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Registered number: 08799004 T & B (CONTRACTORS) HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
T & B (CONTRACTORS) HOLDINGS LIMITED COMPANY INFORMATION
Directors | Mr R D Borras
| Mrs C A Borras
| Mr N Stephens
| Mr R Wishart
Registered number | 08799004
Registered office | Riverside House
| 1 Place Farm
| Wheathampstead
| St. Albans
| AL4 8SB
Independent auditor | MHA
| Statutory Auditor
| 6th Floor
| 2 London Wall Place
| London
| EC2Y 5AU
Bankers | Barclays Bank PLC
| 11 Bank Court
| Hemel Hempstead
| Hertfordshire
| HP1 1BX
T & B (CONTRACTORS) HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 8
Independent Auditor's Report | 9 - 12
Consolidated Statement of Comprehensive Income | 13
Consolidated Balance Sheet | 14 - 15
Company Balance Sheet | 16
Consolidated Statement of Changes in Equity | 17 - 18
Company Statement of Changes in Equity | 19
Consolidated Statement of Cash Flows | 20 - 21
Consolidated Analysis of Net Debt | 22
Notes to the Financial Statements | 23 - 41
T & B (CONTRACTORS) HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
The business has maintained its position as a financially strong regional contractor operating across the construction industry, with a focus on sectors where it has established capability through Framework Agreements and repeat-client relationships, including Healthcare and Further & Higher Education. We have positioned the business to deliver sustainable, profitable growth through disciplined bidding, strong client relationships and consistent operational delivery. This strategy is supported by a “one team” approach and a continued focus on quality, safety and compliance. We have aligned our supply chain with our vision which translates into exceptional project delivery. We continue to develop long-term relationships with our clients to enable targeted bidding and promote growth in repeat business through framework agreements, key account management and negotiation. Succession Planning The ability for the business to adapt to ever-changing market conditions and new opportunities has been its underlying success. Inevitably, members of our staff will get to the age where they are planning their retirements. During 2025, the business saw some changes throughout the business, including Design Management, IT Management and Contracts Management. The handover process for the new Managers has been seamless, and they have integrated well into the wider business. In October, Directors Nigel Stephens and Andy Skilton announced their retirements from the business in April 2026. This presents the business with an opportunity to integrate our Project Delivery teams along with a strategic realignment of our Business Development and Pre Construction Operations. This transition is an opportunity to celebrate the achievements of the retirees and advance the business. With greater team integration and a unified approach, the business is well positioned for future progress and ongoing success. Reinvestment and Adding Value to the Business Throughout the year, several substantial investments were made, reflecting the company’s commitment to enhancing both operational efficiency and employee wellbeing. Key investment areas included: • Various staff wellbeing initiatives • Fuel efficient upgrades to vehicle fleet • Improvement to Head Office • Enhancement of IT systems We continue to invest in the development of our staff: • We invested over £221k (4,068 hours) in training during 2025. • We have appointed 5 new members of staff and made 7 internal promotions to ensure we meet our business goals for 2026 and beyond. • Continued investment in T&B's Training Development Schemes, which inlcudes 1 Trade Apprentice and 5 studying at degree level. • We also offered 7 students Work Experience and Work Placements. Page 1
T & B (CONTRACTORS) HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Business Performance
In line with broader industry trends, T&B entered 2025 with £7 million less secured turnover compared to the previous year, as a result the 2025 turnover for the business was £48.2m against an ambitious target of £57m. Despite the reduction in turnover, our teams, through determination and excellent client focus, produced an excellent £796K profit before tax. As of March 2026, we have a have already secured a total of £36m turnover along with a healthy pipeline of enquiries going into Q2. This success reflects our targeted bidding through framework agreements, key account management and the confidence our clients have in T&B.
Principal risks and uncertainties
The Construction Market remains uncertain and we must still be aware of: • Market and pipeline: volatility in demand, timing of starts and conversion of opportunities; mitigated through sector focus, bid discipline and key account management. • Margin and cost control: pricing and supply chain volatility; mitigated through procurement discipline, subcontractor management and commercial controls. • Operational delivery and compliance: delivery consistency, change management and regulatory requirements; mitigated through governance, procedures, training and quality assurance processes. • People and systems: retention, succession and resilience; mitigated through recruitment, development, succession planning and management controls.
