Registered number: 04038368
FOR THE YEAR ENDED 31 DECEMBER 2024
ERRIGAL CONTRACTS LIMITED
COMPANY INFORMATION
ERRIGAL CONTRACTS LIMITED
CONTENTS
ERRIGAL CONTRACTS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
The principal activity of the group is that of interior fitout specialists.
There has been no significant change in these activities during the year.
Turnover has increased by 11.1% to £132.6m (2023: £119.4m). Overall, a net profit before tax of £8.3m was achieved for the year ended 31 December 2024, after an exceptional charge of £0.6m in respect of advanced payments deemed potentially irrecoverable. This compared to a net profit before tax of £7.9m reported for the year ended 31 December 2023. The group asset base remains strong, with net assets of £50.8m at 31 December 2024 (2023: £45.3m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow.
There has been no significant change in these activities during the year.
Turnover has increased by 11.1% to £132.6m (2023: £119.4m). Overall, a net profit before tax of £8.3m was achieved for the year ended 31 December 2024, after an exceptional charge of £0.6m in respect of advanced payments deemed potentially irrecoverable. This compared to a net profit before tax of £7.9m reported for the year ended 31 December 2023. The group asset base remains strong, with net assets of £50.8m at 31 December 2024 (2023: £45.3m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow.
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks relate to competition, quality of performance and raw material costs.
The group's operations expose it to a variety of financial risks that include the effects of changes in currency risks, credit risks, liquidity risk and interest rate risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Currency Risk
The group's activities in Europe are conducted primarily in Euros, this results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in operating costs or in cost of sales in the profit and loss accounts in the years in which they arise. The principal foreign exchange risk is translation-related arising from fluctuation in the sterling value of the group's net investment in euros.
Finance and interest rate risk
The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amounts of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Liquidity and cash flow risk
The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near liquid investments to ensure all obligations can be met when they fall due.
Credit risk
Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Inflation risk
As a result of the rising rate of inflation the group has seen the impact of this through rising costs. The group have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.
The group's operations expose it to a variety of financial risks that include the effects of changes in currency risks, credit risks, liquidity risk and interest rate risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Currency Risk
The group's activities in Europe are conducted primarily in Euros, this results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in operating costs or in cost of sales in the profit and loss accounts in the years in which they arise. The principal foreign exchange risk is translation-related arising from fluctuation in the sterling value of the group's net investment in euros.
Finance and interest rate risk
The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. A long term strategy for the management of the exposure considers the amounts of floating rate debt that is anticipated over the period and the sensitivity of the interest charge on this debt to changes in interest rates, and the resultant impact on reported profitability.
Liquidity and cash flow risk
The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near liquid investments to ensure all obligations can be met when they fall due.
Credit risk
Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored.
Inflation risk
As a result of the rising rate of inflation the group has seen the impact of this through rising costs. The group have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.
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ERRIGAL CONTRACTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's key performance indicators are as follows:
Environment
The group recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste whenever possible.
Human resources
The group's most important resource is its people, their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical.
Health and safety
The group is committed to achieving the highest practicable standards in health and safety management and strives to makes its sites and offices safe environments for employees and customers alike.
The group recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste whenever possible.
Human resources
The group's most important resource is its people, their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical.
Health and safety
The group is committed to achieving the highest practicable standards in health and safety management and strives to makes its sites and offices safe environments for employees and customers alike.
The Directors of Errigal Contracts Limited must act in accordance with their duties under the Companies act 2006. These include a fundamental duty to promote the success of the group for the benefit of its members as a whole. This duty has been central to the board’s decision-making processes and outcomes for many years and will continue to play a significant part in the decision making. The information which follows below describes how, in performing their duties during the year, the Directors’ have had regard to the matters set out in Section 172 (1) (a) to (f) of the Act and constitutes the Board’s section 172 statement for 2024.
Customers – the directors maintain strong communication with its customers by having regular update meetings both on and off site. These meetings facilitate a detailed review of their contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business.
