Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-01Specialised design activities5245truefalsefalse 11645764 2024-01-01 2024-12-31 11645764 2023-01-01 2023-12-31 11645764 2024-12-31 11645764 2023-12-31 11645764 2023-01-01 11645764 5 2024-01-01 2024-12-31 11645764 5 2023-01-01 2023-12-31 11645764 1 2024-01-01 2024-12-31 11645764 e:Director1 2024-01-01 2024-12-31 11645764 e:Director2 2024-01-01 2024-12-31 11645764 e:Director3 2024-01-01 2024-12-31 11645764 e:Director5 2024-01-01 2024-12-31 11645764 e:Director6 2024-01-01 2024-12-31 11645764 e:Director7 2024-01-01 2024-12-31 11645764 e:Director8 2024-01-01 2024-12-31 11645764 e:RegisteredOffice 2024-01-01 2024-12-31 11645764 d:FurnitureFittings 2024-01-01 2024-12-31 11645764 d:FurnitureFittings 2024-12-31 11645764 d:FurnitureFittings 2023-12-31 11645764 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11645764 d:ComputerEquipment 2024-01-01 2024-12-31 11645764 d:ComputerEquipment 2024-12-31 11645764 d:ComputerEquipment 2023-12-31 11645764 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11645764 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11645764 d:CurrentFinancialInstruments 2024-12-31 11645764 d:CurrentFinancialInstruments 2023-12-31 11645764 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11645764 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11645764 d:UKTax 2024-01-01 2024-12-31 11645764 d:UKTax 2023-01-01 2023-12-31 11645764 d:ShareCapital 2024-01-01 2024-12-31 11645764 d:ShareCapital 2024-12-31 11645764 d:ShareCapital 2023-01-01 2023-12-31 11645764 d:ShareCapital 2023-12-31 11645764 d:ShareCapital 2023-01-01 11645764 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11645764 d:RetainedEarningsAccumulatedLosses 2024-12-31 11645764 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11645764 d:RetainedEarningsAccumulatedLosses 2023-12-31 11645764 d:RetainedEarningsAccumulatedLosses 2023-01-01 11645764 e:OrdinaryShareClass1 2024-01-01 2024-12-31 11645764 e:OrdinaryShareClass1 2024-12-31 11645764 e:OrdinaryShareClass1 2023-12-31 11645764 e:OrdinaryShareClass2 2024-01-01 2024-12-31 11645764 e:OrdinaryShareClass2 2024-12-31 11645764 e:OrdinaryShareClass2 2023-12-31 11645764 e:FRS102 2024-01-01 2024-12-31 11645764 e:Audited 2024-01-01 2024-12-31 11645764 e:FullAccounts 2024-01-01 2024-12-31 11645764 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11645764 2 2024-01-01 2024-12-31 11645764 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 11645764












MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditor's report
 
6 - 9
Profit and loss account
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13
Notes to the financial statements
 
14 - 24


 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)
 
COMPANY INFORMATION


Directors
M Howard 
S McGuinness 
J N Smith 
S Conboy 
R G Genkov 
D Tully 
G J Woolner 




Registered number
11645764



Registered office
3rd Floor
The Harlequin Building

65 Southwark Street

London

SE1 0HR




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report on the company for the year ended 31 December 2024.
The principal activity of the company during the year continued to be that of interior design and construction for office fitouts.

Business review
 
The continued improvements year on year reflect in the results for the financial year, delivering in line with the expectations set by management. The Board’s previous strategic decision to focus and reduce the range of services offered to clients further continues to enhance business results.
The Board have continued down the path of strict cost control using a robust approval process involving all senior management.  This year the average staff numbers have increased from 45 to 52 showing the company’s continuing investment in staff & their development for the business.  
Interest receivable has increased as a result of higher cash balances in line with the Directors continued focus on cash management.
The Board recruited a designated Managing Director starting in January 2025 to run the day-to-day operations and further improve the robustness of the business.

Principal risks and uncertainties
 
The Directors feel that the principal risk to the business still lies inherently in the Construction Industry itself and the risks we encounter in our day-to-day operations delivering projects.  Financial risks coming from our marketplace have continued to put pressure on the commercial delivery of projects, however the easing of inflation and reduction of interest rates have seen more stable material costs over our supply chain, while the recent Tariff’s have not yet affected us we expect to see some increases & a level of uncertainty in the coming year.
The company is continually monitoring its financial and operational risks to ensure it can react to any adverse changes in a timely manner for its clients and supply chain.
The company strives to operate to the highest standards. To achieve this and ensure its customer requirements are delivered Maris Contracts have continued to maintain management systems that have policies and processes to ensure customer satisfaction. Assurances that these systems are effective is shown with the following accreditations from BSI (a UKAS accredited certification body)
• ISO 9001:2015 - Quality Management
• ISO 14001:2015 – Environmental Management
• ISO 45001:2018 – Operational Health and Safety
Health and safety risks continue to be monitored by the Health and Safety Director and their team. The continued use of industry specific software supports this function to ensure it remains robust and continually monitored. During 2024 there were 0 reportable RIDDORS (reporting of injuries, diseases and dangerous occurrences regulations).

