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Registered number: 04038368










ERRIGAL CONTRACTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ERRIGAL CONTRACTS LIMITED
 

COMPANY INFORMATION


Directors
Cormac McCloskey 
Damien Treanor 




Company secretary
Damien Treanor



Registered number
04038368



Registered office
8 Oliver Avenue
South Norwood

London

SE25 6TY




Independent auditors
AAB Group Accountants Limited

Dromalane Mill

The Quays

Newry

Co. Down

BT35 8QS




Bankers
Dankse Bank
Donegall Square West

Belfast

Co. Antrim

BT1 6JS





AIB

The Diamond

Roosky

Monaghan

Co. Monaghan





AIB

Meadowbank

Strand Road

Londonderry

BT48 TN




Solicitors
Davidson McDonnell Limited
Longbridge House

24 Waring Street

Belfast

BT1 2DX





 
ERRIGAL CONTRACTS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 7
Independent auditors' report
 
8 - 11
Consolidated statement of comprehensive income
 
12
Consolidated balance sheet
 
13
Company balance sheet
 
14 - 15
Consolidated statement of changes in equity
 
16
Company statement of changes in equity
 
17
Consolidated statement of cash flows
 
18 - 19
Consolidated analysis of net debt
 
20
Notes to the financial statements
 
21 - 42


 
ERRIGAL CONTRACTS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.

Business review
 
The principal activity of the group is that of building contractors.
There has been no significant change in these activities during the year. 
Turnover has increased by 0.5% to £119.4m (2022: £118.8m). Overall, a net profit before tax of £7.9m was achieved for the year ended 31 December 2023 compared to a net profit before tax of £7.3m reported for the year ended 31 December 2022. The group asset base remains strong, with net assets of £45.3m at 31 December 2023 (2022: £38.7m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow. 

Principal risks and uncertainties
 
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks relate to competition, quality of performance and raw material costs.
The group's operations expose it to a variety of financial risks that include the effects of changes in currency risks, credit risks, liquidity risk and interest rate risk. The board reviews and agrees policies for the prudent management of these risks as follows: 
Currency Risk
The group's activities in Europe are conducted primarily in Euros, this results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in operating costs or in cost of sales in the profit and loss accounts in the years in which they arise. The principal foreign exchange risk is translation-related arising from fluctuation in the sterling value of the group's net investment in euros.
Finance and interest rate risk
The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amounts of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Liquidity and cash flow risk
The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near liquid investments to ensure all obligations can be met when they fall due.
Credit risk
Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Inflation risk
As a result of the rising rate of inflation the group has seen the impact of this through rising costs. The group have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.

Page 1

 
ERRIGAL CONTRACTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The company's key performance indicators are as follows:

2023
2022
Increase in turnover

0.5%

45.4%
 
Gross profit margin

22.9%

23.4%
 
Shareholder's equity

£45.3m

£38.7m
 

Other key performance indicators
 
Environment
The group recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste whenever possible. 
Human resources
The group's most important resource is its people, their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical. 
Health and safety
The group is committed to achieving the highest practicable standards in health and safety management and strives to makes its sites and offices safe environments for employees and customers alike. 

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors of Errigal Contracts Limited must act in accordance with their duties under the Companies act 2006. These include a fundamental duty to promote the success of the company for the benefit of its members as a whole. This duty has been central to the board’s decision-making processes and outcomes for many years and will continue to play a significant part in the decision making. The information which follows below describes how, in performing their duties during the year, the Directors’ have had regard to the matters set out in Section 172 (1) (a) to (f) of the Act and constitutes the Board’s section 172 statement for 2023.
Customers – the directors maintain strong communication with its customers by having regular update meetings both on and off site. These meetings facilitate a detailed review of their contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business.
Employees – the employees of Errigal Contracts Limited are at the heart of the everything the company does. The board have established and continue to promote a strong family culture in the company to ensure the employees feel valued and part of a stable working environment. During the year, a number of Lunch 'N' Learn events where held which employees learned about healthy eating, sun awareness, mental health and the benefits of exercise. Promoting health and safety within the company is vital to the board and they set practical and realistic targets in order to achieve this. The Board continually strive to improve the health and safety performance by obtaining regular incident reports and ensuring these are adequately dealt with. Furthermore, the board are committed to a “zero incidents” policy and regularly carry out risk assessments to minimise risk.
Suppliers – The board recognises the key role suppliers play in ensuring the company delivers a quality service to customers. The directors maintains strong communication with their supply chain partners by having regular meetings as well as obtaining key information from routine business updates and presentations.
Community and environment – Community programmes within the group focus on delivering significant benefits to the local community. They have developed a training academy whereby they offer apprenticeships to local people who want to work in the construction industry. Errigal apprentices continued to represent the company in the World Skills UK live finals and uphold excellence in training standards. The company is also involved with local schools and sports clubs by way of sponsorship and continue to actively support local charities and local community events.

