ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 12131779

TCL GROUP (LONDON) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

TCL GROUP (LONDON) LIMITED

COMPANY INFORMATION

Director	S Purdy


Company secretary	J S Murphy


Registered number	12131779


Registered office	Unit A Melville Court Spilsby Road
	Harold Hill
	Romford
	Essex
	RM3 8SB


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Leytonstone House
	Leytonstone
	London
	E11 1GA

TCL GROUP (LONDON) LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10
Company balance sheet	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14 - 15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 31

TCL GROUP (LONDON) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

INTRODUCTION

The Director presents his strategic report for the year ended 31 July 2025.

The principal activities of the Group in the year under review were Repairs & Maintenance, Planned & Cyclical Works, Painting & Decorating, Refurbishment & Heritage Works, Damp, Mould & Legal Disrepair’and Fire Safety Works.

BUSINESS REVIEW

Our long term strategy is to develop a customer driven service that establishes the Group as a ‘best in class’ in Community Regeneration, Maintenance, Refurbishment and Specialist Construction services in London and the Home Counties whilst achieving sustained profitable growth by consistent delivery against the needs of our customers, partners and shareholders.

Our ongoing investment in our people, processes, ICT, environmental initiatives and community engagement has further served to reinforce our position as a preferred service provider within our target markets supported by an approach that is both collaborative and consultative.

Arising from this customer-focused methodology has been another good year of trading for the Group. We have sustained profitable operations with contracts secured at levels of return commensurate with our trading targets.

Our Repairs & Maintenance, Planned & Cyclical Works, Painting & Decorating and Fire Safety divisions have continued to secure major long-term contracts within the public sector, reflecting a continued strong reputation of those divisions in their respective markets.

FINANCIAL REVIEW

The 2024/25 financial year continued to present the construction industry with a number of operational and commercial challenges including labour and skills shortages, cost inflation and faltering confidence in the industry.

Despite these challenges and disruptions, we are pleased to announce that our business has thrived and achieved an exceptional outcome for 2024/25.

Our collective goal for the coming years is to continue to maximise the opportunities for growth across our core business activities, notwithstanding the challenging conditions within our industry, to continue to deliver a positive outcome year on year.

We do however remain cautious and will continue to prioritise maintaining our historic levels of profitability and managing trading risks, a prudent approach that will ensure a balanced and sustainable business model that safeguards our financial stability and long-term success.

Page 1

TCL GROUP (LONDON) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

RISK MANAGEMENT

A key influence in determining the continued success of the business is risk and the mitigation measures we put in place. The types of risk relevant to the Group activities and services, listed below, if left unchecked, have the potential to undermine our business objectives and financial performance.

• Economic Risk
• Compliance Risk
• Security & Fraud Risk
• Financial Risk
• Reputation Risk
• Operational Risk
• Competition Risk

Proactive risk identification and avoidance, seeking only to engage in contracts aligned with our core activities where the associated risks are known and can be minimised, together with planning for risks across all aspects of business activity, will mitigate their impact.

By maintaining an awareness and understanding of risk, we will protect our financial resilience, reputation, customer base and trust that we have achieved across the business and within the markets we serve.

FINANCIAL KEY PERFORMANCE INDICATORS

The financial highlights for the Group are as follows:

Turnover: £ 11,676,462 (2023-24 - £ 11,355,055)
Gross Profit: £ 2,108,100 (2023-24 - £ 2,317,627)
Profit (before taxation) £ 436,598 (2023-24 - £ 457,277)

This report was approved by the board on 24 April 2026 and signed on its behalf.

S Purdy

Director

Page 2

TCL GROUP (LONDON) LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 JULY 2025

The director presents his report and the financial statements for the year ended 31 July 2025.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £258,415 (2024 - £226,472).

Dividends of £100,000 (2024 - £370,000) were received during the year from the subsidiary company.

The directors do not recommend the payment of a final dividend (2024 - £Nil).

Director

The director who served during the year was:

S Purdy

Future developments

Our healthy order book for the coming years, supported by our membership of a number of high profile, high value frameworks, are testament to our commitment to safety, quality and customer care, an ethos that we will continue across the business in order that we remain competitive, safe and well managed.

Page 3

TCL GROUP (LONDON) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 April 2026 and signed on its behalf.