Employees – the employees of Errigal Contracts Limited are at the heart of the everything the group does. The board have established and continue to promote a strong culture in the group to ensure the employees feel valued and part of a stable working environment. The people and culture department continue to run events and initiatives throughout the year for the staff. Promoting health and safety within the group is vital to the board and they set practical and realistic targets in order to achieve this. The Board continually strive to improve the health and safety performance by obtaining regular incident reports and ensuring these are adequately dealt with. Furthermore, the board are committed to a “zero incidents” policy and regularly carry out risk assessments to minimise risk.
Suppliers – The board recognises the key role suppliers play in ensuring the company delivers a quality service to customers. The directors maintains strong communication with their supply chain partners by having regular meetings as well as obtaining key information from routine business updates and presentations.
Community and environment – Community programmes within the group focus on delivering significant benefits to the local community. They have developed a training academy whereby they offer apprenticeships to local people who want to work in the construction industry. Errigal apprentices continued to represent the group in the World Skills UK live finals and uphold excellence in training standards. The group is also involved with local schools and sports clubs by way of sponsorship and continue to actively support local charities and local community events.
Customers – the directors maintain strong communication with its customers by having regular update meetings both on and off site. These meetings facilitate a detailed review of their contracts to focus on maintaining strong relationships, which the directors feel is key to the continued success of the business.
Employees – the employees of Errigal Contracts Limited are at the heart of the everything the group does. The board have established and continue to promote a strong culture in the group to ensure the employees feel valued and part of a stable working environment. The people and culture department continue to run events and initiatives throughout the year for the staff. Promoting health and safety within the group is vital to the board and they set practical and realistic targets in order to achieve this. The Board continually strive to improve the health and safety performance by obtaining regular incident reports and ensuring these are adequately dealt with. Furthermore, the board are committed to a “zero incidents” policy and regularly carry out risk assessments to minimise risk.
Suppliers – The board recognises the key role suppliers play in ensuring the company delivers a quality service to customers. The directors maintains strong communication with their supply chain partners by having regular meetings as well as obtaining key information from routine business updates and presentations.
Community and environment – Community programmes within the group focus on delivering significant benefits to the local community. They have developed a training academy whereby they offer apprenticeships to local people who want to work in the construction industry. Errigal apprentices continued to represent the group in the World Skills UK live finals and uphold excellence in training standards. The group is also involved with local schools and sports clubs by way of sponsorship and continue to actively support local charities and local community events.
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ERRIGAL CONTRACTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 9 September 2025 and signed on its behalf.
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ERRIGAL CONTRACTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £5,901,837 (2023 - £6,576,200).
Ordinary dividends were paid amounting to £nil (2023: £nil) to the parent company. The directors do not recommend payment of a further dividend.
The directors who served during the year and up to the date of signing the financial statements were:
The auditors, AAB Group Accountants Limited, are deemed to be reappointed in accordance with section 487(2) of the Companies Act 2006.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.
The group believes that performance will improve for the incoming year as a result of securing new profitable contracts and the focus continues to be exploring new geographical markets.
See section 172(1) Statement within the Stragetic Report.
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ERRIGAL CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
See section 172(1) Statement within the Strategic Report.
In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 and related government guidance ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019’, the Group presents details of its carbon and energy usage.
In line with the associated regulations and guidance, the Group has only provided consolidated reporting for companies meeting the Companies Act definition of a ‘large’ company and were annual energy consumption is greater than 40,000kWh. In addition, under the associated regulations and guidance, reporting for foreign subsidiaries is not required.
Accordingly, the following report is based on the energy and carbon usage of Errigal Contracts Limited.
As per the associated regulations and guidance, comparative information is not mandatory in the first year of reporting and has not been presented.
As per the associated regulations and guidance, comparative information is not mandatory in the first year of reporting and has not been presented.
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ERRIGAL CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A sample of energy efficiency actions undertaken in the group during the financial year is outlined below:
Errigal continues to be recognised as a leading organisation within the construction and built environment sector. Our specialist capabilities in partitioning systems, façade solutions, interior fit-outs, ceiling installations, and custom-designed solutions have further evolved throughout 2024–2025. The Antrim-based manufacturing hub maintained high productivity levels, while our Monaghan headquarters’ Research and Development division remained actively engaged in innovation throughout the year.
