REGISTERED NUMBER: 10477165 (England and Wales)

FOR

Page

Company Information  

1

Strategic Report  

2

Report of the Directors  

3

Report of the Independent Auditors  

5

Income Statement  

9

Other Comprehensive Income  

10

Balance Sheet  

11

Statement of Changes in Equity  

12

Cash Flow Statement  

13

Notes to the Cash Flow Statement  

14

Notes to the Financial Statements

15

DIRECTORS:

S M Cuthbert

P J Durrans

S D Sharp

LJ Holden

A N Totham

S H Whitaker

J S Cuthbert

REGISTERED OFFICE:

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

REGISTERED NUMBER:

10477165 (England and Wales)

AUDITORS:

ma2 Limited

Chartered Accountants and Statutory Auditor

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

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

REVIEW OF BUSINESS

The Company delivered turnover of £21.9m (2023: £19.6m), representing growth of 12% year-on-year. Gross profit increased to £4.1m (2023: £2.9m), reflecting stronger activity levels and improved contract performance. Operating profit remained strong at £1.54m (2023: £1.64m), with profit before tax of £1.57m (2023: £1.66m).

Net assets stood at £2.8m (2023: £3.1m) after distribution of dividends totalling £1.45m during the year. Cash balances remained robust at £2.15m (2023: £2.02m), underlining the Company's continued ability to generate and maintain strong liquidity.

The directors are satisfied with the performance of the business in 2024, which built on the prior year's results and consolidated the Company's position as a competitive and reliable contractor within its sector.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in the construction sector, which can be subject to cyclical demand and fluctuations in market confidence. Inflationary pressures on subcontractor costs, materials and energy remain a key area of focus. These risks are managed through careful contract selection, active cost monitoring and maintaining close relationships with suppliers and customers.

Health and Safety continues to be a priority across all operations, with robust policies and training in place to safeguard employees and subcontractors. Staff recruitment and retention remain important, and the business has grown its workforce from 27 to 41 during the year, strengthening operational capacity.

The directors continue to monitor economic and political developments which may impact the construction industry, but consider the Company well placed to respond to challenges and opportunities in the coming year.

FINANCIAL KEY PERFORMANCE INDICATORS

Turnover increased by 12% to £21.9m, while gross profit rose to £4.1m, reflecting a margin of 18.7% compared with 14.7% in the prior year. Profit before tax of £1.57m represented a resilient outcome given the cost pressures in the sector.

Net assets closed the year at £2.8m (2023: £3.1m) after  dividend distributions, while cash resources strengthened to £2.15m. The Company continues to generate strong operating cash flows, with £1.87m generated from operations in the year (2023: £1.66m).

The directors remain satisfied with these results and believe the business is well positioned to continue delivering profitable growth and maintaining a strong balance sheet.

ON BEHALF OF THE BOARD:

P J Durrans - 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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,452,399 .

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 M Cuthbert

P J Durrans

S D Sharp

LJ Holden

A N Totham

Other changes in directors holding office are as follows:

S H Whitaker - appointed 19 February 2024

J S Cuthbert - appointed 2 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

AUDITORS

The auditors,  ma2 Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P J Durrans - Director

30 September 2025

Opinion

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 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 in respect of irregularities including fraud.Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations is as follows:

As part of an audit in accordance with ISA's, we exercise professional judgement and maintain professional scepticism throughout. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or,if such disclosures are inadequate, to modify our opinion.  Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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.

Other matter

The financial statements of Myriad Contracts Group Limited for the year ended 31 December 2023 were not audited. Accordingly, we do not express an opinion on the comparative figures included within these financial statements.

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.

