REGISTERED NUMBER: 14194503 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended

31 December 2024

for

COMPLETE INVESTMENTS GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Profit and Loss Account

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mr S J Lennon

Mr J R Lennon

Mrs F Lennon

REGISTERED OFFICE:

Unit 21 Adlington Court

Birchwood

Warrington

Cheshire

WA3 6PL

REGISTERED NUMBER:

14194503 (England and Wales)

SENIOR STATUTORY AUDITOR:

Leslie Arundale Leavitt FCCA

AUDITORS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The group continues to specialise in roofing. The challenges of inflation, materials and labour availability and volatile energy costs that our industry was faced with in 2023 continued to some extent in 2024. However, the group was better equipped and prepared to deal with these challenges and was able to improve its trading performance significantly in the year.

The year ended 31 December 2024 recorded turnover of £27.03m (2023: £24.6m). The increase in turnover was due to an increase in sales volumes; the directors are pleased with the performance of the company in 2024.The turnover increase in 2024 is modest given the inflationary environment over the last couple of years, but this was very much intentional and was as a direct result of a high degree of selectivity around projects in order to manage our risk exposure and to focus on opportunities that we are best equipped to deliver.

The group's gross profit margin was 27.5% as opposed to 22.8% in the prior year. This increase reflects strong direct cost control during a volatile period in the economy.

Raw material supply was stable in 2024. The team have continued to meet customer demand and maintain our customer base whilst developing new business.

Administrative expenses were £4.7m compared to £4.3m in the previous year. This was largely attributable to an increase in payroll costs during the year.

Profit before tax saw an increased to £2.7m compared to £1.2m in the previous year.

Despite volatile conditions over the last four years, a combination of financial strength and liquidity has provided the company with the confidence to continue to invest in the future as we seek to maintain a competitive advantage in what is a challenging period for the industry. During the period, the company continued to focus and invest in the technology and infrastructure to support an increasingly mobile workforce.

PRINCIPAL RISKS AND UNCERTAINTIES

Other than general economic risks, the principal risks facing the group are those relating to highly competitive bidding, inflation in the supply chain and changes to government planning and other regulations. The group enters into long-term contracts in the normal course of business. The length of these contracts introduces further commercial, inflation, client and supply chain risks to our business which can have an impact on the revenue and profit recognised on each contract.

The continuing conflict between Russia and Ukraine has disrupted worldwide supply chains and has resulted in significant increases in both inflation and interest rates, although the latter has begun to stabilise. The future trends in both inflation and interest rates remains uncertain and has generated volatility in both our customer base and the supply chain.

The directors continue to monitor the potential impact of the above issues on our clients.

KEY PERFORMANCE INDICATORS

The directors use a number of Key Performance Indicators (KPIs) to monitor and assess the health of the business.

2024

2023

Turnover

£27,034,390

£24,619,227

Gross profit

£7,444,180

£5,615,939

Gross profit margin

27.5%

22.81%

Operating profit

£2,743,082

£1,291,741

Net current assets

£2,860,958

£1,766,485

Net assets

£3,097,802

£1,845,251

Cash and cash equivalents

£4,291,796

£2,316,733

Key performance indicators (KPIs) include revenue, gross profit and operating profit. These KPIs are selected as 'key' on the basis that the group is driven by gross profit margins on sales and the directors strive to keep margins as high as possible in order to preserve profit. Operating profit is also a KPI on the grounds that it is an indicator of business performance, whereas profit before tax may include exceptional items.

Non-financial KPIs

Non-financial KPIs include customer retention and sales volumes.

FUTURE DEVELOPMENTS

The directors sanctioned several investments in property, plant and equipment in 2024 which will continue into 2025 with a view to improving flexibility and efficiency in production, whilst reducing energy use.

We remain committed to our staff and their working environment. The board is committed to our various accreditations, as well as all necessary regulatory demands and environmental awareness (in particular sustainability and regulatory challenges).

ON BEHALF OF THE BOARD:

Mr S J Lennon - Director

24 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Commercial roofing contractors

DIVIDENDS

Interim dividends were paid as follows:

Month

Dividend per share

Dividend

£

£

January

2,500

50,000

February

2,500

50,000

March

3,300

66,000

April

2,500

50,000

May

2,500

50,000

June

2,500

50,000

July

2,500

50,000

August

2,500

50,000

September

2,500

50,000

October

8,750

175,000

November

2,500

50,000

December

2,500

50,000

741,000

Total dividends

741,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £741,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr S J Lennon

Mr J R Lennon

Mrs F Lennon

FINANCIAL INSTRUMENTS

The company uses financial instruments and these include a bank loan, cash and various items such as trade debtors and creditors that arise directly from its operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below:

Liquidity risk

The company seeks to manage financial risks by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with trade debtors is

irrecoverable debts. The group manages this risk through thorough credit checks on customers and the creditworthiness of customers is monitored continuously.

