REGISTERED NUMBER: 09742928 (England and Wales)

MGBC LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

15

DIRECTORS:

S McGuinness

D McGuinness

K M McGuinness

REGISTERED OFFICE:

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

BUSINESS ADDRESS:

4 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

REGISTERED NUMBER:

09742928 (England and Wales)

AUDITORS:

Miller & Co

Statutory Auditor

Chartered Accountants

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

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

REVIEW OF BUSINESS

Turnover has increased by 41.4% in the year to £21.4 million. The gross margin achieved in the year fell from 28.2% to 21.96%, mainly due to rising material costs.

The final results show a profit before tax of £3,678,759 for the year, compared to a profit of £3,176,684 in the previous period. At the balance sheet date the net assets of the company had increased by 37.6% to £8,647,049 due to profits earned throughout the year.

The company maintains a strong liquidity balance and the management do not have any particular concerns over any uncertainties that could face the company within the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

The cost of living crisis is still causing cost increases to businesses worldwide. However, the directors consider that the business is in a good position to face these challenges, benefitting from good relations with customers and suppliers, together with strong liquidity in the form of cash reserves.

The company's credit risk is primarily attributed to its trade debtors and continues to be managed by operating strict credit checks on new customers and closely monitoring the credit limits of existing customers by reference to current financial information.

FINANCIAL KEY PERFORMANCE INDICATORS

The company had total comprehensive income for the year ended 31 December 2024 of £2,783,076 (2023: £3,624,073) and has a strong net asset position of £8,647,049 (2023: £6,284,553).

ON BEHALF OF THE BOARD:

K M McGuinness - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of building and development contractors.

DIVIDENDS

Interim dividends totalling £348,876 were paid throughout the year.

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £348,876.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S McGuinness

D McGuinness

K M McGuinness

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Miller & Co, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K M McGuinness - Director

30 September 2025

Opinion

We have audited the financial statements of MGBC Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other matters

The financial statements of the Company for the period ended 31 December 2023 were not audited and therefore the comparative figures are unaudited.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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. This 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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;

- the results of our enquiries of management about their own identification and assessments of the risks of

irregularities;

- any matters we identified having obtained and reviewed the company's policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of

non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or

alleged fraud;

o the matters discussed among the audit engagement team regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, such as the Companies Act 2006.

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risk identified

Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures to assess compliance with provisions of relevant laws and

regulations described as having a direct effect on the financial statements;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate material

misstatement due to fraud;

- In addressing the risk of fraud through management override of controls, the testing of the appropriateness of

journal entries and other adjustments and evaluating the business rationale of any significant transactions that are

unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Stephen Healy (Senior Statutory Auditor)

for and on behalf of Miller & Co

Statutory Auditor

Chartered Accountants

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

30 September 2025

TURNOVER

4

21,437,145

15,159,887

Cost of sales

16,730,216

10,881,015

GROSS PROFIT

4,706,929

4,278,872

Administrative expenses

967,906

993,392

3,739,023

3,285,480

Other operating income

36,171

8,300

OPERATING PROFIT

6

3,775,194

3,293,780

Interest receivable and similar income

65,919

27,048

3,841,113

3,320,828

Gain/loss on revaluation of assets

(7,965

)

(54,628

)

3,833,148

3,266,200

Interest payable and similar expenses

7

154,389

89,516

PROFIT BEFORE TAXATION

3,678,759

3,176,684

Tax on profit

8

895,683

761,573

PROFIT FOR THE FINANCIAL YEAR

2,783,076

2,415,111

OTHER COMPREHENSIVE INCOME

Gain on revaluation of assets

-

1,611,949

Income tax relating to other comprehensive income

-

(402,987

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

1,208,962

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,783,076

3,624,073

FIXED ASSETS

Tangible assets

10

3,504,461

3,260,412

Investment property

11

4,293,000

1,520,000

7,797,461

4,780,412

CURRENT ASSETS

Debtors: amounts falling due within one year

12

4,254,687

2,301,191

Debtors: amounts falling due after more than one year

12

225,370

-

Cash at bank

4,583,218

3,058,486

9,063,275

5,359,677

CREDITORS

Amounts falling due within one year

13

5,532,710

2,222,598

NET CURRENT ASSETS

3,530,565

3,137,079

TOTAL ASSETS LESS CURRENT LIABILITIES

11,328,026

7,917,491

CREDITORS

Amounts falling due after more than one year

14

(2,007,986

)

(978,505

)

PROVISIONS FOR LIABILITIES

18

(672,991

)

(654,433

)

NET ASSETS

8,647,049

6,284,553

CAPITAL AND RESERVES

Called up, paid and allotted share capital

19

200

200

Revaluation reserve

20

1,208,962

1,208,962

Capital redemption reserve

20

3

3

Retained earnings

20

7,437,884

5,075,388

SHAREHOLDERS' FUNDS

8,647,049

6,284,553

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

K M McGuinness - Director

Called

up, paid

and

allotted

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 September 2022

203

2,982,256

-

-

2,982,459

Changes in equity

Issue of share capital

(3

)

