REGISTERED NUMBER: 02261086 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 March 2026

for

TBI Manufacturing Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

R V H Watson

Mrs A Watson

N Maydon

R Pisute

C Fatibene

M Tanner

REGISTERED OFFICE:

Finchley Avenue

Mildenhall

Suffolk

IP28 7BG

REGISTERED NUMBER:

02261086 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing and selling of engineering products.

REVIEW OF BUSINESS

During 2025/26, TBI completed the second year of its five-year growth strategy, which is focused on achieving sales in excess of £15 million, with sustainable profitability, by 2030.

Building on the strong foundation established in 2024/25, the business delivered significant growth during the year, increasing sales by 42% to £12.7 million and generating a pre-tax trading profit of £339,000.

TBI continued to execute its strategy of substantial investment in the business. Net book value of fixed assets increased by 43% during the year, with major investments focused on tube manipulation capabilities and arc welding automation technologies.

In November 2025, TBI secured an additional 45,000 sq. ft. facility on Chiswick Avenue, Mildenhall. This expansion has enabled the continuation of the operational realignment programme initiated in 2025, aimed at increasing manufacturing throughput while reducing direct operating costs.

The business enters the 2026/27 financial year with a workforce of 118 employees and a budgeted target of £14 million in sales, alongside the delivery of proportionate financial returns.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

R V H Watson

Mrs A Watson

N Maydon

R Pisute

C Fatibene

M Tanner

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R V H Watson - Director

8 July 2026

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

2,039,529

1,429,203

2,039,529

1,429,203

CURRENT ASSETS

Stocks

1,177,447

1,088,941

Debtors

7

3,195,179

2,229,524

Cash in hand

12

12

4,372,638

3,318,477

CREDITORS

Amounts falling due within one year

8

5,173,983

3,845,913

NET CURRENT LIABILITIES

(801,345

)

(527,436

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,238,184

901,767

CREDITORS

Amounts falling due after more than one year

9

(227,231

)

(129,566

)

PROVISIONS FOR LIABILITIES

13

(154,658

)

-

NET ASSETS

856,295

772,201

CAPITAL AND RESERVES

Called up share capital

14

3,000

3,000

Retained earnings

853,295

769,201

SHAREHOLDERS' FUNDS

856,295

772,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

R V H Watson - Director

1.	STATUTORY INFORMATION

TBI Manufacturing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis. This is deemed appropriate as the directors have confirmed that the company meets its day to day working capital requirements through a loan and overdraft facility. The company's forecasts show that the company should be able to operate within the level of its current facility and the company have the support of the bank.

The company is in a net current liabilities position due to the financing of some plant and machinery. Due to the nature of the business this is not unexpected and the company has a strong net assets position.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

The Goodwill paid in connection with the acquisition of the business in 2008 was amortised over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold property

-

in accordance with the property lease

Plant & equipment

-

10% on cost

Fixtures & fittings

-

20% on cost

Motor vehicles

-

25% on cost and 2 years straight line

Improvements to long-leasehold property are depreciated at 15% or 20% on cost

Freehold land is not depreciated.

Stock

Stock and work in progress are valued at the lower of cost together with a proportion of overheads and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 106 (2025 - 83 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2025

and 31 March 2026

50,055

AMORTISATION

At 1 April 2025

and 31 March 2026

50,055

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

-

6.	TANGIBLE FIXED ASSETS

Leasehold

Plant &

Fixtures

Motor

property

equipment

& fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2025

808,051

1,710,092

203,815

54,798

2,776,756

Additions

170,357

552,033

121,479

-

843,869

At 31 March 2026

978,408

2,262,125

325,294

54,798

3,620,625

DEPRECIATION

At 1 April 2025

118,205

1,098,291

77,676

53,381

1,347,553

Charge for year

38,850

148,052

45,641

1,000

233,543

At 31 March 2026

157,055

1,246,343

123,317

54,381

1,581,096

NET BOOK VALUE

At 31 March 2026

821,353

1,015,782

201,977

417

2,039,529

At 31 March 2025

689,846

611,801

126,139

1,417

1,429,203

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant &

equipment

£

COST

At 1 April 2025

286,474

Additions

263,420

Transfer to ownership

(80,000

)

At 31 March 2026

469,894

DEPRECIATION

At 1 April 2025

15,964

Charge for year

97,924

Transfer to ownership

(42,000

)

At 31 March 2026

71,888

NET BOOK VALUE

At 31 March 2026

398,006

At 31 March 2025

270,510

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

2,999,122

2,118,772

Other debtors

196,057

110,752

3,195,179

2,229,524

Other debtors includes prepayments of £160,461 (2025 : £96,537)

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts (see note 10)

325,700

189,747

Hire purchase contracts (see note 11)

84,335

50,923

Trade creditors

1,681,962

1,515,818

Taxation and social security

287,371

226,054

Other creditors

2,794,615

1,863,371

5,173,983

3,845,913

Other creditors includes accruals of £105,611 (2024 : £82,807)

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans (see note 10)

12,506

36,867

Hire purchase contracts (see note 11)

214,725

92,699

227,231

129,566

10.

LOANS

An analysis of the maturity of loans is given below:

2026

2025

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

301,314

166,400

Bank loans

24,386

23,347

Trade debtor finance

2,511,475

1,711,676

2,837,175

1,901,423

Amounts falling due between one and two years:

Bank loans - 1-2 years

12,506

24,362

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

12,505

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2026

2025

£

£

Net obligations repayable:

Within one year

84,335

50,923

Between one and five years

214,725

92,699

299,060

143,622

Non-cancellable

operating leases

2026

2025

£

£

Within one year

146,238

199,169

Between one and five years

1,233,749

280,117

In more than five years

2,054,739

342,001

3,434,726

821,287

12.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank overdrafts

301,314

166,400

Bank loans

36,892

60,214

Trade debtor finance

2,511,475

1,711,676

Hire purchase contracts

299,060

143,622

3,148,741

2,081,912

The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company, including all debtors and property.

The hire purchase contracts are secured over the assets under the agreement.

13.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

Accelerated capital allowances

338,870

-

Unrelieved tax losses adjustment

(184,212

)

-

154,658

-

Deferred

tax

£

Charge to Income Statement during year

154,658

Balance at 31 March 2026

154,658

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

1,500

Ordinary 'A'

£1

1,500

1,500

1,500

Ordinary 'B'

£1

1,500

1,500

3,000

3,000

15.	PARENT COMPANY