S Purdy

Director

Page 4

TCL GROUP (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED

Opinion

We have audited the financial statements of TCL Group (London) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated 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 Group's and of the Parent Company's affairs as at 31 July 2025 and of the Group's 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 Group 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 director's 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 Group's or the Parent 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

TCL GROUP (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) 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 director is 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Director's 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 6

TCL GROUP (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the Parent 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.

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 Group 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 assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

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

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anamolies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

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.

Page 7

TCL GROUP (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TCL GROUP (LONDON) LIMITED (CONTINUED)

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.

Graham Wallace (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA

Date: 27 April 2026

Page 8

TCL GROUP (LONDON) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

	2025	2024
Note	£	£


Turnover	4	11,676,462	11,355,055
Cost of sales		(9,568,362)	(9,037,428)
Gross profit		2,108,100	2,317,627
Administrative expenses		(1,724,418)	(1,828,099)
Other operating income	5	-	1,210
Operating profit	6	383,682	490,738
Interest receivable and similar income	10	62,708	49,547
Interest payable and similar charges	11	(9,792)	(83,008)
Profit before taxation		436,598	457,277
Tax on profit	12	(178,183)	(230,805)
Profit for the financial year		258,415	226,472


Total comprehensive income for the year		258,415	226,472

Profit for the year attributable to:
Owners of the Parent Company		258,415	226,472

Total comprehensive income for the year attributable to:
Owners of the Parent Company		258,415	226,472

The notes on pages 17 to 31 form part of these financial statements.

Page 9

TCL GROUP (LONDON) LIMITED

REGISTERED NUMBER: 12131779

CONSOLIDATED BALANCE SHEET

AS AT 31 JULY 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Intangible assets	13		1,584,829		1,952,414
Tangible assets	14		271,574		160,671
			1,856,403		2,113,085
Current assets
Debtors: amounts falling due within one year	16	3,293,350		2,597,869
Cash at bank and in hand	17	2,243,393		1,982,639
		5,536,743		4,580,508
Creditors: amounts falling due within one year	18	(4,071,142)		(3,636,686)
Net current assets			1,465,601		943,822
Total assets less current liabilities			3,322,004		3,056,907
Creditors: amounts falling due after more than one year	19		(28,309)		(21,627)
Provisions for liabilities
Deferred taxation	21		(37,787)		(37,787)
Net assets			3,255,908		2,997,493

Capital and reserves
Called up share capital	22	1,001	1,001
Merger reserve		2,633,475	2,633,475
Profit and loss account		621,432	363,017
Equity attributable to owners of the Parent Company		3,255,908	2,997,493

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.

S Purdy

Director

The notes on pages 17 to 31 form part of these financial statements.

Page 10

TCL GROUP (LONDON) LIMITED

REGISTERED NUMBER: 12131779

COMPANY BALANCE SHEET

AS AT 31 JULY 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Investments	15		2,646,055		2,646,055
Current assets
Debtors: amounts falling due within one year	16	12,313		2,980
Cash at bank and in hand	17	356		387
		12,669		3,367
Creditors: amounts falling due within one year	18	(1,513,574)		(1,593,132)
Net current liabilities			(1,500,905)		(1,589,765)
Net assets			1,145,150		1,056,290

Capital and reserves
Called up share capital	22		1,001		1,001
Profit and loss account brought forward		1,055,289		801,496
Profit for the year		88,860		253,793
Profit and loss account carried forward			1,144,149		1,055,289
			1,145,150		1,056,290

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.

S Purdy

Director

The notes on pages 17 to 31 form part of these financial statements.

Page 11

TCL GROUP (LONDON) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Other reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 August 2023	1,001	2,633,475	136,545	2,771,021
Comprehensive income for the year
Profit for the year	-	-	226,472	226,472

At 1 August 2024	1,001	2,633,475	363,017	2,997,493
Comprehensive income for the year
Profit for the year	-	-	258,415	258,415
At 31 July 2025	1,001	2,633,475	621,432	3,255,908

The notes on pages 17 to 31 form part of these financial statements.

Page 12

TCL GROUP (LONDON) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2023	1,001	801,496	802,497
Comprehensive income for the year
Profit for the year	-	253,793	253,793

At 1 August 2024	1,001	1,055,289	1,056,290

Profit for the year	-	88,860	88,860
At 31 July 2025	1,001	1,144,149	1,145,150

The notes on pages 17 to 31 form part of these financial statements.

