Registration number:
Totus Engineering Group Holdings Limited
for the Year Ended 31 December 2025
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
Consolidated Profit and Loss Account |
|
|
Consolidated Statement of Comprehensive Income |
|
|
Consolidated Balance Sheet |
|
|
Balance Sheet |
|
|
Consolidated Statement of Changes in Equity |
|
|
Statement of Changes in Equity |
|
|
Consolidated Statement of Cash Flows |
|
|
Statement of Cash Flows |
|
|
Notes to the Financial Statements |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Company Information
|
Directors |
R Bell J G Kent A Martin T M Read P D Rock |
|
Company secretary |
T M Read |
|
Registered office |
|
|
Auditors |
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is mechanical and electrical engineering. The pricipal activity of the company is that of a holding company.
Fair review of the business
During the year, the group achieved a gross profit of £5,957,701 (2024 - £5,396,380). Deductions for overheads and interest payable have resulted in a profit before tax of £1,398,167 (2024 - £1,075.813).
The directors are satisfied with the performance during the year and remain confident about the ongoing development of the group.
The directors monitor key performance indicators which are focused on contract management, effectiveness and margin.
Monthly monitoring of contract performance at formal review meetings attended by directors, operational and commercial staff ensures that controls are in place to maximise opportunity and mitigate risk.
Principal risks and uncertainties
The principal business risks faced by the group are market competition, fluctuating materials prices and customer payments.
The group continues its commitment to keeping its staff safe by continuously monitoring health and safety standards and ensuring that it continues to be RIDDOR compliant.
The group manages these risks by continuous improvement in staff training and investment in systems and controls. Fluctuating material prices are managed by continual monitoring of price indices and supplier competition. Regional resource shortages are managed by ensuring that our employees are cared for, empowered, challenged and feel valued by the business. Customer payments are managed by strict adherence to payment terms and tenacious pursuit of debts. The group continues to win work in a competitive marketplace and look forward to an upturn in the overall economic environment, feeding through to increased work opportunities. The company has a strong order book and continues to see opportunity and growth through lower-risk government funded, healthcare, education and MOJ and MOD sectors.
The group operates in a fluctuating market, undertaking long-term contracts. The directors manage these risks by close monitoring of contract progress and performance. Management has made further investment in this area during the year with key members of staff joining a bespoke Employee Leadership Programme ‘Elevate’ to promote their standing within the business.
The group continues to monitor material availability. Whilst no major direct implications have been experienced, the directors continue to work closely with the supply chain and their customers to mitigate delays associated with long lead times.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Strategic Report for the Year Ended 31 December 2025
The group continues to monitor energy prices and recognises the importance of making a full and lasting commitment to reducing the greenhouse gas emissions from their activities, in support of the wider commitment of the world to limit global temperature increases and the impact on the planet. The group has a clear net zero road map in place and is future net zero standard benchmark certified. The group has engaged with Octopus in 2024 offering electric vehicles to mitigate its impact on the environment and as a benefit to further attract and retain high quality employees. Uptake continues to be positive and the group has now procured its first electric van.
The group continues to see an increase in expenditure within the MOD and MOJ sectors of its marketplace, leading larger and longer projects being secured. Priority continues to be given to employee safety and mental health with all employees having access to an Employee Assistance Programme. Trained mental health first aiders continue to offer support, and flexibility is afforded to employees dealing with both health and associated family responsibilities. This collaborative approach has enabled the group to both meet customer demands whilst supporting employees through these difficult times.
Employee engagement continues to remain positive with summer events and seasonal parties bringing employees and their families together. The group recognises the importance of strong relationships and appreciates the commitment of its loyal workforce. Corporate Social Responsibility continues to be an important factor to demonstrate our values and bring people together. Social value efforts during the year, included employees completing our ‘Wheels and Heels’ challenge with 3 teams running, walking and riding 30 miles, 20 miles and 100 miles respectively to support local charities. Similar events are planned for 2026 and we continue to support local communities.
Approved and authorised by the
|
......................................... |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Research and development
The group undertakes research and development activities identifying innovative solutions.
Directors' liabilities
The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
|
......................................... |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the 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 apply them consistently; |
|
• |
make judgements 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; and |
|
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Independent Auditor's Report to the Members of Totus Engineering Group Holdings Limited
Opinion
We have audited the financial statements of Totus Engineering Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 December 2025 and of the group's profit 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.
Other matters
The financial statements of the company for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion on those statements on 30 June 2025.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Independent Auditor's Report to the Members of Totus Engineering Group Holdings Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Independent Auditor's Report to the Members of Totus Engineering Group Holdings Limited
Auditor 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 an auditor’s 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 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 engineering sector; |
|
• |
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 and data protection, anti-bribery, employment, environmental, construction, electrical, fire safety 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. |
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; and |
|
• |
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; |
|
• |
tested journal entries to identify unusual transactions; |
|
• |
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
|
• |
investigated the rationale behind significant or unusual transactions. |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Independent Auditor's Report to the Members of Totus Engineering Group Holdings Limited
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; and |
|
• |
reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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 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 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
28 Alexandra Terrace
Devon
EX8 1BD
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
|
|
Minority interests |
|
|
|
|
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
|
Minority interests |
|
|
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Consolidated Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
- |
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Minority interests |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
|
......................................... |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £627,444 (2024 - profit of £458,926).