Page 2

 
ERRIGAL CONTRACTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 19 September 2024 and signed on its behalf.



Cormac McCloskey
Director

Page 3

 
ERRIGAL CONTRACTS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £6,576,200 (2022 - £5,784,612).

Ordinary dividends were paid amounting to £nil (2022: £2,510,706) to the parent company. The directors do not recommend payment of a further dividend. 

Directors

The directors who served during the year and up to the date of signing the financial statements were:

Cormac McCloskey 
Damien Treanor 

Auditors

The auditors, AAB Group Accountants Limited, is deemed reappointment under section 487(2) of the Companies Act 2006.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group 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 for the Group's financial statements and then 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Future developments

The group believes that performance will improve for the incoming year as a result of securing new profitable contracts and the focus continues to be exploring new geographical markets.

Engagement with suppliers, customers and others

See section 172(1) Statement within the Stragetic Report.

Page 4

 
ERRIGAL CONTRACTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 and related government guidance ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019’, the Group presents details of its carbon and energy usage.

In line with the associated regulations and guidance, the Group has only provided consolidated reporting for companies meeting the Companies Act definition of a ‘large’ company and were annual energy consumption is greater than 40,000kWh. In addition, under the associated regulations and guidance, reporting for foreign subsidiaries is not required.

Accordingly, the following report is based on the energy and carbon usage of Errigal Contracts Limited. 
As per the associated regulations and guidance, comparative information is not mandatory in the first year of reporting and has not been presented.

2023
2023
2022
2022
       kWh
  Tonnes of CO2e
       kWh
  Tonnes of CO2e
Scope 1 - Direct emissions

Fuel consumed for owned transport

301,357

68.48

999,443
 
290.00
 
Gas combustion

99,455

20.26

568,498
 
115.83
 



 
 
Scope 2 - Indirect emissions

Electricity purchased

235,275

50.33

398,521
 
84.62
 



 
 
Scope 3 - Other indirect emissions

Fuel consumed for transport not owned


293.31

 
556.11
 

Intensity ratio
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of revenue. Tonnes of CO2e per £m revenue 4.50 (2022: 10.26).
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Gas, biomethane and electricity consumption was based on actual data, obtained from supplier invoices, meter readings and online supplier portal data dependant on the specific arrangements. Transport fuel consumption was obtained from employee expense claims and purchase invoices/receipts. The collected consumption data is then converted into greenhouse gas emissions associated with each activity using annually updated emission factors from the UK government.
 

Page 5

 
ERRIGAL CONTRACTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Measures taken to improve energy efficiency

