REGISTERED NUMBER: 01086931 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

G.F. Holding (Contractors) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Profit and Loss Account

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

Mr S T Holding

Mr L M McKeever

Mr J R Dodds

Mr M P Leyden

Mr N A Poole

SECRETARY:

Mr L M McKeever

REGISTERED OFFICE:

St Andrew's Court

Lees Lane

Mottram St Andrew

Macclesfield

Cheshire

SK10 4LJ

REGISTERED NUMBER:

01086931 (England and Wales)

AUDITORS:

Thompson Wright (Audit) Limited

Chartered Accountants and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Financial overview

The year 2024 has seen a more positive trading environment with the easing of higher interest rates and inflationary pressures. The company, however, continues to face strong competition when winning orders, pressure on margins and ever increasing costs.

The trading conditions encountered during the year are reflected in the increase in turnover and overall profit achieved.

Financial performance

Financial performance for the year has been analysed as follows:

Year to

Year to

31 December

31 December

2024

2023

Change

Turnover

£40,874,546

£28,538,171

£12,336,375

(Loss)/Profit before tax

£1,061,166

£16,314

£1,044,852

Strategy

Cash management remains fundamental to the business and ensuring robust financial health gives the directors' confidence to make decisions which are appropriate for the development of the business for the medium to long term, without being pressured into short term targets.

Turnover

The number of contracts won was significantly higher than the previous year and this resulted in a 43% increase in turnover.

Gross profit

Despite the continuing challenging trading conditions the company has seen its gross profit margin remain relatively stable at 13% (2023: 12%).

Operating costs

The company continues to actively review its operating costs, the majority of which relate to administrative expenses, and to seek reductions where possible.

Environmental policy

The company's objective is to meet the Construction Industry's best practice. To achieve this, management seek to continuously develop the company's environmental policy and in assessing the performance of the company in this area, pay particular attention to lowering the carbon dioxide emissions of its vehicles and reducing the overall amount of waste generated whilst increasing the amount recycled.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key risks identified by the directors include:

Business strategy development and implementation

If the directors adopt the wrong business strategy or do not implement its strategies effectively, the business may suffer. The directors need to understand and properly manage strategic risk in order to deliver long term growth.

Key personnel

The success of the company depends in part on the continued service of its key management and workforce and on its ability to continue to attract, motivate and retain employees. The construction industry is very competitive and staff are frequently targeted by other companies for recruitment.

Product quality and delivery

The success of the company depends on providing a quality product and on time. Success also depends upon the ability to anticipate and respond to changing client preferences and trends, together with staying up to date with the latest building techniques.

Suppliers and subcontractors

The company depends on its supplier/subcontractor base to deliver products on time and to the quality which is expected. Failure to develop the supplier/subcontractor base may produce an over-reliance on particular providers and reduce the company's competitiveness when tendering for contracts.

Health and safety

The industry in which the company operates is subject to regulation. Failure to keep up to date with new legislation will mean that the company will be non-compliant and may result in litigation. It may also impact upon the company's ability to generate income, either through decreased sales, increased costs or a combination of both.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Financial Instruments

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below:

Liquidity risk

This is the risk that the company will not be able to meet its financial obligations as they fall due. The company aims to manage liquidity by ensuring that it will always have sufficient resources to meet its liabilities when they fall due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the company's reputation. Liquidity is provided through cash balances.

Credit risk

The company's principal assets are trade debtors. Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and the regular monitoring of amounts outstanding. All customers are monitored on an ongoing basis and any variance from agreed terms is immediately highlighted and reported to the board.

Interest rate risk

In respect of interest rate risk, the Company currently has no debt but does have interest-bearing assets. Interest-bearing assets include cash balances, all of which have interest rates applied at floating market rates.

Inflation risk

Inflation risk comes from entering into long term, fixed price contracts and reliance on the performance of the supply chain. This is mitigated through early and regular engagement with supply chain partners, completing financial due diligence ahead of orders been placed, regular monitoring and making cost provisions where necessary.

