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REGISTERED NUMBER: NI644789 (Northern Ireland)













ADMAN GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


ADMAN GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Adrian McCrory
Martin Grimes



REGISTERED OFFICE: 4 Bankmore Way East
Doogary
OMAGH
Co. Tyrone
BT79 0NZ



REGISTERED NUMBER: NI644789 (Northern Ireland)



AUDITORS: McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Ulster Bank Limited
14 High Street
Omagh
Co. Tyrone
BT78 1BJ



SOLICITORS: Logan & Corry Tughans
Church House Marlborough House
24 Dublin Road 30 Victoria Street
OMAGH BELFAST
Co. Tyrone Co. Antrim
BT78 1HE BT1 3GG

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of building and civil engineering contracting.

REVIEW OF BUSINESS
The company acts as a holding company for fellow group companies.

The directors are pleased to report that the group had another successful trading year. The results for the year are set out in the Statement of Comprehensive Income, showing an increase in profitability. The year end financial position is set out on the Balance Sheet.

The directors view the outlook for the group with confidence.

SECTION 172(1) STATEMENT
The directors acknowledge their responsibilities under section 172 of the Companies Act 2006.

This statement describes how the directors have taken into account the matters set out in section 172(1) (a) to (f) of the Companies Act 2006, when performing their duties to promote the success of the group. The specific steps taken to address the matters set out in sections (a) to (f) are outlined below:-

(a) The likely consequences of any decision in the long-term
The directors regularly review their corporate and ethical duties via a corporate governance framework and develop plans that implement strategies. In all strategic decision making, the directors consider the long term impact of and reputation of the group and effectively mitigate any risks. The directors have the necessary skills and experience to identify the impact of their decisions on the groups' stakeholders, and where relevant, the likely consequences of said decisions in the long term.

(b) The interests of the Group's employees
The directors understand that wellbeing is pivotal to effective personal performance in the workplace. The directors regularly communicate with employees and provide internal and external training to promote career development. The directors place the health, safety and wellbeing of employees at the forefront of their approach and encourage significant employee engagement in the process. The directors aim to ensure that all employees are in an environment which is safe and secure.

(c) The need to foster the Group's business relationships with suppliers, customers and others
The directors historically have strong relationships with suppliers, customers and other stakeholders, and are actively developing new business development links and driving best practice within the supply chain. The directors are committed to the continuous professional development of staff which in turn improves the customer experience and promotes the long term success of the group.

(d) The impact of the Group's operations on the community and environment
The directors aim to reduce the impact the operations of the group have on local communities and the environment. This includes minimizing disruption and promoting the use of local labour, equipment and materials. The Group also provides support to a number of local and national charitable operations. The directors are committed to minimizing any negative impact on the environment which confines of the effective operation of the groups activities.

(e) The desirability of the company maintaining a reputation for high standards of business conduct
The directors require all employees of the group to maintain the highest standards of conduct when dealing with customers, suppliers and other stakeholders. The directors do not tolerate behaivours or acts which are deemed active or passive corruption, collusion or that influence favoritism.

(f) The need to act fairly between members of the company
The directors regularly hold meetings with key members of senior management of the group to discuss the strategic direction, objectives, business performance and future plans. The directors develop strategic plans for the group with the full involvement of the senior management team.


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Performance in the sector is affected by general economic conditions and specific sectoral factors such as public spending on infrastructure projects and maintenance. The directors make regular assessments of competitor activity, market trends and forecasts.

Materials availability and price fluctuations are other sectoral risks faced. The security of materials supply is monitored by the directors on an ongoing basis with supplier financial strength, product quality and service levels regularly reviewed.

The group continues to invest in long term relationships with its clients, supply chain and other key stakeholders to ensure that it is sufficiently well placed to mitigate against any unforeseen circumstances.

Environmental risk:
The directors recognise the potential environmental risks arising from the group's operations and invest resources to ensure the group maintains all necessary environmental standards and manages the risk effectively.

Health & safety:
The group is committed to achieving the highest practicable standards in health and safety management and strives to make its sites and offices safe environments for employees and customers alike.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group uses various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

The existence of these financial instruments exposes the group to a number of financial risks. The main risks arising from the group's financial instruments are below:-

Commodity price risk:
The group uses materials which are exposed to commodity price risk. The directors take measures to protect against short term fluctuations in price, including measures to pass any fluctuations on to customers.

