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Registered number:
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
COMPANY INFORMATION
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TOPBOND HOLDINGS LIMITED
CONTENTS
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TOPBOND HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
The directors present their strategic report accompanying the financial statements for the year ended 31 March 2026.
The first quarter of the financial year followed previous year trends with Topbond's strategic frameworks giving strong continuity across multiple operating divisions. Topbon'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 strategy’s 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 group’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 group generating a profit after tax of £363k. The group’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 group’s key clients have continued to provide consistent and repeat work streams. This demonstrates the strength of the group’s client relationships and the confidence that customers have in the group’s ability to deliver high-quality services. Maintaining strong, long-term client relationships remains an important part of the group’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 group’s ongoing operations, planned investment and future growth, while also meeting its foreseeable financial commitments.
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TOPBOND HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
The board conducts a formal review of the risks and uncertainties facing the group.
As a construction business, the group is exposed to a number of external factors which are, to some extent, outside the group’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 group’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 group’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 group’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 a way which they consider, in good faith, would be most likely to promote the success of the group 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 interest of the group's employees;
•the need to foster the group's business relationships with suppliers, customers and others;
•the impact of the group's operations on the community and the environment;
•the desirability of the group maintaining a repuation 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 group;
•setting the right culture at Board level and throughout the subsidiaries of the group; and
•increasing shareholder value.
All of the above are the forefront of the decision-making processes.
This report was approved by the board on 9 September 2026 and signed on its behalf.
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TOPBOND HOLDINGS LIMITED
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 Group strategic report, the Directors' report and the consolidated 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 group'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 group 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 the group 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 the group 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 £362,902 (2025 - £645,650).
Dividends of £72,000 (2025: £72,000) were paid during the period.
The directors who served during the period were:
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TOPBOND HOLDINGS LIMITED
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 485 of the Companies Act 2006.
This report was approved by the board on
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TOPBOND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND HOLDINGS LIMITED
We have audited the financial statements of Topbond Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 group's or the parent 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 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND HOLDINGS LIMITED (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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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TOPBOND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND HOLDINGS LIMITED (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 Group 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 group through discussion with directors and
other management, and from our commercial knowledge and experience of the industry;
•The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the group, are as follows:
o Companies Act 2006;
o FRS102;
o International management code for the safe operations of ships and for pollution prevention
(ISM Cod)
o CDM Regulations 2015;
o Construction Products Regulation 2011;
o Health and safety regulation;
o ISO 14001:2015, ISO 9001:2015 and 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.
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TOPBOND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND HOLDINGS LIMITED (CONTINUED)
•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.
We assessed the susceptibility of the group’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 HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOPBOND HOLDINGS LIMITED (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 Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date:
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TOPBOND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
REGISTERED NUMBER: 05729185
CONSOLIDATED 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 17 to 34 form part of these financial statements.
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TOPBOND HOLDINGS LIMITED
REGISTERED NUMBER: 05729185
COMPANY 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 17 to 34 form part of these financial statements.
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TOPBOND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
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TOPBOND HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2026
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
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TOPBOND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
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 group's principal activity continued to be that of specialist joinery, construction, civil engineering, structural investigation and materials testing services to include marine works.
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 group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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TOPBOND HOLDINGS LIMITED
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 Consolidated statement of comprehensive income in the same period as the related expenditure.
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
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TOPBOND HOLDINGS LIMITED
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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group 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 HOLDINGS LIMITED
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 group 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 group 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 group makes key estimates regarding the useufl 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 group.
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
There were no factors that may affect future tax charges.
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
13.Tangible fixed assets (continued)
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
Hire purchase liabilities are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all the assets and undertakings for the group, with support guaranteed by the parent company. Other loans are secured against the assets of the parent company by way of a fixed charge.
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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TOPBOND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
The parent company has given cross guarantees in favour of HSBC Bank PLC in respect of the borrowings of Topbond PLC. There is an unlimited maximum potential liability under the terms of these guarantees as at 31 March 2026. Given the assets held by the subsidiary company, the directors consider the likelihood that the parent 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 group operates a defined contribution pension scheme. The assets under the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group 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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
No individual party has control of the company.
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