A sample of energy efficiency actions undertaken in the group during the financial year is outlined below:
Errigal had a strong year as a market leading construction company in the built environment. The company expertise in partition systems, external façade, interior fitout, ceilings, and bespoke solutions has excelled throughout 2023. The dedicated manufacturing facility at our headquarters in Monaghan has been developed further and the offices in London, Northern Ireland, and Europe remain busy. The investment in the Errigal Academy developing competence in the next generation of trade specialists is once again award winning. We continue to invest in our teams and provide expertise into the Built Environment.
The Errigal sustainability program is embedded across project teams, functions, disciplines, and operational staff. The program was launched on the 1st of January 2023 and reports across several milestones over the next decade. The word SOLACE was chosen as its dictionary definition is to comfort in a time of distress, and as you will be aware our planet is under continued pressure from global warning, carbon emissions and the continued use of fossil fuels. We also used the word SOLACE as an acronym to highlight the focal points of our program: SOLACE:  Sustainability, Circular Economy, Leadership, Alternatives, Carbon Net Zero, Environment
This SOLACE strategy and plan provides all our stakeholders with a clear vision of our intent and outcomes that can be measured, providing a transparency for data analysis. Accurate data provides us the opportunity to see areas of weakness and positive outcomes to push forward. We set a base year of 2022 to start establishing our Carbon footprint outputs with a greater understanding of our impacts through 2023 in preparation to set Science Based Targets in 2025.
SOLACE continues to examine areas to reduce our carbon footprint using data inputs to the Errigal Carbon Tracker. We have in place several initiatives including driving out the use of fossil fuels where possible and where we have the opportunity on projects to substitute fossil fuels for renewable energy. The use of our Antrim development facility and the use of Modern Methods of Construction (MMC) is also enhancing our delivery strategy. 
Our Social Value Operational Model continues to follow the UN Sustainable Development Goals framework and enhancing our offering in the built environment. This includes UN Development Goal Target 8. We remain a strategic partner for several Global Organisations (Tier 1 Contractors) in the UK and Europe. We have a dedicated Research & Development facility team and a dedicated learning centre at our headquarters. We work closely with manufacturers in our industry across all sectors testing new products, equipment, and technology to continually develop and find new solutions to reduce carbon whilst providing decent work.
We continue to drive down waste of construction materials and packaging. We have matured our relationships with major UK recycling partners to push the agenda on recycling , repurposing, and remanufacturing as part of a strategy for circularity (SOLACE). Our engagement with several universities has pushed our knowledge and understanding of waste and we will continue the engagement with academics. Our use of Horizon Scanning and Thought Leadership is moving us developing our relationships with clients and  value proposition too trusted long-term relationships.
 
Page 6

 
ERRIGAL CONTRACTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Measures taken to improve energy efficiency (continued)
As a business we have invested heavily in the development of our people through pursuing further academic qualification, mentoring, coaching and the Errigal Academy as mentioned earlier. The Errigal Academy provides apprenticeship skills for many individuals from disadvantaged backgrounds and those wishing to reinvent themselves through our academy. The Academy provides not only practical work skills but also helps with financial matters, how to budget and domestic skills like cooking and cleaning. The Errigal business launched a cookbook in 2023 to assist all employees with making healthy and nutritious meals. The restorative care and communication training delivered by external specialists was richly received by our inhouse specialist Resident Liasion Officers (RLO) as we empathise with those currently residing in buildings with non-compliant fire materials, like Grenfell.  
We have identified five Key Performance Indicators that will remain in place for the next three years in order that we can gather usable data for analytics and in pursuit of credible change:
Carbon footprint - We measure Scopes 1, 2 and 3 Upstream (Categories 3,5,6,7) of GHG emissions. The figures for 2023 provide a review of our emissions. Consumption of Energy – We are pushing our technology including the internet of things (IoT) which provide us valuable information on energy consumption.
Supply Chain Engagement is being driven at a Corporate level and whilst in its infancy remains an integral part of our understanding and lowering of Scope 3 emissions. The carbon attraction from logistics and in particular delivery miles has meant ongoing discussions with suppliers regarding supply chain miles. The Supply Chain miles to date have been averages in some cases and to move forward we are looking at Life Cycle Analysis, broken down into Cradle to Gate, Cradle to Site and Cradle to Grave. 
Social impact – At the heart of the business we are moving towards reporting by Environmental, social and governance (ESG) reporting. We believe this gives us a greater insight into the social impacts of our operations. We are investigating a new software tool to enable us greater transparency for benchmarking across our peers but also to set Science Based Targets (SBTi)
We continue to operate our SHEQ Management systems to the relevant standards applicable to the business including but not limited to ISO9001,ISO45001,ISO45003,ISO14001. We have moving to ESG Reporting and have appointed 5 sustainability champions to cover every key function, category, and country across the business – R&D, Procurement, Design, SHEQ, Waste. We are building expertise in behaviour change including understanding individual carbon footprints (both at home and Work).