Key performance indicators
Our 2025 performance was measured via the following KPIs: 1. Customer Satisfaction remains strong with an increase in a number of projects secured through repeat business and negotiation. 2. Staff Satisfaction (Investors in People survey) an average of 89% agreement against the three main indicators: Leading; Supporting and Improving 3. Training days were increased to 5 per employee
Development and performance
Our priority in 2026 is to continue to build upon the success of the last 3 years and to maintain the long-term and stable relationships the business has with its clients and supply chain. To support this, we will continue to meet the challenges of the economy and the Construction Industry by embracing change to strengthen the business and offer our clients a better alternative to our competitors. For example, the Building Safety Act has been described as the most significant change to construction legislation in a generation. The process review will update our procedures in line with the Building Safety Act and during 2026 and we will work with the Chartered Institute of Building (CIOB) as a training partner to deliver Building Safety Act Training for all staff.
Section 172 of the Companies Act 2006
The directors act in good faith to promote the success of the Company for the benefit of its members as a whole and, in doing so, have had regard to the matters in section 172(1)(a) to (f) of the Companies Act 2006. In particular, the directors consider the long-term consequences of decisions; the interests of employees; relationships with customers, suppliers and subcontractors; impacts on the community and environment; the need to maintain a reputation for high standards of business conduct; and fairness between members, supported by appropriate policies and procedures. Page 2
T & B (CONTRACTORS) HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
Mrs C A Borras Director
Date: 12 May 2026
Page 3
T & B (CONTRACTORS) HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the Company was that of a holding company. The principal activity of the Group was that of building contractors.
Results and dividends
The profit for the year, after taxation, amounted to £619,544 (2024 - £1,555,013). During the year dividends totalling £341,856 (2024 - £512,791) were paid.
Directors
The directors who served during the year were:
Mr R D Borras
Mrs C A Borras
Mr N Stephens
Mr R Wishart
Page 4
T & B (CONTRACTORS) HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Group's greenhouse gas emissions and energy consumption for the year are: Greenhouse gas (GHG) emissions for 2025 have been calculated in alignment with the GHG Protocol Corporate Accounting and Reporting Standard, using UK Government GHG Conversion Factors (2025). Emissions are reported in tonnes of carbon dioxide equivalent (tCO2e) and categorised by Scope 1, Scope 2 and Scope 3. Page 5
T & B (CONTRACTORS) HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 General Calculation Approach For all activity data: •Activity data (e.g. kWh, litres, miles or km) is multiplied by the relevant 2025 UK Government emission factor to obtain kg CO2e, and results are then converted to tonnes CO2e. •Where primary data is incomplete, reasonable estimates or extrapolations are used and documented. Scope 1 - Direct Emissions Scope 2 - Indirect Energy Emissions Scope 2 emissions have been calculated on a location-based basis using purchased electricity consumption and UK Government (2025) electricity emission factors, with no separate market based Scope 2 figure reported. Page 6
T & B (CONTRACTORS) HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Scope 3 - Other Indirect Emissions
Directors' indemnity insurance
Directors’ liability and indemnity insurance was in force throughout the year to cover the directors and officers of the company against action brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information. Page 7
T & B (CONTRACTORS) HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mrs C A Borras Director
Date: 12 May 2026
Page 8
T & B (CONTRACTORS) HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED
Opinion
We have audited the financial statements of T & B (Contractors) Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 December 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 Auditor's 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 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 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 directors with respect to going concern are described in the relevant sections of this report. Page 9
T & B (CONTRACTORS) HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED (CONTINUED)
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.
