Company registration number 04015903 (England and Wales)
TOP NOTCH CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
PAGES FOR FILING WITH REGISTRAR
TOP NOTCH CONTRACTORS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
TOP NOTCH CONTRACTORS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2026
28 February 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
5
215,164
171,553
Investments
6
30,000
30,000
245,164
201,553
Current assets
Stocks
13,462
15,270
Debtors
7
1,869,102
1,416,996
Cash at bank and in hand
55,155
62,380
1,937,719
1,494,646
Creditors: amounts falling due within one year
8
(1,525,204)
(1,855,479)
Net current assets/(liabilities)
412,515
(360,833)
Total assets less current liabilities
657,679
(159,280)
Creditors: amounts falling due after more than one year
9
(62,710)
(1,129)
Net assets/(liabilities)
594,969
(160,409)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
594,869
(160,509)
Total equity
594,969
(160,409)

The notes on pages 3 to 10 form part of these financial statements.

TOP NOTCH CONTRACTORS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2026
28 February 2026
- 2 -

For the financial year ended 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 June 2026 and are signed on its behalf by:
Mr P Rheinbach
Director
Company registration number 04015903 (England and Wales)
TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -
1
Accounting policies
Company information

Top Notch Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterling House, 3 Wavell Drive, Rosehill Industrial Estate, Carlisle, Cumbria, CA1 2SA.

The address of the principal place of business is Brunel Way, Duranhill, Harraby, Carlisle, Cumbria, CA1 3NQ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Going concern

The company has made a profit during the year but has a negative balance sheet. The accounts have been prepared on a going concern basis based on the company being more profitable going forward now that the company's operations have returned to their core geographical area and following this there has been reduced costs and exposure to risk and the company's order book is healthy and long term.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
straight line over 6 years
Plant and equipment
15% reducing balance
Fixtures and fittings
15% - 30% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

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

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

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

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

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

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

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

1.11
Equity instruments

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

In February 2020, the company was placed into a Company Voluntary Arrangement under Part 1 of the Insolvency Act 1986. This arrangement is due to finish soon.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 7 -
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Construction contracts

Determining the valuation of construction contracts requires judgement regarding the stage of completion of jobs at the year end. The judgements are based on the proportion of costs incurred to date, surveys of work performed and confirmations of completion of a physical proportion of the contract work.

Fair value of investments

Where investments are valued at fair value judgements are required in determining this value. The judgements are based on profitability and the value of the net assets of the associate.

3
Employees

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

2026
2025
Number
Number
Total
42
44
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2025 and 28 February 2026
164,000
Amortisation and impairment
At 1 March 2025 and 28 February 2026
164,000
Carrying amount
At 28 February 2026
-
0
At 28 February 2025
-
0
TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 8 -
5
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2025
36,000
114,216
80,210
555,462
785,888
Additions
-
0
48,028
13,642
53,485
115,155
Disposals
-
0
(37,580)
(29,911)
(10,250)
(77,741)
At 28 February 2026
36,000
124,664
63,941
598,697
823,302
Depreciation and impairment
At 1 March 2025
36,000
76,041
74,950
427,344
614,335
Depreciation charged in the year
-
0
6,325
2,778
49,829
58,932
Eliminated in respect of disposals
-
0
(31,939)
(29,560)
(3,630)
(65,129)
At 28 February 2026
36,000
50,427
48,168
473,543
608,138
Carrying amount
At 28 February 2026
-
74,237
15,773
125,154
215,164
At 28 February 2025
-
0
38,175
5,260
128,118
171,553
6
Fixed asset investments
2026
2025
£
£
Other investments other than loans
30,000
30,000

The company owns 33% of the voting rights and shares in Ceramic Systems (Northern) Limited, registered office Dalmar House, Barras Lane Estate, Dalston, Carlisle, Cumbria, CA5 7NY.

7
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
1,853,282
1,362,461
Other debtors
15,820
54,535
1,869,102
1,416,996
TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 9 -
8
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
277,130
503,761
Trade creditors
352,794
476,743
Taxation and social security
310,515
351,877
Other creditors
584,765
523,098
1,525,204
1,855,479

In February 2020, Top Notch Contractors Limited entered a Company Voluntary Arrangement with its creditors. The total balance of the creditors which moved into the CVA was £3,191,161, and of this £1,691,927 was written off. The remaining balance of £1,499,234 was payable over 5 years, and has been adjusted to its present value.

Within other loans is £277,130 (2025: £503,761) arranged with Advantage Commercial Finance Limited with a first fixed and floating charge secured over all the property and undertaking of the company.

9
Creditors: amounts falling due after more than one year
2026
2025
£
£
Other creditors
62,710
1,129
10
Contingent liabilities

In the event of a failure to meet the terms of the Company Voluntary Arrangement (CVA), the full amount of the creditors which were included in the CVA will become payable. This will result in an additional liability of £1,691,927 which was written off in the 2020 financial statements. All payments due have now been paid into the CVA and it is due to close soon.

11
Directors' transactions

Included within debtors is £0 (2025: £0) owed by the directors to the company. The loan is unsecured, interest free and repayable on demand.

All the figures shown above are in aggregate.

TOP NOTCH CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 10 -
12
Related party transactions

During the period the company had the following transactions and outstanding balances with related parties:

Ceramic Systems (Northern) Limited

Purchases from Ceramic Systems (Northern) Limited during the period amounted to £Nil (net of indirect tax), (2025: £1,416). Included in trade creditors is £NIL (2025: £Nil) owed to Ceramic Systems (Northern) Limited.

Top Notch Contractors Limited owns 33.3% of the issued shared capital in Ceramic Systems (Northern) Limited but cannot exercise control.

Follow the Hound Ltd

Follow the Hound Ltd is owned by Mr R Rheinbach, the son of Mr P.P. Rheinbach and Mrs A.F.Rheinbach. Included in debtors is £2,728.26 (2025: £1,270.72) owing to Follow the Hound Ltd.

P&A Property Services

Mr P. P. Rheinbach is the owner of P&A Property Services. During the period, purchases were made from P&A Property Services totalling £Nil (net of indirect tax) (2025: £347,474). Included in trade creditors is £Nil(2025: 8,796).

Sales to P&A Property Services amounted to £60,161 (net of indirect tax), (2025: £4 8,183). Included in trade debtors is £10,009 (2025: £7,822) owed by P&A Property Services.

All the figures shown above are in aggregate.

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