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board on 19 September 2024 and signed on its behalf.
 





Cormac McCloskey
Director

Page 7

 
ERRIGAL CONTRACTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED
 

Opinion


We have audited the financial statements of Errigal Contracts Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent company's affairs as at 31 December 2023 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 8

 
ERRIGAL CONTRACTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Group 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 Group strategic report and the 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 the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
ERRIGAL CONTRACTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
Page 10

 
ERRIGAL CONTRACTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED (CONTINUED)


identify during our audit.


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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Teresa Campbell (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS

19 September 2024
Page 11

 
ERRIGAL CONTRACTS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
119,359,585
118,752,859

Cost of sales
  
(92,122,109)
(90,989,813)

Gross profit
  
27,237,476
27,763,046

Administrative expenses
  
(21,577,227)
(18,834,865)

Other operating income
 5 
2,225,529
453,374

Operating profit
 6 
7,885,778
9,381,555

Net profit on sale of tangible assets
  
-
(1,998,600)

Profit on ordinary activities before interest
  
7,885,778
7,382,955

Interest receivable and similar income
 10 
138,167
-

Interest payable and similar expenses
 11 
(91,726)
(73,567)

Profit before taxation
  
7,932,219
7,309,388

Tax on profit
 12 
(1,356,019)
(1,524,776)

Profit for the financial year
  
6,576,200
5,784,612

  

Currency translation differences
  
13,061
(118,905)

Other comprehensive income for the year
  
13,061
(118,905)

Total comprehensive income for the year
  
6,589,261
5,665,707

Profit for the year attributable to:
  

Owners of the parent company
  
6,576,200
5,784,612

  
6,576,200
5,784,612

The notes on pages 21 to 42 form part of these financial statements.

Page 12

 
ERRIGAL CONTRACTS LIMITED
REGISTERED NUMBER: 04038368

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
87,110
-

Tangible assets
 15 
2,043,039
1,581,782

  
2,130,149
1,581,782

Current assets
  

Stocks
 17 
2,910,821
4,888,735

Debtors: amounts falling due within one year
 18 
66,770,785
47,332,088

Cash at bank and in hand
 19 
2,787,120
9,681,780

  
72,468,726
61,902,603

Creditors: amounts falling due within one year
 20 
(29,114,201)
(24,597,953)

Net current assets
  
 
 
43,354,525
 
 
37,304,650

Total assets less current liabilities
  
45,484,674
38,886,432

Creditors: amounts falling due after more than one year
 21 
(120,669)
(101,873)

Provisions for liabilities
  

Deferred taxation
 23 
(90,048)
(99,863)

  
 
 
(90,048)
 
 
(99,863)

Net assets excluding pension asset
  
45,273,957
38,684,696

Net assets
  
45,273,957
38,684,696


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
  
45,273,857
38,684,596

Equity attributable to owners of the parent company
  
45,273,957
38,684,696

  
45,273,957
38,684,696


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




Cormac McCloskey
Director

The notes on pages 21 to 42 form part of these financial statements.

Page 13

 
ERRIGAL CONTRACTS LIMITED
REGISTERED NUMBER: 04038368

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
87,110
-

Tangible assets
 15 
2,041,405
1,574,007

Investments
 16 
32,512
32,512

  
2,161,027
1,606,519

Current assets
  

Stocks
 17 
2,910,821
4,888,735

Debtors: amounts falling due within one year
 18 
61,395,572
43,711,352

Cash at bank and in hand
 19 
2,670,897
7,867,956

  
66,977,290
56,468,043

Creditors: amounts falling due within one year
 20 
(30,551,784)
(24,866,907)

Net current assets
  
 
 
36,425,506
 
 
31,601,136

Total assets less current liabilities
  
38,586,533
33,207,655

  

Creditors: amounts falling due after more than one year
 21 
(120,669)
(101,873)

