration number: 00795798

Henderson & Taylor Public Works Limited

Statement of Changes in Equity

Year ended 31 March 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 April 2023		50,000	4,115,830	4,165,830

Profit for the year			202,283	202,283
		--------	------------	------------
Total comprehensive income for the year		–	202,283	202,283

Dividends paid and payable	13	–	( 3,000)	( 3,000)
		--------	------------	------------
Total investments by and distributions to owners		–	( 3,000)	( 3,000)

At 31 March 2024		50,000	4,315,113	4,365,113

Profit for the year			636,839	636,839
		--------	------------	------------
Total comprehensive income for the year		–	636,839	636,839

		--------	------------	------------
At 31 March 2025		50,000	4,951,952	5,001,952
		--------	------------	------------

Henderson & Taylor Public Works Limited

Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	636,839	202,283

Adjustments for:
Depreciation of tangible assets	67,503	61,221
Other interest receivable and similar income	( 19,954)	( 29,404)
Interest payable and similar expenses	229,148	5,042
Gains on disposal of tangible assets	( 1,888)	–
Tax on profit	13,506	–
Accrued expenses/(income)	340,578	( 482,305)

Changes in:
Stocks	( 91,271)	1,789,918
Trade and other debtors	( 4,610,179)	( 1,923,891)
Trade and other creditors	3,301,292	( 708,163)
	------------	------------
Cash generated from operations	( 134,426)	( 1,085,299)

Interest paid	( 229,148)	( 5,042)
Interest received	19,954	29,404
Tax received/(paid)	12,912	( 36,560)
	---------	------------
Net cash used in operating activities	( 330,708)	( 1,097,497)
	---------	------------

Cash flows from investing activities

Purchase of tangible assets	( 275,288)	( 12,213)
Proceeds from sale of tangible assets	82,344	–
	---------	------------
Net cash used in investing activities	( 192,944)	( 12,213)
	---------	------------

Cash flows from financing activities

Proceeds from borrowings	( 4,110)	4,110
Proceeds from loans from group undertakings	711,032	( 511,242)
Proceeds from loans from participating interests	–	( 198,216)
Payments of finance lease liabilities	73,679	( 50,980)
Dividends paid	–	( 3,000)
	---------	------------
Net cash from/(used in) financing activities	780,601	( 759,328)
	---------	------------

Net increase/(decrease) in cash and cash equivalents	256,949	( 1,869,038)
Cash and cash equivalents at beginning of year	1,155,562	3,024,600
	------------	------------
Cash and cash equivalents at end of year	1,412,511	1,155,562
	------------	------------

Henderson & Taylor Public Works Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite1, First Floor, 1 Duchess Street, London, W1W 6AN.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

As at the balance sheet date the Company had net assets of £5,001,952 (2023: £4,365,113) and made a profit for the year of £636,839 (2024: £202,283). The directors believe that the Company will be able to continue to operate and meet its liabilities as they fall due for a period of at least one year from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

Significant judgements No critical accounting judgement was made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty No critical sources of estimation uncertainty were made by management in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	20% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	30,017,627	25,902,200
	-------------	-------------

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

5. Other operating income

	2025	2024
	£	£
Management charges receivable	319,605	848,517
Other operating income	93,410	–
	---------	---------
	413,015	848,517
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	67,503	61,221
Gains on disposal of tangible assets	( 1,888)	–
Impairment of trade debtors	75,837	17,604
	--------	--------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	24,000	20,000
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Staff	49	55
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,511,318	2,836,086
Social security costs	297,454	315,020
Other pension costs	162,588	132,342
	------------	------------
	2,971,360	3,283,448
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	368,837	233,746
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	100,000	100,000
	---------	---------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	19,638	21,965
Interest on bank deposits	316	7,439
	--------	--------
	19,954	29,404
	--------	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	215,319	5,042
Other interest payable and similar charges	13,829	–
	---------	-------
	229,148	5,042
	---------	-------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	24,695	–
Adjustments in respect of prior periods	( 11,189)	–
	--------	----
Total current tax	13,506	–
	--------	----
	--------	----
Tax on profit	13,506	–
	--------	----