Interest rate risk

The group finances its operations primarily through retained profits and bank accounts. The company is exposed to interest rate risk in the event of an increase in such rates by the Bank of England. The company seeks to minimise this risk through preserving sufficient cash in order to meet its obligations under the terms of the bank loan.

The table below includes trade debtors and trade creditors which do not attract interest and are therefore subject to fair value interest rate risk.

Fixed

Floating

Zero

Total

£

£

£

£

Financial assets

Cash

-

4,292

-

4,292

Trade and other debtors

-

-

2766

2766

Amounts recoverable on contracts

-

-

1,049

1,049

Fixed

Floating

Zero

Total

£

£

£

£

Financial liabilities

Trade and other creditors

-

-

2,096

2,096

Deferred income

-

-

672

672

Accruals

-

-

1,363

1,363

Bank loan

-

86

-

86

Hire purchase contracts

213

-

-

213

FUTURE DEVELOPMENTS

Future developments are addressed in the strategic report.

GOING CONCERN

As at 31 December 2024, the group had free cash flow of £4.3m and access to undrawn bank facilities in the form of an invoice factoring account. It also had a strong forward order book.

The uncertainty as to the future impact on the group of external factors has been considered as part of the group's adoption of the going concern basis. The Board has completed an assessment as to the potential impact to the group in the event of certain downside scenarios, including a significant deterioration in revenues and productivity. A key component of this exercise is to highlight future discretionary expenditure on projects which could be avoided or deferred in order to protect the group's cash balances.

The financial statements have been prepared on a going concern basis which the directors believe is appropriate for the following reasons. The group currently meets its day-to-day working capital requirements through its cash balances and working capital. The directors have prepared and reviewed budgets and forecasts for a period up to 31 December 2025, which they consider to be achievable given the current levels of trading. The directors are confident the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Leavitt Walmsley Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S J Lennon - Director

24 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

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.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit.

It is the primary responsibility of management, with the 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and

- discussed matters about non-compliance with laws and regulations and how fraud may occur including an assessment of how, and where, the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are:

- FRS 102;

- Companies Act 2006; and

- Tax legislation.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with tax authorities and regulators.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety and environmental regulations. We performed audit procedures to inquire of management and those charged with governance as to whether the company is in compliance with these laws and regulations and reviewing any notices published by the Health and Safety Executive. We also made inquiries with those charged with governance to identify any live and material claims or disputes with customers.

The audit engagement team identified the risk of management override of controls, revenue recognition and estimates in the valuation of stock as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to:

- Testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. This also included an assessment of whether the judgements made in making accounting estimates are indicative of potential bias.

- Testing a sample of revenue transactions recognised either side of the balance sheet date to determine whether revenue was recognised in the correct period.

- Challenging judgements and estimates applied in the valuation of work in progress and reviewing post-year end performance to determine whether these estimates were reasonable.

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.

Leslie Arundale Leavitt FCCA (Senior Statutory Auditor)

Leavitt Walmsley Associates Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

24 September 2025

TURNOVER

27,034,390

24,619,227

Cost of sales

19,590,210

19,003,288

GROSS PROFIT

7,444,180

5,615,939

Administrative expenses

4,701,098

4,324,198

OPERATING PROFIT

4

2,743,082

1,291,741

Interest receivable and similar income

1,957

880

2,745,039

1,292,621

Interest payable and similar expenses

5

48,536

44,250

PROFIT BEFORE TAXATION

2,696,503

1,248,371

Tax on profit

6

702,952

248,332

PROFIT FOR THE FINANCIAL YEAR

1,993,551

1,000,039

Profit attributable to:

Owners of the parent

1,993,551

1,000,039

PROFIT FOR THE YEAR

1,993,551

1,000,039

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,993,551

1,000,039

Total comprehensive income attributable to:

Owners of the parent

1,993,551

1,000,039

FIXED ASSETS

Intangible assets

9

210,546

205,254

Tangible assets

10

410,502

454,098

Investments

11

-

-

621,048

659,352

CURRENT ASSETS

Stocks

12

44,247

127,065

Debtors

13

4,177,433

4,991,552

Cash at bank

4,291,796

2,316,733

8,513,476

7,435,350

CREDITORS

Amounts falling due within one year

14

5,652,517

5,668,865

NET CURRENT ASSETS

2,860,959

1,766,485

TOTAL ASSETS LESS CURRENT LIABILITIES

3,482,007

2,425,837

CREDITORS

Amounts falling due after more than one year

15

(365,215

)