Provisions for liabilities
  

Deferred taxation
 23 
(90,048)
(99,863)

  
 
 
(90,048)
 
 
(99,863)

Net assets excluding pension asset
  
38,375,816
33,005,919

Net assets
  
38,375,816
33,005,919


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account brought forward
  
33,005,819
31,137,680

Profit for the year
  
5,369,897
4,378,845

Other changes in the profit and loss account

  

-
(2,510,706)

Profit and loss account carried forward
  
38,375,716
33,005,819

  
38,375,816
33,005,919


Page 14

 
ERRIGAL CONTRACTS LIMITED
REGISTERED NUMBER: 04038368

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.


Cormac McCloskey
Director

The notes on pages 21 to 42 form part of these financial statements.

Page 15

 
ERRIGAL CONTRACTS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
35,529,595
35,529,695


Comprehensive income for the year

Profit for the year
-
5,784,612
5,784,612

Currency translation differences
-
(118,905)
(118,905)


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,510,706)
(2,510,706)



At 1 January 2023
100
38,684,596
38,684,696


Comprehensive income for the year

Profit for the year
-
6,576,200
6,576,200

Currency translation differences
-
13,061
13,061


At 31 December 2023
100
45,273,857
45,273,957


The notes on pages 21 to 42 form part of these financial statements.

Page 16

 
ERRIGAL CONTRACTS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
31,137,680
31,137,780


Comprehensive income for the year

Profit for the year
-
4,378,845
4,378,845


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,510,706)
(2,510,706)



At 1 January 2023
100
33,005,819
33,005,919


Comprehensive income for the year

Profit for the year
-
5,369,897
5,369,897


At 31 December 2023
100
38,375,716
38,375,816


The notes on pages 21 to 42 form part of these financial statements.

Page 17

 
ERRIGAL CONTRACTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
6,576,200
5,784,612

Adjustments for:

Exceptional items
-
1,998,600

Depreciation of tangible assets
341,025
212,170

Loss on disposal of tangible assets
(2,889)
2,466

Interest paid
91,726
73,567

Interest received
(138,167)
-

Taxation charge
1,356,019
1,524,776

Decrease/(increase) in stocks
1,977,914
(2,485,621)

(Increase) in debtors
(6,721,536)
(8,911,853)

(Decrease)/increase in creditors
(4,271,995)
4,145,530

Corporation tax (paid)
(747,771)
(534,940)

Net cash generated from operating activities

(1,539,474)
1,809,307


Cash flows from investing activities

Purchase of intangible fixed assets
(87,110)
-

Purchase of tangible fixed assets
(714,646)
(635,872)

Sale of tangible fixed assets
27,260
3,628,682

New loans to group undertakings
(9,541,047)
8,895,865

New loans to associates
(2,070,837)
(2,529,952)

Interest received
8,303
-

Net cash from investing activities

(12,378,077)
9,358,723

Cash flows from financing activities

Repayment of loans
-
(3,868,117)

Repayment of/new finance leases
(78,995)
(33,033)

Loans due from/(repaid to) directors
(1,067,268)
(164,517)

New loans from related undertakings
4,100,771
-

Loans from related undertakings repaid
-
(4,613,646)

Interest paid
(91,726)
(73,567)

Net cash used in financing activities
2,862,782
(8,752,880)

Net (decrease)/increase in cash and cash equivalents
(11,054,769)
2,415,150
Page 18

 
ERRIGAL CONTRACTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
8,812,940
6,516,695

Foreign exchange gains and losses
13,061
(118,905)

Cash and cash equivalents at the end of year
(2,228,768)
8,812,940


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,787,120
9,681,780

Bank overdrafts
(5,015,888)
(868,840)

(2,228,768)
8,812,940


The notes on pages 21 to 42 form part of these financial statements.