Credit risk:
The group's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures.

Liquidity risk:
The group finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short and medium term liquidity risk.

Currency risk:
The group actively trades in both sterling and euro. Where possible euro cash inflows and outflows are matched. The directors take an active role in managing that the currency exposure remains within acceptable levels.

The directors review and agree policies for managing each of the above risks.


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

KEY PERFORMANCE INDICATORS (KPIS)
Given the nature of the business, the group's directors view that the principal KPI's of the business that are the most effective measures to evaluate the performance of the business are growth in turnover and operating profit.

The directors are satisfied with the results for the year ended 31 May 2024 after taking into account the market conditions in which they operate and expected performance. Turnover has decreased by 14% in the year which was expected after the large increase in the year ended 31 May 2023. The gross operating profit has increased by 60%.

The group's main objective is to maintain their market position.

The group has been trading successfully and the directors have the necessary experience and expertise to deal with any changes in the industry including price commodity increases. The group has not made any changes to it's operations in the year ended 31 May 2024.

ON BEHALF OF THE BOARD:





Martin Grimes - Director


15 August 2024

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2024.

FUTURE DEVELOPMENTS
The group continues to be a dynamic, innovative group with a proven reputation for delivering high-quality, value-driven solutions across a diverse range of sectors. With this approach the group plans to continue with its controlled growth.

The group continues to recognise the importance of its employees and will actively seek opportunities to secure the long term commitment of employees to the business in a sustainable business structure.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the company since the year end other than those disclosed in note 22.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

Adrian McCrory
Martin Grimes

STREAMLINED ENERGY AND CARBON REPORTING
In line with the 'Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018' and related accompanying 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 provided combined reporting for companies meeting the Companies Act definition of a 'large' company and where annual energy consumption is greater than 40,000 kWh.

Accordingly the following report is based on the energy and carbon usage of Adman Group Ltd and Adman Civil Projects Ltd. The activities of these companies include building and civil engineering contracting.

Energy and emissions report




Energy Consumption
(kWh)

Carbon Emissions
(tCO2e)
Intensity Ratio Emission
(tCO2e) per £million
turnover

2024 2023 2024 2023 2024 2023
Electricity 42,166 64,243 9 13 0.1564 0.2059
Fuel 12,249,599 11,596,273 3,229 3,055 57.8399 47.2779
Total 12,291,765 11,660,516 3,238 3,068 57.9963 47.4838

Methodology

To determine emissions for the year ended 31 May 2024, the group used a methodology compliant with the Greenhouse Gas ('GHG') Protocol and incorporated the UK Government GHG conversion factors for green-house gas reporting.

Electricity consumption was based on data obtained from supplier invoices and meter readings. Fuel consumption was obtained from purchase invoices. The collected consumption data was then converted into greenhouse gas emissions associated with each activity using the annually updated emission factors from the UK Government.


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 company will continue in business.

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

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

AUDITORS
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Martin Grimes - Director


15 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADMAN GROUP LIMITED

Opinion
We have audited the financial statements of Adman Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADMAN GROUP LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADMAN GROUP LIMITED


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

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.

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 that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the group's remuneration policies, and performance targets;
- results of our enquiries of management and other key persons about the group's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the group's policies, procedures and internal controls; and
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements;
- design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADMAN GROUP LIMITED


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




Michael Barnett (Senior Statutory Auditor)
for and on behalf of McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE

15 August 2024

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 55,820,462 64,611,058

Cost of sales 43,048,534 56,380,940
GROSS PROFIT 12,771,928 8,230,118

Administrative expenses 3,176,889 2,222,652
OPERATING PROFIT 5 9,595,039 6,007,466

Amounts written off investments
Joint ventures (50 ) -
9,594,989 6,007,466

Interest payable and similar expenses 6 (12,472 ) (986 )
PROFIT BEFORE TAXATION 9,582,517 6,006,480

Tax on profit 7 1,880,047 908,807
PROFIT FOR THE FINANCIAL YEAR 7,702,470 5,097,673

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

7,702,470

5,097,673

Profit attributable to:
Owners of the parent 7,702,470 5,097,673

Total comprehensive income attributable to:
Owners of the parent 7,702,470 5,097,673

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 626,343 461,935
Investments 10 - -
626,343 461,935