Page 13

TCL GROUP (LONDON) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	258,415	226,472
Adjustments for:
Amortisation of intangible assets	367,585	367,585
Depreciation of tangible assets	56,011	46,589
Loss on disposal of tangible assets	1,545	4,879
Government grants	-	(1,210)
Interest paid	9,792	83,008
Interest received	(62,708)	(49,547)
Taxation charge	178,183	230,805
(Increase)/decrease in debtors	(695,481)	717,467
Increase/(decrease) in creditors	468,063	(959,902)
Corporation tax (paid)	(230,805)	(131,559)
Net cash generated from operating activities	350,600	534,587

Cash flows from investing activities
Purchase of tangible fixed assets	(168,459)	(41,945)
Government grants received	-	1,210
Interest received	62,708	49,547
HP interest paid	(9,792)	(6,598)
Net cash from investing activities	(115,543)	2,214

Page 14

TCL GROUP (LONDON) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of loans	-	(120,507)
Repayment of/new finance leases	25,697	(42,297)
Interest paid	-	(76,410)
Net cash used in financing activities	25,697	(239,214)
Net increase in cash and cash equivalents	260,754	297,587
Cash and cash equivalents at beginning of year	1,982,639	1,685,052
Cash and cash equivalents at the end of year	2,243,393	1,982,639

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,243,393	1,982,639
	2,243,393	1,982,639

The notes on pages 17 to 31 form part of these financial statements.

Page 15

TCL GROUP (LONDON) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JULY 2025


At 1 August 2024	Cash flows	At 31 July 2025
£	£	£

Cash at bank and in hand	1,982,639	260,754	2,243,393
Debt due within 1 year	(1,582,382)	79,558	(1,502,824)
Finance leases	(63,955)	(25,697)	(89,652)
	336,302	314,615	650,917

The notes on pages 17 to 31 form part of these financial statements.

Page 16

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	General information

TCL Group (London) Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit A Melville Court Spilsby Road, Harold Hill, Romford, Essex, RM3 8SB.

The principal activity of the Company is that of a holding company for its trading subsidiary.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 17

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Construction contracts

Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is recognised relative to the stage of completion of the contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.

In the course of providing construction services the company's customers will retain a retention amount. The retention amount will be recognised in the accounting period when the company considers it has fulfilled its obligations under the terms of each of its contracts.

All sales are normally made with credit terms. The element of financing is deemed immaterial and disregarded in the measurement of revenue.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%	reducing balance
				Office equipment	-	33%	reducing balance

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.

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TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.12

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.13

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.15

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.16

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 and the Group operate and generate 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.

Page 20

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.Accounting policies (continued)

2.17

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.18

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the group's accounting policies

No significant judgements have had to be made by management in preparing these financial statements.

b) Key accounting estimates and assumptions

The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Amounts recoverable on long-term contracts

The figure included in amounts recoverable on long-term contracts at the year end is based on the estmated sales value of work completed since the previous invoice. Consideration of the post period recovery is made, as well as historical experience, in arriving at the year end estimate.

Bad debts

The Group make judgements around the recoverability of trade debtors. Consideration of the post period recovery is made, as well as historical experience, in arriving at the year end estimate.

	Turnover	11,676,462	11,355,055

All turnover arose within the United Kingdom.

Page 21

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

5.	Other operating income
		2025	2024
		£	£

	Government grants receivable	-	1,210

Depreciation	56,011	46,589
Exchange differences	367,585	367,585
Other operating lease rentals	88,130	94,801

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	10,750	9,500
	Fees payable to the Group's auditors for other non-audit services	53,392	45,374

Page 22

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

8.	Employees
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	239,926	240,227	-	-
Social security costs	23,089	25,674	-	-
Cost of defined contribution scheme	63,019	64,653	-	-
	326,034	330,554	-	-

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Staff	11	11	1	1

9.	Director's remuneration
		2025	2024
		£	£

Director's emoluments	8,844	8,844
Group contributions to defined contribution pension schemes	63,019	64,653
	71,863	73,497

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

10.	Interest receivable and similar income
		2025	2024
		£	£

Bank interest received

62,708

49,547

Page 23

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.	Interest payable and similar charges
		2025	2024
		£	£

Bank interest payable	-	76,408
Finance leases and hire purchase contracts	9,792	6,598
Other interest payable	-	2
	9,792	83,008

Page 24

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Corporation tax
Current tax on profits for the year	178,183	230,805

Total current tax	178,183	230,805

Profit on ordinary activities before tax

436,598

457,277

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	109,150	114,319
Effects of:
Expenses not deductible for tax purposes	37,967	104,847
Other timing differences leading to an increase in taxation	31,066	11,639
Total tax charge for the year	178,183	230,805

Factors that may affect future tax charges

There are no factors that may affect the future tax charges.

