The directors present the strategic report for the year ended 31 March 2026.
Introduction
The Groups main trading subsidiary, TriAgg Construction Limited, in association with all TriAgg group companies, delivers first class civil engineering projects, focusing on overall solutions for hard and soft landscaping. This includes carriageways and car parks, structure foundations, all associated works and disciplines, including footways, play areas both hard and soft, sustainable drainage, solutions (SUDS), retaining walls, asphalt surfacing, specialist resin surfaces, fencing, lighting, CCTV, access control, entrance/security buildings or pods, and anything required to complete and fully satisfy the project needs. TriAgg always offer cutting edge sustainable design solutions and products from the outset, we believe that it is more important than ever that TriAgg build for the future.
TriAgg is focused upon commercial and domestic projects which includes new construction, however TriAgg also specialise in repair, replacement and upgrading of infrastructure that has reached the end of its serviceable life cycle, or is being re-purposed for a new life cycle. TriAgg strive to 'Value Engineer' all projects to create maximum client value, whilst minimising environmental impact. We regularly offer cutting-edge 'fit for purpose' alternatives to rigid designs, in discussion and collaboration with the customer and advisers, thereby often giving the customer, consultants and designers large savings in terms of both money and construction time.
Health and Safety
TriAgg fully consider the importance of health and safety in the work place. TriAgg management systems are designed to improve business performance, through innovative design and practices, while at all times considering human welfare. Many practical measures including project modelling and full risk assessments are undertaken to ensure that the Group’s activities and products do not put at risk customers, employees, contractors or equipment. TriAgg strive to engage a large regular workforce of direct employees in order that in-built good practise and safety awareness is maximised.
Environment and Sustainability
TriAgg believes it has a responsibility to achieve good practice and will continue to strive for improvement with regard to environmental impact, in an industry inherently beset with consumption of virgin resources. Efficient and effective use of resources, with the inclusion of recycled content, where this does not compromise quality and durability makes sound commercial sense. TriAgg has the appropriate environmental policies, endorses EV charging technology, innovative design and delivery using recycled, or partly re-cycled materials wherever possible. Where found to be absolutely necessary, we ensure that any material taken from site is entered into the re-cycling chain by our specialist operator partners. Finally, logistics are managed and organised to ensure the most efficient use of road vehicles, the minismisation of mileage and the avoidance of empty goods vehicles.
Review of the business
TriAgg has continued to organically grow throughout the year, and this, together with complimentary realistic margins and strong overhead management, has lead to good results. This clearly demonstrates the value of all major investors and shareholders actively working within the business, and TriAgg not having to pander to the whims or requirements of non-involved external investors, or parent companies. The key asset of TriAgg is our directly employed, experienced, skilled and continuously trained management and construction teams. All TriAgg employees are instructed and encouraged to listen to, engage, and act upon client needs and expectations to deliver all projects on time, fully working, and to realistic cost budgets. TriAgg are heavily supported by a select number of commercially strong supply chain partner suppliers and sub-contractors who are regularly engaged by us, and therefore already know our demanding standards with regard to quality and time, and are more than happy to contribute to the overall client experience. New partners are continuously sought, trailed, and introduced in order to continuously grow and strengthen our armoury. The TriAgg business is fit and agile, and therefore able to adapt rapidly to changing market conditions or project opportunities. TriAgg are progressive, future looking, diverse, inclusive, and certainly do not dwell on the past; while at the same time TriAgg employs our extensive experience at all opportunities. It is TriAgg policy to invest heavily in our own plant and vehicles, with strict maintenance regimes, thereby giving our workforce the best equipment to achieve the best results, with the best machines. In this way, TriAgg avoids the foibles of the rental market, whilst still maintaining a list of trusted supply chain partners who support our extensive fleet when workload or specialist requirements dictate.
