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Registered number: 01183174 TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 JUNE 2026
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED COMPANY INFORMATION
Directors | D Z Ting
| S C Taberham
Company secretary | P C Kitsz
Registered number | 01183174
Registered office | Unit 7 Parkdale Industrial Estate
| Wharf Street Howley
| Warrington
| Cheshire
| WA1 2HT
Independent auditors | PKF Smith Cooper Audit Limited
| Statutory Auditors
| Prospect House
| 1 Prospect Place
| Pride Park
| Derby
| DE24 8HG
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED REGISTERED NUMBER: 01183174 BALANCE SHEET AS AT 30 JUNE 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 226,073 |  | 214,174
Investments | 7 |  | 35,726 |  | 35,726
|  |  | 261,799 |  | 249,900
Current assets |  |  |  |  |
Stocks | 8 | 482,467 |  | 379,056 |
Debtors: amounts falling due within one year | 9 | 3,339,665 |  | 2,756,796 |
Cash at bank and in hand | 10 | 2,007,011 |  | 1,637,070 |
|  | 5,829,143 |  | 4,772,922 |
Creditors: amounts falling due within one year | 11 | (1,842,207) |  | (2,036,935) |
Net current assets |  |  | 3,986,936 |  | 2,735,987
Total assets less current liabilities |  |  | 4,248,735 |  | 2,985,887
Creditors: amounts falling due after more than one year | 12 |  | - |  | (146,124)
Provisions for liabilities |  |  |  |  |
Other provisions | 14 |  | (228,084) |  | (225,023)
Net assets |  |  | 4,020,651 |  | 2,614,740
Page 1
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED REGISTERED NUMBER: 01183174 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 1,665 |  | 1,665
Share premium account | 16 |  | 9,667 |  | 9,667
Capital redemption reserve | 16 |  | 2,138 |  | 2,138
Profit and loss account | 16 |  | 4,007,181 |  | 2,601,270
|  |  | 4,020,651 |  | 2,614,740
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2026.
S C Taberham
Director
The notes on pages 4 to 14 form part of these financial statements. Page 2
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 July 2024 | 1,665 | 9,667 | 2,138 | 1,948,737 | 1,962,207
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 2,803,350 | 2,803,350
Total comprehensive income for the year | - | - | - | 2,803,350 | 2,803,350
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (2,150,817) | (2,150,817)
Total transactions with owners | - | - | - | (2,150,817) | (2,150,817)
At 1 July 2025 | 1,665 | 9,667 | 2,138 | 2,601,270 | 2,614,740
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 2,162,523 | 2,162,523
Total comprehensive income for the year | - | - | - | 2,162,523 | 2,162,523
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (756,612) | (756,612)
Total transactions with owners | - | - | - | (756,612) | (756,612)
At 30 June 2026 | 1,665 | 9,667 | 2,138 | 4,007,181 | 4,020,651
| The notes on pages 4 to 14 form part of these financial statements.
Page 3
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
1. | General information
TAB Refractory Construction & Maintenance Co. Limited, registration number 01183174, is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the directors' report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have prepared trading and cashflow forecasts covering a period of at least 12 months from the date of approval of these financial statements. The directors have reviewed the Company's working capital requirements. The Company is part of the Pyrotek Inc Group and note 18 explains that there is a group pooling facility with certain other group companies which is secured by a cross guarantee with certain other group companies and on the freehold property of one of the group companies that is party to the facility. At the year end the net position was a positive cash balance of £3,506,690 (2025: £2,541,561). In addition, there is a group cross guarantee in place with other group companies in respect of outstanding bank guarantees. In performing their going concern assessment the directors have reviewed the trading and cash flow forecasts for the group entities included within the group pooling facility to determine the level of funds and headroom available under the share facilities and to assess the likelihood of any guarantee events arising. Following this assessment, the directors have concluded that the Company has sufficient liquid financial resources in order to meet its liabilities as and when they fall due for the foreseeable future and accordingly the directors consider it appropriate to prepare the financial statements on a going concern basis. Page 4
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Profit on long-term contracts is taken as the work is carried out if the final outcome can be measured reliably. Profits are recognised as stages of the overall contracts are completed. Where an element of the contract has not yet completed no profit is recognised until the outcome can be assessed with reasonable certainty. Turnover is calculated as the proportion of total contract value that covers costs incurred to date for completed contract stages and profit in relation to any completed stages of the contract based on the specific performance of the contract. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. Monies received over the value of work done are classified as payments on accounts and included in creditors. Monies which are due in relation to work done are classified as accrued income and are included in debtors. Page 5
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2.Accounting policies (continued)
| 2.5 | Operating Leases
The Company has no assets which are financed by leasing agreements that give rights approximating to ownership ('finance leases'). As such, all leases are treated as operating leases. Annual rentals are charged to the statement of comprehensive income on a straight-line basis over the term of the lease. Reverse premiums and similar incentives received to enter into operating lease agreements are released to the statement of comprehensive income over the term of the lease.