Page 19

 
ERRIGAL CONTRACTS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023






At 1 January 2023
Cash flows
New finance leases
Other non-cash changes
At 31 December 2023
£

£

£

£

£

Cash at bank and in hand

9,681,780

(6,907,721)

-

13,061

2,787,120

Bank overdrafts

(868,840)

(4,147,048)

-

-

(5,015,888)

Finance leases

(135,813)

78,995

(111,990)

-

(168,808)


8,677,127
(10,975,774)
(111,990)
13,061
(2,397,576)

The notes on pages 21 to 42 form part of these financial statements.

Page 20

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Errigal Contracts Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 Oliver Avenue, South Norwood, London, SE25 6TY.
The principal activity of the group is that of building contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The 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; and
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases

Page 21

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 22

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 24

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Short-term leasehold property
-
2%
Straight line
Plant and machinery
-
25%
Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 25

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 26

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’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.
Amounts recoverable on contracts
When the outcome of a construction project contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and accruals/costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion-method' to determine the appropriate amount to recognise in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction contracts
119,359,585
118,752,859

119,359,585
118,752,859


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
65,917,038
70,968,892

Rest of Europe
53,442,547
47,783,967

119,359,585
118,752,859



5.


Other operating income

2023
2022
£
£

Sundry income
2,225,529
453,374

2,225,529
453,374


Page 28

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
23,236
(316,631)

Other operating lease rentals
662,381
609,114

Loss on disposal of tangible fixed assets
(2,889)
2,465

Depreciation of owned tangible fixed assets
287,738
180,022

Depreciation of tangible fixed assets held under finance lease
53,270
32,148


7.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors and their associates:


2023
2022
£
£

Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
35,500
34,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
12,337,412
12,483,104
9,290,917
7,015,981

Social security costs
1,493,556
797,908
990,463
766,572

Cost of defined contribution scheme
712,356
358,890
537,118
343,827

14,543,324
13,639,902
10,818,498
8,126,380


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production staff
297
260
161
117



Administrative
61
84
61
84

358
344
222
201

Page 29

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
299,128
296,445

Group contributions to defined contribution pension schemes
21,969
29,142

321,097
325,587


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £149,564 (2022 - £148,223).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,984 (2022 - £14,571).


10.


Interest receivable

2023
2022
£
£


Interest on loan to related party
129,864
-

Other interest receivable
8,303
-

138,167
-


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
21,720
73,530

Other loan interest payable
70,006
37

91,726
73,567

Page 30

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,767,132
1,743,917

Adjustments in respect of previous periods
(401,298)
(348,738)


1,365,834
1,395,179


Total current tax
1,365,834
1,395,179

Deferred tax


Origination and reversal of timing differences
(9,815)
129,597

Total deferred tax
(9,815)
129,597


Tax on profit
1,356,019
1,524,776

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the ROI of 12.5% (2022 - 12.5%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,932,219
7,309,388


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 12.5% (2022 - 12.5%)
991,527
913,674

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
69,818
46,548

Capital allowances for year in excess of depreciation
15,770
257,572

Utilisation of tax losses
-
(31,816)

Higher rate taxes on overseas earnings
668,994
614,867

Adjustments to tax charge in respect of prior periods
(401,298)
(348,738)

Double taxation relief
(29,729)
(57,288)

Unrelieved tax losses carried forward
12,459
-

Deferred tax
9,815
129,957

Income subject to enhanced tax rates
18,663
-

Total tax charge for the year
1,356,019
1,524,776

Page 31

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Final paid
-
2,510,706

-
2,510,706


14.


Intangible assets

Group





Computer software

£



Cost


Additions
87,110



At 31 December 2023

87,110






Net book value



At 31 December 2023
87,110



At 31 December 2022
-



Page 32

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           14.Intangible assets (continued)

Company




Computer software

£



Cost


Additions
87,110



At 31 December 2023

87,110






Net book value



At 31 December 2023
87,110



At 31 December 2022
-

Page 33

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,106,094
431,073
756,429
629,545
2,923,141


Additions
155,842
98,525
482,782
89,487
826,636


Disposals
-
-
(43,326)
-
(43,326)



