Company Registration No. 03045006 (England and Wales)
T&W HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
T&W HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M Burchnall
Mr A Burchnall
Company number
03045006
Registered office
Charlotte House
500 Charlotte Road
Sheffield
S2 4ER
Auditor
Knowles Warwick Audit Services Limited
Charlotte House
500 Charlotte Road
Sheffield
S2 4ER
Business address
5 Pavilion Court
Pavilion Drive
Northampton
NN4 7SL
Bankers
NatWest
5 Market Place
Chesterfield
S40 1TJ
T&W HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
T&W HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JULY 2025
1

The directors present the strategic report for the period ended 31 July 2025.

Review of the business

The company as an individual entity continues to serve its purpose as the holding company of our group. There are no significant transactions to report upon for this financial year other than those of a financing nature. For example, the company assists with the financial management of the group's liquid resources via the inter group loan accounts that we operate.
Our consolidated accounts are presented under seperate cover and provide much more detail on the development of our overall business, and readers are directed there for a full report on our group's activities for the financial year.

Principal risks and uncertainties

Continued political and economic uncertainty in the UK remains the main risk for the 2025-​26 financial year. Whilst the Bank of England’s Base Rate has reduced over the last 18 months, the reduction hasn’t been enough to really stimulate activity within the industry. Additionally, although the Labour Government re-​instated the housing targets, which was seen as a positive development at the time, they are significantly behind their 1.5m target as things stand. Aside from changes to the planning system, which takes time to deliver any benefit, there haven’t been any immediate policies to boost market activity and very strong growth would be needed over the next couple of years for the housing target to be achieved. Increased global tensions also present a risk to the wider UK economy and therefore the housing market.

However, as demonstrated in recent years, the group as a whole is very well positioned to deal with any challenges that arise. The strength of our cash position, the knowledge and experience of our staff and the long-​standing relationships we have with both clients and suppliers puts us in a very good position to manage any potential uncertainty and maximise any opportunities that arise. Recent investment in software and technology also means we have real-​time access to information allowing the business to respond to any market changes quickly. Over the last couple of years, the Group has also diversified its customer base by commencing projects for four new major housebuilders.

The Group as a whole uses on site valuations to measure the works performed each month for billing to customers. There can be sizeable differences between our internal valuations and that our customer however, great efforts have been made in the year to ensure that the valuations of works done are performed on a fair and reasonable basis and that this is also reflected in the valuations by customers to ensure the turnover reported is fairly stated and not liable to significant subsequent adjustment.

Development and performance

The overall strategy of the whole Group continues to be that of maintaining our close working relationships with housing developers in the region and to maintain our reputation for excellent performance and project delivery. In doing so we will be well placed to take advantage of any opportunities that arise, either with existing or new clients.

The Group continues to strive towards improving profit margins further and managing efficiencies within the business whilst maintaining and developing the strong relationships we have with our customers.

On behalf of the board

.............................................
Mr M Burchnall
Director
Date: .............................................
T&W HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JULY 2025
2

The directors present their annual report and financial statements for the period ended 31 July 2025.

Principal activities

The company's principal activity during the period was that of a holding company.

Results and dividends

The results for the period are set out on page 7.

Ordinary dividends were paid amounting to £7,110,970. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr M Burchnall
Mr A Burchnall
Auditor

The auditor, Knowles Warwick Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr M Burchnall
Director
6 March 2026
T&W HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 JULY 2025
3

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and 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; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

T&W HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T&W HOLDINGS LIMITED
4
Opinion

We have audited the financial statements of T&W Holdings Limited (the 'company') for the period ended 31 July 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 July 2025 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial period 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.

T&W HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T&W HOLDINGS LIMITED (CONTINUED)
5
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly followed auditing standards.

We assessed the susceptibility of the company’s financial statements to material misstatement, including 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; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

In response to the risk of revenue recognition, we;

- Performed analytical procedures to identify unusual transactions; and

- Performed detailed substantive testing across all revenue streams

In response to the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures 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 financial statement disclosures to underlying supporting documentation

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC and other relevant parties.

