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Financial Statements
McAleer & Rushe Contracts UK Limited
For the year ended 31 December 2024





































Registered number: 07512356

 
McAleer & Rushe Contracts UK Limited
 

Company Information


Directors
Seamus McAleer 
Eamonn Laverty 
Mary Laverty 
Stephen Surphlis 
Martin Magee (resigned 28 February 2025)
Eamon Higgins 
Emelda O'Neill 
Edward Laverty 
Shane McCullagh 
Mark Diamond 
Emmett McGinley 
Jonathan O'Neill 
Darragh Greenan (appointed 1 October 2024)




Registered number
07512356



Registered office
161 Drury Lane

London

England

WC2B 5PN




Independent auditors
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
AIB (NI)
11-15 Donegall Square North

Belfast

BT1 2AL




Solicitors
Weightmans
1 St James' Gate

Newcastle upon Tyne

NE1 4AD





 
McAleer & Rushe Contracts UK Limited
 

Contents



Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Analysis of net debt
16
Notes to the financial statements
17 - 31


 
McAleer & Rushe Contracts UK Limited
 

Strategic report
For the year ended 31 December 2024

Introduction
 
The directors present their report and the financial statements of the Company for the year ended 31 December 2024.

Principal activity
 
The principal activity of the Company during the year was Design and Build (D&B) construction.

Business review
 
The results presented on page 12, reflecting £492m of turnover, are in line with the expectations of the Directors.
Contracts completed in the year included Exchange Square Residential (Birmingham, March, 36 storeys); City Square House Office Building (Leeds, March); Maldron hotels in Liverpool and Manchester; student schemes in Leeds (July) and Nottingham (Aug) and 13 block Landmark “New Acres” residential scheme  for Legal & General (Wandsworth, Aug).
Building on contracts secured in 2024 and since, turnover for 2025 is projected to reach £550m.
 
The Company remains focused on staff retention and continuing to expand its supply chain on an on-going basis but not to materially expand its number of active sites. The Company’s continued financial strength leaves it well positioned to secure further work and maintain increased turnover levels going forward.

Directors' statement of compliance with duty to promote the success of the Company

From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the Company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following: 
 
the likely consequences of any decision in the long term; 
the interests of the Company’s employees; 
the need to foster the Company’s business relationships with customers and others; 
the impact of the Company’s operations on the community and the environment; 
the desirability of the Company maintaining a reputation for high standards of business conduct; and 
the need to act fairly as between members of the Company. 

For the Company, compliance is one of cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles.
The Board of Directors of the Company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 31 December 2024

Page 1

 
McAleer & Rushe Contracts UK Limited
 

Strategic report (continued)
For the year ended 31 December 2024

Directors' statement of compliance with duty to promote the success of the Company (continued)

The following paragraphs summarise how the directors fulfil their duties:
 
As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner;
As the board of directors, we are committed to openly engaging with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered;
As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Company faces. For details of our principal risks and uncertainties, please see previous paragraphs of our company strategic report;
Our employees are vital to the services provided by the Company. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the Company operates as efficiently as possible. The health and safety of our employees is very important to us; and
In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers. 

Principal risks and uncertainties
 
The principal business risks associated with Design and Build (D&B) construction are market risk and health and safety risk.
Market risk arises in potential economic downturn and the demand for our products. This risk is managed by the Company's board by regular and on-going workload reviews.
Health and safety is a critical area of focus given the nature of the work involved in all stages of turn-key construction. The Company has a health and safety system that applies to all site activities, staff at all levels are involved with and responsible for ensuring that safe systems of work are maintained on all sites and all legislation is fully complied with. The Company’s priority and focus is to ensure the safety of all those working both on site and in the office.

Financial risk management

The Company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. As payment milestones are normally incorporated into most contracts, most invoices are settled promptly on presentation. The nature of its financial instruments means that they are not subject to price risk or liquidity risk.

Engagement with shareholders

As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally. 

Page 2

 
McAleer & Rushe Contracts UK Limited
 

Strategic report (continued)
For the year ended 31 December 2024

Financial key performance indicators

We consider that our key performance indicators are those that communicate the financial performance and strength of the Company, these being turnover and net profit.