SUMMARY OF KEY PERFORMANCE INDICATORS

The directors have monitored the progress of the overall company strategy and individual strategic elements by reference to certain financial and non-financial key performance indicators.

2024

2023

Growth in sales

43%

(18%

)

Return on capital employed

42%

1%

Capital expenditure

£173,950

£119,572

DEVELOPMENT AND PERFORMANCE

The balance sheet on page 13 of the financial statements shows that the company's financial position at the year end is showing a strong liquid position.

FUTURE DEVELOPMENTS

n the early part of 2025 we saw interest rates starting to reduce and inflationary pressures easing, both of which benefited the company with customers giving the go ahead to new projects previously placed on hold or delayed. That said the uncertainty arising due to the tariffs imposed by America and possible trade wars are expected to impact on the turnover expectations for the latter part of 2025 and into 2026.

The company is, however, in a good position financially to weather any downturn in the demand for its services. It is also committed to staying true to its declared intent to prioritise quality rather than quantity of workload.

The board of directors therefore expect that the company will continue in operational existence for the foreseeable future (see note 2).

ON BEHALF OF THE BOARD:

Mr L M McKeever - Director

24 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of contractors to industry but specialising in the leisure industry and the financial sector.

DIVIDENDS

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £201,089.

FUTURE DEVELOPMENTS

Future developments are as detailed in the strategic report on page 5.

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 T Holding

Mr L M McKeever

Mr J R Dodds

Mr M P Leyden

Mr N A Poole

Other changes in directors holding office are as follows:

Mr J T Barton - resigned 31 December 2024

POLITICAL DONATIONS AND EXPENDITURE

The company made charitable donations during the year totalling £2,408 (2023: £2,765) all of which were in line with its corporate social responsibility policy.

GOING CONCERN

On reviewing the going concern basis for the company the directors looked at projected workload and in particular the level of secured turnover for the next 12 months adjusting for the effects of price increases and inflationary pressure. Cash flow projections demonstrate the ability to meet working capital requirements from reserves with a reasonable level of head room therefore allowing the financial statements to be prepared on a going concern basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director 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.

AUDITORS

Thompson Wright (Audit) Limited offer themselves for re-appointment as auditors in accordance with Section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr L M McKeever - Director

24 September 2025

Opinion

We have audited the financial statements of G.F. Holding (Contractors) Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 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 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection regulations, anti-bribery and corruption legislation, anti-slavery and employment legislation together with The Health and Safety at Work Act 1974 together with various other legislation designed to provide a safe working environment within the construction industry.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Chartered Accountants and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

24 September 2025

TURNOVER

3

40,874,546

28,538,171

Cost of sales

35,617,150

25,192,058

GROSS PROFIT

5,257,396

3,346,113

Administrative expenses

4,259,692

3,351,782

OPERATING PROFIT/(LOSS)

5

997,704

(5,669

)

Interest receivable and similar income

63,899

22,066

1,061,603

16,397

Interest payable and similar expenses

6

437

83

PROFIT BEFORE TAXATION

1,061,166

16,314

Tax on profit

7

287,802

4,803

PROFIT FOR THE FINANCIAL YEAR

773,364

11,511

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

773,364

11,511

FIXED ASSETS

Tangible assets

9

311,874

295,127

CURRENT ASSETS

Stocks

10

1,418,609

395,684

Debtors

11

3,386,238

3,652,669

Cash at bank and in hand

5,420,692

1,904,008

10,225,539

5,952,361

CREDITORS

Amounts falling due within one year

12

8,365,231

4,652,592

NET CURRENT ASSETS

1,860,308

1,299,769

TOTAL ASSETS LESS CURRENT LIABILITIES

2,172,182

1,594,896

PROVISIONS FOR LIABILITIES

14

48,676

43,665

NET ASSETS

2,123,506

1,551,231

CAPITAL AND RESERVES

Called up share capital

15

220

220

Share premium

16

380

380

Retained earnings

16

2,122,906

1,550,631

SHAREHOLDERS' FUNDS

2,123,506

1,551,231

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 T Holding - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