CURRENT ASSETS
Stocks 11 52,086 59,510
Debtors 12 11,923,577 18,197,454
Cash at bank and in hand 17,047,545 11,584,405
29,023,208 29,841,369
CREDITORS
Amounts falling due within one year 13 9,814,162 18,368,135
NET CURRENT ASSETS 19,209,046 11,473,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,835,389

11,935,169

CREDITORS
Amounts falling due after more than one year 14 (138,801 ) (224,994 )

PROVISIONS FOR LIABILITIES 18 (397,826 ) (113,883 )
NET ASSETS 19,298,762 11,596,292

CAPITAL AND RESERVES
Called up share capital 19 300 300
Other reserves 20 100 100
Retained earnings 20 19,298,362 11,595,892
SHAREHOLDERS' FUNDS 19,298,762 11,596,292

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:




Adrian McCrory - Director



Martin Grimes - Director


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 300 300
300 300

CURRENT ASSETS
Cash at bank 6,472,412 -
NET CURRENT ASSETS 6,472,412 -
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,472,712

300

CAPITAL AND RESERVES
Called up share capital 19 300 300
Retained earnings 20 6,472,412 -
SHAREHOLDERS' FUNDS 6,472,712 300

Company's profit for the financial year 6,472,412 -

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:




Adrian McCrory - Director



Martin Grimes - Director


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 June 2022 300 6,498,219 100 6,498,619

Changes in equity
Total comprehensive income - 5,097,673 - 5,097,673
Balance at 31 May 2023 300 11,595,892 100 11,596,292

Changes in equity
Total comprehensive income - 7,702,470 - 7,702,470
Balance at 31 May 2024 300 19,298,362 100 19,298,762

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 300 - 300

Changes in equity
Balance at 31 May 2023 300 - 300

Changes in equity
Total comprehensive income - 6,472,412 6,472,412
Balance at 31 May 2024 300 6,472,412 6,472,712

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,386,566 7,179,649
Interest paid (12,472 ) (986 )
Interest element of hire purchase payments
paid

(5,979

)

(5,979

)
Tax paid (1,530,799 ) (347,527 )
Net cash from operating activities 5,837,316 6,825,157

Cash flows from investing activities
Purchase of tangible fixed assets (382,860 ) (187,501 )
Sale of tangible fixed assets 94,877 -
Net cash from investing activities (287,983 ) (187,501 )

Cash flows from financing activities
Loan repayments in year (9,904 ) (9,662 )
Capital repayments in year (76,289 ) (76,288 )
Net cash from financing activities (86,193 ) (85,950 )

Increase in cash and cash equivalents 5,463,140 6,551,706
Cash and cash equivalents at beginning of
year

2

11,584,405

5,032,699

Cash and cash equivalents at end of year 2 17,047,545 11,584,405

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 9,582,517 6,006,480
Depreciation charges 123,575 115,484
Hire purchase interest 5,979 5,979
Joint ventures investments written off 50 -
Increase in other provisions 277,142 -
Finance costs 12,472 986
10,001,735 6,128,929
Decrease/(increase) in stocks 7,424 (59,510 )
Decrease/(increase) in trade and other debtors 6,290,947 (9,876,476 )
(Decrease)/increase in trade and other creditors (8,913,540 ) 10,986,706
Cash generated from operations 7,386,566 7,179,649

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 17,047,545 11,584,405
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 11,584,405 5,032,699


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 11,584,405 5,463,140 17,047,545
11,584,405 5,463,140 17,047,545
Debt
Finance leases (279,724 ) 76,289 (203,435 )
Debts falling due within 1 year (10,648 ) - (10,648 )
Debts falling due after 1 year (21,558 ) 9,904 (11,654 )
(311,930 ) 86,193 (225,737 )
Total 11,272,475 5,549,333 16,821,808

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Adman Group Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the group.

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 group financial statements consolidate the financial statements of Adman Group Limited and all its subsidiary undertakings drawn up to 31 May each year.

Basis of consolidation
The consolidated financial statements include the Company and its subsidiary undertakings. Intra-group sales and profits are eliminated fully on consolidation.

Significant judgements and estimates
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.

Performance of long term contracts
Recognised amounts of contract revenues and related receivables reflect the directors' best
estimates of contracts outcome and stage of completion. This includes the assessment of the
profitability of the contracts. The group draws on the expertise of qualified personnel to
undertake such estimates and to apply appropriate levels of scrutiny to ensure the required
level of accuracy and governance over this class of asset, in order to limit concern over the
recoverability of these balances. Costs to complete and contract profitability are subject to
significant estimation uncertainty.