Other key performance indicators
 
The directors do not consider any non-financial key performance indicators to be appropriate.  


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



................................................
Eamon Higgins
Director

Date: 7 May 2025

Page 3

 
McAleer & Rushe Contracts UK Limited
 
 
Directors' report
For the year ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company'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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £12,917,509 (2023 - £9,379,086).

The directors have recommended a dividend of £8,550,000 (2023: £6,000,000).

Page 4

 
McAleer & Rushe Contracts UK Limited
 

Directors' report (continued)
For the year ended 31 December 2024


Directors

The directors who served during the year were:

Seamus McAleer 
Eamonn Laverty 
Mary Laverty 
Stephen Surphlis 
Martin Magee (resigned 28 February 2025)
Eamon Higgins 
Emelda O'Neill 
Edward Laverty 
Shane McCullagh 
Mark Diamond 
Emmett McGinley 
Jonathan O'Neill 
Darragh Greenan (appointed 1 October 2024)

Future developments

The directors aim is to maintain the management policies which have resulted in the Company's growth in recent years.

Engagement with suppliers, customers and others

Our strategy prioritise growth and expansion. We continue to target new customers and develop our strong relationships with existing customers.
We value all our suppliers and have on-going trading relationships in place with our key suppliers.

Employee involvement

During the period, the policy of providing employees with information about the Company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Company performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. 

Disabled employees

The Company gives full consideration to applications from all disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the Company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Page 5

 
McAleer & Rushe Contracts UK Limited
 

Directors' report (continued)
For the year ended 31 December 2024

Streamlined energy and carbon reporting summary

2024
2024
2023
2023
       Kwh
      kgCo2
       Kwh
      kgCo2
Scope 1 - Direct emissions - Combustion of gas and use of fuel

7,864,211

1,854,656

7,513,935
 
1,766,218
 
Scope 2 - Indirect emissions (for own use) - Electricity purchased

3,564,744

756,900

4,079,766
 
894,230
 
Scope 3 - Company business miles

769,191

185,645

877,370
 
224,070
 

12,198,146

2,797,201

12,471,071
 
2,884,518
 


2024
2023
Intensity ratio (tCo2e per £1m of Company turnover)
5.7
6.60

Methodologies used
To determine emissions for the year ended 31 December 2024, the Company used actual consumption data from the supplier invoices as well as miles driven in vehicles the Company controls and incorporated the 2022 UK Government GHG conversion factors for green house gas reporting. The collected consumption data is then converted into greenhouse gas emissions associated with each activity using annually updated emission factors from the UK Government.


Matters covered in the Strategic report

Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008", the Company has elected to disclose the following directors report information in the strategic report:
Business review;
Principal risks and uncertainties; and
S172 Reporting.

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'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's auditors are aware of that information.

Page 6

 
McAleer & Rushe Contracts UK Limited
 

Directors' report (continued)
For the year ended 31 December 2024


Post balance sheet events

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

Auditors

The auditorsGrant Thornton (NI) LLPwill 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.
 





................................................
Eamon Higgins
Director

Date: 7 May 2025

Page 7

 
 
img4c22.png
 
Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited
 

Opinion


We have audited the financial statements of McAleer & Rushe Contracts UK Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity for the financial year ended 31 December 2024, and the related 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, McAleer & Rushe Contracts UK Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern



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

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

 
 
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Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited (continued)


Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic 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 company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic 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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Page 9

 
 
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Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 



Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy laws, Employment laws, Environmental Regulations and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. 
 
Page 10

 
 
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Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited (continued)

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates including the recognition of contract revenue, assessing the recoverability of amounts due under construction contracts, estimating the allowance for the impairment of debtors and estimating the useful economic lives of tangible assets; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.