Approved and authorised by the
|
......................................... |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 January 2025 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
( |
|
Purchase of shares in subsidiary from non-controlling interest |
- |
- |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 January 2024 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
( |
|
Other share capital movements |
(350) |
- |
- |
(350) |
- |
(350) |
|
Other capital redemption reserve movements |
- |
350 |
(350) |
- |
- |
- |
|
Purchase of shares in subsidiary from non-controlling interest |
- |
- |
( |
( |
- |
( |
|
Other movements on reserves |
- |
- |
22,076 |
22,076 |
(22,076) |
- |
|
At 31 December 2024 |
8,970 |
1,030 |
2,545,000 |
2,555,000 |
344,038 |
2,899,038 |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Other share capital movements |
(350) |
- |
- |
(350) |
|
Other capital redemption reserve movements |
- |
350 |
(350) |
- |
|
At 31 December 2024 |
8,970 |
1,030 |
3,251,990 |
3,261,990 |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
- |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Redemption of shares |
- |
(350) |
|
|
Purchase of shares in subsidiary from non-controlling interests |
(1,883) |
(7,834) |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
4,909,207 |
3,007,212 |
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Redemption of shares |
- |
(350) |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
166,634 |
45,439 |
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
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. |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Margin achieved on contracts - The margin taken on each contract is estimated based on costs to complete the specific job. When calculating costs to complete, management take a prudent approach.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The stage of completion is based on the physical proportion of work completed or the value of work certified to date.
Retentions are recognised when the right to receive them becomes unconditional.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold property and improvements |
2% - 20% straight line |
|
Leasehold land |
Not depreciated |
|
Fixtures, fittings and equipment |
20% reducing balance |
|
Office equipment |
25% straight line & 20% reducing balance |
|
Motor vehicles |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Asset class |
Amortisation method and rate |
|
Goodwil |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of services |
|
|
The amount of contract revenue recognised as Turnover in the year was £
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease and rental expense - property |
|
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
|
|
Administration and support |
|
|
|
Operational |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
165,052 |
157,228 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
2,940 |
2,730 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
11,060 |
10,270 |
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax increase from other short-term timing differences |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Tax (decrease)/increase from other tax effects |
( |
|
|
Total tax charge |
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Long leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
- |
- |
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
|
Transfers |
- |
( |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
Transfers |
- |
( |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings and £169,876 (2024 - £176,801) in respect of long leasehold land and buildings.
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
At 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
||
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
|
|
|
|
|
|
|
|
|
|
* Indicates direct investment of the company
All of the above subsidiary companies are registered in England and Wales.
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
- |
|
- |
- |
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Gross amount due from customers for contract work |
|
|
- |
- |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
198,637 |
46,284 |
193,690 |
46,284 |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
- |
|
- |
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other borrowings |
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other borrowings |
- |
|
- |
|
The other borrowings above relate to loan notes issued on incorporation of the company.
Interest is recognised at a fixed rate of 5%, the loan notes are unsecured, and the balances are repayable over the 6 year term ending in September 2026
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
673 |
|
673 |
|
|
|
673 |
|
673 |
|
|
|
337 |
|
337 |
|
|
|
1,637 |
|
1,637 |
|
|
|
5,650 |
|
5,650 |
|
|
|
|
|
|
The company has in issue A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary shares and E Ordinary shares. All share classes carry dividend rights however do not rank pari passu and distributions may be made in the proportions and amounts as the directors see fit. All share classes rank pari passu for return of capital rights on a sale, liquidation or otherwise. All share classes carry voting rights of one vote per share held.
As at 31 December 2025, the company held 102,998 E Ordinary shares as treasury shares resulting in a Capital Redemption Reserve value of £1,029.98.
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Dividends |
Interim dividends paid
During the year interim dividends were paid by the company (Totus Engineering Group Holdings Limited) as follows:
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
During the year, subsidiaries dividends were also declared and paid within Totus Engineering Limited of which £116,640 (2024: £120,528) were relating to non-controlling interests and have been reflected as a distribution to minority interests within the consolidated statement of changes in equity.
|
Analysis of changes in net debt |
Group
|
At 1 January 2025 |
Cash flows |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
3,007,212 |
1,901,995 |
4,909,207 |
|
Loans and borrowings |
(1,125,132) |
506,749 |
(618,383) |
|
1,882,080 |
2,408,744 |
4,290,824 |
|
|
|
|||
|
|
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Group
Summary of transactions with key management
The remuneration of key management personnel was £408,909 (2024 - £455,038).
|
Transactions with directors |
|
2025 |
At 1 January 2025 |
Advances to director |
Repayments by director |
At 31 December 2025 |
|
Loan to director at 2.25%/3.75% |
|
|
( |
|
|
Loan to director at 2.25%/3.75% |
|
|
( |
|
|
Loan to director at 2.25%/3.75% |
|
|
( |
|
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
Loan to director at 2.25%/3.75% |
|
|
( |
|
|
Loan to director at 2.25%/3.75% |
|
|
( |
|
|
Loan to director at 2.25%/3.75% |
|
|
( |
|
Expenditure with and payables to related parties
|
2025 |
Key management |
|
Loan Note Interest |
|
|
|
|
|
2024 |
Key management |
|
Loan Note Interest |
|
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Loans from related parties
|
2025 |
Key management |
Total |
|
At start of period |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||
|
2024 |
Key management |
Total |
|
At start of period |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||
Terms of loans from related parties
Company
Income and receivables from related parties
|
2025 |
Subsidiary |
|
Management charges |
|
|
|
|
|
2024 |
Subsidiary |
|
Management charges |
|
|
|
|
Totus Engineering Group Holdings Limited
(Registration number: 12973605)
Notes to the Financial Statements for the Year Ended 31 December 2025
Loans from related parties
|
2025 |
Subsidiary |
Key management |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
- |
|
|
Repaid |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|||
|
2024 |
Subsidiary |
Key management |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
- |
|
|
Repaid |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|||
Terms of loans from related parties