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REGISTERED NUMBER: 02970707 (England and Wales)









Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2023

for

E T M CONTRACTORS LIMITED

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


E T M CONTRACTORS LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: A J McCormack
E T McCormack
A L McCormack





SECRETARY: H McCormack





REGISTERED OFFICE: 81 Hartcliffe Way
Bedminster
Bristol
BS3 5RN





REGISTERED NUMBER: 02970707 (England and Wales)





AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The principal activities of the company include contractor services for regional infrastructure projects, cabling and traffic management.

The directors are pleased to report that the results for the year ended 31 October 2023 demonstrate an increase in turnover of 19% (2022 - 8%) and profit before tax increasing by 55% (2022 - 69%). This reflects the increased demand from clients, whilst the company has been prudent with costings and continued the drive towards customer service improvements.

The company's key financial and other performance indicators include the company's sales levels and gross and net profit margins. These indicators are shown on the face of the income statement. The directors are of the opinion that further analysis using KPIs is not necessary for an understanding of the development, performance or financial position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors recognise that the performance of the company is dependent upon key risks. Some of these risks are outside the company's control. The main risks are set out below. The directors review and agree policies and procedures for managing each of these and they are summarised below.

Business performance risk
This is the risk that the company may not perform as expected due to either internal and external factors. This risk is managed through ensuring an appropriate management team is in place, business planning, monthly financial reporting and cash management.

Social, ethical and environmental risk
This is the risk that the company does not meet the standards expected of it and suffers reputational damage. The company has strict quality control operational procedures in place and these are regularly monitored by management.

Liquidity risk
The company uses the Group's revolving credit facility. The company does not enter into any speculative financial transactions nor does it use financial instruments for risk management purposes. Management have a tightly controlled cash management policy and consistently review expected future cash inflows and outflows to ensure adequate liquidity exists in the business.

Credit risk
The company's principal financial assets are cash and trade debtors. The company deposits are short term deposits with its bankers. Company policy is aimed at minimising credit risk and has credit control procedures to ensure appropriate credit limits on customers are adhered to.


E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Strategic Report
FOR THE YEAR ENDED 31 OCTOBER 2023

FUTURE DEVELOPMENTS
The directors believe that the company will continue to grow due to the increasing demand within the industry. Whilst there are challenges in relation of the infrastructure of the business to accommodate this growth, the directors have a strategy to enable managed growth to become achievable.

ON BEHALF OF THE BOARD:




E T McCormack - Director


29 July 2024

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Report of the Directors
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of provision of contractor services for regional infrastructure projects.

DIVIDENDS
Interim dividends of £1,400,000 were paid on the Ordinary shares.

The directors recommend that no final dividend is paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

A J McCormack
E T McCormack
A L McCormack

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Report of the Directors
FOR THE YEAR ENDED 31 OCTOBER 2023


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

ON BEHALF OF THE BOARD:



E T McCormack - Director


29 July 2024

Report of the Independent Auditors to the Members of
E T M Contractors Limited


Opinion
We have audited the financial statements of E T M Contractors Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
E T M Contractors Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
E T M Contractors Limited


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

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

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operate. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, the UK Corporate Governance Code, UK corporate tax laws, and the Data Protection Act.

We obtained an understanding of how the Company are complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes and review of correspondence with regulatory bodies.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

o Identifying and assessing the controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

o Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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

Report of the Independent Auditors to the Members of
E T M Contractors Limited


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




Matthew Bracher BSc FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

29 July 2024

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Income Statement
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 3 15,788,979 13,282,133

Cost of sales (13,103,527 ) (11,564,064 )
GROSS PROFIT 2,685,452 1,718,069

Administrative expenses (1,128,779 ) (706,630 )
1,556,673 1,011,439

Other operating income 3,125 -
OPERATING PROFIT 5 1,559,798 1,011,439

Interest receivable and similar income 8,562 -
1,568,360 1,011,439

Interest payable and similar expenses 6 (9,104 ) (5,904 )
PROFIT BEFORE TAXATION 1,559,256 1,005,535

Tax on profit 7 - -
PROFIT FOR THE FINANCIAL YEAR 1,559,256 1,005,535

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Other Comprehensive Income
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,559,256 1,005,535


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,559,256

1,005,535

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 11,409 11,409

CURRENT ASSETS
Debtors 10 4,123,133 3,184,623
Cash at bank and in hand 340,052 145,108
4,463,185 3,329,731
CREDITORS
Amounts falling due within one year 11 (2,895,531 ) (1,921,333 )
NET CURRENT ASSETS 1,567,654 1,408,398
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,579,063

