REGISTERED NUMBER: 09518283 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

EFT Construction Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Watts

S Meechan

REGISTERED OFFICE:

Cobden House

39a Cobden Road

Southport

Merseyside

PR9 7TR

REGISTERED NUMBER:

09518283 (England and Wales)

AUDITORS:

Haines Watts Liverpool Limited

Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

FIXED ASSETS

Tangible assets

4

249,188

396,008

CURRENT ASSETS

Stocks

5

625,691

521,951

Debtors

6

2,878,133

1,221,336

Cash at bank

195,620

304,596

3,699,444

2,047,883

CREDITORS

Amounts falling due within one year

7

3,495,161

1,694,342

NET CURRENT ASSETS

204,283

353,541

TOTAL ASSETS LESS CURRENT LIABILITIES

453,471

749,549

CREDITORS

Amounts falling due after more than one year

8

(104,834

)

(235,800

)

PROVISIONS FOR LIABILITIES

11

(30,647

)

(47,060

)

NET ASSETS

317,990

466,689

CAPITAL AND RESERVES

Called up share capital

1,719

1,719

Share premium

12

8,483

8,483

Retained earnings

12

307,788

456,487

SHAREHOLDERS' FUNDS

317,990

466,689

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2025 and were signed on its behalf by:

A Watts - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, the amount of revenue can be measured reliably and it is probable that economic benefits will flow to the entity.

Revenue from rendering services is measured using the completion method. Stage of completion is determined by reviewing the proportion that costs incurred for work performed to date bear to the estimated total costs. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayment.

Tangible fixed assets

Items over a value of £500 are capitalised. Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. 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.

Plant and machinery

- 25% reducing balance

Fixtures and fittings

- 15%, 25% and 33% reducing balance

Motor vehicles

- 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Revenue from rendering services is measured using the completion method. Stage of completion is determined by reviewing the proportion that costs incurred for work performed to date bear to the estimated total costs. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayment.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial instruments" and Section 12 "Other Financial Issues" of FRS 102 to all of it's financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Recognition of financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

4,219

45,432

594,059

643,710

Additions

2,800

9,631

-

12,431

Disposals

-

-

(172,620

)

(172,620

)

At 31 December 2024

7,019

55,063

421,439

483,521

DEPRECIATION

At 1 January 2024

757

19,341

227,604

247,702

Charge for year

866

9,245

75,853

85,964

Eliminated on disposal

-

-

(99,333

)

(99,333

)

At 31 December 2024

1,623

28,586

204,124

234,333

NET BOOK VALUE

At 31 December 2024

5,396

26,477

217,315

249,188

At 31 December 2023

3,462

26,091

366,455

396,008

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

541,429

Disposals

(161,682

)

At 31 December 2024

379,747

DEPRECIATION

At 1 January 2024

201,963

Charge for year

69,346

Eliminated on disposal

(90,526

)

At 31 December 2024

180,783

NET BOOK VALUE

At 31 December 2024

198,964

At 31 December 2023

339,466

5.

STOCKS

31.12.24

31.12.23

£

£

Work-in-progress

625,691

521,951

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

1,833,426

586,603

Amounts owed by group undertakings

180,602

278,225

Other debtors

864,105

356,508

2,878,133

1,221,336

Amounts owed by group undertakings are interest free and due on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

67,930

91,700

Trade creditors

1,286,193

584,846

Amounts owed to group undertakings

273,007

167,703

Taxation and social security

622,408

211,904

Other creditors

1,245,623

638,189

3,495,161

1,694,342

Amounts owed to group undertakings are interest free and due on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

104,834

235,800

9.	SECURED DEBTS

Bank borrowings are secured by a debenture including a First Fixed Charge over all fixed assets now or in the future owned by the company and its interest in any such assets, as well as the benefit of all contracts, licences and warranties relating to them, all securities, all present and future goodwill, all debts now or in the future owing to it and the benefit of all instruments, guarantees, charges, pledges and other rights now or in the future available to it.

The debenture includes a First Floating Charge over all its present and future undertaking and assets of whatever type and wherever located.

The debenture contains covenants relating to land and other assets, such as requiring the assets to be maintained in good and substantial repair and condition, ensuring all covenants relating to lease agreements are performed and observed, and preventing the removal or disposal of any assets without prior written consent if to do so would have a material adverse effect of the value, saleability or use of the land.

This charge was created on 1st September 2020.

Assets held under hire purchase agreements were secured against the value of the assets under those agreements.

10.	FINANCIAL INSTRUMENTS

Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and amounts owed by group undertakings. Cash and cash equivalents comprise cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and amounts owed to group undertakings.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

30,647

47,060

Deferred tax

£

Balance at 1 January 2024

47,060

Movement in the year

(16,413

)

Balance at 31 December 2024

30,647

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2024

456,487

8,483

464,970

Profit for the year

250,371

250,371

Dividends

(399,070

)

(399,070

)

At 31 December 2024

307,788

8,483

316,271

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Forshaw FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Liverpool Limited

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid

Nominal

31.12.23

31.12.22

value:

£

£

1,715

Ordinary

£1

1,715

1,715

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

1

D Ordinary

£1

1

1

1,719

1,719

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

The company's 'A', 'B', 'C' and 'D' Ordinary shares, which carry no right to fixed income, have no rights to vote at the general meetings of the company.

On 1 April 2022 the company allotted 1 'D' Ordinary share with a nominal value of £1 which was issued at par.

15.	RELATED PARTY DISCLOSURES

Included in other debtors falling due within one year is an amount of £196,092 (2023: £9,451), due from A Watts and S Meechan being directors and shareholders of the company. Directors loan account balances are repayable on demand and attract no interest.

Included in other debtors falling due within one year is an amount of £56,103 (2023: £56,103), due from SMAW Property Investment Limited, a company controlled by A Watts and S Meechan. This loan is repayable on demand and attracts no interest.

The following related party amounts were outstanding in at the year end:

2024

2023

Debtors

EFT Systems Limited- Trade debtor

22,813

50,842

EFT Electrical- Trade debtor

44,322

35,768

EFT Group- Trade debtor

298,193

278,225

Creditors

EFT Systems Limited- Trade creditor

128,046

68,144

EFT Electrical- Trade creditor

212,096

186,170

EFT Group- Trade creditor

117,590

29,376

During the year EFT Systems Limited, EFT Group Limited, EFT Construction Limited and EFT Electrical Installations Limited traded the following amounts with each other:

2024

2023

Sales

281,533

1,177,853

Purchases

281,533

1,177,853

16.	ULTIMATE CONTROLLING PARTY

The Company's parent company is EFT Group Limited, registered in England and Wales, Cobden House, 39a Cobden Road, Southport, United Kingdom, PR9 7TR.The ultimate controlling party is Mr A Watts by virtue of his majority shareholding.

EFT Group Limited is the smallest and largest company for which consolidated accounts including EFT Construction Limited are prepared. The consolidated accounts of EFT Group Limited are available to the public from its registered office.