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 19 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	650,345	202,283
	---------	---------
Profit on ordinary activities by rate of tax	162,586	38,434
Adjustment to tax charge in respect of prior periods	( 11,189)	–
Effect of expenses not deductible for tax purposes	( 42,985)	( 2,397)
Loss surrender from group companies	(94,906)	(36,037)
	---------	---------
Tax on profit	13,506	–
	---------	---------

13. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	–	3,000
	----	-------

14. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	109,502	945,925	108,323	129,470	1,293,220
Additions	–	168,344	9,819	97,125	275,288
Disposals	–	( 239,411)	–	–	( 239,411)
	---------	---------	---------	---------	------------
At 31 March 2025	109,502	874,858	118,142	226,595	1,329,097
	---------	---------	---------	---------	------------
Depreciation
At 1 April 2024	109,502	827,022	101,351	126,963	1,164,838
Charge for the year	–	48,111	2,869	16,523	67,503
Disposals	–	( 158,955)	–	–	( 158,955)
	---------	---------	---------	---------	------------
At 31 March 2025	109,502	716,178	104,220	143,486	1,073,386
	---------	---------	---------	---------	------------
Carrying amount
At 31 March 2025	–	158,680	13,922	83,109	255,711
	---------	---------	---------	---------	------------
At 31 March 2024	–	118,903	6,972	2,507	128,382
	---------	---------	---------	---------	------------

15. Investments

	Shares in participating interests
	£
Cost
At 1 April 2024 and 31 March 2025	50
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	50
	----
At 31 March 2024	50
	----

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

NLTTT Ltd

Registered office: Top Floor, Claridon House, London Road, Stanford le Hope, Essex, SS17 OJU Nature of business: To build a new lower thames crossing

Class of shares: holding

Ordinary 50.00%

At 31 August 2024, the aggregate share capital and reserves in NLTTT Ltd was similar to prior year of (£367,514). NLTTT Ltd is a strategic investment by Henderson and Taylor Public Works Limited through which the company is expecting to obtain permission to build a tunnel outside of the M25.

16. Stocks

	2025	2024
	£	£
Raw materials and consumables	232,551	141,280
	---------	---------

17. Debtors

	2025	2024
	£	£
Trade debtors	8,326,538	4,032,596
Amounts owed by group undertakings	1,438,559	946,724
Amounts owed by undertakings in which the company has a participating interest	145,619	4,530
Amounts owed by customers on construction contracts	2,921,590	3,178,258
Deferred tax asset	11,189	11,189
Prepayments and accrued income	629,303	652,100
Other debtors	1,299	38,521
	-------------	------------
	13,474,097	8,863,918
	-------------	------------

18. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	4,110
Trade creditors	5,700,983	4,734,027
Amounts owed to group undertakings	711,032	–
Accruals and deferred income	536,849	196,271
Corporation tax	199,241	172,823
Social security and other taxes	1,021,475	777,173
Obligations under finance leases and hire purchase contracts	78,770	5,091
Director loan accounts	392	392
Other creditors	26,743	34,192
	------------	------------
	8,275,485	5,924,079
	------------	------------

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

	2025	2024
	£	£
Other creditors	2,097,483	–
	------------	----

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	78,770	5,091
	--------	-------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in debtors (note 17)	11,189	11,189
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Deferred tax - other timing differences	(11,189)	(11,189)
	--------	--------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 147,353 (2024: £ 62,828 ).

23. Financial instruments

The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors. trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations.

24. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	50,000	50,000	50,000	50,000
	--------	--------	--------	--------

25. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	1,155,562	256,949	1,412,511
Debt due within one year	(9,593)	(780,601)	(790,194)
	------------	---------	------------
	1,145,969	( 523,652)	622,317
	------------	---------	------------

26. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2025	2024
	£	£
J A Lynch	( 392)	( 392)
	----	----

27. Controlling party

The immediate and ultimate parent is Henderson Taylor Investment Holdings Limited, a company registered in England and Wales, and the ultimate controlling party is J A Lynch and M M Lynch by virtue of their shareholdings.