Turnover
Turnover is the amount derived from the provision of goods and services falling within the group's ordinary activities after deduction of value added tax. In the case of long term contracts, turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value together with attributable profit. Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Consolidated Statement of Comprehensive Income turnover and related costs as contract activity progresses. Turnover also represents the value of services performed in operating service contracts carried out during the year, exclusive of value added tax.

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvement Leasehold Property - 10% straight line
Plant & machinery - 20% on reducing balance
Fixtures & fittings - 15% straight line

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Investment in subsidiaries
Investments in subsidiary undertakings are measured at cost less impairment.

Interests in joint ventures
Interests in joint ventures are accounted for in accordance with the equity method and are initially recognised at cost and is subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the jointly controlled entity less impairment. Dividends and other distributions received from the jointly controlled entity reduce the carrying amount of the investment. If the group's share of losses of a jointly controlled entity equals or exceeds the carrying amount of its investment in the jointly controlled entity, the group discontinues recognising its share of further losses. After the group's interest is reduced to zero, the group recognises additional losses by a provision only to the extent that the group has incurred legal or constructive obligations or has made payments on behalf of the jointly controlled entity. If the jointly controlled entity subsequently reports profits, the group shall resume recognising its share of those profits only after its share of the profits equals the share of losses not recognised.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Amounts recoverable on contracts
The amount by which turnover exceeds payments on account on contracts is shown under debtors as amounts recoverable on contracts. Where payments on account exceed turnover, the excess is classified as deferred income within creditors. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

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

Current or deferred taxation assets and liabilities are not discounted.

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


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefit in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Company statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Group 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.

Financial Instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS

2024 2023

Wages and salaries 5,914,745 5,612,898
Other pension costs - 80,000
5,914,745 5,692,898




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


2024 2023

Site 98 98
Administration 29 30
127 128



4. DIRECTORS' EMOLUMENTS

2024 2023
£ £
Directors' remuneration 19,920 19,920
Directors' pension contributions - 80,000
19,920 99,920

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 93,021 78,397
Depreciation - owned assets 61,188 37,500
Depreciation - assets on hire purchase contracts 62,387 77,984
Auditors remuneration - audit services 23,500 14,500
Auditors remuneration - non audit services 44,075 9,000

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 745 986
Corporation tax interest 11,727 -
12,472 986

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,364,362 425,434
Foreign corporation tax 508,884 465,485
Total current tax 1,873,246 890,919

Deferred tax 6,801 17,888
Tax on profit 1,880,047 908,807

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

2024 2023
£    £   
Profit before tax 9,582,517 6,006,480
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.003 %)

2,395,629

1,201,476

Effects of:
Expenses not deductible for tax purposes 2,449 -
Deferred tax at future rate - 3,578
Enhanced capital allowances - (9,370 )
Foreign tax paid at lower rate (517,666 ) (286,727 )
UK tax paid at 19% - (150 )
Other differences (365 ) -
Total tax charge 1,880,047 908,807

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. TANGIBLE FIXED ASSETS

Group
Improvement
Leasehold Plant & Fixtures
Property machinery & fittings Totals
£    £    £    £   
COST
At 1 June 2023 - 611,325 - 611,325
Additions 228,551 94,877 59,432 382,860
Disposals - (94,877 ) - (94,877 )
At 31 May 2024 228,551 611,325 59,432 899,308
DEPRECIATION
At 1 June 2023 - 149,390 - 149,390
Charge for year 22,855 92,387 8,333 123,575
At 31 May 2024 22,855 241,777 8,333 272,965
NET BOOK VALUE
At 31 May 2024 205,696 369,548 51,099 626,343
At 31 May 2023 - 461,935 - 461,935

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
£   
COST
At 1 June 2023
and 31 May 2024 423,824
DEPRECIATION
At 1 June 2023 111,890
Charge for year 62,387
At 31 May 2024 174,277
NET BOOK VALUE
At 31 May 2024 249,547
At 31 May 2023 311,934

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. FIXED ASSET INVESTMENTS

Group
Interest
in joint
venture
£   
COST
Additions 50
Impairments (50 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -

Interest in joint venture

ADMANOTTJV Ltd
Registered office: 4 Bankmore Way East, Omagh, Northern Ireland, BT79 0NZ
Nature of business: Building and civil engineering