Page 2

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The Directors believe that Turnover, Gross profit and Profit before tax to be the financial key performance indicators of the company. This year’s figures have shown improvements in Turnover and Profit before taxation, the board attribute this improvement to the strategic decision taken in the previous years.
The results for year end 31 Dec 2024 are considered by the Directors to be in line with their expectations.
Turnover increased by £13,961,461 (48%) from 2023.
Gross Margin increased by £2,333,498 (35%) from 2023.
PBIT increased by £1,713,938 (61%) from 2023.

Other key performance indicators
 
The directors are committed to promoting the health, safety and welfare of their staff and continue to ensure appropriate measures are undertaken in this regard. The company continues to maintain its ISO 45001:2018 Operational Health and Safety accreditation.
The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment by maintaining its ISO 14001:2015 in 2024.


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



S McGuinness
Director

Date: 19 June 2025

Page 3

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

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.

Change of name

The company's name was changed from Workplace Build Ltd to Maris Contracts Ltd on 2 June 2025.

Directors

The directors who served during the year were:

M Howard 
S McGuinness 
J N Smith 
S Conboy 
R G Genkov 
D Tully 
G J Woolner 

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008' in the strategic report.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

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





S McGuinness
Director

Date: 19 June 2025

Page 4

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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; and


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.

Page 5

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of Maris Contracts Ltd (formerly Workplace Build Ltd) (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the notes to the financial statements, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 6

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements
 

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


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

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation and health and safety legislation; 
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims.
reviewing correspondence with HM Revenue and Customs and relevant regulators including the Health and Safety Executive. 

 
Page 8

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.





Jacqueline Oakes (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
19 June 2025
Page 9

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
42,832,469
28,871,008

Cost of sales
  
(33,751,708)
(22,123,745)

Gross profit
  
9,080,761
6,747,263

Administrative expenses
  
(4,626,938)
(3,937,728)

Operating profit
 5 
4,453,823
2,809,535

Interest receivable and similar income
  
80,000
6,024

Interest payable and similar expenses
  
(10,376)
(6,050)

Profit before taxation
  
4,523,447
2,809,509

Tax on profit
 8 
(1,131,503)
(660,774)

Profit for the financial year
  
3,391,944
2,148,735

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 10


 
REGISTERED NUMBER:11645764
MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
21,325
28,280

  
21,325
28,280

Current assets
  

Debtors: amounts falling due within one year
 11 
10,680,285
11,000,158

Cash at bank and in hand
  
2,557,499
1,097,078

  
13,237,784
12,097,236

Creditors: amounts falling due within one year
 12 
(6,134,717)
(7,393,068)

Net current assets
  
 
 
7,103,067
 
 
4,704,168

Total assets less current liabilities
  
7,124,392
4,732,448

  

Net assets
  
7,124,392
4,732,448


Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
 14 
7,124,292
4,732,348

Total equity
  
7,124,392
4,732,448


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




S McGuinness
Director

Date: 19 June 2025

The notes on pages 14 to 24 form part of these financial statements.

Page 11

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

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 2023
100
3,583,613
3,583,713


Comprehensive income for the year

Profit for the financial year
-
2,148,735
2,148,735
Total comprehensive income for the year
-
2,148,735
2,148,735


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
(1,000,000)
(1,000,000)



At 1 January 2024
100
4,732,348
4,732,448


Comprehensive income for the year

Profit for the financial year
-
3,391,944
3,391,944
Total comprehensive income for the year
-
3,391,944
3,391,944


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
(1,000,000)
(1,000,000)


At 31 December 2024
100
7,124,292
7,124,392


Page 12

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,391,944
2,148,735

Adjustments for:

Depreciation of tangible assets
25,115
35,511

Interest paid
10,376
6,050

Interest received
(80,000)
(6,024)

Taxation charge
1,131,503
660,774

Decrease/(increase) in debtors
705,508
(5,940,636)

(Decrease)/increase in creditors
(1,751,897)
2,932,225

Corporation tax (paid)
(1,023,592)
(278,739)

Net cash generated from/(used in) operating activities

2,408,957
(442,104)


Cash flows from investing activities

Purchase of tangible fixed assets
(18,160)
(8,680)

Interest received
80,000
6,024

Net cash from/(used in) investing activities

61,840
(2,656)

Cash flows from financing activities

Dividends paid
(1,000,000)
(1,000,000)

Interest paid
(10,376)
(6,050)

Net cash used in financing activities
(1,010,376)
(1,006,050)

Net increase/(decrease) in cash and cash equivalents
1,460,421
(1,450,810)

Cash and cash equivalents at beginning of year
1,097,078
2,547,888

Cash and cash equivalents at the end of year
2,557,499
1,097,078


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,557,499
1,097,078

2,557,499
1,097,078



Page 13

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Maris Contracts Ltd is a private company limited by shares incorporated in England and Wales. Its registered office is 3rd Floor, Harlequin Building, 65 Southwark Street, London, SE1 0HR.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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 making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Methods of assessing the going concern assumption include review of cashflow forecasts, review of profit and loss forecasts, review of management accounts and sales pipeline. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

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

Rendering of services

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

 
2.4

Interest income

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

Page 14

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Fixtures and fittings
-
        3 to 5 years
Computer equipment
-
        3 to 5 years

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.