220

1,873,120

380

1,873,720

Changes in equity

Dividends

-

(334,000

)

-

(334,000

)

Total comprehensive income

-

11,511

-

11,511

Balance at 31 December 2023

220

1,550,631

380

1,551,231

Changes in equity

Dividends

-

(201,089

)

-

(201,089

)

Total comprehensive income

-

773,364

-

773,364

Balance at 31 December 2024

220

2,122,906

380

2,123,506

Cash flows from operating activities

Cash generated from operations

20

3,860,157

(989,956

)

Interest paid

(437

)

(83

)

Tax paid

(19,484

)

85,340

Net cash from operating activities

3,840,236

(904,699

)

Cash flows from investing activities

Purchase of tangible fixed assets

(173,950

)

(119,572

)

Sale of tangible fixed assets

7,250

32,590

Interest received

63,899

22,066

Net cash from investing activities

(102,801

)

(64,916

)

Cash flows from financing activities

Amount withdrawn by directors

(2,489

)

(3,475

)

Group undertakings

(54,951

)

228,068

Related parties

37,778

6,868

Equity dividends paid

(201,089

)

(334,000

)

Net cash from financing activities

(220,751

)

(102,539

)

Increase/(decrease) in cash and cash equivalents

3,516,684

(1,072,154

)

Cash and cash equivalents at beginning of year

21

1,904,008

2,976,162

Cash and cash equivalents at end of year

21

5,420,692

1,904,008

1.	STATUTORY INFORMATION

G.F. Holding (Contractors) Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are 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.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes judgements and estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. These judgements and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Critical judgements

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

Contract accounting

The values recognised in relation to long term contracts that are in progress at the balance sheet date are based upon the proportion of work carried out on a contract by contract basis generally determined by a review of progress on site by a quantity surveyor which is reviewed periodically. Profit on these contracts is calculated on a prudent basis and reflects turnover and related costs as contract progresses. Profit is only recognised when the final outcome of each project can be assessed with reasonable certainty. Where a contract is likely to make a loss, full provision is made in the period in which the loss is foreseen.

Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

33% on reducing balance

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Stock and long term contracts

Stocks and work in progress are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

Amounts recoverable on long-term contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Cumulative costs incurred net of amounts transferred to cost of sales, less provision for contingencies and anticipated future losses on contracts, are included as long-term contract balances in stock.

Financial instruments

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 statement of financial position 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 trade and other receivables 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 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 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 trade and other payables, 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 receipts discounted at a market rate of interest.

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 the suppliers. Accounts 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leased assets

Leases where substantially all of the risks and rewards of ownership are not transferred to the company are treated as operating leases. Leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

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.

Going concern

The company meets its day-to-day working capital requirements from cash at bank. The level of cash held by the company is sufficient to fund expected requirements based on forecast and projections taking account of reasonable possible changes in trading performance.

After making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

40,874,546

28,538,171

40,874,546

28,538,171

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,982,026

2,235,903

Social security costs

351,380

259,221

Other pension costs

376,200

229,286

3,709,606

2,724,410

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

2024

2023

Directors

6

6

Office and management

28

25

Site labour

13

12

47

43

2024

2023

£

£

Directors' remuneration

643,327

283,302

Directors' pension contributions to money purchase schemes

149,967

62,441

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

Money purchase schemes

6

6

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

134,361

98,919

Pension contributions to money purchase schemes

78,423

13,542

5.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

47,087

102,475

Other operating leases

121,897

113,297

Depreciation - owned assets

149,764

140,616

Loss/(profit) on disposal of fixed assets

189

(11,681

)

Auditors' remuneration

11,550

10,673

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

437

83

7.

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

282,791

19,486

Deferred tax

5,011

(14,683

)

Tax on profit

287,802

4,803