Registration number: 09436019

Cosgrove & Drew Ltd

Contents

Cosgrove & Drew Ltd

Company Information

Cosgrove & Drew Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the unaudited financial statements for the year ended 31 December 2024.

Directors of the company

The directors, who held office during the year, were as follows:

L Drew

Z A Cosgrove

J W C Charlton - Company secretary and director (appointed 29 August 2024)

E J Lake (appointed 29 August 2024)

The following director was appointed after the year end:

P D M Smith (appointed 30 June 2025)

Business Review

The defining moment of 2024 for C&D was becoming part of the Earnz Plc Group, marking a major step forward in our development and future ambitions. This development will provide significant growth opportunities and improvements to operational effectiveness. Access to valuable industry resources and professional expertise serves to enhance our credibility and attractiveness to our customers, while the Group’s financial backing will install confidence and reassurances to our suppliers.

As a company, we have experienced some challenges in 2024 with performance falling short of our expectations in the Major Projects division. Certain contracts faced unforeseen complexities that affected our ability to realise the project’s commercial and economic objectives.

This prompted a comprehensive strategy review of the division, prompting a sharper geographical focus and a more highly selective client engagement strategy to guarantee future successful project delivery.

We are already seeing significant improvements in profitability this year, outperforming our initial targets. This positive momentum positions us well for continued success in the year ahead and beyond.

In parallel with the re-strategizing of Major Projects, considerable emphasis was placed on the growth of the Facilities Management ("FM") division, resulting in a revenue increase of over 25% compared to the previous year.

Building on this success, C&D is now well positioned in the FM market to deliver a comprehensive turnkey service to its client base.

Small companies provision statement

Approved by the board on 22 September 2025 and signed on its behalf by:
 

Cosgrove & Drew Ltd

Income Statement for the Year Ended 31 December 2024

The above results were derived from continuing operations.

 

Cosgrove & Drew Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2024

Cosgrove & Drew Ltd

(Registration number: 09436019)
Statement of Financial Position as at 31 December 2024

Cosgrove & Drew Ltd

(Registration number: 09436019)
Statement of Financial Position as at 31 December 2024

Directors' responsibilities:

Approved by the board on 22 September 2025 and signed on its behalf by:
 

Cosgrove & Drew Ltd

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

Cosgrove & Drew Ltd

Statement of Cash Flows for the Year Ended 31 December 2024

Cosgrove & Drew Ltd

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

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
First Floor
St James House
St James’ Square
Cheltenham
Gloucestershire
GL50 3PR
United Kingdom

The principal place of business is:
Unit A2
Vantage Office Park
Old Gloucester Road
Hambrook
Bristol
BS16 1GW

These financial statements were authorised for issue by the board on 22 September 2025.

Principal activity

The principal activity of the company is that of plumbing, heat and air-conditioning installation and engineering.

Statement of compliance

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

Cosgrove & Drew Ltd

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

Going concern

The financial statements have been prepared on a going concern basis, which the directors consider appropriate.

During the financial year to 31 December 2024, the Company experienced unforeseen issues on two major projects, which resulted in losses in the infrastructure project segment and increased pressure on company-wide working capital. During the second half of 2024, the Company exited one contract and completed the other. All contractual, financial and legal obligations associated with both projects have been fully discharged and no further liabilities or costs arising from either project will be incurred.

The Company is a wholly owned subsidiary of Earnz Holdings Limited which is part of the Earnz Group, whose ultimate parent Earnz Plc is listed on the AIM market of the London Stock Exchange. Earnz Plc has confirmed its ongoing financial support for the Company for a period of at least 12 months from the date of the approval of these financial statements.

Having considered the current financial position of the Company, the conclusion of the projects negatively impacting the business in 2024, and the support available from the ultimate parent company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 January 2024 have had a material effect on the financial statements.

New standards, interpretations and amendments not yet effective

Cosgrove & Drew Ltd

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

Fee arrangements

Below are details of fee arrangements and how these are measured and recognised, for revenue from the provision of services:

The main performance obligations in contracts consist of transfer of services to a customer. These obligations are the key activities that a company agrees to perform as part of the contract and for Cosgrove & Drew Ltd this typically includes either “Major Projects”, which includes mechanical services installation, and “Facilities management”, which includes plumbing, heating, gas, renewable and electrical maintenance and reactive type works. For all contracts the stage of completion and delivery of performance obligations are measured at the balance sheet date using methods that ensure the accurate representation of the extent to which performance obligations have been fulfilled. The specific method chosen can depend on the division such as Facilities Management and Major Projects.

Major Projects and Small Works (under FM) - revenue is recognised based on the value of work progressed in the month and is quantified by the client’s quantitative surveying team. Revenue is recognised following certification of work completed by the customer in advance of a month end.

Facilities Management (excluding Small Works) - revenue is recognised when a performance obligation is satisfied and an invoice is raised and sent to the customer. Engineers are scheduled to individual jobs and these are marked as complete once the engineer has fulfilled their responsibility. Once the job is marked as complete, it notifies our helpdesk who check the job has the associated documents such as gas safe certificate, jobs cards, electrical certificates and/or any other job specific documentation attached ready for invoice. Revenue is only recognised once the invoice has been sent to the client.

Transaction price

Major Projects - all infrastructure project costs are built from a schedule of rates. At tender stage a set of scaled drawings are receive and of which are measured and quantified, this is then put into a quantified schedule of rates of which builds a cost for the project including profit. The only item of which is not costed based on the schedule of rates is the prelim element, this is built based on an agreed value multiplied by the duration of the project and covers items such as H&S, management, site set up, hires and consumables.

Facilities Management - within facilities management, there are two ways of building the transaction price. One of which being a schedule of rates. These are agreed upfront with the client prior to contract negotiations and include items that form part of the contract when the contract is built around fixed assets and doesn't include reactive works. The other method of building a transaction price is where the hourly rates, call out fees and material mark-up is agreed and this would form an open book contract. On contracts over 12 months the company also makes an adjustment to the contract price to reflect the time value of money.

Cosgrove & Drew Ltd

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

Principal versus agent

The company has arrangements whereby it needs to determine if it acts as a principal or an agent as more than one party is involved in providing the goods and services to the customer. The company acts as a principal if it controls a promised good or service before transferring that good or service to the customer. The company is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably the discretion the company has in establishing the price for the specified good or service, whether the company has inventory risk and whether the company is primarily responsible for fulfilling the promise to deliver the service or good.

This assessment of control requires judgement in particular in relation to certain service contracts. An example is the provision of certain specialist subcontractors and/or consultants whereby a specialist skillset is required to meet a client's needs where the company may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered.

Where the company is acting as a principal, revenue is recorded on a gross basis. Where the company is acting as an agent revenue is recorded at a net amount reflecting the margin earned.

Contract modifications

The company’s contracts are often amended for changes in contract specifications and requirements. Contract modification exists when the amendment either creates new or changes the existing enforceable rights and obligations. The effect of a contract modification on the transaction price and the company’s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways:

a. Prospectively as an additional separate contract:
b. Prospectively as a termination of the existing contract and creation of a new contract;
c. As part of the original contract using a cumulative catch up; or
d. As a combination of b) and c).

The facts and circumstances of any contract modification are considered individually as the types of modifications will vary contract by contract and may result in different accounting outcomes. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as management need to determine if a modification has been approved and if it either creates new or changes existing enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken via an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management use their judgement to estimate the change to the total transaction price.

Contract assets and receivables

Where goods or services are transferred to the customer before the customer pays consideration, or before payment is due, Contract assets are recognised. Contract assets are included in the statement of financial position and represent the right to consideration for products delivered.

Contract receivables are recognised in the statement of financial position when the company’s right to consideration becomes unconditional.

Contract assets & receivables are classified as current or non- current based on the company’s normal operating cycle and are assessed for impairment at each reporting date.

Cosgrove & Drew Ltd

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

Contract liabilities

Contract liabilities and customer deposits are recognised in the statement of financial position when the company has received consideration but still has an obligation to deliver products and meet performance obligations for that consideration.

Net basis of measurement of contract balances

Contract asset and contract liability positions are determined for each contract on a net basis. This is because the rights and obligations within each contract are considered inter-dependent. Where two contracts are with the same or related entities, an assessment is made of whether contract assets and liabilities are inter-dependent and if so, contract balances are reported net.

Impairment of contract related balances

At each reporting date, the company determines whether or not such assets are impaired by comparing the carrying amount of the asset to the remaining amount of consideration that the company expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the company uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price will be removed for the impairment test.

Where the relevant contracts or specific performance obligations are demonstrating marginal profitability or other indicators of impairment, judgement is required in ascertaining whether or not the future economic benefits from these contracts are sufficient to recover these assets. In performing this impairment assessment, management is required to make an assessment of the costs to complete the contract. The ability to accurately forecast such costs involves estimates around cost savings to be achieved over time, anticipated profitability of the contract, as well as future performance against any contract specific KPIs that could trigger variable consideration, or service credits. Where a contract is anticipated to make a loss, these judgements are also relevant in determining whether or not an onerous contract provision is required and how this is to be measured.

Financing components of customer contracts

When a significant financing component exists in a contract, the company considers there are two components: a revenue component (for the notional cash sales price); and a loan component (for the effect of the deferred or advance payment terms). Interest revenue or interest expense is recognised only to the extent that a contract asset (or receivable) or a contract liability is recognised in accounting for a contract with a customer. The amount allocated to the significant financing component is presented separately from revenue recognised from contracts with customers. The financing component is presented in the income statement as interest expense (when the customer pays in advance) or interest income (when the customer pays in arrears).

Finance income and costs policy

Cosgrove & Drew Ltd

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

Tax

Property, plant and equipment

Depreciation

During the financial year, the company was acquired by Earnz Holdings Limited, part of the Earnz plc group. As part of the post-acquisition integration process, the company reassessed the useful lives and residual values of its property, plant and equipment to align with the accounting policies and asset management practices of the group.

As a result of this reassessment, the estimated useful lives of each class of asset were revised. These changes have been accounted for as a change in accounting estimate in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and have been applied prospectively from 1 September 2024. The effect of the change on the depreciation charge in the current period is not material.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Cash and cash equivalents

Cosgrove & Drew Ltd

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

Trade receivables

Inventories

Trade payables

Borrowings

Provisions

Cosgrove & Drew Ltd

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

Leases

Definition

Initial recognition and measurement

The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.

The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments that depend on an index or rate.

The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.

Subsequent measurement

After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.

Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are included in finance cost in the income statement, unless the costs are included in the carrying amount of another asset applying other applicable standards. Variable lease payments not included in the measurement of the lease liability, are included in operating expenses in the period in which the event or condition that triggers them arises.

The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for Property, plant and equipment. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.

Cosgrove & Drew Ltd

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

Lease modifications

If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification will result in either a separate lease or a change in the accounting for the existing lease.

The modification is accounted for as a separate lease if both:
(a) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and
(b) The consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

If both of these conditions are met, the lease modification results in two separate leases, the unmodified original lease and a separate lease. The company then accounts for these in line with the accounting policy for new leases.
If either of the conditions are not met, the modified lease is not accounted for as a separate lease and the consideration is allocated to the contract and the lease liability is re-measured using the lease term of the modified lease and the discount rate as determined at the effective date of the modification.

For a modification that fully or partially decreases the scope of the lease (e.g., reduces the square footage of leased space), IFRS 16 requires a lessee to decrease the carrying amount of the right-of-use asset to reflect partial or full termination of the lease. Any difference between those adjustments is recognised in profit or loss at the effective date of the modification.

For all other lease modifications which are not accounted for as a separate lease, IFRS 16 requires the lessee to recognise the amount of the re-measurement of the lease liability as an adjustment to the corresponding right-of-use asset without affecting profit or loss.

Short term and low value leases

The company has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).

The company has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.

Lease payments on short term and low value leases are accounted for on a straight line bases over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the income statement.

Sub leases

If an underlying asset is re-leased by the company to a third party and the company retains the primary obligation under the original lease, the transaction is deemed to be a sublease. The company continues to account for the original lease (the head lease) as a lessee and accounts for the sublease as a lessor (intermediate lessor). When the head lease is a short term lease, the sublease is classified as an operating lease. Otherwise, the sublease is classified using the classification criteria applicable to Lessor Accounting in IFRS 16 by reference to the right-of-use asset in the head lease (and not the underlying asset of the head lease).

After classification lessor accounting is applied to the sublease.

Cosgrove & Drew Ltd

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

Share capital

Dividends

Defined contribution pension obligation

Financial instruments

Initial recognition

Cosgrove & Drew Ltd

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

Classification and measurement

Financial assets at amortised cost

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:-
· the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit or loss (FVTPL).

If a financial asset meets the amortised cost criteria, the company may choose to designate the financial asset at FVTPL. Such an election is irrevocable and applicable only if the FVTPL classification significantly reduces a measurement or recognition inconsistency.

Financial assets at fair value through the profit or loss (FVTPL)

Financial assets not otherwise classified above are classified and measured as FVTPL.

Financial liabilities at amortised cost

All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using the effective interest rate method.

Cosgrove & Drew Ltd

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

Derecognition

Financial assets

The company derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire,
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.

Any cumulative gain or loss recognised in OCI in respect of equity investment securities designated as FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the company is recognised as a separate asset or liability.

The company enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised.

When the company derecognises transferred financial assets in their entirety, but has continuing involvement in them then the entity should disclose for each type of continuing involvement at the reporting date:

(a) The carrying amount of the assets and liabilities that are recognised in the entity’s statement of financial position and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised.

(b) The fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;

(c) The amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined

(d) The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets

Financial liabilities

The company derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.

Cosgrove & Drew Ltd

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

Modification of financial assets and financial liabilities

Financial assets

If the terms of a financial asset are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial asset is recognised at either amortised cost or fair value.

If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the company recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.

Financial liabilities

If the terms of a financial liabilities are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised and new financial liabilities are recognised at either amortised cost or fair value.

If the cash flows are not substantially different, then the modification does not result in derecognition of the financial liabilities. In this case, the company recalculates the gross carrying amount of the financial liabilities and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.

Impairment of financial assets

The company assesses on a forward-looking basis expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Cosgrove & Drew Ltd

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

Accounting estimates and assumptions

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Revenue recognition

For some of the company’s contracts with customers, significant judgement is required to assess whether control of the related performance obligation(s) transfers to the customer over time or at a point in time in accordance with IFRS 15. All contracts are reviewed to assess when the performance obligation is transferred to the customer so revenue is recognised correctly.

In addition, recognised amounts of contracts revenues reflect management’s best estimate of each contract’s outcome and stage of completion. Assessments are made and agreed with the customer’s quantitative surveying team. Where no quantitative surveyor feedback is obtained at period end, the company will estimate the stage of completion conservatively.

Recoverability of trade receivables

Judgements have been made on the recoverability of trade receivables and the valuation of any provision required against these. Where the directors believe amounts are not recoverable, an appropriate provision is made.

Recoverability of deferred tax asset

Deferred tax assets are recognised for all unutilised tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant judgement and measurement are required to determine the amount of deferred tax that can be recognised, based on the likely timing of future taxable profit together with future tax planning strategies.

Research and development tax credit/asset calculation

The company expenses all research and development costs and, where applicable, will claim enhanced research and development allowable expenditure in preparation of their corporation tax returns.

Estimates in determining incremental borrowing rate used to measure lease liabilities

The company enters into leases with third-party landlords and as a consequence the discount rate implicit in the relevant lease is not readily determinable. Therefore, the company uses its incremental borrowing rate as the discount rate as the discount rate for determining its lease liabilities at the lease commencement date. The incremental borrowing rate is the rate of interest that the company would have to pay to borrow over similar terms, which requires estimations when no observable rates are available.

Onerous contracts

Contracts with customers are reviewed on a regular basis to assess whether there are any unavoidable costs of meeting the obligations that exceed the expected economic benefits to be received. Where these contracts are identified, an assessment of the unavoidable costs is made and recognised immediately.
 

Cosgrove & Drew Ltd

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

Provisions for impairment

In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows as well as an assessment of whether the credit risk on the financial asset has increased significantly since initial recognition and incorporation of forward-looking information in the measurement of ECL.

Financial instruments - Risk Management

The company is exposed through its operations to the following financial risks:
- Credit risk
- Interest rate risk
- Other market price risk, and
- Liquidity risk.

In common with all other businesses, the company is exposed to risks that arise from its use of financial instruments. This note describes the company's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the company's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The company monitors its liquidity requirements on a regular basis to ensure it has sufficient funds to meet its operational needs. To minimise liquidity risk, the company continually monitors forecasted and actual cash flows with the objective of ensuring sufficient funds are available to meet its liabilities when due. The company also maintains strong relationships with its principal banking partners and 3rd party credit facility providers, increasing the prospect of them facilitating access to funding if required.

A maturity analysis of the company's remaining contractual maturities for its financial liabilities at 31 December 2024 is disclosed below. The amounts disclosed are the contractual undiscounted cash flows. Comparative information has not been presented as liquidity risk was not deemed to be material in the previous year.

Cosgrove & Drew Ltd

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

Principal financial instruments
The principal financial instruments used by the company, from which financial instrument risk arises, are as follows:
- Trade receivables
- Cash and cash equivalents
- Trade and other payables
- Bank overdrafts
- Floating-rate bank loans
- Fixed rate bank loans

Cosgrove & Drew Ltd

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

The analysis of the company's revenue for the year from continuing operations is as follows:

For the major projects revenue stream, this is recognised over time based on valuations of work completed in line with the original main contract. For the facilities management revenue stream, both those with and without a framework agreement, revenue is recognised at a point in time as the service is undertaken, i.e. the sales invoice is raised as soon as possible after the service is completed.

Segment information

The company considers its business activities fall into the following operating segments:

Major Projects - Provision of designated sub-contractor works on a specific element of an infrastructure project.

Facilities Management - Small works including planned visits for maintenance and service works.

Factors that management used to identify the Company's reportable segments

The company's reportable segments are strategic business units that offer different services. They are managed separately because each business unit requires different management skills and engineering capability, along with different reporting and accounting responsibilities.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the Directors.

Measurement of operating segment profit or loss, assets and liabilities

The company evaluates segmental performance on the basis of profit or loss from operations calculated in accordance with IFRS.

Segment assets have not been disclosed as they are not regularly provided to the chief operating decision-maker.

Disaggregated information relating to the profit or loss for each segment is provided below.

All revenue is generated from sales in the United Kingdom.