At 31 December 2023

1,261,936
529,598
1,195,885
719,032
3,706,451



Depreciation


At 1 January 2023
53,386
353,387
360,128
574,458
1,341,359


Charge for the year on owned assets
24,082
59,043
160,706
43,907
287,738


Charge for the year on financed assets
-
-
53,270
-
53,270


Disposals
-
-
(18,955)
-
(18,955)



At 31 December 2023

77,468
412,430
555,149
618,365
1,663,412



Net book value



At 31 December 2023
1,184,468
117,168
640,736
100,667
2,043,039



At 31 December 2022
1,052,708
77,686
396,301
55,087
1,581,782

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
160,713
130,395

160,713
130,395

Page 34

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Company






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
1,106,094
411,731
751,202
629,545
2,898,572


Additions
155,842
98,525
482,782
89,487
826,636


Disposals
-
-
(43,326)
-
(43,326)



At 31 December 2023

1,261,936
510,256
1,190,658
719,032
3,681,882



Depreciation


At 1 January 2023
53,386
338,880
357,841
574,458
1,324,565


Charge for the year on owned assets
24,082
54,208
159,400
43,907
281,597


Charge for the year on financed assets
-
-
53,270
-
53,270


Disposals
-
-
(18,955)
-
(18,955)



At 31 December 2023

77,468
393,088
551,556
618,365
1,640,477



Net book value



At 31 December 2023
1,184,468
117,168
639,102
100,667
2,041,405



At 31 December 2022
1,052,708
72,851
393,361
55,087
1,574,007






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
160,713
130,395

160,713
130,395

Page 35

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
32,512



At 31 December 2023
32,512





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Errigal APS
Denmark
Ordinary
100%
Errigal GMBH
Switzerland
Ordinary
100%
Errigal (Ger) GMBH
Germany
Ordinary
100%
Errigal BV
Netherlands
Ordinary
100%


17.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
2,910,821
4,888,735
2,910,821
4,888,735

2,910,821
4,888,735
2,910,821
4,888,735


Page 36

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
20,263,419
18,098,112
16,156,948
15,193,864

Amounts owed by group undertakings
18,299,449
6,869,800
19,674,548
8,436,591

Amounts owed by related undertakings
13,747,951
9,394,591
13,747,951
9,394,591

Other debtors
4,323,384
2,443,829
3,952,615
2,071,665

Prepayments and accrued income
842,635
983,058
793,246
951,489

Amounts recoverable on long-term contracts
9,281,292
9,438,188
7,070,264
7,663,152

Tax recoverable
12,655
-
-
-

Deferred taxation
-
104,510
-
-

66,770,785
47,332,088
61,395,572
43,711,352


Included in amounts owed by related undertakings is £1,045,746 (2022: £915,882) that bears interest at the GBP 3 months ICE LIBOR Rate plus 2% is unsecured and repayable on demand, the remainder of amounts owed by group and related undertakings are unsecured, interest free and repayable or payable on demand.
Included in other debtors is £1,258,403 (2022: £191,135) owed by the directors.


19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,787,120
9,681,780
2,670,897
7,867,956

Less: bank overdrafts
(5,015,888)
(868,840)
(5,011,749)
(868,837)

(2,228,768)
8,812,940
(2,340,852)
6,999,119


Page 37

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
5,015,888
868,840
5,011,749
868,837

Trade creditors
8,007,985
9,309,800
6,528,373
8,356,269

Amounts owed to group undertakings
909,333
215,679
6,142,664
3,785,438

Amounts owed to joint ventures
7,748,036
3,733,340
7,748,036
3,733,340

Corporation tax
3,848,909
3,322,701
2,541,044
2,265,353

Other taxation and social security
1,277,008
1,388,745
564,234
631,784

Obligations under finance lease and hire purchase contracts
48,139
33,940
48,139
33,940

Other creditors
924,319
1,883,275
856,526
1,768,404

Accruals and deferred income
1,334,584
3,841,633
1,111,019
3,423,542

29,114,201
24,597,953
30,551,784
24,866,907


Amounts owed to group and related undertakings are unsecured, interest free and repayable on demand. 
Bank overdrafts are secured by a fixed and floating charge over the assets of the company in addition to a cross guarantee from Errigal Contracts Group Limited, Errigal Facades Limited, Errigal Commercial Developments Limited and Errigal Contracts Ireland Limited and a legal mortgages over the properties at Estra House, Streatham Station London which is owned by related parties by way of a cross guarantee.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Net obligations under finance leases and hire purchase contracts
120,669
101,873
120,669
101,873

120,669
101,873
120,669
101,873




Page 38

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
48,139
33,940
48,139
33,940

Between 1-5 years
120,669
101,873
120,669
101,873

168,808
135,813
168,808
135,813

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.