Corporate and social responsibility
Employees
Employees are key to achieving TriAgg business objectives. TriAgg has established policies for diverse and inclusive recruiting, training and development. TriAgg is committed to achieving the best and therefore excellent health and safety, welfare and protection standards for employees in their working environment. TriAgg employees are well rewarded, and this ensures that we recruit, maintain and enjoy the best, in order to give our valued customers the best possible experience. After a year of service, all employees are entitled to enrol into the Companies Employee share ownership scheme, and gain the benefit of private medical cover for their whole family. These benefits are designed to ensure employee loyalty, commitment to the brand and its services, and obviously to continually attract new talent. TriAgg is a fully integrated team of professional members; weaker links when they occur are identified and educated or dealt with. All TriAgg team players are encouraged to be continuously and actively on the lookout for new quality team players. TriAgg are totally opposed to employee churn, and strive to give our customers familiar faces to deal with from project to project, whilst still developing talent at all levels. We are finding that ‘word of mouth’ and ‘personal relationships’ have far greater success in quality recruitment than costly HR professionals simply bringing ‘heads’ to the workplace.
Principle risks and uncertainties
Economic risks
The key factors facing TriAgg include:
Increased interest rates, inflation and legislation having an adverse impact on our market, and market forces potentially putting customers into cash difficulties.
Increased cost of materials, energy and other commodities impacting on our business, our suppliers and customers.
Increased cost of employment and infrastructure impacting adversely on the competitiveness of the company, its suppliers and customers.
TriAgg has no cash borrowings. It is seen as an imperative to grow and maintain a healthy cash base to sustainably fund all operations. All adverse factors are in some way mitigated and managed by our short contract lead-in and turnaround periods. This means that changing costs are immediately factored in to the tendering process. TriAgg, by current business model, are not tied into long term fixed priced contracts which can prove extremely costly in uncharted times. This outlook allows TriAgg to explore future business opportunities, whilst being aware of, and dealing with risks in advance, rather than with often costly hindsight.
TriAgg risks are managed through the use of alternative competitive sourcing of products and services coupled with strict financial controls. TriAgg has a programme of preventative maintenance, and safety inspection for all of our plant and equipment. TriAgg regularly review all operations, with suggestions, comments and initiative sought from every level of the cohesive supportive business. Identified improvements are acted upon at the earliest time,for the benefit of all.
Competition risk
TriAgg manage competition risk through close attention to customer service levels and strategic alliances. As professionals with long histories in the marketplace, TriAgg directors and staff are passionate about the 'business in hand', and as such will not be distracted by external or potentially damaging alternative or subversive forces.
Financial Risk management
TriAgg has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk. TriAgg insures itself for credit risks with an industry specialist partner, and predominantly operates within this insurance cover.
Legislative risks
TriAgg closely monitors changes in legislation to ensure compliance at all levels. Similar to economic risk, rapid turnaround ensures any additional costs due to legislation are immediately included into the estimating and pricing process. TriAgg retain High Level third party Accountancy, Legal and Human Resource professionals, in order for themto be engaged at the earliest time when required, whilst not suffering the overhead or stigma of under-used full time employees.
Weather risks
Bad weather at times within the TriAgg operational area is inevitable. Periods of bad weather can disrupt our ability to work and therefore could potentially reduce our sales and profits. However, UK climate tends to be similar from year to year, and the overall effect of the changing seasons and weather patterns is already firmly embedded into TriAggs DNA, costings and budgets.
Key Performance indicators
TriAgg consider that our key performance indicators are those that communicate the financial performance and strength of the Group as a whole. TriAgg KPI's are having responsible turnover, gross profit, overhead management, and strict cash management. During the year the Groups turnover was £30.6m and gross profit was £9.4m. Following our initial rapid rise to medium sized company, we have continued to consolidate nicely in this past year, and we expect the established growth curve to continue as we further consolidate our position in the market. TriAgg standards are 'set-in-stone' – please excuse the pun! TriAgg will not compromise on quality of anything simply to attain short term, un-sustainable profit or growth. TriAgg is a quality operation from bottom to top, and it is our intention to remain that way for generations to come.