Page 15

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets 
Financial assets 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 profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 16

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
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.

 
2.7

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.

 
2.8

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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

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 17

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Current tax is the amount of income tax payable in respect of taxable profit for the period.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.11

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new  ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

An entity should disclose the judgements, apart from those involving estimations, that management has
made in the process of applying the accounting policies and that have the most significant effect on the
amounts recognised in those financial statements.
Contracts with customers
 
Profit is taken on contracts by reference to an assessment of the outcome and the proportion of work completed. The company uses two methods in accounting for contracts with customers; input methods (e.g. the percentage completion based upon costs incurred) and output methods (e.g. management estimation of the level of completion).

Estimates are made in relation to the final outturn on each contract based on past experience and are reviewed on a regular basis throughout the contract life and adjusted where appropriate. However, the nature of the risk on contracts are such that they often cannot be resolved until the end of the project and therefore may not be reversed until the end of the project. Based on the above, management believes it is reasonably possible, on the basis of existing knowledge that outcomes within the next financial year that are different from these assumptions could require a material adjustment.

Page 18

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the design and building subcontractor work on long-term contracts.
All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
25,115
35,511

Audit fees payable to the company's auditor
36,300
33,950

Non-audit fees payable to the company's auditor
28,740
23,725

Defined contribution pension costs
64,075
52,342


6.


Employees

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


2024
2023
£
£

Wages and salaries
3,038,138
2,695,652

Social security costs
357,670
331,241

Cost of defined contribution scheme
64,075
52,342

3,459,883
3,079,235


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


        2024
        2023
            No.
            No.







Contract
52
45

Page 19

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
476,122
466,361

Company contributions to defined contribution pension schemes
6,667
6,221

482,789
472,582


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £145,600 (2023 - £125,252).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,625 (2023 - £1,473).


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,131,503
671,466


1,131,503
671,466


Total current tax
1,131,503
671,466

Deferred tax


Origination and reversal of timing differences
-
(10,692)

Total deferred tax
-
(10,692)


Tax on profit
1,131,503
660,774
Page 20

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
4,523,447
2,809,509


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,130,862
660,797

Effects of:


Expenses not deductible for tax purposes
516
443

Short-term timing differences
125
(466)

Total tax charge for the year
1,131,503
660,774


9.


Dividends

2024
2023
£
£


Dividends declared and paid
1,000,000
1,000,000

Page 21

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2024
20,975
163,087
184,062


Additions
3,145
15,015
18,160



At 31 December 2024

24,120
178,102
202,222



Depreciation


At 1 January 2024
17,277
138,505
155,782


Charge for the year
3,767
21,348
25,115



At 31 December 2024

21,044
159,853
180,897



Net book value



At 31 December 2024
3,076
18,249
21,325



At 31 December 2023
3,698
24,582
28,280


11.


Debtors

2024
2023
£
£

Due within one year

Trade debtors
5,751,497
2,505,067

Other debtors
1,019,454
945,816

Called up share capital not paid
100
100

Prepayments and accrued income
1,738,864
1,677,181

Amounts recoverable on long-term contracts
2,170,370
5,871,994

10,680,285
11,000,158


Page 22

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
1,441,964
3,340,769

Corporation tax
493,546
385,635

Other taxation and social security
154,873
165,591

Other creditors
15,983
16,104

Accruals and deferred income
4,028,351
3,484,969

6,134,717
7,393,068



13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



80 (2023 - 80) A Ordinary shares of £1.00 each
80
80
20 (2023 - 20) B Ordinary shares of £1.00 each
20
20

100

100


The shares rank pari passu in all respects except that dividends may be declared in respect of any one class of shares only at the directors' discretion.



14.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses less dividends declared and paid.

15.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,097,078

1,460,421

2,557,499


1,097,078
1,460,421
2,557,499

Page 23

 

MARIS CONTRACTS LTD (FORMERLY WORKPLACE BUILD LTD)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.
Related party transactions


Transactions with related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



Entities under common control
Sales
42,832,469
28,871,008
5,588,523
2,357,257


Recharged expenses
(256,138)
(252,781)
10
10



Director
Costs not yet recharged
135,984
62,180
135,984
62,180


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


17.


Post balance sheet events

Subsequent to the year end, on 2 June 2025, the company changed its name from Workplace Build Ltd to Maris Contracts Ltd.


18.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.
 
Page 24