%
Class of shares: holding
Ordinary 25.00

Company
Shares in
group
undertaking
£   
COST
At 1 June 2023
and 31 May 2024 300
NET BOOK VALUE
At 31 May 2024 300
At 31 May 2023 300

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Adman Civil Projects Limited
Registered office: 4 Bankmore Way East Omagh Co. Tyrone BT79 0NZ
Nature of business: Building and civil engineering contracting
%
Class of shares: holding
Ordinary 100.00

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. FIXED ASSET INVESTMENTS - continued

Adman Services Limited
Registered office: 4 Bankmore Way East Omagh Co. Tyrone BT79 0NZ
Nature of business: Building and civil engineering contracting
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group
2024 2023
£    £   
Stock 52,086 59,510

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 6,573,293 11,094,967
Amounts recoverable on contracts 4,815,462 6,348,588
Sundry debtors 534,822 753,899
11,923,577 18,197,454

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 10,648 10,648
Hire purchase contracts (see note 16) 76,288 76,288
Trade creditors 3,309,976 8,028,464
Amounts owed to joint ventures 50 -
Corporation tax 1,100,283 740,766
Social security and other taxes 1,090,552 1,160,815
Sundry creditors 20,255 39,487
Accruals and deferred income 4,206,110 8,311,667
9,814,162 18,368,135

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 15) 11,654 21,558
Hire purchase contracts (see note 16) 127,147 203,436
138,801 224,994

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,006 10,910

Interest is charged on Bank loans at a fixed rate of 2.5%. Capital and interest is payable monthly at a fixed rate.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 76,288 76,288
Between one and five years 127,147 203,436
203,435 279,724

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

17. SECURED DEBTS

Bank borrowings are secured by way of:-

- A fixed and floating charge over the group's assets and;
- A government guarantee

18. PROVISIONS FOR LIABILITIES

Group
2024 2023

Deferred tax 120,684 113,883
Other provisions 277,142 -
397,826 113,883


Group

Deferred Other
Tax Provisions
£ £

Balance at 1 June 2023 113,883 -
Movement during year 6,801 277,142
Balance at 31 May 2024 120,684 277,142


Other provisions comprise post completion costs projected to arise on certain contracts that were in progress at the balance sheet date.

19. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

20. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 June 2023 11,595,892 100 11,595,992
Profit for the year 7,702,470 7,702,470
At 31 May 2024 19,298,362 100 19,298,462

Company
Retained
earnings
£   

Profit for the year 6,472,412
At 31 May 2024 6,472,412


21. RELATED PARTY DISCLOSURES

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

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

FRS 12 Section 33.6 requires the group to disclose remuneration of all key personnel. Total remuneration to key personnel during the year totalled £19,920 (2023: £99,920)

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Amount due to related party 701,049 678,539

ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

21. RELATED PARTY DISCLOSURES - continued

Adman Plant Services Ltd

Mr Adrian McCrory & Mr Martin Grimes are the sole directors & shareholders of Adman Plant Services Ltd.

Adman Civil Projects Ltd (a subsidiary of Adman Group Limited) has provided a cross company guarantee for the benefit of Adman Plant Services Ltd in relation to hire purchase liabilities owed by Adman Plant Services Ltd. The directors of Adman Civil Projects Ltd do not expect any liability to arise on Adman Civil Projects Ltd in respect of this matter as:

- The market value of the assets concerned is in excess of the hire purchase liabilities owing;
- Adman Plant Services Ltd has other unencumbered assets which would meet any unexpected shortfall;
- In addition, the assets in question are fully insured.

During the year ended 31 May 2024, Adman Civil Projects Ltd purchased services to the value of £3,366,258 (year ended 31 May 2023: £2,535,938) from Adman Plant Services Ltd.

As at 31 May 2024, Adman Civil Projects Ltd owed £701,049 (2023: £678,539) to the related party. This amount has been included within trade creditors.

22. POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events other than on 1 August 2024 the group entered into new secured bond facilities and received support by way of guarantees from fellow group companies.

23. ULTIMATE CONTROLLING PARTY

The company directors and sole shareholders, Adrian McCrory and Martin Grimes, act in unison as the ultimate controlling party.

24. CONTINGENT LIABILITIES

The directors confirm that the group has no contingent liabilities at the year end (2023 - £Nil).

25. CAPITAL COMMITMENTS

At 31 May 2024 the group had no capital commitments (2023 - £Nil).