 
 
Neal Taylor FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast
7 May 2025
Page 11

 
McAleer & Rushe Contracts UK Limited
 

Statement of comprehensive income
For the year ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
 4 
491,505,713
436,378,534

Cost of sales
  
(456,350,208)
(409,122,467)

Gross profit
  
35,155,505
27,256,067

Administrative expenses
  
(22,450,489)
(19,113,753)

Other operating income
 5 
527,566
593,083

Operating profit
 6 
13,232,582
8,735,397

Interest receivable and similar income
 9 
2,854,036
2,306,116

Interest payable and similar expenses
 10 
(72,214)
(74,204)

Profit before tax
  
16,014,404
10,967,309

Tax on profit
 11 
(3,096,895)
(1,588,223)

Profit for the financial year
  
12,917,509
9,379,086

All amounts relate to continuing operations.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 31 form part of these financial statements.
Page 12

 
McAleer & Rushe Contracts UK Limited
Registered number:07512356

Statement of financial position
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
12,403,102
11,608,548

  
12,403,102
11,608,548

Current assets
  

Debtors: amounts falling due within one year
 14 
83,545,168
73,796,567

Cash at bank and in hand
 15 
71,070,766
53,127,468

  
154,615,934
126,924,035

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(101,177,147)
(77,110,244)

Net current assets
  
 
 
53,438,787
 
 
49,813,791

Total assets less current liabilities
  
65,841,889
61,422,339

Provisions for liabilities
  

Deferred tax
 18 
(818,821)
(766,780)

  
 
 
(818,821)
 
 
(766,780)

Net assets
  
65,023,068
60,655,559


Capital and reserves
  

Called up share capital 
 19 
3,000,000
3,000,000

Profit and loss account
 20 
62,023,068
57,655,559

Shareholders' funds
  
65,023,068
60,655,559


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Eamon Higgins
Director

Date: 7 May 2025

The notes on pages 17 to 31 form part of these financial statements.
Page 13

 
McAleer & Rushe Contracts UK Limited
 

Statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
3,000,000
57,655,559
60,655,559



Profit for the year
-
12,917,509
12,917,509

Dividends: Equity capital
-
(8,550,000)
(8,550,000)


At 31 December 2024
3,000,000
62,023,068
65,023,068



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 2023
3,000,000
54,276,473
57,276,473



Profit for the year
-
9,379,086
9,379,086

Dividends: Equity capital
-
(6,000,000)
(6,000,000)


At 31 December 2023
3,000,000
57,655,559
60,655,559


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 
McAleer & Rushe Contracts UK Limited
 

Statement of cash flows
For the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
12,917,509
9,379,086

Adjustments for:

Depreciation of tangible assets
80,389
104,721

Profit on disposal of tangible assets
-
(17,382)

Interest paid
72,214
74,204

Interest received
(2,854,036)
(2,306,116)

Taxation charge
3,096,895
1,588,223

(Increase) in debtors
(9,941,054)
(3,045,954)

Increase in creditors
24,066,903
9,348,738

Corporation tax (paid)
(2,869,455)
(2,774,918)

Net cash generated from operating activities

24,569,365
12,350,602


Cash flows from investing activities

Purchase of tangible fixed assets
(874,943)
(461,700)

Sale of tangible fixed assets
-
18,321

Interest received
2,854,036
2,306,116

Net cash from investing activities

1,979,093
1,862,737

Cash flows from financing activities

Dividends paid
(8,550,000)
(6,000,000)

Interest paid
(72,214)
(74,204)

Distribution repaid by/paid to members
17,054
(97,754)

Net cash used in financing activities
(8,605,160)
(6,171,958)

Net increase in cash and cash equivalents
17,943,298
8,041,381

Cash and cash equivalents at beginning of year
53,127,468
45,086,087

Cash and cash equivalents at the end of year
71,070,766
53,127,468


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
71,070,766
53,127,468

71,070,766
53,127,468


The notes on pages 17 to 31 form part of these financial statements.

Page 15

 
McAleer & Rushe Contracts UK Limited
 

Analysis of Net Debt
For the year ended 31 December 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

53,127,468

17,943,298

71,070,766


53,127,468
17,943,298
71,070,766

The notes on pages 17 to 31 form part of these financial statements.
Page 16

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

McAleer & Rushe Contracts UK Limited is a private company, limited by shares and incorporated in England. The registered office is 161 Drury Lane, London, England, WC2B 5PN.

