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

The company performed positively in 2024 with several additional contracts won in the year. The director considers the results to be satisfactory amidst an environment of increased competition, rising labour and material costs, and the challenges faced by the construction industry in general. The director believes that the company’s resilience and its strong balance sheet, especially its strong liquidity position, will enable it to maintain its position within the market it operates in.

The director remains committed to continuously monitoring controls over costs and overhead expenditure and utilise the company's resources to their maximum potential.

Although the company's revenue for the year ended 31 December 2024 decreased from £23.92m to £22.09m, a decrease of 8%, but a tighter control over costs has improved the net profit ratio from 9.42% to 9.59% in 2024. As at the year ended 31 December 2024, the net current assets of the company were £8.64m (2023: £7.33m) and net assets were £8.39m (2023: £6.66m). The cash and bank balances were strong at £3.39m (2023: £4.35m), which demonstrates strong liquidity position year on year.

Whilst the company is generally risk-averse there are always risks associated with the activities of building contract works. The principal risk for the company is a downturn in the overall construction industry leading to fall of major names in the construction industry. This can result in works being deferred or cancelled and/or payments delayed. However, we have well established systems and procedures in place to help avoid or minimise these risks. We hold regular meetings in which the financial position of key clients is reviewed. We have subscribed to construction industry alerts such that we get real time updates on all major developments in the industry. We have robust cashflow management systems and robust Quality & Assurance systems in place. We are expanding our client portfolio so that there is no excessive reliance on any one client. We maintain a risk register and whenever the rating of any risk increases, precautionary measures are immediately taken. The likelihood of increased bad debts from failing companies in a tough market situation has increased over time but the company mostly deals with stable, long standing contractors such that the risk of non-payment against works done is very low.

Commercial risk

Contracts are continually reviewed for performance and risk to the company. The global economic position is well understood by the director. Whilst the director will monitor the market conditions closely, the company's senior leadership team is confident that it will secure sufficient contracts on acceptable terms in the foreseeable future.

Liquidity risk

The company needs to maintain adequate liquidity in the business in order to ensure that there are sufficient funds available to complete the projects undertaken by the company. In the absence of liquid funds, the company may not be in the position to complete the projects in the given time. The company maintains appropriate funding levels relative to the level of the current and future requirements arising from the company’s operations. Cash flow forecasts are prepared on a regular basis and are closely monitored by the director. The company has maintained strong operating liquidity in the business in the form of cash at bank that is readily available in case of emergency.

Credit risk

The company’s credit risk is primarily attributable to amounts recoverable on contracts. Contract debtors are managed by the regular monitoring of progress on contract work and contract payment applications. Receivables are closely monitored by the management and are included in the balance sheet net of allowances for doubtful amounts, if any. The company has taken credit insurance to cover the risk of bad debts.

Economic risk

The general inflationary pressures in the UK economy resulting in increased material and labour prices continue to pose a risk to overall profitability of the company. However, the director continues to closely monitor the costs on an ongoing basis and cost cutting measures are taken wherever needed. The quantity surveyors and project heads regularly monitor actual costs versus budgets for each project. Adverse variances are highlighted and corrective measures put in place immediately for cost overruns. The company's procurement team actively negotiates with the suppliers for discounts and searches for new suppliers that are offering better rates without any compromise on the quality.

Health and safety at work

As with all construction companies, there is a risk of loss of life or injury to the employees working on sites.

The director, led by the company's dedicated compliance manager, site managers and third-party health & safety support providers, continues to strive to embed best health and safety policies, practices and awareness throughout our operations. We seek to ensure that all our workers work in a safe and accident free working environment and that they go home safely at the end of every working day. All the employees working on-site are given adequate protective clothing and equipment. Regular trainings on health & safety are given to the men on site. The company has a comprehensive health & safety policy which is shared with all the employees upon induction and regularly reiterated during trainings. The company engages third party professionals for H&S audits of its sites and any weaknesses highlighted in such audits are rectified right away.

Occupational health and safety is actively promoted throughout the organisation through the provision of information, training and supervision. We operate a ’no blame' culture whereby employees are openly encouraged to report hazards, including near misses, without fear of reprisal to ensure the root cause of accidents is identified thus enabling measures to be put in place to eliminate recurrence.

Emphasis is placed on effective management ensuring a systematic approach to the identification of risks and the allocation of financial and physical resources to mitigate them.

Our stakeholders

The director has always paid due regard to the effect of the company's activities on various stakeholders who have an interest in the business.

There are many parties who may be affected by the decisions made in the day-to-day running of the business and, as such, can be considered stakeholders. It is the responsibility of the director to balance these interests in order to deliver the best possible outcome for all concerned.

Employees

Salary and benefit packages are invariably high on an employee’s list of priorities but so, too, are the working environment, a sense of community and self-worth that comes from knowledge that the company values employees' opinion. We offer competitive salaries to our employees in order to attract and retain the best staff. A culture of knowledge sharing is promoted. The company regularly arranges trainings for its employees to enhance their productivity and performance so that they are ready to manage additional projects as the company wins more tenders in the future.

Subcontractors and suppliers

We treat our subcontractors in the same way as our employees in terms of working conditions and inclusivity. We also keep close contact with our suppliers as it is of mutual benefit to be well informed.

Customers

Arguably the most important stakeholders of all are the customers. The quality of our work and services is therefore of paramount importance to us. We do not compromise on quality and we believe in timely delivery of work.

The key financial targets of the company continue to be profitability and balance sheet strength. The director has identified the following key performance indicators which are closely monitored by him:

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has a balance sheet footing of £8.39 million with strong liquidity and consistent profitability. We have a strong order book consisting of secure orders from well-established contractors. We are confident that the company's adequate liquidity position, strong order book and a good reputation in its sector mean that we will continue to provide services to our contractors for the foreseeable future. Thus we continue to adopt the going concern basis in preparing the financial statements.

