REGISTERED NUMBER: 01885918 (England and Wales)

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2025

for

THERMAL INSULATION CONTRACTORS

ASSOCIATION

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

10

Directors:

J G Soady

R A Doble

M H Marsland

P Palmer

R J Wilson

P Ashton

K Bramwell

M E Broughton

L J Bowes

P D Redmond

D P Williams

H Robinson

C Griffin-Jones

E L Huard

Secretary:

J Young

Registered office:

TICA House

34 Allington Way

Yarm Road Business Park

Darlington

Co. Durham

DL1 4QB

Registered number:

01885918 (England and Wales)

Senior statutory auditor:

Karl Gordon BA, FCCA

Auditors:

Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

Principal activities

The principal activities of the company in the year under review were those of :

1. To promote and protect the interests of persons and bodies engaged in the business of insulation or work of a similar or allied nature.

2. To provide the means of formulating, making known and carrying out policy and to act as a national point of reference for the insulation industry.

3. To act as managing agents for the training of apprentices and operatives within the industry.

Directors

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

J G Soady

R A Doble

M H Marsland

P Palmer

R J Wilson

P Ashton

K Bramwell

M E Broughton

L J Bowes

P D Redmond

D P Williams

H Robinson

Other changes in directors holding office are as follows:

P Reed - resigned 10 October 2025

C Griffin-Jones and E L Huard were appointed as directors after 31 December 2025 but prior to the date of this report.

The company is limited by guarantee and accordingly does not have a share capital, so none of the directors have an interest in this company. The directors are also voting members of the council except for M H Marsland, the Chief Executive Officer of Thermal Insulation Contractors Association, who has no voting rights.

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and of the surplus or deficit of the company 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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:

M H Marsland - Director

16 September 2026

Opinion

We have audited the financial statements of Thermal Insulation Contractors Association (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its surplus for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the company operates;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection compliance, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

reviewed material journal entries to identify unusual transactions or posting by unusual users;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims;

-

reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Karl Gordon BA, FCCA (Senior Statutory Auditor)

for and on behalf of Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

18 September 2026

Turnover

3

2,828,300

2,463,086

Cost of sales

875,647

763,630

Gross surplus

1,952,653

1,699,456

Administrative expenses

1,856,702

1,590,859

95,951

108,597

Other operating income

99,925

19,378

Operating surplus

5

195,876

127,975

Interest receivable and similar income

15,243

18,121

Surplus before taxation

211,119

146,096

Tax on surplus

5,266

7,042

Surplus for the financial year

205,853

139,054

Fixed assets

Tangible assets

6

1,828,050

1,743,544

Investments

7

100

-

1,828,150

1,743,544

Current assets

Stocks

84,533

118,497

Debtors

8

884,104

549,294

Cash at bank and in hand

700,060

760,383

1,668,697

1,428,174

Creditors

Amounts falling due within one year

9

572,912

453,636

Net current assets

1,095,785

974,538

Total assets less current liabilities

2,923,935

2,718,082

Reserves

Income and expenditure account

2,923,935

2,718,082

2,923,935

2,718,082

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

M H Marsland - Director

1.	STATUTORY INFORMATION

Thermal Insulation Contractors Association is a private company, limited by guarantee , 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 (£).

In the event of the company being wound up the liability of each member shall not exceed £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared under the going concern basis of accounting.

At the time of approving the financial statements, the Governing Council have a reasonable expectation that the association has adequate resources and support from the members to continue in operational existence for at least the next twelve months.

Turnover

Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income from training and other services are being recognised according to the stage of completion of work done. Membership income is being recognised on a straight line basis over the period in which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

10% on cost and 2.5% on cost

Website

-

50% on cost

Training equipment

-

33% on cost

Office furniture and equipment

-

20% on cost and 10% on cost

Motor vehicles

-

40% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Member firms of Thermal Insulation Contractors Association donate certain stock items without charge, these are materials for apprentices to use onsite during their training. These donations are usually not known in advance of delivery and they do not arrive on a regular basis, as such donated stock has no value.

The company also purchases supplementary materials for apprentices to use.

All materials are consumable in nature and are used for training purposes only. Stocks are held at the lower of cost and replacement cost.

Taxation

Taxation for the year comprises current. 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 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

There is no deferred tax asset or liability in the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments

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

Pension costs and other post-retirement benefits

The company operates a money purchase scheme for employees. The assets of the scheme are held separately from the assets of the company. Contributions to the scheme are charged to the income statement when they are incurred.

3.

TURNOVER

The turnover and surplus before taxation are attributable to the principal activities of the company.

Turnover represents members subscriptions and levies receivable for the year calculated by reference to returns received from members, contract training income and other sundry income as follows:

31/12/25

31/12/24

Principal activities:

£

£

T.I.C.A. - subscriptions

458,614

470,369

I.E.T.A. - levies, contract training income and training fees

1,792,574

1,471,041

A.C.A.D. - subscriptions, contract training income and training fees

577,112

521,676

2,828,300

2,463,086

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2024 - 21 ) .

5.	OPERATING SURPLUS

The operating surplus is stated after charging/(crediting):

31/12/25

31/12/24

£

£

Depreciation - owned assets

124,492

117,516

Profit on disposal of fixed assets

-

(6,345

)

Pension costs

78,874

92,008

Auditors remuneration

10,200

9,700

Operating lease payments

36,192

29,811

6.	TANGIBLE FIXED ASSETS

Freehold

Training

property

Website

equipment

£

£

£

COST

At 1 January 2025

2,179,822

11,110

169,472

Additions

170,863

-

3,652

At 31 December 2025

2,350,685

11,110

173,124

DEPRECIATION

At 1 January 2025

553,907

11,110

132,906

Charge for year

55,230

-

21,501

At 31 December 2025

609,137

11,110

154,407

NET BOOK VALUE

At 31 December 2025

1,741,548

-

18,717

At 31 December 2024

1,625,915

-

36,566

Office

furniture

and

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

100,626

60,085

143,657

2,664,772

Additions

9,304

-

25,179

208,998

At 31 December 2025

109,930

60,085

168,836

2,873,770

DEPRECIATION

At 1 January 2025

83,490

10,015

129,800

921,228

Charge for year

9,714

24,036

14,011

124,492

At 31 December 2025

93,204

34,051

143,811

1,045,720

NET BOOK VALUE

At 31 December 2025

16,726

26,034

25,025

1,828,050

At 31 December 2024

17,136

50,070

13,857

1,743,544

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

100

At 31 December 2025

100

NET BOOK VALUE

At 31 December 2025

100

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Trade debtors

513,627

368,388

Other debtors

370,477

180,906

884,104

549,294

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Bank loans and overdrafts

2,731

-

Trade creditors

41,047

69,108

Taxation and social security

77,299

70,053

Other creditors

451,835

314,475

572,912

453,636

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/25

31/12/24

£

£

Within one year

31,030

26,043

Between one and five years

38,437

18,403

69,467

44,446