The Errigal Academy—our award-winning skills development initiative—continues to grow, and in 2024 we opened a new facility at the Royal Albert Dock, near Canary Wharf, to support our London-based apprentices. We remain committed to investing in our people, delivering expert-led training, both internally and externally, to ensure ongoing professional growth across the organisation.
Training Highlights:
•Hours: 5,235
•Spend: £165,120.98
Our sustainability initiative, SOLACE, remains embedded across all departments, project teams, and operational disciplines. As our principal sustainability platform, SOLACE underpins our broader environmental commitments. The deployment of SustainIQ—a purpose-built software-as-a-service solution—remains on track, with a phased launch scheduled for mid- June 2025. This tool will provide comprehensive reporting across all Errigal Group projects, delivering enhanced data visibility and enabling detailed performance analysis to identify areas for improvement. We plan to report progress against key benchmarks over the coming decade.
(The term SOLACE—defined as a source of comfort during challenging times—was chosen purposefully. As global concerns about climate change, carbon output, and fossil fuel reliance grow, our programme offers both practical and symbolic support. The SOLACE acronym represents our focus areas: Sustainability, Circular Economy, Leadership, Alternatives, Carbon Net Zero, and Environment.)
In 2022/early 2023, we have worked to better understand our emissions and in the near future preparing to establish Science Based Targets.
In 2024, we continued to track our carbon footprint via the Errigal Carbon Tracker. This data-informed approach has enabled us to identify carbon reduction opportunities, including understanding our waste streams. Where project conditions allow, we aim to switch to renewable energy sources. Our facilities in Monaghan and Antrim are playing a crucial role in supporting modern methods of construction (MMC), which further enhance our delivery model.
Errigal continues to be recognised as a leading organisation within the construction and built environment sector. Our specialist capabilities in partitioning systems, façade solutions, interior fit-outs, ceiling installations, and custom-designed solutions have further evolved throughout 2024–2025. The Antrim-based manufacturing hub maintained high productivity levels, while our Monaghan headquarters’ Research and Development division remained actively engaged in innovation throughout the year.
The Errigal Academy—our award-winning skills development initiative—continues to grow, and in 2024 we opened a new facility at the Royal Albert Dock, near Canary Wharf, to support our London-based apprentices. We remain committed to investing in our people, delivering expert-led training, both internally and externally, to ensure ongoing professional growth across the organisation.
Training Highlights:
•Hours: 5,235
•Spend: £165,120.98
Our sustainability initiative, SOLACE, remains embedded across all departments, project teams, and operational disciplines. As our principal sustainability platform, SOLACE underpins our broader environmental commitments. The deployment of SustainIQ—a purpose-built software-as-a-service solution—remains on track, with a phased launch scheduled for mid- June 2025. This tool will provide comprehensive reporting across all Errigal Group projects, delivering enhanced data visibility and enabling detailed performance analysis to identify areas for improvement. We plan to report progress against key benchmarks over the coming decade.
(The term SOLACE—defined as a source of comfort during challenging times—was chosen purposefully. As global concerns about climate change, carbon output, and fossil fuel reliance grow, our programme offers both practical and symbolic support. The SOLACE acronym represents our focus areas: Sustainability, Circular Economy, Leadership, Alternatives, Carbon Net Zero, and Environment.)
In 2022/early 2023, we have worked to better understand our emissions and in the near future preparing to establish Science Based Targets.
In 2024, we continued to track our carbon footprint via the Errigal Carbon Tracker. This data-informed approach has enabled us to identify carbon reduction opportunities, including understanding our waste streams. Where project conditions allow, we aim to switch to renewable energy sources. Our facilities in Monaghan and Antrim are playing a crucial role in supporting modern methods of construction (MMC), which further enhance our delivery model.
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ERRIGAL CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Measures taken to improve energy efficiency (continued)
Our approach to Social Value is guided by the UN Sustainable Development Goals, particularly Goal 8, which promotes inclusive and sustainable economic growth and decent work for all. We are proud to partner with Tier 1 global contractors in the UK and Europe, while also operating as a Tier 1 provider ourselves—delivering successful projects, notably in London. Our Monaghan-based R&D team and learning centre continue collaborating with manufacturers across the industry to understand the availability of new products and techniques that drive carbon reduction and support fair labour practices.