23.


Deferred taxation


Group



2023


£






At beginning of year
4,647


Charged to profit or loss
(94,695)



At end of year
(90,048)

Page 39

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.Deferred taxation (continued)

Company


2023


£






At beginning of year
(99,863)


Charged to profit or loss
9,815



At end of year
(90,048)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(90,048)
4,647
(90,048)
(99,863)

(90,048)
4,647
(90,048)
(99,863)

Comprising:

Asset - due within one year
-
104,510
-
-

Liability
(90,048)
(99,863)
(90,048)
(99,863)

(90,048)
4,647
(90,048)
(99,863)



24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £693,724 (2022 - £358,889). Contributions totalling £67,653 (2022 - £53,367) were payable to the fund at the balance sheet date and are included in creditors.

Page 40

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Commitments under operating leases

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
1,436,060
1,286,069
1,286,069
1,286,069

Later than 1 year and not later than 5 years
2,027,260
2,177,526
2,027,260
2,177,526

3,463,320
3,463,595
3,313,329
3,463,595


27.


Related party transactions

The company has taken the exemption in FRS102 not to disclose transactions with any companies that are wholly owned within the group.
During the year the company and group entered into the following transactions with related parties:

2023
2022
£
£

Sales to related parties


BDV Pacific Holdco Ltd
2,113,314
4,131,278

Errigal Services Limited
305,119
535,207

Errigal Facades Limited
-
415,093


Purchases from related parties


Errigal Services Limited
701,382
244,717

Errigal Facades Limited
-
249,601

Errigal Holdings Pension Scheme
136,120
136,120


Management charge to related parties


Errigal Services Limited
125,000
240,736

Errigal Facades Limited
1,173,169
75,000

All other movements excluding those noted above relate to loans advanced/received.

Page 41

 
ERRIGAL CONTRACTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Related party transactions (continued)

The following balances where owed to and from related parties at year end:


2023
2022
£
£

Amounts owed from related parties


Errigal Holdings Pension Scheme
1,045,746
916,568

Errigal Services Limited
2,724,614
2,283,344

Errigal Facades Limited
348,619
31,235

BDV Pacific Holdco Ltd
3,914,284
2,606,475

Errigal Limited
1,900,177
644,098

Errigal Sustainable Developments Limited
642,078
99,357

Smartwall Limited
1,821,668
880,567

Smartwall Install Limited
240,977
42,365

Galaxite Property Management Limited
1,100,000
983,350

Ardginny Services Ltd
799
-

Errigal Technologies UK Limited
8,989
-

Kaneswood Glenconway LLP
-
26,918

Errigal GRG Holdco Limited
-
323,954

Errigal Homes Limited
-
556,360

13,747,951
9,394,591

Amounts owed to related parties


Errigal Facades Limited
4,001,314
3,073,464

Errigal Services Limited
555,555
97,109

Errigal Homes Limite
2,380,000
-

Errigal Holdings Pension Scheme
680,600
544,480

Smartwall Install Limited
130,567
18,287

7,748,036
3,733,340


29.


Controlling party

The immediate and ultimate parent undertaking of the company is Errigal Contracts Group Limited, a company registered in the Republic of Ireland.
The smallest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Limited, a company incorporated in England. The largest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Group Limited, a company incorporated in the Republic of Ireland. Group financial statements for this company are prepared and are available to the public from the company's registered office.
Mr Damien Treanor and Mr Cormac McCloskey are considered to be the ultimate controlling parties of Errigal Contracts Limited by virtue of their shareholding in the parent company.

Page 42