On behalf of the board

The director presents his annual report and audited financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of building completion and finishing works.

The results for the year are set out on page 11.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

The underlying commercial rationale of the company is to advance their technical knowledge and capabilities with a view to completing their projects more efficiently. The company continuously aims to improve its construction methods and to create bespoke solutions for site challenges.

There are no events or transactions since the balance sheet date which could have a material effect upon the company.

Our contracts are progressing satisfactorily and we have a strong order book with secured contracts from well-established contractors. The director remains committed to delivering an excellent service and to managing the company's strategic direction to match that of the market it operates in, with a key focus on maintaining a sustainably profitable business which continues to be a key strategic partner of its customers, suppliers and other stakeholders.

The auditor, King & King, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, financial reviews and key performance indicators.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The director is responsible for preparing the annual report 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). 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 them 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.

We have audited the financial statements of Flynn Interiors Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 director's 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 director's remuneration specified by law are not made; or

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

As explained more fully in the director's responsibilities statement, 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 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 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.

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.

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

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 misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks Financial Reporting Standard 102 and the Companies Act 2006;

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by making enquiries of management and those charged with governance. We utilised internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the company. We considered the risk of fraud to be significant within the areas of revenue recognition and management override of controls. Audit procedures performed by the engagement team included:

• testing the project revenues to supporting documentation;

• identifying and testing journal entries considered by the engagement team to carry a significant risk of fraud;

• challenging assumptions made by the management in determining significant accounting estimates.

In assessing the potential risks of material misstatement, we obtained an understanding of:

• The company’s operations, including the nature of its revenue sources and revenue recognition policy, the assessment of material judgements made by management and the design of the control environment for the overall financial reporting process for the company;

• the company’s control environment, including the policies and procedures implemented to comply with the requirements of Financial Reporting Standard 102 and the Companies Act 2006, the adequacy of procedures for authorisation of transactions within the business and the regularity of management’s review of management accounts for indicators of material misstatement.

We enquired of management and those charged with governance whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed the non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

It is the primary responsibility of management, with oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations, and for the prevention and detection of fraud.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:

• understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;

• knowledge of the industry in which the client operates;

• understanding of the requirements of Financial Reporting Standard 102 and the Companies Act 2006 and the application of the legal and regulatory requirements of these to the company.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 24 form part of these financial statements.

The notes on pages 15 to 24 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 15 to 24 form part of these financial statements.

The notes on pages 15 to 24 form part of these financial statements.

Flynn Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Watson House, 54-60 Baker Street, London, United Kingdom, W1U 7BU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In making his assessment of the ability of the company to continue as a going concern, the director has considered the impact of current economic uncertainty in the UK and the challenges faced by the construction industry. In order to assess the potential impact of these uncertainties, financial forecasts have been produced for the company for a period in excess of 12 months from the date of these financial statements. These forecasts have been produced using the company's latest forward order book and workload, assessment of current and future market conditions and expected new business, together with other risks and uncertainties in the business. Using these forecasts, the director considers the company has sufficient resources to continue to operate comfortably for the foreseeable future. The director therefore has concluded that it is appropriate for the company to prepare its financial statements on a going concern basis.true

The company's primary activity is building completion and finishing works, and the revenue derived therefrom is recognised by reference to the stage of completion of each contract at the reporting date.

All material contracts are subject to regular review by an external quantity surveyor who is required to certify the work undertaken to date. In addition to this external assessment, a regular internal review of each project, which considers the stage of completion, an assessment of costs to complete and expected project profitability is conducted. The internal assessment and external survey are compared before determining the revenue and profit or loss to be recognised on each contract.

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.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Long term contracts are assessed on a contract by contract basis and are reflected in the statement of comprehensive income by recording revenue and related costs as contract activity progresses. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the statement of comprehensive income as the difference between the reported revenue and related costs for that contract.

Gross amounts owed by contract customers represent the excess of the value of surveyed work over amounts invoiced or certified at the balance sheet date. Where amounts invoiced or certified at the balance sheet date exceed the amount of work completed, the excess is included within payments on account.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company's revenue recognition and long-term construction contracts policies are set out in note 1.3 above. These policies are central to the way in which the company values the work it has carried out at each reporting date and the estimation of the staged completion of the contract. These policies require forecasts to be made of the outcome of long-term construction contracts and require assessments and judgements to be made on the recovery and agreement of pre-contract costs, variation in work scopes, claim recoveries, expected contract costs to complete and progress on contract programmes. The company has appropriate control procedures in place to ensure estimates are calculated on a consistent basis. These assessments are validated by third-party surveyors on behalf of customers who certify the value of work performed.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The company does not make any post employment benefits contribution for its director.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

At the reporting date, total retentions held by customers for contract work amounted to £1,606,365 (2023: £2,098,899) and advances received from customers for contract work amounted to nil (2023: nil).

Other debtors include VAT repayment due of £404,087 (2023: £272,967).

Other creditors include nil (2023: £242,681) owed to the director of the company. The amount owed to the director is unsecured, interest free, carries no fixed date of repayment and is repayable on demand.

The director, based on internal and external advice available, has made provisions for future works required on the projects. The timing for settlement of amounts provided is uncertain. The cost reflects the anticipated cost to the company.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

There is a single class of ordinary shares in the company and there are no restrictions on the distribution of dividends and the repayment of capital.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

There were no material events or transactions since the reporting date that require adjustment to or disclosure in the financial statements.

During the year the company entered into the following transactions with related parties:

Other related parties comprise of the company under the common control of the director.

Charles Flynn by virtue of ownership of 100% share capital of the company is the ultimate controlling party.