Page 25

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

13.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 August 2024	3,675,845
	At 31 July 2025	3,675,845
	Amortisation
	At 1 August 2024	1,723,431
	Charge for the year on owned assets	367,585
	At 31 July 2025	2,091,016
	Net book value
	At 31 July 2025	1,584,829
	At 31 July 2024	1,952,414

Page 26

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

14.	Tangible fixed assets
	Group

	Motor vehicles	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 August 2024	297,383	68,654	366,037
Additions	162,776	5,683	168,459
Disposals	(26,105)	-	(26,105)
At 31 July 2025	434,054	74,337	508,391
Depreciation
At 1 August 2024	155,995	49,371	205,366
Charge for the year on owned assets	13,739	5,909	19,648
Charge for the year on financed assets	36,363	-	36,363
Disposals	(24,560)	-	(24,560)
At 31 July 2025	181,537	55,280	236,817
Net book value
At 31 July 2025	252,517	19,057	271,574
At 31 July 2024	141,388	19,283	160,671

Motor vehicles of £221,440 (2024 - £99,175) relate to the net book value of assets held under finance leases or hire purchase contracts.

Page 27

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 August 2024	2,646,055
	At 31 July 2025	2,646,055

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Class of shares	Holding

Topcoat Construction Limited

Ordinary

100%

The registered office of the above company is Unit A, Melville Court, Spilsby Road, Harold Hill, Romford, Essex, RM3 8SB.

	The aggregate of the share capital and reserves as at 31 July 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Topcoat Construction Limited

3,171,884

637,140

16.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,418,083	2,002,124	-	-
Amounts owed by group undertakings	-	-	12,313	2,980
Other debtors	275	275	-	-
Prepayments and accrued income	43,221	33,979	-	-
Amounts recoverable on long-term contracts	831,771	561,491	-	-
	3,293,350	2,597,869	12,313	2,980

Page 28

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	2,243,393	1,982,639	356	387

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	453,385	332,411	-	-
Corporation tax	178,183	230,805	-	-
Other taxation and social security	518,418	229,386	-	-
Obligations under finance lease and hire purchase contracts	61,343	42,328	-	-
Other creditors	1,523,092	1,593,042	1,502,824	1,582,382
Accruals and deferred income	1,336,721	1,208,714	10,750	10,750
	4,071,142	3,636,686	1,513,574	1,593,132

19.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

	Net obligations under finance leases and hire purchase contracts	28,309	21,627

Net obligations under hire purchase contracts, as disclosed in notes 18, 19 and 20 to the accounts, are secured upon the assets to which they relate.

20.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	61,343	42,328
Between 1-5 years	28,309	21,627
	89,652	63,955

Page 29

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

21.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(37,787)	(37,787)
At end of year	(37,787)	(37,787)

Company

	2024 £	2023 £

At end of year	-	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances

(37,787)

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

260 (2024 - 260) Ordinary A shares of £1.00 each	260	260
260 (2024 - 260) Ordinary B shares of £1.00 each	260	260
160 (2024 - 160) Ordinary C shares of £1.00 each	160	160
160 (2024 - 160) Ordinary D shares of £1.00 each	160	160
160 (2024 - 160) Ordinary E shares of £1.00 each	160	160
1 (2024 - 1) Special share share of £1.00	1	1

	1,001	1,001

Page 30

TCL GROUP (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

23.	Pension commitments

The Group operates a defined contributions pension scheme. The scheme is administered by an insurance company independent of the group's finances. The Group contributions are charged to the profit and loss account in the year in which they are made. The pension charge for the year was £63,019 (2024 - £64,653). There was £61,527 outstanding at the year end (2024 - £824).

24.	Commitments under operating leases
	At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	70,784	61,632
Later than 1 year and not later than 5 years	235,229	240,000
Later than 5 years	-	15,000
	306,013	316,632

25.	Related party transactions
	The bank loan held by the Company is cross guaranteed against the assets of the subsidiary company. At the balance sheet date, the Company was owed £12,313 (2024 - £2,980) by the subsidiary company. During the year, the company received dividends of £100,000 (2024 - £370,000) from its subsidiary company.

26.	Controlling party

The company considers S Purdy as the ultimate controlling party.

Page 31