T&W HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T&W HOLDINGS LIMITED (CONTINUED)
6

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Knowles FCA (Senior Statutory Auditor)
For and on behalf of Knowles Warwick Audit Services Limited
Statutory Auditor
Chartered Accountants
Charlotte House
500 Charlotte Road
Sheffield
S2 4ER
6 March 2026
T&W HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 JULY 2025
7
Period
Year
ended
ended
31 July
30 June
2025
2024
Notes
£
£
Turnover
-
-
Administrative expenses
(57)
(30)
Operating loss
3
(57)
(30)
Interest receivable and similar income
5
7,110,970
1,314,470
Profit before taxation
7,110,913
1,314,440
Tax on profit
6
-
0
-
0
Profit for the financial period
7,110,913
1,314,440

T&W HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JULY 2025
8
Period
Year
ended
ended
31 July
30 June
2025
2024
£
£
Profit for the period
7,110,913
1,314,440
Other comprehensive income
-
-
Total comprehensive income for the period
7,110,913
1,314,440
T&W HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
9
31 July 2025
30 June 2024
Notes
£
£
£
£
Fixed assets
Investments
8
1,165,159
1,165,159
Current assets
Debtors
10
7,499,764
1,200,000
Cash at bank and in hand
-
0
25
7,499,764
1,200,025
Creditors: amounts falling due within one year
11
(8,412,226)
(2,112,430)
Net current liabilities
(912,462)
(912,405)
Net assets
252,697
252,754
Capital and reserves
Called up share capital
13
63
63
Capital redemption reserve
37
37
Profit and loss reserves
252,597
252,654
Total equity
252,697
252,754
The financial statements were approved by the board of directors and authorised for issue on 7 March 2026 and are signed on its behalf by:
Mr M Burchnall
Director
Company registration number 03045006 (England and Wales)
T&W HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2025
10
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
63
37
252,684
252,784
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
1,314,440
1,314,440
Dividends
7
-
-
(1,314,470)
(1,314,470)
Balance at 30 June 2024
63
37
252,654
252,754
Period ended 31 July 2025:
Profit and total comprehensive income
-
-
7,110,913
7,110,913
Dividends
7
-
-
(7,110,970)
(7,110,970)
Balance at 31 July 2025
63
37
252,597
252,697
T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2025
11
1
Accounting policies
Company information

T&W Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER.

The company's principal activity during the period was that of a holding company.

1.1
Reporting period

For the period ended 31 July 2025, the company has prepared a 13 month period of financial statements to better align with that of its major customers financial year end. As a result, the comparative figures (including related notes) are not directly comparable to this period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

T&W Holdings Limited is a wholly owned subsidiary of T&W Group Limited and the results of T&W Holdings Limited are included in the consolidated financial statements of T&W Group Limited which are available from Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2025
1
Accounting policies
(Continued)
12
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

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

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2025
1
Accounting policies
(Continued)
13
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2025
1
Accounting policies
(Continued)
14
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating loss
2025
2024
Operating loss for the period is stated after charging:
£
£
T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2025
15
4
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2024
Number
Number
2
2
5
Interest receivable and similar income
2025
2024
£
£
Income from fixed asset investments
Income from shares in group undertakings
7,110,970
1,314,470
6
Taxation

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
7,110,913
1,314,440
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,777,728
328,610
Tax effect of expenses that are not deductible in determining taxable profit
-
0
8
Group relief
14
-
0
Dividend income
(1,777,742)
(328,618)
Taxation charge for the period
-
-
7
Dividends
2025
2024
£
£
Interim paid
7,110,970
1,314,470
8
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
9
1,165,159
1,165,159
T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2025
8
Fixed asset investments
(Continued)
16
Fixed asset investments not carried at market value

Fixed asset investments include subsidiary undertakings. Shares in subsidiary undertakings are held at cost less impairment. Due to the onerous nature of performing annual valuations, the directors believe this to be the most appropriate method of valuation.

9
Subsidiaries

Separate company company financial statements are required to be prepared by law. Consolidated financial statements for The T&W Group are prepared and are publicly available.

Details of the company's subsidiaries at 31 July 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
T&W Civil Engineering Limited
Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER
Ordinary
100.00
T&W Plant Hire Limited
Charlotte House, 500 Charlotte Road, Sheffield, S2 4ER
Ordinary
100.00

10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,499,764
1,200,000
11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
12
2
2
Amounts owed to group undertakings
8,412,224
2,112,428
8,412,226
2,112,430
12
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
2
2
Payable within one year
2
2
T&W HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2025
17
13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
63
63
63
63
14
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
8,412,224
1,712,224
Entities over which the entity has control, joint control or significant influence
-
400,204

No guarantees have been given or received.

Amounts due to related parties are interest free and repayable on demand.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
7,499,764
1,200,000

No guarantees have been given or received.

Amounts due from related parties are interest free and repayable on demand.

15
Ultimate controlling party

The company is under the control of T&W Group Limited, a company registered in England & Wales under company number 09769419.

The company is under the ultimate control of T&W Employee Ownership Trust from the 2 July 2024.

The financial statements of the company are consolidated into the financial statements of T&W Group Limited.

T&W HOLDINGS LIMITED
MANAGEMENT INFORMATION
FOR THE PERIOD ENDED 31 JULY 2025
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