The principal place of business is 17-19 Dungannon Road, Cookstown, Northern Ireland, BT80 8TL.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Revenue

Revenue is related to long term contracts and contracts for ongoing services. Long term contract balances are stated at total costs incurred, net of amounts transferred to the Statement of Comprehensive Income in respect of work carried out to date, less foreseeable losses and applicable payments on account not matched with turnover. 
Where it is considered that the outcome of a long term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit is recognised in the Statement of Comprehensive Income by way of inclusion in turnover. 
In calculating the profit or loss on each long term contract, account is taken of appropriate overheads based on an estimated normal level of production, including administrative overheads.
To the extent that the provision for foreseeable losses on particular contracts exceeds the costs incurred, after transfers to the Statement of Comprehensive Income in respect of work carried out to date, the excess is included within ‘Subcontractor liability’.
The amount by which recorded turnover is in excess of payments on account is classified in the accounts as ‘Amounts recoverable on contracts’ and is included in ‘Debtors’.
The balance of payments on account, which are in excess of amounts:
(a) matched with turnover
(b) offset against long term contract balances,
are classified as ‘Subcontractor liability’ and are separately disclosed within ‘Creditors’.

Page 17

 
McAleer & Rushe Contracts UK Limited
 

Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Freehold property is stated at fair value using the revaluation model, less any subsequent depreciation and impairment losses.  Revaluation gains are recognised in other comprehensive income (unless they reverse a previous decrease that was recognised in profit or loss) and accumulated in a separate component of equity, the revaluation reserve.  Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the reporting date. 

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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
-
2%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Office equipment
-
33%
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.

 
2.5

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.

 
2.6

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 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 Company's cash management.

Page 18

 
McAleer & Rushe Contracts UK Limited
 

Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 in case of an out-right short- term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.


Page 19

 
McAleer & Rushe Contracts UK Limited
 

Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

 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 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'.

 
2.11

 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.

Page 20

 
McAleer & Rushe Contracts UK Limited
 

Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

 Interest income

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

 
2.14

 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 Company 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 reporting date.


 
2.15

 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 21

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Construction contract revenue
Recognised amounts of construction contract revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of on-going construction contracts and the order backlog. Management believe that a contingency of 10% completion must be achieved before any profit on contracts can be recognised.  For more complex contracts in particular, costs to complete and contract profitability are subject to significant 
estimation uncertainty.
Recoverability of amounts due under construction contracts
The directors considered the recoverability of the Company’s balances due under construction contracts which is included in the balance sheet at 31 December 2024 at £13,143,739 (2023: £14,102,156). The directors have reviewed the relevant costs incurred to date and expected costs to completion. They have also been in contact with the ultimate beneficiaries of the construction contracts and have considered whether these customers have the relevant facilities available to pay for these contracts. As payment milestones are normally incorporated into most contracts, most invoices are settled promptly on presentation. Based on these reviews, the directors are satisfied with the recoverability of balances due under construction contracts at the balance sheet date. 
Allowances for impairment of trade debtors 
The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but, not limited to, the length of relationship.  
Estimating useful lives of tangible fixed assets
The Company estimates the useful lives of tangible assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limitation on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.

Page 22

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

4.


Turnover

2024
2023
£
£

Construction
491,505,713
436,378,534

491,505,713
436,378,534


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
488,455,584
436,275,038

Rest of Europe
3,050,129
103,496

491,505,713
436,378,534



5.


Other operating income

2024
2023
£
£

Other operating income
527,566
593,083

527,566
593,083



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Auditors remuneration
40,000
40,000

Exchange differences
192,343
82,490

Depreciation
80,247
104,721

Auditors' remuneration - non-audit services
35,000
26,700

Page 23

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
24,999,328
22,995,841

Social security costs
2,877,048
2,580,135

Cost of defined contribution scheme
405,734
376,664

28,282,110
25,952,640


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


        2024
        2023
            No.
            No.







