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Registered number:
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
COMPANY INFORMATION
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TOPBOND PLC
CONTENTS
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TOPBOND PLC
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
The directors present their strategic report accompanying the financial statements for the period ended 31 March 2026.
The first quarter of the financial year followed previous year trends with Topbond Plc’s strategic frameworks giving strong continuity across multiple operating divisions. Topbond Plc’s long term client relationships saw the addition of two further significant frameworks both with long-term commitments to the business. Increased local and national authority budgets within the infrastructure and highways sectors ensured that all operating divisions of the business had the opportunity to implement previous grow strategies set out in previous years targets with confidence.
The year under review was also characterised in the last 2 quarters by a significant increase of major work and projects localised to one of the company's operating divisions.
The construction industry also continued to operate against a challenging economic backdrop, including changes in climate, rising costs and continued economic and consumer uncertainty. These factors presented a number of challenges to the company and the wider industry.
Against this backdrop and some of its challenges, the directors are pleased with the company’s performance during the year. Turnover for the year ended 31 March 2026 was £20.0m, consistent with £19.5m in the prior year, with the company generating a profit after tax of £347k. The company’s net current assets and net assets also improved compared with the previous financial year.
The investment and innovation strategies implemented in previous years have continued to maintain positive results. These initiatives have supported the development of a strong and secure forward order book entering the new financial year and provide a positive outlook for the company. During the year, the company continued to strengthen its position across both new and existing frameworks, benefiting from repeat business and ongoing opportunities across a number of industry sectors.
The company’s key clients have continued to provide consistent and repeat work streams. This demonstrates the strength of the company’s client relationships and the confidence that customers have in the company’s ability to deliver high-quality services. Maintaining strong, long-term client relationships remains an important part of the company’s strategy and future growth.
The directors continue to place significant emphasis on the regular monitoring and management of cash flows to ensure that sufficient funding is available to support the company’s ongoing operations, planned investment and future growth, while also meeting its foreseeable financial commitments.
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TOPBOND PLC
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
The board conducts a formal review of the risks and uncertainties facing the business.
As a construction company, the business is exposed to a number of external factors which are, to some extent, outside the company’s direct control. The principal risks and uncertainties include:
•A potential downturn in the construction industry arising from wider economic conditions, including the
impact of domestic and global economic factors and other external events.
•Changes to government legislation, regulation and taxation, including changes arising from changes in
government policy.
•The insolvency of, or payment difficulties experienced by, a major customer, which could adversely affect
the company’s cash flow and financial performance.
The board continues to monitor these risks closely and seeks to maintain appropriate financial and operational controls to minimise their potential impact on the business.
Given the straightforward nature of the business the company’s directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
The directors remain satisfied with the company’s performance during the year and consider that the business is well positioned to continue to develop its existing client relationships, secure new opportunities and build on its forward order book.
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
•the likely consequences of any decision in the long term;
•the interests of the company’s employees;
•the need to foster the company’s business relationships with suppliers, customers and others;
•the impact of the company’s operations on the community and the environment;
•the desirability of the group maintaining a reputation for high standards of business conduct; and
•the need to act fairly as between members of the group, (the “s.172(1) Matters”). Induction materials
provided on appointment include an explanation of directors’ duties, and the board is regularly reminded
of the s.172(1) matters.
The key matters that are consistently prevalent in the decision-making process include:
•ensuring corporate governance policies are adhered to,
•long term objectives of the company;
•setting the right culture at board level and throughout the subsidiaries of the company; and
•increasing shareholder value.
All the above are at the forefront of all decision-making processes.
This report was approved by the board on 9 September 2026 and signed on its behalf.
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TOPBOND PLC
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
The directors present their report and the financial statements for the period ended 31 March 2026.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the period, after taxation, amounted to £347,701 (2025 - £650,434).
Dividends of £72,000 (2025: £72,000) were paid during the year.