We are making steady progress in reducing construction-related waste and packaging. Our partnerships with major UK recycling organisations are enabling us to advance circular practices—including reuse, remanufacture, and recycling where possible, aligned with the SOLACE initiative. Through horizon scanning and thought leadership, we are evolving our client relationships into trusted, long-term partnerships with a focus on shared value. This includes some research into the future of Dry Lining
Once again, Errigal was recognised as one of Ireland’s top employers by Deloitte. Staff turnover for 2023–2024 was recorded at 14.01%. Several apprentices successfully completed their training through the Errigal Academy.
Employee Numbers:
Dec 2023: 250 employees
Dec 2024: 276 employees
April 2025: 286 employees
(Turnover is calculated annually using the average of the opening and closing headcount, divided by the number of leavers in the same period, multiplied by 100. This includes both UK and Irish staff.)
We continue to place strong emphasis on people development, supporting our workforce through academic study, mentoring, coaching, and structured apprenticeship programmes. The Errigal Academy supports individuals , some from underrepresented backgrounds or those seeking to change career paths. Beyond trade skills, the Academy equips apprentices with essential life competencies, including budgeting, cooking, and housekeeping.
Our Resident Liaison Officers (RLOs) provide empathetic support to tenants living in buildings with legacy fire safety issues, including non-compliant materials, such as those seen in the Grenfell tragedy.
Carbon Emissions & Energy Use
We monitor and report on Scopes 1, 2 and selected Scope 3 categories (1, 3, 5, 6, 7) of Greenhouse Gas (GHG) emissions. Data for 2023–2024 currently excludes Scope 3, Category 1, although we are in the process of collecting this information for inclusion in 2025.
We have recently concluded our ESOS (Energy Savings Opportunity Scheme) audit with Trident Utilities, selected via the UK Government’s approved register of lead assessors. We continue to innovate through digital platforms, including the integration of SaaS, the Internet of Things (IoT), and Artificial Intelligence. AI is being explored for data analytics enhancements.
Our approach to Social Value is guided by the UN Sustainable Development Goals, particularly Goal 8, which promotes inclusive and sustainable economic growth and decent work for all. We are proud to partner with Tier 1 global contractors in the UK and Europe, while also operating as a Tier 1 provider ourselves—delivering successful projects, notably in London. Our Monaghan-based R&D team and learning centre continue collaborating with manufacturers across the industry to understand the availability of new products and techniques that drive carbon reduction and support fair labour practices.
We are making steady progress in reducing construction-related waste and packaging. Our partnerships with major UK recycling organisations are enabling us to advance circular practices—including reuse, remanufacture, and recycling where possible, aligned with the SOLACE initiative. Through horizon scanning and thought leadership, we are evolving our client relationships into trusted, long-term partnerships with a focus on shared value. This includes some research into the future of Dry Lining
Once again, Errigal was recognised as one of Ireland’s top employers by Deloitte. Staff turnover for 2023–2024 was recorded at 14.01%. Several apprentices successfully completed their training through the Errigal Academy.
Employee Numbers:
Dec 2023: 250 employees
Dec 2024: 276 employees
April 2025: 286 employees
(Turnover is calculated annually using the average of the opening and closing headcount, divided by the number of leavers in the same period, multiplied by 100. This includes both UK and Irish staff.)
We continue to place strong emphasis on people development, supporting our workforce through academic study, mentoring, coaching, and structured apprenticeship programmes. The Errigal Academy supports individuals , some from underrepresented backgrounds or those seeking to change career paths. Beyond trade skills, the Academy equips apprentices with essential life competencies, including budgeting, cooking, and housekeeping.
Our Resident Liaison Officers (RLOs) provide empathetic support to tenants living in buildings with legacy fire safety issues, including non-compliant materials, such as those seen in the Grenfell tragedy.
Carbon Emissions & Energy Use
We monitor and report on Scopes 1, 2 and selected Scope 3 categories (1, 3, 5, 6, 7) of Greenhouse Gas (GHG) emissions. Data for 2023–2024 currently excludes Scope 3, Category 1, although we are in the process of collecting this information for inclusion in 2025.
We have recently concluded our ESOS (Energy Savings Opportunity Scheme) audit with Trident Utilities, selected via the UK Government’s approved register of lead assessors. We continue to innovate through digital platforms, including the integration of SaaS, the Internet of Things (IoT), and Artificial Intelligence. AI is being explored for data analytics enhancements.
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ERRIGAL CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Supply chain collaboration has progressed from broad discussions to the creation of a technical resource library within our procurement processes. Engagement with clients on BREEAM and LEED standards is increasing in depth and frequency, although there is still work to be done. The adoption of life cycle analysis remains a core element of our strategy to reduce Scope 3 emissions and is a theme for 2025-2026. Logistics-related emissions and sustainable commuting solutions are also under active review.
Social Impact and ESG
We have adopted an Environmental, Social and Governance (ESG) framework to structure our sustainability efforts. The implementation of SustainIQ includes the ability to create ESG Reports direct from the data on the platform This approach enhances our organisational transparency and strengthens the evaluation of our social and environmental impacts.
Finally, our SHEQ (Safety, Health, Environmental and Quality) management system continues to align with internationally recognised standards, including but not limited to ISO 9001, ISO 14001, ISO 45001, and ISO 45003.
Social Impact and ESG
We have adopted an Environmental, Social and Governance (ESG) framework to structure our sustainability efforts. The implementation of SustainIQ includes the ability to create ESG Reports direct from the data on the platform This approach enhances our organisational transparency and strengthens the evaluation of our social and environmental impacts.
Finally, our SHEQ (Safety, Health, Environmental and Quality) management system continues to align with internationally recognised standards, including but not limited to ISO 9001, ISO 14001, ISO 45001, and ISO 45003.
There have been no significant events affecting the Group since the year end.
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ERRIGAL CONTRACTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 9 September 2025 and signed on its behalf.
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ERRIGAL CONTRACTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED
We have audited the financial statements of Errigal Contracts Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or 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.
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ERRIGAL CONTRACTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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ERRIGAL CONTRACTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
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ERRIGAL CONTRACTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ERRIGAL CONTRACTS LIMITED (CONTINUED)
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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Dromalane Mill
The Quays
Co. Down
BT35 8QS
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ERRIGAL CONTRACTS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
REGISTERED NUMBER: 04038368
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025 .
The notes on pages 22 to 45 form part of these financial statements.
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ERRIGAL CONTRACTS LIMITED
REGISTERED NUMBER: 04038368
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025 .
The notes on pages 22 to 45 form part of these financial statements.
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ERRIGAL CONTRACTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Errigal Contracts Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 Oliver Avenue, South Norwood, London, SE25 6TY.
The principal activity of the group is that of interior fitout specialists.
The principal activity of the group is that of interior fitout specialists.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
∙Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures; and
∙Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
∙Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group 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
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Amounts recoverable on contracts
When the outcome of a construction project contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and accruals/costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion-method' to determine the appropriate amount to recognise in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately.
Analysis of turnover by country of destination:
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Intangible assets (continued)
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
15.Tangible fixed assets (continued)
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 39
ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.Deferred taxation (continued)
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The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,647,841 (2023 - £712,356). Contributions totalling £72,346 (2023 - £67,653) were payable to the fund at the balance sheet date and are included in creditors.
Page 41
ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Certain comparative information has been restated to reflect a fairer comparison with current year disclosure. These restatements have not had any effect on reported results for the year ended 31 December 2023 total equity as at 31 December 2023.
Page 42
ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 43
ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 44
ERRIGAL CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate and ultimate parent undertaking of the company is Errigal Contracts Group Limited, a company registered in the Republic of Ireland.
The smallest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Limited, a company incorporated in England. The largest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Group Limited, a company incorporated in the Republic of Ireland. Group financial statements for this company are prepared and are available to the public from the company's registered office.
Mr Damien Treanor and Mr Cormac McCloskey are considered to be the ultimate controlling parties of Errigal Contracts Limited by virtue of their shareholding in the parent company.
The smallest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Limited, a company incorporated in England. The largest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Group Limited, a company incorporated in the Republic of Ireland. Group financial statements for this company are prepared and are available to the public from the company's registered office.
Mr Damien Treanor and Mr Cormac McCloskey are considered to be the ultimate controlling parties of Errigal Contracts Limited by virtue of their shareholding in the parent company.
Page 45