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 Directors' 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 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 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 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 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 10
T & B (CONTRACTORS) HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 directors either intend to liquidate the Group or the Parent 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 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: • Enquiry of management and those charged with governance around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 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 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 Auditor's Report. Page 11
T & B (CONTRACTORS) HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS 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 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. Georgette Alicia Crisp BSc (Hons) FCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor London, United Kingdom 13 May 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 12
T & B (CONTRACTORS) HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 48,239,672 | 52,902,095
Cost of sales |  | (43,959,362) | (47,939,500)
Gross profit |  | 4,280,310 | 4,962,595
Administrative expenses |  | (3,969,156) | (3,514,201)
Other operating income | 5 | 202,090 | 216,888
Operating profit | 6 | 513,244 | 1,665,282
Interest receivable and similar income | 10 | 283,040 | 389,404
Interest payable and similar expenses | 11 | (468) | -
Profit before taxation |  | 795,816 | 2,054,686
Tax on profit | 12 | (176,272) | (499,673)
Profit for the financial year |  | 619,544 | 1,555,013
Revaluation of tangible fixed assets |  | (200,047) | -
Other comprehensive income for the year |  | (200,047) | -
Total comprehensive income for the year |  | 419,497 | 1,555,013
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 619,544 | 1,555,013
|  | 619,544 | 1,555,013
Total comprehensive income for the year attributable to: |  |  |
Owners of the Parent Company |  | 419,497 | 1,555,013
|  | 419,497 | 1,555,013
The notes on pages 23 to 41 form part of these financial statements.
Page 13
T & B (CONTRACTORS) HOLDINGS LIMITED REGISTERED NUMBER: 08799004 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,486,192 |  | 2,496,814
Investments | 15 |  | 100 |  | 100
Investment property | 16 |  | 1,660,000 |  | 1,811,749
|  |  | 4,146,292 |  | 4,308,663
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 10,247,887 |  | 8,850,340 |
Cash at bank and in hand | 18 | 7,289,453 |  | 8,326,404 |
|  | 17,537,340 |  | 17,176,744 |
Creditors: amounts falling due within one year | 19 | (11,308,796) |  | (11,164,518) |
Net current assets |  |  | 6,228,544 |  | 6,012,226
Total assets less current liabilities |  |  | 10,374,836 |  | 10,320,889
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (213,741) |  | (237,435) |
|  |  | (213,741) |  | (237,435)
Net assets |  |  | 10,161,095 |  | 10,083,454
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,004 |  | 1,004
Share premium account | 22 |  | 2,529,380 |  | 2,529,380
Revaluation reserve | 22 |  | 479,980 |  | 680,027
Capital redemption reserve | 22 |  | 18 |  | 18
Investment property reserve | 22 |  | 138,434 |  | 252,246
Profit and loss account | 22 |  | 7,012,279 |  | 6,620,779
Equity attributable to owners of the Parent Company |  |  | 10,161,095 |  | 10,083,454
Page 14
T & B (CONTRACTORS) HOLDINGS LIMITED REGISTERED NUMBER: 08799004 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr R D Borras
Director
Date: 12 May 2026
The notes on pages 23 to 41 form part of these financial statements. Page 15
T & B (CONTRACTORS) HOLDINGS LIMITED REGISTERED NUMBER: 08799004 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 4,900,000 |  | 4,900,000
|  |  | 4,900,000 |  | 4,900,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 20,402 |  | 20,402 |
|  | 20,402 |  | 20,402 |
Total assets less current liabilities |  |  | 4,920,402 |  | 4,920,402
Net assets |  |  | 4,920,402 |  | 4,920,402
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1,004 |  | 1,004
Share premium account | 22 |  | 4,919,380 |  | 4,919,380
Capital redemption reserve | 22 |  | 18 |  | 18
|  |  | 4,920,402 |  | 4,920,402
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr R D Borras
Director
Date: 12 May 2026
The notes on pages 23 to 41 form part of these financial statements. Page 16

|  | T & B (CONTRACTORS) HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Share premium account | Capital redemption reserve | Revaluation reserve | Investment property revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 January 2025 | 1,004 | 2,529,380 | 18 | 680,027 | 252,246 | 6,620,779 | 10,083,454
| Comprehensive income for the year |  |  |  |  |  |  |
| Profit for the year | - | - | - | - | - | 619,544 | 619,544
| Deficit on revaluation of freehold property | - | - | - | (200,047) | - | - | (200,047)
| Total comprehensive income for the year | - | - | - | (200,047) | - | 619,544 | 419,497
| Contributions by and distributions to owners |  |  |  |  |  |  |
| Dividends | - | - | - | - | - | (341,856) | (341,856)
| Reallocation of investment property reserves following revaluation | - | - | - | - | (113,812) | 113,812 | -
| Total transactions with owners | - | - | - | - | (113,812) | (228,044) | (341,856)
| At 31 December 2025 | 1,004 | 2,529,380 | 18 | 479,980 | 138,434 | 7,012,279 | 10,161,095
| The notes on pages 23 to 41 form part of these financial statements.