1,419,807

CAPITAL AND RESERVES
Called up share capital 13 10,000 10,000
Retained earnings 14 1,569,063 1,409,807
SHAREHOLDERS' FUNDS 1,579,063 1,419,807

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





E T McCormack - Director


E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 10,000 1,304,272 1,314,272

Changes in equity
Profit for the year - 1,005,535 1,005,535
Total comprehensive income - 1,005,535 1,005,535
Dividends - (900,000 ) (900,000 )
Balance at 31 October 2022 10,000 1,409,807 1,419,807

Changes in equity
Profit for the year - 1,559,256 1,559,256
Total comprehensive income - 1,559,256 1,559,256
Dividends - (1,400,000 ) (1,400,000 )
Balance at 31 October 2023 10,000 1,569,063 1,579,063

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

E T M Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of "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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
Estimates and judgements are inherent in the preparation of financial statements. The directors consider that in respect of these financial statements, judgements relating to the recoverability of accrued income and debtors are the most significant. The financial statements contain no key estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold - Straight line over the life of the lease

Government grants
Government grants receivable are recognised in the Income Statement in the period to which they relate. If the grant has specific conditions, the grant income is deferred until the conditions have been met. If the grant is in relation to capital items, the grant is deducted from the purchase cost of that item.

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company 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 when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activity of the company, arising wholly within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,973,274 1,607,100
Social security costs 250,556 212,573
Other pension costs 43,665 38,024
2,267,495 1,857,697

The average number of employees during the year was as follows:
2023 2022

69 51

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Auditors' remuneration 5,155 5,095
Taxation compliance services 850 750
Other non- audit services 441 365
Hire of plant and machinery 824,940 623,210

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. OPERATING PROFIT - continued

Research and development expenditure is not separately analysed as it is included in the relevant expense categories.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 9,104 5,904

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 October 2023 nor for the year ended 31 October 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,559,256 1,005,535
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

389,814

191,052

Effects of:
Expenses not deductible for tax purposes 381 823
Group relief (358,895 ) (163,475 )
Research and development tax credit (31,300 ) (28,400 )
Total tax charge - -

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 1,400,000 900,000

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. TANGIBLE FIXED ASSETS
Improvements
to
leasehold
£   
COST
At 1 November 2022
and 31 October 2023 11,409
NET BOOK VALUE
At 31 October 2023 11,409
At 31 October 2022 11,409

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,198,943 1,770,077
Amounts owed by group undertakings 720,456 609,524
Other debtors 250 2,850
VAT - 17,551
Prepayments and accrued income 1,203,484 784,621
4,123,133 3,184,623

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 12) 892 -
Trade creditors 2,280,144 1,337,805
CIS tax payable 19,680 29,066
Social security and other taxes 73,746 58,974
VAT 59,774 -
Other creditors 17,583 18,803
Accruals and deferred income 443,712 476,685
2,895,531 1,921,333

Included in other creditors is an amount of £934 (2022 - £6,090) relating to pension contributions due to be paid to the pension fund.

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 892 -

E T M CONTRACTORS LIMITED (REGISTERED NUMBER: 02970707)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary 1 10,000 10,000

14. RESERVES
Retained
earnings
£   

At 1 November 2022 1,409,807
Profit for the year 1,559,256
Dividends (1,400,000 )
At 31 October 2023 1,569,063

15. CONTINGENT LIABILITIES

The company is registered with HMRC as a member of a group for VAT purposes and, as a result, is jointly and severally liable on a continuing basis for amounts owing by other members of that VAT group in respect of any unpaid VAT. The total value of VAT owed by the group at the year-end was £347,959 (2022 - £408,877).

The company has given a fixed and floating charge over its assets to National Westminster Bank PLC in respect of the borrowings of its parent company. Parent company liabilities to National Westminster Bank PLC amounted to £3,800,000 at the year-end.

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company recharged £3,215,804 (2022 - £2,405,626) in respect of shared costs to ETM Recycling Limited, an 80% owned fellow subsidiary of the group.

17. PARENT UNDERTAKING

The ultimate parent of the smallest group for which consolidated financial statements are drawn up, of which the company is a member, is E T M Construction & Recycling Holdings Limited, whose registered office is 81 Hartcliffe Way, Bristol, England, BS3 5RN.

The ultimate controlling parties are Mr E McCormack and Mrs H McCormack by virtue of their shareholding in E T M Construction & Recycling Holdings Limited.