The directors present the strategic report for the year ended 31 July 2025.
The business delivered another strong year, with group revenues growing to £66.3m.
Throughout the year, we made significant investments in our people and resources to ensure we remain at the forefront of workplace strategy, with industry-leading design and delivery capabilities. These strategic investments are now yielding tangible results, as evidenced by both our financial performance and growing market recognition.
Leading organisations across all sectors continue to demonstrate strong appetite to improve and adapt their workplaces to reflect evolving workstyles. We are exceptionally well-positioned to advise on and deliver these transformations for both existing and new clients throughout the UK.
The group maintains a robust financial position with net assets exceeding £4.1m and cash balances in excess of £11.8m, providing a solid foundation for continued growth and investment.
Operational risk
The principal operating risk relates to the capacity and willingness of our target client base to commit to significant capital expenditure on their office environments. This is underpinned by general confidence in the UK economy. However, this risk is mitigated by the fundamental need for workplace change, which creates opportunities even in suppressed market conditions.
The group actively mitigates concentration risk through its national delivery capability and continuously expanding client base across multiple sectors and city regions. Operating in a competitive market that exerts pressure on margins, we invest heavily in our workforce to attract and retain high-calibre personnel who deliver the quality and innovation our clients expect.
Customer credit exposure and liquidity risk
The principal financial risk is the potential for customers to default on payment for work undertaken. This risk is substantially mitigated through several factors: the blue-chip nature of many of our clients, rigorous pre-contract due diligence, commercially agreed stage payments, and the excellent ongoing customer relationships we maintain.
Liquidity risk is managed at both individual contract and group level, with the objective of ensuring the group can consistently meet its obligations as they fall due.
The group's key financial performance indicator is gross profit which we monitor on historic, current and forecast levels monthly against targets. Performance for the financial period was as follows:
The group operates comprehensive non-financial KPIs across all business units in line with ISO 9001 (2015) quality assurance accreditation. Every project is monitored and measured through a series of KPIs at key stages throughout its lifecycle.
The group is particularly committed to its corporate and social responsibilities regarding health and safety and environmental compliance, conducting its affairs in accordance with ISO 14001 and Global Safety Certification 45001:2018 accreditations. Our ISO 27001 accreditation ensures robust information security management across all operations.
On 1 August 2024, we transferred ownership to an Employee Ownership Trust, marking a significant milestone in the company's evolution. These are the first financial statements since this transition.
We made our first payment towards the outstanding liability on completion, followed by a second payment in November 2024, with a third payment scheduled before the end of this calendar year. The payment profile has been structured to ensure it will never compromise the liquidity or financial position of the group, and we are on track to settle the debt in its entirety ahead of schedule.
Demonstrating our commitment to sharing the rewards of employee ownership from the outset, we paid the first bonuses under this scheme in November 2024. These accounts reflect the cost of a second bonus to be paid in November 2025.
Recognising that our employees are our most valuable asset, we have embraced the concept of employee ownership through enhanced communications at company events and via our refreshed intranet. We actively seek feedback through our employee forum and have invested significantly in comprehensive training and development programmes for all employees.
People and Culture
During the year, we were proud to achieve certification as a Great Place to Work, representing significant external validation of our commitment to creating an exceptional workplace environment for our team. This recognition reflects our ongoing focus on culture, employee engagement, and fostering an environment where talented people can thrive.
This achievement reinforces our belief that investing in our people and maintaining a strong, values-driven culture are fundamental to our continued success and ability to deliver outstanding results for our clients.
Post Year-End Development: B Corporation Certification
In October 2025, subsequent to the year end, we achieved B Corporation certification. This rigorous certification process assesses companies across governance, workers, community, environment, and customers, recognising businesses that meet the highest standards of verified social and environmental performance, transparency, and accountability.
This certification represents a natural progression of our long-standing commitment to being a force for good and reinforces our commitment to exceptional client experience.
Health and Safety
Providing a safe working environment for our workforce, suppliers and clients remains at the forefront of our operations. Through a process of continual improvement, training and development we invest to ensure we attain the highest possible standards.