(556,423

)

PROVISIONS FOR LIABILITIES

19

(18,990

)

(24,163

)

NET ASSETS

3,097,802

1,845,251

CAPITAL AND RESERVES

Called up share capital

20

20

20

Retained earnings

21

3,097,782

1,845,231

SHAREHOLDERS' FUNDS

3,097,802

1,845,251

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr S J Lennon - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

803,374

803,374

803,374

803,374

CURRENT ASSETS

Cash at bank

978

2,783

CREDITORS

Amounts falling due within one year

14

526,464

407,113

NET CURRENT LIABILITIES

(525,486

)

(404,330

)

TOTAL ASSETS LESS CURRENT LIABILITIES

277,888

399,044

CREDITORS

Amounts falling due after more than one year

15

187,839

283,691

NET ASSETS

90,049

115,353

CAPITAL AND RESERVES

Called up share capital

20

20

20

Retained earnings

21

90,029

115,333

SHAREHOLDERS' FUNDS

90,049

115,353

Company's profit for the financial year

715,696

373,087

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr S J Lennon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

20

1,352,192

1,352,212

Changes in equity

Dividends

-

(507,000

)

(507,000

)

Total comprehensive income

-

1,000,039

1,000,039

Balance at 31 December 2023

20

1,845,231

1,845,251

Changes in equity

Dividends

-

(741,000

)

(741,000

)

Total comprehensive income

-

1,993,551

1,993,551

Balance at 31 December 2024

20

3,097,782

3,097,802

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

20

246

266

Changes in equity

Dividends

-

(258,000

)

(258,000

)

Total comprehensive income

-

373,087

373,087

Balance at 31 December 2023

20

115,333

115,353

Changes in equity

Dividends

-

(741,000

)

(741,000

)

Total comprehensive income

-

715,696

715,696

Balance at 31 December 2024

20

90,029

90,049

Cash flows from operating activities

Cash generated from operations

1

3,569,037

2,190,412

Interest paid

(28,862

)

(28,453

)

Interest element of hire purchase payments paid

(19,674

)

(15,797

)

Tax paid

(632,749

)

(299,864

)

Net cash from operating activities

2,887,752

1,846,298

Cash flows from investing activities

Purchase of intangible fixed assets

(28,750

)

-

Purchase of tangible fixed assets

(117,467

)

(266,653

)

Sale of tangible fixed assets

25,500

(301

)

Interest received

1,957

880

Net cash from investing activities

(118,760

)

(266,074

)

Cash flows from financing activities

Loan repayments in year

(152,214

)

(143,686

)

Capital repayments in year

(46,847

)

101,535

Amount introduced by directors

901,623

601,657

Amount withdrawn by directors

(755,491

)

(659,009

)

Equity dividends paid

(741,000

)

(507,000

)

Net cash from financing activities

(793,929

)

(606,503

)

Increase in cash and cash equivalents

1,975,063

973,721

Cash and cash equivalents at beginning of year

2

2,316,733

1,343,012

Cash and cash equivalents at end of year

2

4,291,796

2,316,733

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

31.12.24

31.12.23

(Unaudited)

£

£

Profit before taxation

2,696,503

1,248,371

Depreciation charges

158,673

147,270

Loss on disposal of fixed assets

348

67,502

Finance costs

48,536

44,250

Finance income

(1,957

)

(880

)

2,902,103

1,506,513

Decrease/(increase) in stocks

82,818

(10,082

)

Decrease/(increase) in trade and other debtors

801,472

(1,301,557

)

(Decrease)/increase in trade and other creditors

(217,356

)

1,995,538

Cash generated from operations

3,569,037

2,190,412

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,291,796

2,316,733

Year ended 31 December 2023

31.12.23

1.1.23

(Unaudited)

£

£

Cash and cash equivalents

2,316,733

1,343,012

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,316,733

1,975,063

4,291,796

2,316,733

1,975,063

4,291,796

Debt

Finance leases

(260,386

)

46,847

(213,539

)

Debts falling due within 1 year

(146,617

)

(3,637

)

(150,254

)

Debts falling due after 1 year

(369,524

)

155,852

(213,672

)

(776,527

)

199,062

(577,465

)

Total

1,540,206

2,174,125

3,714,331