Future Developments
TriAgg will encourage sustainability and diversity in the UK construction industry through progressive, reliable and collaborative operations and organic growth. TriAgg will continue to grow, with further investments in technology, plant, people, and opportunities. TriAgg will continue to extend our ever increasing and highly able and supportive supply chain partners.
TriAgg will invest in organic growth by recruiting high quality people that already have the skills or demonstrate the perceived potential to succeed. TriAgg will make investments as funds allow to take the business forward. TriAgg will continually up skill our highly valued team for their personal benefit and that of the business, and our ever appreciated customers.
TriAgg will continue to seek new opportunities and partnerships within, and allied to its current disciplines. TriAgg will also look to expand the portfolio with the introduction of new associated products, services, and offerings, which are continually sought from whatever source is discovered.
TriAgg is risk averse, and fully aware of its financial strengths and stability. TriAgg will not drift into areas where it does not have the required expertise and skill set.
TriAgg will continue to keep its eyes wide open for new innovations to encompass within our already wide catalogue of knowledge and skills.
TriAgg look forward to reporting upon the next challenging, and hopefully rewarding trading year.
TriAgg thank you for taking the time to read this report.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £857,957. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be re-appointed as auditor of the company will be put at a General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Triagg Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.
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.
From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risk that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £857,957 (2025 - £420,000 profit).
Triagg Group Holdings Ltd (“the company”) is a private company limited by shares and incorporated in England and Wales. The registered office is Triagg House Soho Mill Cottage, Town Lane, Wooburn Green, HP10 0PD.
The group consists of Triagg Group Holdings Ltd and all of its subsidiaries.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.
The consolidated group financial statements consist of the financial statements of the parent company Triagg Group Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents amounts receivable for services provided under contracts, net of VAT.
Contracts are assessed at the close of an accounting period to determine the stage of completion. Revenue earnt but not invoiced at the reporting date is included as accrued income on the Balance Sheet. Turnover and costs are then recognised in the Profit and Loss Account accordingly. Any loss making contracts are provided for, in full.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Profit and Loss account turnover and related costs as contract activity progresses.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its 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 payments 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. Amounts 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
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 balance sheet 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 leased asset are consumed.
In the application of the group’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.
The key sources of estimation uncertainty that have had the most significant effect on amounts recognised in the financial statements are outlined below:
Stage of completion estimation and sale provision
Management include a sale provision for contracts which, on balance, are determined as having probable additional costs due at a future date resulting from defects or necessary remedial work. This sale provision is reviewed continually during the year and assessed for accuracy using management's high level of expertise, on which the best estimate is based. Each provision is made on a contract-by-contract basis.
Revenue is recognised based on the estimated stage of completion of contracts. The determination of stage of completion requires management to estimate the extent of work performed, anticipated contract costs and expected contract outcomes, which impacts the amounts recognised as accrued income and deferred income at the reporting date.
There is significant estimation uncertainty over the stage of completion assessment and related accrued income, deferred income and sale provisions because the final outcome of contracts cannot be known at the time of estimating, and a range of possible outcomes may arise as contracts progress to completion.
Useful economic lives of tangible fixed assets
Estimations have been applied to determine the useful economic life and residual values of tangible fixed assets. The annual depreciation charge for tangible fixed assets is sensitive to changes in these variables. The useful economic lives and residual values are re-assessed annually and amended where necessary to reflect current estimates. The remaining useful economic life of the company's plant and equipment is considered a source of significant estimation uncertainty.
Bad debt provision
Management are required to estimate the recoverability of doubtful debts and assess the need to provision for bad debts. The recoverability of debts are assessed continually during the year based on customer communication and management experience. Where required, a bad debt provision is raised. Each provision is made on a debt-by-debt basis.
There is significant estimation uncertainty over the bad debt provision because the outcome cannot be known at the time of estimating, as well as the wide range of possible outcomes.