Anthony Mills FCA (Senior Statutory Auditor)

for and on behalf of ma2 Limited

Chartered Accountants and Statutory Auditor

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

30 September 2025

TURNOVER

3

21,899,233

19,576,412

Cost of sales

17,797,476

16,699,165

GROSS PROFIT

4,101,757

2,877,247

Administrative expenses

2,578,950

1,240,297

1,522,807

1,636,950

Other operating income

13,399

1,520

OPERATING PROFIT

5

1,536,206

1,638,470

Interest receivable and similar income

31,216

17,158

PROFIT BEFORE TAXATION

1,567,422

1,655,628

Tax on profit

6

400,914

365,615

PROFIT FOR THE FINANCIAL YEAR

1,166,508

1,290,013

PROFIT FOR THE YEAR

1,166,508

1,290,013

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

1,166,508

1,290,013

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

1,214,012

1,128,837

1,214,012

1,128,837

CURRENT ASSETS

Stocks

10

90,129

76,607

Debtors

11

3,059,776

1,952,069

Prepayments and accrued income

26,876

24,030

Cash at bank and in hand

2,153,840

2,019,214

5,330,621

4,071,920

CREDITORS

Amounts falling due within one year

12

3,516,060

1,912,887

NET CURRENT ASSETS

1,814,561

2,159,033

TOTAL ASSETS LESS CURRENT

LIABILITIES

3,028,573

3,287,870

PROVISIONS FOR LIABILITIES

13

231,169

204,575

NET ASSETS

2,797,404

3,083,295

CAPITAL AND RESERVES

Called up share capital

14

3,400

99

Retained earnings

15

2,794,004

3,083,196

SHAREHOLDERS' FUNDS

2,797,404

3,083,295

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:

P J Durrans - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 January 2023

99

2,504,861

2,504,960

Changes in equity

Dividends

-

(711,678

)

(711,678

)

Total comprehensive income

-

1,290,013

1,290,013

Balance at 31 December 2023

99

3,083,196

3,083,295

Changes in equity

Issue of share capital

3,301

-

3,301

Dividends

-

(1,452,399

)

(1,452,399

)

Total comprehensive income

-

1,163,207

1,163,207

Balance at 31 December 2024

3,400

2,794,004

2,797,404

Cash flows from operating activities

Cash generated from operations

1

2,093,068

2,009,384

Tax paid

(221,980

)

(348,195

)

Net cash from operating activities

1,871,088

1,661,189

Cash flows from investing activities

Purchase of tangible fixed assets

(328,804

)

(900,679

)

Sale of tangible fixed assets

13,525

49,825

Interest received

31,216

17,158

Net cash from investing activities

(284,063

)

(833,696

)

Cash flows from financing activities

Equity dividends paid

(1,452,399

)

(711,678

)

Net cash from financing activities

(1,452,399

)

(711,678

)

Increase in cash and cash equivalents

134,626

115,815

Cash and cash equivalents at

beginning of year

2

2,019,214

1,903,399

Cash and cash equivalents at end of

year

2

2,153,840

2,019,214

1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£   

£   

Profit before taxation

1,567,422

1,655,628

Depreciation charges

240,707

175,020

Profit on disposal of fixed assets

(10,603

)

(4,516

)

Finance income

(31,216

)

(17,158

)

1,766,310

1,808,974

Increase in stocks

(13,522

)

(38,438

)

(Increase)/decrease in trade and other debtors

(1,110,553

)

533,146

Increase/(decrease) in trade and other creditors

1,450,833

(294,298

)

Cash generated from operations

2,093,068

2,009,384

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

2,153,840

2,019,214

Year ended 31 December 2023

31.12.23

1.1.23

£   

£   

Cash and cash equivalents

2,019,214

1,903,399

3.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£   

£   

£   

Net cash

Cash at bank and in hand

2,019,214

134,626

2,153,840

2,019,214

134,626

2,153,840

Total

2,019,214

134,626

2,153,840

1.

STATUTORY INFORMATION

Myriad Contracts Group 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.

Directors undertaking

Mr Cuthbert, Mr Durrans and Mr Sharp are all subject to a disqualification undertaking and have been given permission to act as directors of Myriad Contracts Group Limited subject to and upon following the conditions set out in a court order dated 26 February 2020.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.