Page 17

|  | T & B (CONTRACTORS) HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
|  | Called up share capital | Share premium account | Capital redemption reserve | Revaluation reserve | Investment property revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 January 2024 | 1,020 | 2,508,980 | - | 680,027 | 252,246 | 6,663,557 | 10,105,830
| Comprehensive income for the year |  |  |  |  |  |  |
| Profit for the year | - | - | - | - | - | 1,555,013 | 1,555,013
| Total comprehensive income for the year | - | - | - | - | - | 1,555,013 | 1,555,013
| Contributions by and distributions to owners |  |  |  |  |  |  |
| Dividends | - | - | - | - | - | (512,791) | (512,791)
| Purchase of own shares | - | - | - | - | - | (1,085,000) | (1,085,000)
| Shares issued during the year | 2 | 20,400 | - | - | - | - | 20,402
| Share cancellation | (18) | - | 18 | - | - | - | -
| Total transactions with owners | (16) | 20,400 | 18 | - | - | (1,597,791) | (1,577,389)
| At 31 December 2024 | 1,004 | 2,529,380 | 18 | 680,027 | 252,246 | 6,620,779 | 10,083,454
| The notes on pages 23 to 41 form part of these financial statements.
Page 18

T & B (CONTRACTORS) HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 1,020 | 4,898,980 | - | - | 4,900,000
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,597,791 | 1,597,791
Contributions by and distributions to owners |  |  |  |  |
Dividends | - | - | - | (512,791) | (512,791)
Purchase of own shares | - | - | - | (1,085,000) | (1,085,000)
Shares issued during the year | 2 | 20,400 | - | - | 20,402
Share cancellation | (18) | - | 18 | - | -
Total transactions with owners | (16) | 20,400 | 18 | (1,597,791) | (1,577,389)
At 1 January 2025 | 1,004 | 4,919,380 | 18 | - | 4,920,402
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 341,856 | 341,856
Total comprehensive income for the year | - | - | - | 341,856 | 341,856
Contributions by and distributions to owners |  |  |  |  |
Dividends | - | - | - | (341,856) | (341,856)
Total transactions with owners | - | - | - | (341,856) | (341,856)
At 31 December 2025 | 1,004 | 4,919,380 | 18 | - | 4,920,402
| The notes on pages 23 to 41 form part of these financial statements.
Page 19
T & B (CONTRACTORS) HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 619,544 | 1,555,013
Adjustments for: |  |
Depreciation of tangible assets | 242,875 | 199,074
Profit on disposal of tangible assets | (16,659) | (43,458)
Interest paid | 468 | -
Interest received | (283,040) | (389,404)
Taxation charge | 176,272 | 499,673
(Increase)/decrease in debtors | (1,049,592) | 2,076,980
Decrease/(increase) in amounts owed by associates | - | (10,100)
Increase/(decrease) in creditors | 82,314 | (478,120)
Corporation tax paid | (419,274) | (750,276)
Net cash generated from operating activities | (647,092) | 2,659,382
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (559,479) | (536,444)
Sale of tangible fixed assets | 77,155 | 43,459
Purchase of investment properties | - | (37,397)
Interest received | 283,040 | 389,404
Revaluation of investment property | 151,749 | -
Net cash from investing activities | (47,535) | (140,978)
Page 20
T & B (CONTRACTORS) HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Issue of ordinary shares | - | 20,402
Dividends paid | (341,856) | (512,791)
Interest paid | (468) | -
Share buyback | - | (1,085,000)
Net cash used in financing activities | (342,324) | (1,577,389)
Net (decrease)/increase in cash and cash equivalents | (1,036,951) | 941,015
Cash and cash equivalents at beginning of year | 8,326,404 | 7,385,389
Cash and cash equivalents at the end of year | 7,289,453 | 8,326,404
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 7,289,453 | 8,326,404
| 7,289,453 | 8,326,404
The notes on pages 23 to 41 form part of these financial statements.