The directors who served during the period were:
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TOPBOND PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TOPBOND PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND PLC
We have audited the financial statements of Topbond Plc (the 'company') for the period ended 31 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 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.
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TOPBOND PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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TOPBOND PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND PLC (CONTINUED)
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 an Auditors' report 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.
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law 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 discussion with directors and
other management, and from our commercial knowledge and experience of the construction industry;
•The specific laws and regulations which we considered may have a direct impact on the financial
statements or the operations of the company, are as follows:
o Companies Act 2006;
o FRS102;
o International management code for the safe operations of ships and for pollution prevention
(ISM Code)
o CDM Regulations 2015;
o Construction Products Regulation 2011;
o Health and safety regulation;
o ISO 14001:2015;
o ISO 9001:2015
o ISO 45001:2015
o Waste (England and Wales) Regulations 2011;
o Lifting Operations and Lifting Equipment Regulations 1998;
o Employment legislation; and
o Tax legislation.
•We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and inspecting legal correspondence and invoices;
•Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulation were identified. The audit team remained alert to instances of
non-compliance throughout the audit.
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TOPBOND PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND PLC (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
•Making enquires of management as to where they consider there was susceptibility to fraud and 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;
•Reviewing the financial statements and testing the disclosures against supporting documentation;
•Inspecting and testing journal entries to identify unusual or unexpected transactions;
•Assessing whether judgement and assumptions made in determining significant accounting estimates,
including accruals, bad debt provision and depreciation were indicative of management bias; and
•Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
•Management bias in regard to accounting estimates and judgements made;
•Management override of controls; and
•Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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TOPBOND PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND PLC (CONTINUED)
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 an Auditors' 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date:
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TOPBOND PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
REGISTERED NUMBER: 01204146
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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TOPBOND PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
The company, incorporated in England and Wales, has its registered office at Oyster Quay, Castle Road, Sittingbourne, Kent, ME10 3EU. The company's principal activity continued to be that of specialist joinery, construction, civil engineering, structural investigation and material testing services to include marine works. The company's wholly owned subsidiary, Hydra Technical Services Limited, was dormant throughout the year.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Topbond Holdings Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:
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.
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Provisions are charged as an expense to the Statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Subcontractor accruals The company makes key estimates regarding subcontractor accruals for subcontracted services performed which have not yet been invoiced. These amounts are accrued into the financial statements at the year end and are included within creditors. These amounted to £390,949 (2025: £264,810). Contract applications The company makes key estimates regarding the application values for projects ongoing at the year end. These are estimates since they are subject to change until the application is certified, with this amount being the amount invoiced to the customer. Application amounts are accrued into the financial statements at the year end and are included within debtors. These amounted to £2,234,599 (2025: £1,681,589). Profit on contracts The company makes key estimates regarding the profit margin taken on contracts as at the period end in line with the estimates on subcontractor accruals and contract applications as noted above. Useful economic lives of tangible fixed assets The company makes key estimates regarding the useful economic lives of tangible fixed assets, and this is further described in note 2.10 of the accounting policies.
The whole of the turnover is attributable to the principal activity of the company.
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
11.Taxation (continued)
There were no factors that may affect future tax charges.
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
13.Tangible fixed assets (continued)
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
The company has given cross guarantees in favour of HSBC Bank Plc in respect of the borrowings of Topbond Holdings Limited the parent company. There is an unlimited maximum potential liability under the terms of these guarantees as at 31 March 2026. Given the assets held by the parent company, the directors consider the likelihood that the company will be called upon to meet any claims under these guarantees to be remote and accordingly have made no provision in these accounts.
The company operates a defined contribution pension scheme. The assets under the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £65,621 (2025: £52,070). At the balance sheet date, the amount owed to the fund was £Nil (2025: £Nil).
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TOPBOND PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
The parent company is Topbond Holdings Limited, a company registered in England and Wales. The parent company produces financial statements incorporating the results of Topbond Plc which can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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