Registered number: 01667869
FOR THE YEAR ENDED 31 DECEMBER 2025
T & B (CONTRACTORS) LIMITED
COMPANY INFORMATION
T & B (CONTRACTORS) LIMITED
CONTENTS
T & B (CONTRACTORS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
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.
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.
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T & B (CONTRACTORS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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.
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.
• 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.
Our 2025 performance was measured via the following KPIs:
1. Customer Satisfaction remains strong with an increase in 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
1. Customer Satisfaction remains strong with an increase in 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
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.
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.
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.
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T & B (CONTRACTORS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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T & B (CONTRACTORS) 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make 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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £619,544 (2024 - £1,555,013).
During the year dividends totalling £341,856 (2024 - £1,597,791) were paid.
The directors who served during the year were:
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T & B (CONTRACTORS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company'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.
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T & B (CONTRACTORS) 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.
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T & B (CONTRACTORS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Scope 3 - Other Indirect Emissions
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.
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.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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T & B (CONTRACTORS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED
We have audited the financial statements of T & B (Contractors) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙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, and
∙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.
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T & B (CONTRACTORS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) LIMITED (CONTINUED)
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.
for and on behalf of
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).
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).
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T & B (CONTRACTORS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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T & B (CONTRACTORS) LIMITED
REGISTERED NUMBER: 01667869
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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T & B (CONTRACTORS) LIMITED
REGISTERED NUMBER: 01667869
STATEMENT OF FINANCIAL POSITION (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:
The notes on pages 17 to 33 form part of these financial statements.
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T & B (CONTRACTORS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
T & B (Contractors) 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
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The company's functional and presentational currency is pounds sterling, rounded to the nearest £1.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of the parent company, T&B (Contractors) Holdings Limited, as at 31 December 2025 and these financial statements may be obtained from the registered office, Riverside House, 1 Place Farm, Wheathampstead, AL4 8SB.
After reviewing the forecasts and projections of the Company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to adopt the going concern basis in preparing its financial statements.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Termination benefits are recognised when employment is terminated by the Company 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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds
The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds
Deferred tax balances are not discounted.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the Company 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 Company 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 Company. 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:
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.
The directors regularly review the methods of providing depreciation on all assets.
Individual freehold 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 the Statement of Comprehensive Income, together with related deferred taxation, 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.
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 the Statement of Comprehensive Income, together with related deferred taxation, 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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
An entity is treated as an associated undertaking where the Company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
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.
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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
All turnover arose within the United Kingdom.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There are no factors that may affect future tax charges.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cost and valuation at 31 December 2025 is as follows:
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The 2025 valuations were made by Lamberts Chartered Surveyors, on an open market value basis.
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T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 31
T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company 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.
Page 32
T & B (CONTRACTORS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the balance sheet date the Company owed the directors a total of £95,711 (2024 - £91,675), following advances of £294,426 and repayments of £298,462, at the balance sheet date. The loans are unsecured, interest free and repayable on demand.
The immediate and ultimate parent company is T&B (Contractors) Holdings Limited, a company incorporated in England and Wales, which holds 100% of the issued share capital. Its registered office is as that for the Company given on the company information page.
T & B (Contractors) Holdings Limited is the smallest and largest group into which the company's results are consolidated.
The Company was under the joint control of Mr R D Borras and Mrs C A Borras, directors of the Company, who have a controlling interest in the share capital of the parent company.
T & B (Contractors) Holdings Limited is the smallest and largest group into which the company's results are consolidated.
The Company was under the joint control of Mr R D Borras and Mrs C A Borras, directors of the Company, who have a controlling interest in the share capital of the parent company.
Page 33