| 2.6 | Pensions
Contributions to the Company's defined contribution pension scheme are charged to the statement of comprehensive income in the year in which they become payable. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 6
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2.Accounting policies (continued)
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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:
|  |  |  | Long-term leasehold property | - | Over the remaining term of the lease
|  |  |  | Plant and machinery | - | 5-33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in unlisted company shares 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.
| 2.12 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 7
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2.Accounting policies (continued)
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Warranty costs
The Company offers warranties to its customers on goods and services supplied, according to the specific terms of customer purchase agreements. At the time that revenue is recognised, the Company records a provision for estimated costs under its warranties. These costs are estimated based on historical experience and any known warranty issues. The Company periodically assesses the adequacy of its recorded warranty provision and adjusts the amounts as necessary.
| 2.18 | Financial instruments
Financial assets including cast at bank and trade and other debtors are measured initially at transaction price (including transaction costs) and subsequently held at cost, less any impairment. Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities including trade and other creditors as well as bank overdrafts are measured initially at transaction price (including transactions costs) and subsequently held at amortised cost. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 8
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have made judgements to; - Determine whether customer contracts have the characteristics which suggest that they should be accounted for as long term contracts and the impact this has on setting the respective policies and estimates. - Determine the warranty terms on the goods manufactured and assess the required provision to ensure that potential faults are sufficiently but not excessively provided. Other key sources of estimation uncertainty: - Long term contracts accounting (note 9 ,10 and 12) Revenue and profit is recognised in relation to long term contracts as the contract progresses, taking account of milestones or percentage of costs complete based on total estimated contract costs. Parts income will be separated for the projects and recognised upon delivery. - Warranty provision (note 15) Warranty provision is recognised based on 1% of the annual sales less the claims made in the period plus a provision for any known warranty issues. The percentage of sales that is applied to the warranty provision is assessed regularly by reference to the Company's experience of incurring warranty rectification costs on completed contracts.
4. | Employees
| The average monthly number of employees, including directors, during the year was 28 (2025 - 28).
5. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 July 2025 | 19,061
| At 30 June 2026 | 19,061
| Amortisation |
| At 1 July 2025 | 19,061
| At 30 June 2026 | 19,061
| Net book value |
| At 30 June 2026 | -
| At 30 June 2025 | -
Page 9
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 5.Intangible assets (continued)
6. | Tangible fixed assets
|  | Leasehold land and buildings | Plant and machinery | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 July 2025 | 78,778 | 855,526 | 934,304
| Additions | 8,552 | 44,493 | 53,045
| At 30 June 2026 | 87,330 | 900,019 | 987,349
| Depreciation |  |  |
| At 1 July 2025 | 25,318 | 694,812 | 720,130
| Charge for the year | 4,426 | 36,720 | 41,146
| At 30 June 2026 | 29,744 | 731,532 | 761,276
| Net book value |  |  |
| At 30 June 2026 | 57,586 | 168,487 | 226,073
| At 30 June 2025 | 53,460 | 160,714 | 214,174
7. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 July 2025 | 35,726
| At 30 June 2026 | 35,726
| TAB Refractory Services Saudi Arabia Company is an associate of TAB Refractory Construction & Maintenance Co. Limited. TAB Refractory Services Saudi Arabia Company prepares audited accounts to 31 December. During the year ended 31 December 2025 the entity made a profit of 2,845,418 Saudi Riyals (Dec 2024: 4,952,328 Saudi Riyals) and had net assets of 4,031,044 Saudi Riyals (Dec 2024: 3,948,780 Saudi Riyals).
