Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
COMPANY INFORMATION
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
CONTENTS
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The function of the strategic report is to provide a balanced review of the Group’s objectives, its performance and development during the year, and its position at the year end. The review also covers the principal risks and uncertainties faced by the Group.
The primary purpose of Civils Contracting Holding Company Limited is to act as a holding parent Company. The Company itself does not trade or have any of its own key performance indicators to monitor or report on. There is one significant trading subsidiary, Civils Contracting Limited. All contents of this report therefore relate to both the performance of the Group and of Civils Contracting Limited.
Civils is a highly successful and accomplished British construction Group providing construction services across a wide variety of sectors. We are proud of our reputation for non-confrontational contracting, an approach which enables us to obtain the majority of our work through recommendation and negotiation with our clients.
Development and performance of the Group The Group’s profit for the year after taxation amounted to £4,297,077 (2023 – £3,951,232). The performance of the business has continued to be very good in 2023/2024, with increases in inflation, supply chain and resourcing being overcome by a very good staff work ethic and the property market remaining strong especially in the industrial sector. The staff work ethic has been further bolstered by the Employee Ownership Trust which has been beneficial to all beneficiaries throughout the year. The major contracts being undertaken in the industrial development and commercial sectors have formed the foundation for the business throughout the year and this continues to be the case in 2023/2024. Looking forward to 2024/2025 we expect to see continuing volumes of work in both sectors with slightly lower margins however volumes should increase.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The Group’s principal risks can broadly be defined as competitive, legislative and financial.
∙Competitive risks and market. The Group faces pressures from other organisations in execution of its business. This is addressed by the depth of expertise in the industry of the management team, a detailed understanding of the market and environment, and a commitment to quality.
∙Regulatory and legislative risks. Any breach of regulations and applicable law may result in fines for the Group. Consequently robust compliance and legal monitoring controls minimise the Group’s exposure.
∙Financial instruments risk. Apart from working capital the Group does not have any financial instruments. It is the Group’s policy that no trading in complex financial instruments shall be undertaken. The main risks arising from the Group’s financial instruments are price, credit, liquidity and cash flow risk. Risk management policies are regularly reviewed by the board.
Price risks are managed through the commercial process.
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group’s policies are aimed at minimising such a risk by conducting credit checks where appropriate and by other established credit control procedures. Liquidity risk is the risk that an entity may encounter difficulties in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by robust budgeting. Cash flow risk lies in the exposure to variability in cash flows that are attributable to a particular risk associated with a recognised asset or liability such as future interest payments. The Group manages this risk through cash flow planning, and strict management of working capital.
The KPIs used to determine the progress and performance of the Group are set out below:
During the year the Group continued to perform well particularly due to development work and various short and long term contracts. The tenacity of the staff in finding and creating solutions has been instrumental in delivering the good results. Total revenue has increased compared to last year which has also helped to deliver an excellent overall performance with higher profit levels than last year. Staff numbers reflect the efficiency of the Group and its operations. Operating profit is a measure of the profitability of underlying operations of the business.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
This report was approved by the board and signed on its behalf.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £4,297,077 (2023 - £3,951,232).
Dividends declared and paid in the year were £Nil (2023: £Nil).
The directors who served during the year were:
There have been no future developments affecting the Group since the year end other than those referred to in the strategic report.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being an analysis of the Group's principal risks and uncertainties.
There have been no significant events affecting the Group since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CIVILS CONTRACTING HOLDING COMPANY LIMITED
We have audited the financial statements of Civils Contracting Holding Company Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CIVILS CONTRACTING HOLDING COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial 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.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CIVILS CONTRACTING HOLDING COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
∙enquiry of management around actual and potential litigation and claims;
∙enquiry of management to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimate for bias; and
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CIVILS CONTRACTING HOLDING COMPANY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Maidstone
United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
REGISTERED NUMBER: 06672254
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
REGISTERED NUMBER: 06672254
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 33 form part of these financial statements.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Civils Contracting Holding Company Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is 3 Archers Park, Branbridges Road, East Peckham, Kent, TN12 5HP.
The financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise 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 Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are 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. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
The directors have assessed that there is no material uncertainty in the Group's ability to continue as a going concern. As a result, the financial statements have been prepared on a going concern basis.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Revenue from the sale of properties is recognised in the accounting period in which legal title is transferred.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using both reducing balance and straight line methods.
Depreciation is provided on the following basis:
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. Stock held as property to be disposed of in the short term is held at the lower of cost and net realisable value.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
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.
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.
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 receipts 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.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
There is estimation uncertainty on the amount and timing of future costs in relation to ongoing projects. The directors are required to make an assessment with regard to the future costs the Group is likely to incur so as to fulfil its obligations under contracts, including remedial work necessary to guarantee the release of retention balances. Only specific provisions against contracts where such a provision is required or where specific remedial work is required are recognised. No general provisions are recognised.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 26
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Page 28
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Capital redemption reserve
Merger Reserve
Profit and loss account
The Group operates a stakeholder pension scheme and small self-administered scheme for certain directors and staff. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to these funds and also to amounts paid to individual directors' personal pension plans.
Contributions payable by the Group to the self-administered scheme for the year amounted to £Nil (2023 - £Nil). At the respective balance sheet dates all contributions had been paid to the pensions administrators. Contributions payable by the Group to the stakeholder pension scheme amounted to £66,108 (2023 - £67,725). Contributions totalling £269 (2023 - £269) were payable to the fund at the balance sheet date.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
25.Other financial commitments
The Group is party to a cross corporate guarantee and set-off agreement with YEP Property Limited, whereby any party to this arrangement could be liable to settle liabilities outstanding with Lloyds Bank PLC. YEP Property Ltd is a related party as disclosed in note 26.
A debenture agreement is in place between the Group and Bank of Scotland PLC, which contains fixed and floating charges over the assets of the Group. The assets could be discharged in the event of default of payment for current or future liabilities owed by the Group to the bank.
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
26.Related party transactions (continued)
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CIVILS CONTRACTING HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
In the opinion of the Directors the ultimate controlling party is
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