Registered number: 08799004
FOR THE YEAR ENDED 31 DECEMBER 2025
T & B (CONTRACTORS) HOLDINGS LIMITED
COMPANY INFORMATION
T & B (CONTRACTORS) HOLDINGS LIMITED
CONTENTS
T & B (CONTRACTORS) HOLDINGS LIMITED
GROUP 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:
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.
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T & B (CONTRACTORS) HOLDINGS LIMITED
GROUP 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.
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.
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 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
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
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.
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.
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.
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) 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.
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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.
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.
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.
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.
The directors who served during the year were:
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T & B (CONTRACTORS) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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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.
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T & B (CONTRACTORS) HOLDINGS 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.
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T & B (CONTRACTORS) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act
2006.
2006.
This report was approved by the board and signed on its behalf.
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T & B (CONTRACTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS LIMITED
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).
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.
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.
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T & B (CONTRACTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS 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 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.
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.
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T & B (CONTRACTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS 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 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.
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T & B (CONTRACTORS) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T & B (CONTRACTORS) HOLDINGS 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) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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T & B (CONTRACTORS) HOLDINGS LIMITED
REGISTERED NUMBER: 08799004
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
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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:
The notes on pages 23 to 41 form part of these financial statements.
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T & B (CONTRACTORS) HOLDINGS LIMITED
REGISTERED NUMBER: 08799004
COMPANY BALANCE SHEET
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 23 to 41 form part of these financial statements.
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