Page 21
T & B (CONTRACTORS) HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 8,326,404 | (1,036,951) | 7,289,453
| 8,326,404 | (1,036,951) | 7,289,453
The notes on pages 23 to 41 form part of these financial statements.
Page 22
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
T & B (Contractors) Holdings Limited is a private company, limited by shares, incorporated in England and Wales. The registered office and principal place of business is Riverside House, 1 Place Farm, Wheathampstead, St Albans, Hertfordshire, AL4 8SB. 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 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 financial statements are presented in sterling (£), the functional currency, rounded to the nearest £1. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Group's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they form a single entity drawn up to 31 December. 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.
| 2.3 | Going Concern
After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. Page 23
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | 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: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Termination payments
Termination benefits are recognised when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for termination benefits and may be made in other exceptional circumstances.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 24
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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. Deferred tax balances are not discounted. Page 25
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Not depreciated
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Fixtures and fittings | - | 10 years
|  |  |  | Computer equipment | - | 4-6 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Revaluation of tangible freehold properties
Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Accordingly, no depreciation has been charged. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers, or by the directors. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. Page 26
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Associates and joint ventures
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. Fixed asset investments in associates and joint ventures are held at cost less impairment.
| 2.16 | Amounts recoverable on contracts
Amounts recoverable on long term contracts which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. All costs to accrue are included within trade creditors. Unbilled retentions have been recognised in turnover in the profit and loss account. Materials held at the year end for specific contracts are included at the lower of cost and net realisable value within amounts recoverable on contracts. These are released at net realisable value once the work is invoiced.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | 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. Page 27
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 28
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have had to make the following judgements: Long-term contracts Recognition of turnover and profit on long-term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the year-end date. Management undertakes detailed monthly and quarterly reviews to assess contract performance, risks and opportunities. Other sources of estimation uncertainty: The directors consider that judgments and estimations have been applied in relation to the valuation of investment property, freehold property, tangible asset lives and amounts recoverable on trade debtors and long term contracts. In respect of the valuation of investment property and freehold property, the directors have concluded that the valuation is appropriate. In respect of the life of tangible fixed assets, judgments are made on the useful economic life and residual values of plant and machinery. The directors have concluded that the asset values and residual values are appropriate. In respect of amounts recoverable on trade debtors and contracts, the directors consider the changes in economic conditions have been adequately reflected in respect of all estimates. Page 29
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 39,948 | 35,172
| Net rents receivable | 162,142 | 181,716
|  | 202,090 | 216,888
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 242,875 | 199,074
| Operating lease rentals | 7,181 | 15,403
| Defined contribution pension cost | 406,368 | 390,876
| Profit on disposal of fixed assets | (16,659) | (43,458)
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements | 22,500 | 22,500
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Taxation compliance services | 2,000 | 1,500
| All non-audit services not included above | 15,000 | 15,000
Page 30
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 7,073,619 | 6,897,400
| Social security costs | 940,572 | 831,050
| Cost of defined contribution scheme | 406,368 | 390,876
|  | 8,420,559 | 8,119,326
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Number of construction staff | 82 | 81
|  | Number of administrative staff | 20 | 21
|  |  | 102 | 102
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)
9. | Directors' remuneration
| The directors' remuneration information provided below is in relation to directors of all group companies.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 698,517 | 900,961
| Group contributions to defined contribution pension schemes | 80,566 | 106,510
|  | 779,083 | 1,007,471
| During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £151,482 (2024 - £146,113).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,550 (2024 - £12,267).
| The directors are the Key Management Personnel of the Company and their remuneration is noted above.