When making decisions the Board of Directors act in the way 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, having regard to the stakeholders and matters set out in s 172(1) (a-f) of the Companies Act.
We consider the interests of all stakeholders, including our employees, clients, contractors and supply chain, the communities in which we operate, and the environment. We consult and take advice as appropriate, ensuring that decisions align with the objectives within our clearly defined strategy and business plan while meeting the highest standards of professional conduct and company values, for which we assume overall responsibility.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 July 2025.
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £3,845,858. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Reporting boundaries are defined using the operational control approach, covering all directly leased offices and operational activities. Calculations follow the UK Government’s 2024 and 2025 Greenhouse Gas Conversion Factors and Environmental Reporting Guidelines. Data sources include office energy use, company leased vehicles, and Scope 3 business travel mileage in employee vehicles.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover.
Refurbished the Manchester office with LED lighting and energy-efficient appliances.
Optimised fleet emissions by selling four company owned vans and pool cars and switched to leasing three more efficient vans for company use.
Continued to enhance data collection and reporting accuracy.
Introduction of an electric vehicle salary sacrifice scheme.
Commitment to Net Zero
TSK remains committed to reducing its environmental impact, with short-, medium-, and long-term climate targets aligned to the Sustainable Development Goals and SECR 2018. The company aims for ongoing reductions in carbon intensity and total emissions, with external assurance provided by Element Sustainability and annual reporting through the Carbon Disclosure Project CDP (we achieved a B Scope from CDP in 2024).
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of The TSK Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
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 and 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
The nature of the industry and the company’s control environment.
Results of our enquiries of management.
The company’s procedures and controls on compliance with laws and regulations and the risks of fraud.
Discussions among the audit engagement team concerning potential indicators of fraud.
We are also required to perform specific procedures to respond to the risk of management override.
As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,804,662 (2024 - £1,155,392 profit).
The TSK Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 130 Metroplex Business Park Broadway, Salford Quays, Lancashire, BB1 6AY.
The group consists of The TSK Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for each category of financial instrument.;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The ultimate parent company is TSK Holdings Limited, a company registered in England and Wales. TSK Holdings Limited prepares group financial statements and these can be obtained from the company's registered office.
The consolidated group financial statements consist of the financial statements of the parent company The TSK Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 July 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result, the directors have continued to adopt the going concern basis in preparing the financial statements.
Turnover comprises the value of work performed, goods sold and services provided excluding VAT. Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as amounts recoverable on contracts. Cash received in excess of the value of work done is shown in creditors as payments on accounts.
An appropriate proportion of the anticipated contract profit is recognised in the statement of comprehensive income based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses.
Pre-contract costs incurred before it is virtually certain that a contract will be awarded are charged to the statement of comprehensive income. Once virtually certain of contract award, costs are held as amounts recoverable on contracts and form part of the accounts for the contract as a whole.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
At each Balance Sheet date, management undertake an assessment of the recoverability of trade debtors and amounts recoverable on contracts based upon their knowledge of the customers and the relevant contracts, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as an expense.
The actual level of debt collected may differ from the estimated level of recovery.
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.
At the Balance Sheet date, management review each contract individually based on the total contract value, the amounts invoiced up to the period end, the costs incurred up to the period end and the expected post year end costs to complete the contract.
Based upon the above information, management estimate the expected profit on a contract and will include an element of profit on the contract at the period end by reference to the stage of completion of each contract at the Balance Sheet date.
The actual profit arising on a contract may differ from the estimate of profit at each Balance Sheet date.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 July 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
At the year end the cash at bank and in hand included £295,000 (2024 - £295,000) of restricted cash. This is held in a bank account as security against guarantees provided to customers by the bank. There were no such guarantees outstanding at the year end.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Given the company's capital expenditure plans, the deferred tax liability set out above is not expected to materially reverse over the next 12 months.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The B Ordinary shares carry no voting rights, however they do give the right to dividends provided consent in writing is obtained from all holders of A Ordinary shares.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: