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REGISTERED NUMBER: 00746473 (England and Wales)






















Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Ellis Bros (Contractors) Ltd

Ellis Bros (Contractors) Ltd (Registered number: 00746473)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 6

Other Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 13


Ellis Bros (Contractors) Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: I F Ellis



REGISTERED OFFICE: 7 Lansdowne Road
Skegness
Lincolnshire
PE25 2DJ



REGISTERED NUMBER: 00746473 (England and Wales)



SENIOR STATUTORY AUDITOR: James Sewell BA (Hons) FCA CTA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Strategic Report
for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activities of the company continue to be that of static and touring caravan parks described as Skegness Water Leisure Park (SWLP), Waterford, St Michael's Park and Greenacres, and of Building Contractors and Property Lettings. The results of the company for the year are as shown in the annexed financial statements and show a pre-tax net profit of £117,090 for the year (down 63.1%), with turnover of £7,048,026 (down 0.01%), and net assets of £12,540,547 (up 0.01%).

2024 saw a return towards lower energy costs and inflationary pressures easing. However, a further significant increase in the NMW added to wage inflation across the board, not just to the NMW and despite an electoral pledge to boost efficiency and output, tax changes in respect of significantly increasing Employer NI contributions and IHT changes meant that for many businesses, the latter part of the year saw increasingly negative projections for the future of business and expectations that efficiency and output will decline further, rather than improve. The removal of rates relief on parks will also hit in 2026, which is a future concern.

Careful financial management continued, including significant debt reduction. The previous investment made in new caravan stock during 2023 was scaled back due to both the fall in customer demand predicted in last year's report and, unlike previous years, caravan manufacturers having excess stock available from the factory gates. Freeing up cash reserves enabled debt reduction to be undertaken. It can be clearly seen in the trading figures that caravan sales income decreased by £599,200 (35.8%) as consumer confidence on large ticket items generally fell in the UK.

There was a slight increase in touring and camping income of 2.79% to £1,311,150. This was however badly hit by a typical British weather pattern, of bad weather on all main bank holiday weekends and part of the 6 week school summer break. Other than wage costs, main cost increases included Building Materials, as not only were more houses completed on William Way but items such as bricks, blocks and tiles were bought in advance whilst prices were competitive to complete the final four houses in 2025/6 and the costs of insuring the various business activities.

PRINCIPAL RISKS AND UNCERTAINTIES
The weather remained as unpredictable as ever, again with poor weather in the spring and early summer. However, it is anticipated that barring any major external shocks to the UK economy, that borrowings will be zero by early 2026.

As in previous times of economic uncertainty, Skegness is expected to remain busy but the fiscal drag holding back the UK property and business sectors always affects caravan sales and this key source of major income is predicted to remain sluggish in 2025. Sound financial management is therefore still seen as a pre-requisite of business
survival, as the biggest influences on turnover, profitability and asset growth are purely external and out of the control of management.

SUMMARY
In summary the Directors and Management of the Company are extremely pleased with the trading results for the year and remain positive about the ability of the company to continue to grow and expand.

ON BEHALF OF THE BOARD:





I F Ellis - Director


8 August 2025

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Report of the Director
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activities of the company continue to be that of static and touring caravan parks described as Skegness Water Leisure Park (SWLP) and Greenacres, and of Building Contractors and Property Lettings.

DIVIDENDS
There are no declared dividends currently for the year ended 31 December 2024 (2023: £nil).

DIRECTOR
I F Ellis held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

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

ON BEHALF OF THE BOARD:





I F Ellis - Director


8 August 2025

Report of the Independent Auditors to the Members of
Ellis Bros (Contractors) Ltd

Opinion
We have audited the financial statements of Ellis Bros (Contractors) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Ellis Bros (Contractors) Ltd


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director 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 the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the
entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its
legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end
journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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

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




James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

8 August 2025

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £    £   

REVENUE 4 7,048,026 7,103,660

Cost of sales 5,769,713 5,585,027
GROSS PROFIT 1,278,313 1,518,633

Administrative expenses 1,360,938 1,307,829
(82,625 ) 210,804

Other operating income 205,762 206,411
Gain/(loss) on revaluation of
investment property 10,000 (40,000 )
OPERATING PROFIT 6 133,137 377,215