Page 31
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 283,040 | 389,404
|  | 283,040 | 389,404
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 468 | -
|  | 468 | -
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 217,816 | 501,219
| Adjustments in respect of previous periods | (84,533) | -
|  | 133,283 | 501,219
| Total current tax | 133,283 | 501,219
| Deferred tax |  |
| Origination and reversal of timing differences | 42,989 | (1,546)
| Total deferred tax | 42,989 | (1,546)
| Tax on profit | 176,272 | 499,673
Page 32
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 795,816 | 2,054,686
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 198,954 | 513,672
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 18,607 | 16,401
| Capital allowances for year in excess of depreciation | (36,597) | (28,651)
| Adjustments to tax charge in respect of prior periods | (55,468) | -
| Short-term timing difference leading to an increase (decrease) in taxation | - | (1,749)
| Adjustment in research and development tax credit leading to a decrease in the tax charge | (29,065) | -
| Other differences leading to an increase (decrease) in the tax charge | 79,841 | -
| Total tax charge for the year | 176,272 | 499,673
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
13. | Parent company profit for the year
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 profit after tax of the parent Company for the year was £341,856 (2024 - £1,597,791). Page 33
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
| Group
|  | Freehold property | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 1,756,770 | 914,319 | 339,803 | 303,320 | 3,314,212
| Additions | - | 479,741 | 4,977 | 74,761 | 559,479
| Disposals | - | (254,447) | - | (72,571) | (327,018)
| Revaluations | (266,730) | - | - | - | (266,730)
| At 31 December 2025 | 1,490,040 | 1,139,613 | 344,780 | 305,510 | 3,279,943
| Depreciation |  |  |  |  |
| At 1 January 2025 | - | 369,023 | 210,070 | 238,305 | 817,398
| Charge for the year | - | 166,536 | 28,764 | 47,575 | 242,875
| Disposals | - | (193,951) | - | (72,571) | (266,522)
| At 31 December 2025 | - | 341,608 | 238,834 | 213,309 | 793,751
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,490,040 | 798,005 | 105,946 | 92,201 | 2,486,192
| At 31 December 2024 | 1,756,770 | 545,296 | 129,733 | 65,015 | 2,496,814
| Freehold property is shown at fair value and as such is not depreciated. The fair value of the property is sensitive to changes in the property market. The property was professionally valued in March 2026, based on current market rents and investment property yields for comparable real estate, by Lamberts Chartered Surveyors. In the opinion of the directors, the fair value of the property at 31 December 2025 can be measured reliably by the directors and they do not consider the March 2026 valuation to be materially different at the year end. The property was revalued downwards by £266,730 during the year. The total amount showing in Other Comprehensive Income is £200,047 due to the associated movement in deferred tax.
Page 34
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Cost and valuation at 31 December 2025 is as follows:
|  |  | Freehold property
|  |  | £
|  | At cost | 1,012,397
|  | At valuation: |
|  | 31 December 2025 | 477,643
|  |  | 1,490,040
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 1,012,397 | 1,012,397
| Net book value | 1,012,397 | 1,012,397
15. | Fixed asset investments
| Group
|  | Investments in associates
|  | £
| Cost |
| At 1 January 2025 | 100
| At 31 December 2025 | 100
| The Group holds 50% of the ordinary share capital of Central Accounts Limited, a company incorporated in England and Wales, involved in the provision of accounting services. The Group holds 50% of the ordinary share capital of Central Health, Safety, Quality And Environmental Services Limited, incorported on 27th November 2023 in England and Wales, involved in the provision of health and safety services.