Deferred tax
Management are required to estimate the future tax consequences of timing differences arising between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases. Deferred tax is calculated using tax rates that are expected to apply when the timing differences reverse, based on legislation enacted or substantively enacted at the reporting date.
There is estimation uncertainty over deferred tax due to the judgement involved in assessing the timing and extent of future reversals of timing differences, together with the application of future tax rates and tax legislation.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The addition of £1,920 above relates to a capital contribution into its subsidiary undertaking, TriAgg Construction Limited. This capital contribution is in relation to a group share based payment scheme, as outlined in note 28.
The net carrying value of Tangible Fixed Assets includes assets with a Net Book Value of £2,285,774 (2025: £1,960,045) which are held under hire purchase contracts.
Details of the company's subsidiaries at 31 March 2026 are as follows:
On 25 July 2025 the group acquired 100 percent of the issued capital of TriAgg Residential Lettings Limited.
The group's bank loan with Lloyds Bank plc is secured by fixed and floating charges over certain assets of the group, including a legal charge over investment property held by subsidiary undertaking Triagg Residential Lettings Limited. The security arrangements also include a floating charge over the undertaking and assets of that subsidiary together with customary negative pledge provisions.
The above hire purchase contracts are secured on the assets concerned.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The group participates in a group share based payment plan whereby certain employees are granted share options over shares in the ultimate parent company, TriAgg Group Holdings Limited. These shares are currently held by TriAgg Group Trustees Limited, a group member, until such time that the options are exercised.
At the Balance Sheet date, the cost of the shares held on trust by the group for the purpose of the share based payment plan was £55,871. This is shown as Own Shares within equity.
The options are granted with a fixed exercise price, equal to the fair value of the shares at the option grant date. They are exercisable in tranches, as set out below, and expire approximately 10 years after the grant date. Vesting of the options is subject to continued employment within the group. Employees are not entitled to dividends until the options are exercised.
On exercise of the options by the employees, a number of shares held by TriAgg Group Trustees Limited equal to the number of options exercised are transferred to the employees.
At the Balance Sheet date, there were 404,000 options in existence, with a vesting period ranging from 2026, through to 2034, as follows:
31/07/2026 | 25,000 Options |
31/07/2027 | 25,000 Options |
31/07/2028 | 25,000 Options |
31/07/2029 | 25,000 Options |
31/07/2030 | 25,000 Options |
31/07/2031 | 25,000 Options |
01/07/2026 | 11,000 Options |
01/07/2027 | 11,000 Options |
01/07/2028 | 11,000 Options |
01/07/2029 | 11,000 Options |
01/07/2030 | 11,000 Options |
01/07/2031 | 11,000 Options |
01/07/2032 | 11,000 Options |
01/07/2033 | 12,000 Options |
01/07/2026 | 8,000 Options |
01/07/2027 | 7,000 Options |
01/07/2028 | 7,000 Options |
01/07/2029 | 7,000 Options |
01/07/2030 | 7,000 Options |
01/07/2031 | 7,000 Options |
01/07/2032 | 7,000 Options |
01/07/2033 | 7,000 Options |
01/07/2026 | 12,000 Options |
01/07/2027 | 12,000 Options |
01/07/2028 | 12,000 Options |
01/07/2029 | 12,000 Options |
01/07/2030 | 12,000 Options |
01/07/2031 | 12,000 Options |
01/07/2032 | 12,000 Options |
01/07/2033 | 12,000 Options |
01/07/2034 | 12,000 Options |
The options outstanding at 31 March 2026 had an exercise price ranging from £0.09 to £0.31, and a remaining contractual life of approximately 6-8 years.
The group is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the group’s share option scheme.
In the year ended 31 March 2026, a charge of £1,920 (2025: £2,586) was recognised in respect of these options. This is shown as a Share Option Reserve within equity.
The expected life input varied from 0 to 108 months (2025: 0 to 108 months) depending on the exercise date, as detailed in the above exercise schedule.
A defined contribution pension scheme is operated for two of the directors. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: