REGISTERED NUMBER: 11344317 (England and Wales)

Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

SNM Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

14

DIRECTOR:

S N Muir

REGISTERED OFFICE:

Victoria Court

Rectory Lane

Guisborough

Cleveland

TS14 7GA

REGISTERED NUMBER:

11344317 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

SNM Holdings Limited is the parent company to a trading group, operating from its registered office as shown on the company information page. The company's subsidiary companies are as follows:

F.J. Booth Construction Limited

Shaun Muir Racing Limited

Shaun Muir Leisure Limited

SMR Unipessoal LDA

All of the above are registered in the United Kingdom with the exception of SMR Unipessoal LDA which is registered in Portugal.

The group's principal activities are that of:

- structural steelwork contractor primarily for the aerospace and power generation industries,

- property investment

- management of superbike racing teams

The company and group have operated at a lower level of activity than in the previous year and have achieved a turnover of £12.6m compared with £16.2m in 2023. This has resulted in a profit before tax in 2024 of £672,074 compared with a profit for 2023 of £1,078,295.

The lower turnover has resulted from reduced activity in the group's construction activities. The directors are optimistic that the order book and current levels of enquiry will result in a higher turnover in future years.

The company and group continue to successfully maintain a fully let portfolio of commercial property.

The group, through its subsidiary company Shaun Muir Racing Limited, manage the BMW factory team in the FIM Superbike World Championship. The major achievement in 2024 was the winning of the rider championship and being second in the manufacturer's championship. The team are enjoying a successful season to date in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The continued success of the company and group is partly dependent upon it being competitive in the construction sector that is very reliant upon a stable or growing economy. The company and group have a good record of securing new work, particularly in sectors where it has significant expertise and experience, however the markets continue to be very challenging.

Significant work is ongoing to secure new work, improve margins and control direct costs and overheads.

FINANCIAL KEY PERFORMANCE INDICATORS

The Board has established certain key performance indicators (KPI's) which are important in monitoring the groups performance. The principal KPI's are continued and sustainable turnover and guaranteed minimal margin. However, as has been previously stated, the continued growth and development of the company and the group is largely dependent on prevailing external factors, namely the volatile nature of the construction industry.

The company and group have operated at a lower level of activity than in the previous year and have achieved turnover of £12.6m compared with £16.2m in 2023.

FUTURE DEVELOPMENTS

Although the Construction Sector has been adversely affected by the economic slowdown in the areas of Aerospace and Power Generation in the last few years, there is continued demand and with it renewed optimism for the future.

This company and the group have specific skills and experience such that it has built a reputation for delivering in these specific markets and is well placed to continue during the current financial year and beyond.

The current order book extends to quarter 1 of 2026, with the company working hard to secure new work from the many opportunities to tender it is seeing during 2025 to date.

Having won the FIM world superbike rider championship in 2024, the team has continued its success in 2025 and strengthened its position in the manufacturer's championship for BMW. There will be continued investment in the team for the foreseeable future.

RESEARCH AND DEVELOPMENT ACTIVITIES

The group continues to invest heavily in research and development activities in the advancement in motor-cycle engine performance, weight reduction and aero-dynamics.

ON BEHALF OF THE BOARD:

S N Muir - Director

24 September 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £44.61 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £ 72,000 .

DIRECTOR

S N Muir held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S N Muir - Director

24 September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Dewing FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

26 September 2025

TURNOVER

3

12,598,338

16,206,206

Cost of sales

10,338,814

13,587,232

GROSS PROFIT

2,259,524

2,618,974

Administrative expenses

1,496,898

1,422,337

762,626

1,196,637

Other operating income

1,042

-

OPERATING PROFIT

5

763,668

1,196,637

Interest receivable and similar income

9,199

4,540

772,867

1,201,177

Interest payable and similar expenses

6

100,793

122,882

PROFIT BEFORE TAXATION

672,074

1,078,295

Tax on profit

7

10,313

138,477

PROFIT FOR THE FINANCIAL YEAR

661,761

939,818

Retained earnings at beginning of year as previously reported

2,200,496

2,038,414

Dividends

9

(72,000

)

(72,000

)

Prior year adjustment - corrections of material errors

-

(590,113

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

2,790,257

2,316,119

Profit attributable to:

Owners of the parent

666,815

870,039

Non-controlling interests

(5,054

)

69,779

661,761

939,818

FIXED ASSETS

Tangible assets

10

2,534,645

2,792,227

Investments

11

-

-

Investment property

12

750,000

1,200,000

3,284,645

3,992,227

CURRENT ASSETS

Stocks

13

236,520

167,226

Debtors

14

3,672,579

3,485,776

Cash at bank

93,299

231,356

4,002,398

3,884,358

CREDITORS

Amounts falling due within one year

15

3,772,531

4,716,465

NET CURRENT ASSETS/(LIABILITIES)

229,867

(832,107

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,514,512

3,160,120

CREDITORS

Amounts falling due after more than one year

16

(123,178

)

(376,910

)

PROVISIONS FOR LIABILITIES

20

(350,000

)

(331,637

)

NET ASSETS

3,041,334

2,451,573

CAPITAL AND RESERVES

Called up share capital

21

1,614

1,614

Non-distributable reserve

22

210,000

237,094

Retained earnings

22

2,822,405

2,200,496

SHAREHOLDERS' FUNDS

3,034,019

2,439,204

NON-CONTROLLING INTERESTS

23

7,315

12,369

TOTAL EQUITY

3,041,334

2,451,573

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

S N Muir - Director

FIXED ASSETS

Tangible assets

10

393,815

666,630

Investments

11

1,950

1,950

Investment property

12

1,700,000

2,150,000

2,095,765

2,818,580

CURRENT ASSETS

Debtors

14

2,563,414

1,350,707

Cash at bank

48,404

167,123

2,611,818

1,517,830

CREDITORS

Amounts falling due within one year

15

2,495,377

2,278,542

NET CURRENT ASSETS/(LIABILITIES)

116,441

(760,712

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,212,206

2,057,868

CREDITORS

Amounts falling due after more than one year

16

(110,054

)

(254,181

)

PROVISIONS FOR LIABILITIES

20

(169,000

)

(200,744

)

NET ASSETS

1,933,152

1,602,943

CAPITAL AND RESERVES

Called up share capital

21

1,614

1,614

Non-distributable reserve

210,000

237,094

Retained earnings

1,721,538

1,364,235

SHAREHOLDERS' FUNDS

1,933,152

1,602,943

Company's profit for the financial year

402,209

364,447

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

S N Muir - Director

Cash flows from operating activities

Cash generated from operations

1

280,790

794,517

Interest paid

(48,101

)

(78,723

)

Interest element of hire purchase payments paid

(52,692

)

(44,159

)

Tax paid

(2,174

)

(2,856

)

Taxation refund

128,843

-

Net cash from operating activities

306,666

668,779

Cash flows from investing activities

Purchase of tangible fixed assets

(351,785

)

(648,163

)

Sale of tangible fixed assets

364,648

17,999

Sale of investment property

450,000

-

Interest received

9,199

4,540

Net cash from investing activities

472,062

(625,624

)

Cash flows from financing activities

Loan repayments in year

(206,536

)

(115,731

)

Capital repayments in year

(239,605

)

(225,549

)

Amount withdrawn by directors

(334,620

)

(40,025

)

Equity dividends paid

(72,000

)

(72,000

)

Net cash from financing activities

(852,761

)

(453,305

)

Decrease in cash and cash equivalents

(74,033

)

(410,150

)

Cash and cash equivalents at beginning of year

2

(19,597

)

390,553

Cash and cash equivalents at end of year

2

(93,630

)

(19,597

)

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

2024

2023

£

£

Profit before taxation

672,074

1,078,295

Depreciation charges

373,411

310,352

Profit on disposal of fixed assets

(128,691

)

(15,059

)

Gain on revaluation of fixed assets

-

(61,125

)

Finance costs

100,793

122,882

Finance income

(9,199

)

(4,540

)

1,008,388

1,430,805

(Increase)/decrease in stocks

(69,294

)

41,824

Decrease in trade and other debtors

184,688

469,713

Decrease in trade and other creditors

(842,992

)

(1,147,825

)

Cash generated from operations

280,790

794,517

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

93,299

231,356

Bank overdrafts

(186,929

)

(250,953

)

(93,630

)

(19,597

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

231,356

502,766

Bank overdrafts

(250,953

)

(112,213

)

(19,597

)

390,553

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

231,356

(138,057

)

93,299

Bank overdrafts

(250,953

)

64,024

(186,929

)

(19,597

)

(74,033

)

(93,630

)

Debt

Finance leases

(499,496

)

239,605

(259,891

)

Debts falling due within 1 year

(119,775

)

112,766

(7,009

)

Debts falling due after 1 year

(93,770

)

93,770

-

(713,041

)

446,141

(266,900

)

Total

(732,638

)

372,108

(360,530

)

4.	MAJOR NON-CASH TRANSACTIONS

New hire purchase agreements with a total value at inception of £115,150 were entered into during the year.

1.	STATUTORY INFORMATION

SNM Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

General information and basis of preparing the financial statements

SNM Holdings Limited is the parent company to a trading group. The nature of the group's operations and its principal activities are set out in the Strategic Report on page 2.

The financial statements have been prepared in accordance with applicable accounting standards including FRS102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest pound.

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

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its subsidiary companies as if they form a single entity. Inter-company transactions and balances between group companies are therefore eliminated in full. The results of the subsidiaries are consolidated for the periods on which control passed and are accounted for under the purchase method.

As permitted by section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as part of these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the companies accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The judgement (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that has the most significant effect on the amounts recognised in the financial statements is the stage of completion of contracts and revenue recognition.

The company undertakes a number of long term construction contracts. Accounting for these contracts requires a number of assumptions and estimates to be made in relation to the stage of completion and expected outcome of the contract. Each contract has an expected value and is costed appropriately to give an expected margin. Any future changes to estimates of contract revenue or contract costs resulting in a change to the estimated loss or profit of the contract is regularly reviewed by management to ensure accurate reporting of revenue recognition.

Turnover

Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has been only partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Construction contracts

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

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

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to freehold property

-

6.67% on cost

Plant and machinery

-

33% on cost, 20% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance and 25% on cost

Computer equipment

-

25% on cost

Included within plant and machinery are certain speciality hospitality assets which are depreciated on a 15% reducing balance basis.

With the exception of freehold property, all tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Revaluation of tangible fixed assets

Freehold properties are shown at fair value. Revaluations are undertaken with sufficient regularity that it is deemed appropriate to not depreciate freehold properties.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Amounts recoverable on contracts

Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

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

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Debtors and creditors receivable/payable

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Construction contract turnover

7,678,048

11,789,181

Racing operations turnover

4,842,719

4,323,401

Rent receivable

77,571

93,624

12,598,338

16,206,206

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,120,474

3,558,227

Social security costs

208,727

357,512

Other pension costs

38,810

58,524

2,368,011

3,974,263

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

2024

2023

Directors

2

2

Management and administration

6

7

Technical and engineering staff

13

13

Site operatives

27

55

48

77

2024

2023

£

£

Directors' remuneration

110,000

110,000

Directors' pension contributions to money purchase schemes

2,484

2,484

The number of directors to whom retirement benefits are accruing under money purchase schemes:

2

2

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

310,044

734,796

Depreciation - owned assets

195,737

204,507

Depreciation - assets on hire purchase contracts

177,673

105,843

Profit on disposal of fixed assets

(128,691

)

(15,059

)

Auditors remuneration

10,000

10,000

Remuneration for the audit of

accounts of subsidiaries

22,399

21,000

Foreign exchange differences

76,025

(5,108

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

10,121

6,646

Bank loan interest

25,637

31,030

Interest on overdue tax

12,343

41,047

Hire purchase

52,692

44,159

100,793

122,882