Page 35
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 4,900,000
| At 31 December 2025 | 4,900,000
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| T & B (Contractors) Limited | Riverside House, 1 Place Farm, Wheathampstead, St Albans, AL4 8SB | Ordinary | 100%
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T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 1,811,749
| Revaluation | (151,749)
| At 31 December 2025 | 1,660,000
The 2025 valuations were made by Lamberts Chartered Surveyors, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 1,503,949 | 1,503,949
The 2025 valuations were made by Lamberts Chartered Surveyors, on an open market value basis. Page 37
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 6,242,454 | 5,344,141 | - | -
| Amounts owed by group undertakings | - | - | 20,402 | 20,402
| Amounts owed by related undertakings | 25,000 | 25,000 | - | -
| Other debtors | 1,438,526 | 1,437,877 | - | -
| Prepayments and accrued income | 282,705 | 289,037 | - | -
| Amounts recoverable on long-term contracts | 2,259,202 | 1,754,285 | - | -
|  | 10,247,887 | 8,850,340 | 20,402 | 20,402
18. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 7,289,453 | 8,326,404
19. | Creditors: Amounts falling due within one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade creditors | 9,557,757 | 8,294,294
| Corporation tax | 27,246 | 312,588
| Other taxation and social security | 910,827 | 726,214
| Other creditors | 507,894 | 1,549,959
| Accruals and deferred income | 305,072 | 281,463
|  | 11,308,796 | 11,164,518
Page 38
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 237,435
| Charged to profit or loss | 42,989
| Credit to other comprehensive income | (66,683)
| At end of year | 213,741
| Company
|  | 2025
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 119,454 | 38,528
| On revaluations | 94,287 | 198,907
|  | 213,741 | 237,435
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 70,000 (2024 - 70,000) A Founder shares of £0.01 each | 700.0 | 700.0
|  | 30,000 (2024 - 30,000) B Founder shares of £0.01 each | 300.0 | 300.0
|  | 100 (2024 - 100) A Ordinary shares of £0.01 each | 1.0 | 1.0
|  | 120 (2024 - 120) B Ordinary shares of £0.01 each | 1.2 | 1.2
|  | 146 (2024 - 150) C Ordinary shares of £0.01 each | 1.5 | 1.5
|  |  | 1,003.7 | 1,003.7
| All Founder shares and Ordinary shares, as a class, rank pari passu.
Page 39
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Reserves
Share premium account The share premium account includes the premium on issue of equity shares, net of any issue costs. Revaluation reserve The revaluation reserve is an amount arising on the revaluation of fixed assets, being the difference between the amount of these assets determined under the historical cost convention and the amount determined by the revaluation of the assets, together with related deferred taxation. Transfers to the revaluation reserve arising from disposals are reflected in transfers from the profit and loss account. The revaluation reserve relates to non-distributable reserves. Capital redemption reserve The capital redemption reserve represents the nominal value of shares that have been acquired by the Company and cancelled. The capital redemption reserve has arisen following the cancelling of the shares. Investment property revaluation reserve The investment property revaluation reserve is an amount arising on the revaluation of investment property, being the difference between the amount of these assets determined under the historical cost convention and the amount determined by the revaluation of the assets, together with related deferred taxation. Transfers to the revaluation reserve arising from disposals are reflected in transfers from the profit and loss account. The investment property revaluation reserve relates to non-distributable reserves. Profit and loss account The profit and loss account is represented by retained earnings.
23. | Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £406,368 (2024 - £390,976). Contributions totalling £2,923 (2024 - £2,782) were payable to the fund at the year end and were included within creditors.
24. | Commitments under operating leases
| At 31 December 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 | - | 7,181
|  | - | 7,181
Page 40
T & B (CONTRACTORS) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | Transactions with directors
At the balance sheet date, the Group owed the directors a total of £95,711 (2024 - £91,675), following advances of £294,426 and repayments of £298,462. The loans are unsecured, interest free and repayable on demand.
26. | Related party transactions
| During the year, the Group was invoiced £69,630 (2024 - £83,350) in respect to services provided by Borras Construction Limited. During the year, the Group was invoiced £107,520 (2024 - £106,320) by Borras Construction Limited for its share of the directors' remuneration of its common directors of group companies, Mr R D Borras and Mrs C A Borras. At the year end, RBC Property Developments Limited owed the Group £1,435,959 (2024 - £1,435,959) in respect of financing arrangements. This relates to an unsecured interest free loan, repayable on demand. Mr R D Borras and Mrs C A Borras, directors of group companies, have interests in the above companies. During the year, the Group was invoiced £156,320 (2024 - £142,825) by Central Accounts Limited, a company 50% owned by T&B (Contractors) Limited. At the year end £15,000 (2024 - £15,000) was due from Central Accounts Limited. This is in respect of an interest free loan, unsecured and repayable on demand. During the year, the Group was invoiced £69,025 (2024 - 49,150) by Central Health, Safety, Quality and Environmental Services Limited, a company 50% owned by T&B (Contractors) Limited. At the year end £10,000 (2024 - £10,000) was due from Central Health, Safety, Quality and Enviornmental Services Limited. This is in respect of an interest free loan, unsecured and repayable on demand.
27. | Controlling party
The company was under the joint control of Mr R D Borras and Mrs C A Borras, directors of the company, throughout the year and the prior year.
Page 41