Page 10
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
8. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Raw materials and consumables | 334,943 | 315,023
| Work in progress (goods to be sold) | 147,524 | 64,033
|  | 482,467 | 379,056
| There is no material difference between the replacement cost of stocks and the amounts stated above.
9. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 1,483,011 | 2,333,337
| Amounts owed by group undertakings | 1,620,729 | 336,474
| Other debtors | 13,604 | 10,255
| Prepayments and accrued income | 178,381 | 38,809
| Deferred taxation | 43,940 | 37,921
|  | 3,339,665 | 2,756,796
| Included within prepayments is a directors loan account of £98,088 (2025: £Nil).
10. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,007,011 | 1,637,070
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 351,142 | 709,515
| Amounts owed to group undertakings | 495,730 | 103,734
| Corporation tax | - | 169,896
| Other taxation and social security | 232,903 | 324,613
| Other creditors | 616,877 | 615,318
| Accruals and deferred income | 145,555 | 113,859
|  | 1,842,207 | 2,036,935
Page 11
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
12. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other creditors | - | 146,124
13. | Deferred taxation
|  | 2026
|  | £
| At beginning of year | 37,921
| Charged to profit or loss | 6,019
| At end of year | 43,940
| The deferred tax asset is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (41,657) | (37,237)
| Other timing differences | 85,597 | 75,158
|  | 43,940 | 37,921
| The expected reversal of deferred taxation assets and liabilities is not expected to be significant.
14. | Provisions
|  | Warranty provision
|  | £
| At 1 July 2025 | 225,023
| Charged to profit or loss | 3,061
| At 30 June 2026 | 228,084
Page 12
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
15. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,665 (2025 - 1,665) Ordinary shares of £1.00 each | 1,665 | 1,665
16. | Reserves
Share premium account This reserve records the amount above the nominal value received for shares sold, less transaction costs and is non-distributable. Capital redemption reserve This reserve records the nominal value of shares repurchased by the company and is non-distributable. Profit and loss account This reserve records the cumulative distributable reserves of the entity.
17. | Contingent liabilities
At the balance sheet date, the Company has outstanding bank guarantees in favour of customers of £602,040 (2025: £450,746). There is a group guarantee facility in place which forms part of the group banking arrangement. At the year end, the outstanding bank guarantees under this group facility in respect of other group companies totalled £1,347,669 (2025: £676,359). The bank overdraft of £Nil (2025: £Nil) arises within a group pooling facility which is secured on freehold property owned by the group and by a cross-guarantee with other group companies. The group's net position across the facility as a whole was a positive cash balance of £3,506,690 (2025: £2,541,561).
18. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company is an independently administered fund. The pension charge amounted to £129,632 (2025: £144,205). Contributions amounting to £Nil (2025: £Nil) were payable to the fund and are included in creditors.
19. | Related party transactions
| The Company has taken advantage of the exemptions available with FRS 102 not to disclose details of any transactions between itself and fellow Group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available.
Page 13
TAB REFRACTORY CONSTRUCTION & MAINTENANCE CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
20. | Controlling party
At 30 June 2026, the ultimate parent company and the ultimate controlling party was Pyrotek, Inc which is incorporated in the state of Washington, United States of America. Pyrotek, Inc. is the parent undertaking of both the smallest and the largest groups for which group accounts are drawn up. The registered office of Pyrotek, Inc. is 705 W 1st Avenue, Spokane, WA99201, USA.
21. | Auditors' information
The auditors' report on the financial statements for the year ended 30 June 2026 was unqualified. The audit report was signed on 3 August 2026 by James Delve (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 14