Income from participating interests 1,000 1,000
Interest receivable and similar income 16,773 8,219
17,773 9,219
150,910 386,434

Interest payable and similar expenses 7 33,820 69,038
PROFIT BEFORE TAXATION 117,090 317,396

Tax on profit 8 33,841 112,167
PROFIT FOR THE FINANCIAL YEAR 83,249 205,229

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 83,249 205,229


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

83,249

205,229

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 10,251,865 10,466,665
Investments 10 30,150 30,150
Investment property 11 1,975,000 1,965,000
12,257,015 12,461,815

CURRENT ASSETS
Inventories 12 914,273 1,630,558
Debtors 13 967,105 889,943
Cash at bank and in hand 927,163 509,674
2,808,541 3,030,175
CREDITORS
Amounts falling due within one year 14 1,843,063 2,097,410
NET CURRENT ASSETS 965,478 932,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,222,493

13,394,580

CREDITORS
Amounts falling due after more than one
year

15

(382,276

)

(618,222

)

PROVISIONS FOR LIABILITIES 19 (299,670 ) (319,060 )
NET ASSETS 12,540,547 12,457,298

CAPITAL AND RESERVES
Called up share capital 20 4,000 4,000
Capital redemption reserve 21 3,225 3,225
Fair value reserve 21 286,773 279,273
Retained earnings 21 12,246,549 12,170,800
SHAREHOLDERS' FUNDS 12,540,547 12,457,298

The financial statements were approved by the director and authorised for issue on 8 August 2025 and were signed by:





I F Ellis - Director


Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2023 4,000 11,935,571 3,225 309,273 12,252,069

Changes in equity
Total comprehensive income - 235,229 - (30,000 ) 205,229
Balance at 31 December 2023 4,000 12,170,800 3,225 279,273 12,457,298

Changes in equity
Total comprehensive income - 75,749 - 7,500 83,249
Balance at 31 December 2024 4,000 12,246,549 3,225 286,773 12,540,547

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Statement of Cash Flows
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 770,192 1,803,201
Interest paid (18,322 ) (63,462 )
Interest element of hire purchase payments
paid

(15,498

)

(5,576

)
Tax paid (100,470 ) (143,087 )
Net cash from operating activities 635,902 1,591,076

Cash flows from investing activities
Purchase of tangible fixed assets (211,091 ) (1,500,946 )
Sale of tangible fixed assets 74,500 50,212
Interest received 16,773 8,219
Dividends received 1,000 1,000
Net cash from investing activities (118,818 ) (1,441,515 )

Cash flows from financing activities
New loans in year - 683,638
Loan repayments in year (216,520 ) (855,569 )
Capital repayments in year 25,679 (39,273 )
Amount introduced by directors 221,300 108,824
Amount withdrawn by directors (237,255 ) (98,977 )
Net cash from financing activities (206,796 ) (201,357 )

Increase/(decrease) in cash and cash equivalents 310,288 (51,796 )
Cash and cash equivalents at beginning
of year

2

23,215

75,011

Cash and cash equivalents at end of year 2 333,503 23,215

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 117,090 317,396
Depreciation charges 422,089 386,903
Profit on disposal of fixed assets (18,728 ) (28,652 )
(Gain)/loss on revaluation of fixed assets (10,000 ) 40,000
Finance costs 33,820 69,038
Finance income (17,773 ) (9,219 )
526,498 775,466
Decrease in inventories 716,285 764,462
Increase in trade and other debtors (7,089 ) (81,834 )
(Decrease)/increase in trade and other creditors (465,502 ) 345,107
Cash generated from operations 770,192 1,803,201

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 927,163 509,674
Bank overdrafts (593,660 ) (486,459 )
333,503 23,215
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 509,674 443,852
Bank overdrafts (486,459 ) (368,841 )
23,215 75,011


Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank
and in hand 509,674 417,489 927,163
Bank overdrafts (486,459 ) (107,201 ) (593,660 )
23,215 310,288 333,503
Debt
Finance leases (175,052 ) (25,679 ) - (252,701 )
Debts falling due
within 1 year (185,200 ) (30,600 ) - (215,800 )
Debts falling due
after 1 year (490,500 ) 247,120 - (243,380 )
(850,752 ) 190,841 - (711,881 )
Total (827,537 ) 501,129 - (378,378 )

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Ellis Bros (Contractors) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property-4% on cost
Plant and machinery-15% on reducing balance and 15% on cost
Fixtures and fittings-15% on reducing balance and 10% on reducing balance
Motor vehicles-25% on reducing balance and 25% on cost
Computer equipment-10% on reducing balance

Land is not depreciated.

All fixed assets are initially recorded at cost.

A number of freehold properties included within the financial statements have been constructed by the company and therefore the cost is made up of material and labour costs.

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement and fair value reserve.

Investment property has been included at the directors estimate of market value based on experience and market data available, adjusted through the income statement, and include acquisition costs such as stamp duty and conveyancing costs.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued

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.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

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

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

Pension costs and other post-retirement benefits
The Company operates a defined money purchase contribution pension scheme on behalf of the directors, Mr F W J Ellis and Mr I F Ellis, and the employees Mr S Ellis-Peech and Miss K Ellis. The scheme funds are administered by trustees and are independent of the company's financial accounts. The costs are accounted for when paid.

Total contributions in respect of the pension schemes in the year amounted to £64,303 (2022: £nil).

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2024 2023
£    £   
Static & touring caravan parks 4,721,115 4,793,330
Caravan sales and commission 1,272,465 1,836,503
Buildings sales and work done 1,010,356 439,037
Agricultural income 44,090 34,790
7,048,026 7,103,660

An analysis of revenue by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,048,026 7,103,660
7,048,026 7,103,660

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,310,373 2,183,590
Social security costs 230,130 224,627
Other pension costs 58,035 122,034
2,598,538 2,530,251

The average number of employees during the year was as follows:
2024 2023

Production staff 75 76
Administrative staff 17 15
Management staff 2 2
94 93

2024 2023
£    £   
Directors' remuneration 219,714 208,956
Directors' pension contributions to money purchase schemes 1,829 6,202

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 219,714 206,728
Pension contributions to money purchase schemes 1,829 6,202

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 422,089 386,903
Profit on disposal of fixed assets (18,728 ) (28,652 )
Auditors' remuneration 18,255 15,450

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 18,322 63,462
Hire purchase 15,498 5,576
33,820 69,038

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 53,231 46,353

Deferred tax (19,390 ) 65,814
Tax on profit 33,841 112,167

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

2024 2023
£    £   
Profit before tax 117,090 317,396
Profit multiplied by the standard rate of corporation tax in the UK of
24.764% (2023 - 22.742%)

28,996

72,182

Effects of:
Expenses not deductible for tax purposes 4,099 3,710
Income not taxable for tax purposes (248 ) (227 )
Capital allowances in excess of depreciation - (39,412 )
Depreciation in excess of capital allowances 22,860 -

Deferred taxation (19,390 ) 65,814
Impact of revaluation (gain)/loss (2,476 ) 9,097


Change in tax rates - 1,003
Total tax charge 33,841 112,167

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Land and Plant and and
Buildings machinery fittings
£    £    £   
COST
At 1 January 2024 11,232,266 1,215,317 1,104,081
Additions - 63,642 116,827
Disposals - (45,900 ) -
At 31 December 2024 11,232,266 1,233,059 1,220,908
DEPRECIATION
At 1 January 2024 1,606,286 846,696 800,541
Charge for year 230,279 72,548 61,046
Eliminated on disposal - (36,438 ) -
At 31 December 2024 1,836,565 882,806 861,587
NET BOOK VALUE
At 31 December 2024 9,395,701 350,253 359,321
At 31 December 2023 9,625,980 368,621 303,540

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 550,004 122,678 14,224,346
Additions 79,080 3,512 263,061
Disposals (65,864 ) - (111,764 )
At 31 December 2024 563,220 126,190 14,375,643
DEPRECIATION
At 1 January 2024 416,754 87,404 3,757,681
Charge for year 53,484 4,732 422,089
Eliminated on disposal (19,554 ) - (55,992 )
At 31 December 2024 450,684 92,136 4,123,778
NET BOOK VALUE
At 31 December 2024 112,536 34,054 10,251,865
At 31 December 2023 133,250 35,274 10,466,665

Included within fixed assets are assets held under hire purchase agreements with a net book value of £188,994 (2023: £182,165). Depreciation charged on these assets in the year amounted to £45,141 (2023: £32,149).

10. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 January 2024
and 31 December 2024 30,150
NET BOOK VALUE
At 31 December 2024 30,150
At 31 December 2023 30,150

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Associated company

Masteel Limited
Registered office: 7 Lansdowne Road, Skegness, Lincolnshire, PE25 2DJ
Nature of business: Property Rental Company
%
Class of shares: holding
Equity 33.00
2024 2023
£    £   
Aggregate capital and reserves 3,120,872 3,131,432
Profit for the year 100,746 88,057

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 1,965,000
Revaluations 10,000
At 31 December 2024 1,975,000
NET BOOK VALUE
At 31 December 2024 1,975,000
At 31 December 2023 1,965,000

The investment properties were valued by the directors on an open market basis as at 31 December 2024.

The valuation summary below shows the increase or decrease in valuation in each year with a £10,000 in increase in value accounted for in 2024 (2023: decrease of £40,000). The fair value of the investment property held at 31 December 2024 being £1,975,000 (2023: £1,965,000).

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2015 52,146
Valuation in 2016 (5,000 )
Valuation in 2017 (15,000 )
Valuation in 2018 190,000
Valuation in 2019 135,000
Valuation in 2021 (7,500 )
Valuation in 2022 80,000
Valuation in 2023 (40,000 )
Valuation in 2024 10,000
Cost 1,575,354
1,975,000

12. INVENTORIES
2024 2023
£    £   
Stocks 754,273 884,923
Work-in-progress 160,000 745,635
914,273 1,630,558

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 140,869 173,557
Other debtors 472,678 435,499
Directors' current accounts 138,484 122,529
Tax 54,118 -
Prepayments 160,956 158,358
967,105 889,943

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 809,460 671,659
Hire purchase contracts (see note 17) 113,805 47,330
Trade creditors 194,224 567,462
Tax 53,231 46,352
Social security and other taxes 101,323 95,625
VAT 21,321 7,866
Other creditors 549,699 661,116
1,843,063 2,097,410

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 243,380 490,500
Hire purchase contracts (see note 17) 138,896 127,722
382,276 618,222

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 593,660 486,459
Bank loans 215,800 185,200
809,460 671,659

Amounts falling due between two and five years:
Bank loans 243,380 490,500

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 113,805 47,330
Between one and five years 138,896 127,722
252,701 175,052

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 593,660 486,459
Bank loans 459,180 675,700
1,052,840 1,162,159

The bank overdraft facility is fully secured as follows:

A First legal charge over the commercial freehold property known as Skegness Water Leisure Park, Walls Lane, Winthorpe and Ingoldmells Lincolnshire (formally known as Bleak House Farm) dated 25/5/1989.

An unlimited debenture dated 20/03/2012 incorporating a fixed and floating charge.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 299,670 319,060

Deferred
tax
£   
Balance at 1 January 2024 319,060
Accelerated capital allowances (21,890 )
Investment property valuation 2,500
Balance at 31 December 2024 299,670

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,000 Ordinary £1 4,000 4,000

21. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2024 12,170,800 3,225 279,273 12,453,298
Profit for the year 83,249 83,249
Gain on revaluation of
investment property (10,000 ) - 10,000 -
Deferred tax on fair value adj 2,500 - (2,500 ) -
At 31 December 2024 12,246,549 3,225 286,773 12,536,547

Ellis Bros (Contractors) Ltd (Registered number: 00746473)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

22. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
F W J Ellis
Balance outstanding at start of year 122,529 132,376
Amounts advanced 237,255 98,977
Amounts repaid (221,300 ) (108,824 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 138,484 122,529

23. RELATED PARTY DISCLOSURES

Related parties

2024 2023
£ £
Sales 951,335 91,050
Purchases - -
Amounts due from related party 438,752 427,362
Amount due to related party - -

During the year, a total of key management personnel compensation of £ 403,473 (2023 - £ 384,589 ) was paid.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I F Ellis.