Directors
12
11



Administrative
210
190



Production
162
157

384
358


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
2,161,235
2,064,930

Company contributions to defined contribution pension schemes
9,775
9,241

2,171,010
2,074,171


During the year retirement benefits were accruing to 8 directors (2023 - 7) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £355,769 (2023 - £350,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 24

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
2,854,036
2,306,116

2,854,036
2,306,116


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
72,214
74,204

72,214
74,204


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,898,092
2,408,413

Adjustments in respect of previous periods
(853,238)
(1,579,494)


Total current tax
3,044,854
828,919

Deferred tax


Origination and reversal of timing differences
53,056
60,146

Adjustments in respect of previous periods
(1,015)
699,158

Total deferred tax
52,041
759,304


Tax on profit
3,096,895
1,588,223
Page 25

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
16,014,404
10,967,309


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
4,003,601
2,741,827

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
28,136
49,779

Adjustments to tax charge in respect of prior periods
(854,253)
(880,337)

Other permanent disallowances
(29,695)
(60,146)

Other timing differences
23,933
-

Origination and reversal of timing differences
53,056
60,146

Effects of overseas tax rate
(73,905)
(177,177)

Other differences leading to an increase (decrease) in the tax charge
(53,978)
5,621

Change in tax rates
-
(151,490)

Total tax charge for the year
3,096,895
1,588,223


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
8,550,000
6,000,000

8,550,000
6,000,000

Page 26

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
11,387,751
517,740
397,891
133,221
12,436,603


Additions
776,522
78,736
19,685
-
874,943



At 31 December 2024

12,164,273
596,476
417,576
133,221
13,311,546



Depreciation


At 1 January 2024
-
479,742
215,092
133,221
828,055


Charge for the year
-
15,064
65,325
-
80,389



At 31 December 2024

-
494,806
280,417
133,221
908,444



Net book value



At 31 December 2024
12,164,273
101,670
137,159
-
12,403,102



At 31 December 2023
11,387,751
37,998
182,799
-
11,608,548

Page 27

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

14.


Debtors

2024
2023
£
£


Trade debtors
66,775,558
55,363,397

Other debtors
2,753,691
3,526,628

Prepayments and accrued income
732,670
647,822

Amounts recoverable on long-term contracts
13,143,739
14,102,156

Amounts due from members
139,510
156,564

83,545,168
73,796,567


An impairment loss of £1,609,949 (2023: £100,000) was recognised against trade debtors.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
71,070,766
53,127,468

71,070,766
53,127,468



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Subcontractor liability
63,449,639
50,280,720

Trade creditors
7,494,579
7,734,091

Other taxation and social security
1,495,476
1,444,301

Other creditors
131,171
128,157

Accruals and deferred income
28,606,282
17,522,975

101,177,147
77,110,244


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms. 
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Page 28

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
71,070,766
53,127,468




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
There are no financial liabilities measured at fair value through profit or loss.


18.


Deferred tax liability




2024


£






At beginning of year
(766,780)


Credited to profit or loss
(52,041)



At end of year
(818,821)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(818,821)
(766,780)

(818,821)
(766,780)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000,000 (2023 - 300,000,000) Ordinary shares of £0.01 each
3,000,000
3,000,000

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.


Page 29

 
McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

20.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


21.


Contingent liabilities

The Company has, in the normal course of business, entered into counter indemnities with a number of bond providers in respect of contract specific performance bonds.


22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £405,734 (2023: £376,664). Contributions totalling £96,061 (2023: £93,047) were payable to the fund at the balance sheet date and are included in creditors. 


23.


Controlling party

McAleer & Rushe Construction Contracts UK Limited holds 100% of the Company’s equity share capital and is the immediate and ultimate parent undertaking.
 
The ultimate controlling party is the Swiss Centre Corporate Capital Trust which controls the majority of the share capital in McAleer & Rushe Construction Contracts UK Limited. The smallest and largest group in which the results of the Company are consolidated is McAleer & Rushe Construction Contracts UK Limited.  Copies of the group accounts are publicly available at Companies House. 
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McAleer & Rushe Contracts UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

24.


Related party transactions

The Company is exempt from disclosing wholly owned related party transactions with entities that are part of the group.
Transactions with related parties are as follows:


2024
2023
£
£

Sales to companies under common control
43,677,882
35,315,452
Management charges from companies under common control
527,566
412,981
44,205,448
35,728,433

Key management personnel are considered to be the directors.  Directors’ remuneration is disclosed in note 8 to the accounts. 
Included in the year end debtor balance, are the following directors' current account balances:
£46,720     (2023: £65,471)
£87,089     (2023: £26,805)
£Nil          (2023: £749)
£5,702       (2023: £63,538)
The amounts are interest free and repayable on demand.

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