-

-

-

(3

)

Dividends

-

(321,976

)

-

-

(321,976

)

Total comprehensive income

-

2,415,108

1,208,962

3

3,624,073

Balance at 31 December 2023

200

5,075,388

1,208,962

3

6,284,553

Changes in equity

Dividends

-

(348,876

)

-

-

(348,876

)

Total comprehensive income

-

2,783,076

-

-

2,783,076

Distribution re NPV

calculation

-

(71,704

)

-

-

(71,704

)

Balance at 31 December 2024

200

7,437,884

1,208,962

3

8,647,049

Cash flows from operating activities

Cash generated from operations

1

6,349,695

4,667,626

Interest paid

(130,110

)

(61,275

)

Interest element of hire purchase payments paid

(24,279

)

(28,241

)

Tax paid

(554,677

)

(837,865

)

Net cash from operating activities

5,640,629

3,740,245

Cash flows from investing activities

Purchase of tangible fixed assets

(1,027,395

)

(1,476,137

)

Purchase of investment property

(2,780,965

)

(1,574,628

)

Sale of tangible fixed assets

436,248

319,820

Interest received

65,919

27,048

Net cash from investing activities

(3,306,193

)

(2,703,897

)

Cash flows from financing activities

New loans in year

-

1,030,225

Loan repayments in year

(233,225

)

(112,702

)

Group loans in year

(170,147

)

-

Capital repayments in year

(55,525

)

(72,148

)

Amount introduced by directors

235

371

Share buyback

-

(3

)

Equity dividends paid

(348,876

)

(321,976

)

Net cash from financing activities

(807,538

)

523,767

Increase in cash and cash equivalents

1,526,898

1,560,115

Cash and cash equivalents at beginning of year

2

3,056,320

1,496,205

Cash and cash equivalents at end of year

2

4,583,218

3,056,320

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Profit before taxation

3,678,759

3,176,684

Depreciation charges

298,880

298,812

Loss on disposal of fixed assets

48,218

9,857

Loss on revaluation of fixed assets

7,965

54,628

Finance costs

154,389

89,516

Finance income

(65,919

)

(27,048

)

4,122,292

3,602,449

(Increase)/decrease in trade and other debtors

(1,935,013

)

560,880

Increase in trade and other creditors

4,162,416

504,297

Cash generated from operations

6,349,695

4,667,626

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,583,218

3,058,486

Bank overdrafts

-

(2,166

)

4,583,218

3,056,320

Period ended 31 December 2023

31.12.23

1.9.22

£

£

Cash and cash equivalents

3,058,486

1,508,390

Bank overdrafts

(2,166

)

(12,185

)

3,056,320

1,496,205

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

3,058,486

1,524,732

4,583,218

Bank overdrafts

(2,166

)

2,166

-

3,056,320

1,526,898

4,583,218

Debt

Finance leases

(522,673

)

55,525

(467,148

)

Debts falling due within 1 year

(202,382

)

5,334

(197,048

)

Debts falling due after 1 year

(808,474

)

227,890

(580,584

)

(1,533,529

)

288,749

(1,244,780

)

Total

1,522,791

1,815,647

3,338,438

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements cover the 12 month year ending 31 December 2024. The comparatives cover the 16 month period ending 31 December 2023 and are therefore not entirely comparable. The period end changed to align with other group companies.

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.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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 revision and future period, if the revision affects both current and future periods.

Revenue and profit recognition

The estimation techniques used for revenue and profit recognition in respect of construction contracts and services contracts require forecasts to be made of the outcome of long-term contracts which require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities and changes in costs.

These assessments include a degree of uncertainty and therefore, if the key judgements and estimates change unfavourably, then write down of construction contracts may be necessary.

Recoverable value of debtors

The recoverability of trade and other debtors is regularly reviewed in light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

Net present value calculation

Where loans are made/received that are interest free and not repayable on demand, the loan must initially be measured at the present value of the future payments, discounted at a market rate of interest for a similar debt instrument. The directors consider that the Bank of England base rate at the time of the financing transaction to be an appropriate rate of interest.

Turnover

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

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end 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.

The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by surveys of the work performed. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments, or other assets depending on their nature, and provided it is probable they will be recovered.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Freehold land and buildings are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in the fair value are recognised in the revaluation reserve.

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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties.

Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 the Statement of Comprehensive Income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

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 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.

4.

TURNOVER

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

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Construction sales

21,437,145

15,159,887

21,437,145

15,159,887

5.	EMPLOYEES AND DIRECTORS

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Wages and salaries

368,994

140,958

Social security costs

35,070

1,107

Other pension costs

2,359

47

406,423

142,112

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

Directors

3

3

Direct staff

5

2

Other staff

4

2

12

7

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Directors' remuneration

46,702

36,270