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Registration number: 06140891

EFAB Resourcing Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2024

EFAB Resourcing Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Profit and Loss Account | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 to 23

EFAB Resourcing Ltd

Company Information

Directors | S J Rafferty T Jung S Weir

Company secretary | S Murtagh

Registered office | Manby Road Immingham North East Lincolnshire DN40 2DW

Auditors | Forvis Mazars LLP 5th Floor 3 Wellington Place Leeds LS1 4AP

EFAB Resourcing Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their Strategic Report and audited financial statements for the year ended 31 December 2024.

Company strategy

The principal activity of the company is the provision of temporary and permanent recruitment services to other UK based Equans Group related companies.

The strategy for the business is to continue to specialise in this area, providing a complete, flexible and high quality service to our clients.

Review of the year

Turnover for the year of £11.5m has increased compared with the previous year of £10.4m, the increase in revenue was largely due to the increased labour demand from our parent company following an increase in turnover during the year. The gross margins continued to perform in line with expectation,decreasing slightly from 6.7% to 5.5%. The profit and loss account showed a profit before tax of £150,000 (2023: £199,000).

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2024 | 2023
Turnover | £000 | 11,450 | 10,356
Gross profit margin | % | 6 | 7
Net assets | £000 | 2,365 | 2,234

Principal risks and uncertainties

The directors consider the principal risks facing the business as follows:

Competitive and commercial risk

The main pressure facing the company is due to competition from other recruitment service firms. The directors mitigate this pressure by regular reviews of the market, management processes and procedures along with an assessment of the skills and skill gaps within the business to meet the increasing group demand in order to structure the company's cost base in line with market conditions.
EFAB Resourcing Ltd is continuing to evaluate the workforce requirements of the industry and requirements of it's sister companies to ensure it is aware of the potential labour shortages, identifying ways to mitigate these impacts, working with other labour agencies and local government to raise this issue. The company understands the industry is exposed to and looks outside of the UK to find resources when required. The directors will continue to monitor and evaluate the UK labour shortage, however they believe that this creates an inherent opportunity for EFAB Resourcing Ltd to start to further expand its offering outside of purely group resourcing.

Credit risk

The majority of the company's activity is with group companies and therefore the directors consider credit risk to be low. However, the directors continue to monitor this risk as the company increases its external client base.

EFAB Resourcing Ltd

Strategic Report for the Year Ended 31 December 2024 (continued)

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting the obligations arising from its financial liabilities. The company receives financing from its parent company who has confirmed that this financing will continue for the foreseeable future.

Going concern

The directors have considered the principal risks and uncertainties and believe the company has adequate resources to continue to operate for the foreseeable future and the directors consider it appropriate that the financial statements are prepared on a going concern basis.

Future developments

The business wants to continue to support its parent company and the wider Equans Group with both their temporary and permanent recruitment requirements.

Approved and authorised by the Board on 9 October 2025 and signed on its behalf by:

......................................... S J Rafferty Director

EFAB Resourcing Ltd

Directors' Report for the Year Ended 31 December 2024

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

Detailed information in respect of principal activities, future developments, review of the business performance, going concern, principal risks and uncertainties and KPIs can be found in the strategic report and form part of this report by cross-reference.

Directors of the company

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

E De Ribaucourt (resigned 31 January 2025)

S J Rafferty

M Dirckx (resigned 30 June 2025)

J Vandenbroucke (appointed 14 November 2024 and resigned 30 June 2025)

The following directors were appointed after the year end:

T Jung (appointed 1 July 2025)

S Weir (appointed 1 July 2025)

Results and dividends

The results for the year are set out on page 10. The profit and loss account showed a profit before tax of £150,000 (2023: £199,000) for the year and has been taken to reserves. No dividend was paid during the year (2023: nil). The directors do not propose to pay a dividend after the year end.

Financial risk management objectives and policies

The company's activites expose it to a number of financial risks, including credit risk and liquidity risk. Details of risk management objectives and policies are included in the strategic report.

Directors' liabilities

The company has made qualifying third party indemnity provisions for the benefits of its directors which were made during the year and remain in force at the date of this report.

Disclosure of information to the auditors

Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Reappointment of auditors

The auditors Forvis Mazars LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

EFAB Resourcing Ltd

Directors' Report for the Year Ended 31 December 2024 (continued)

Approved and authorised by the Board on 9 October 2025 and signed on its behalf by:

......................................... S J Rafferty Director

EFAB Resourcing Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

EFAB Resourcing Ltd

Independent Auditor's Report to the Members of EFAB Resourcing Ltd

Opinion

We have audited the financial statements of EFAB Resourcing Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, Statement of Changes in Equity, and 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 Auditor 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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.

EFAB Resourcing Ltd

Independent Auditor's Report to the Members of EFAB Resourcing Ltd (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 6, 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 is 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.

Auditor 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 an auditor’s report 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.

EFAB Resourcing Ltd

Independent Auditor's Report to the Members of EFAB Resourcing Ltd (continued)

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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, and the Bribery Act 2010.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• | Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

• | Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• | Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

• | Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as such as tax legislation, and the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions
Our audit procedures in relation to fraud included but were not limited to:

• | Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

• | Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• | Discussing amongst the engagement team the risks of fraud; and

• | Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

EFAB Resourcing Ltd

Independent Auditor's Report to the Members of EFAB Resourcing Ltd (continued)

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 an auditor’s report 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.

......................................
Shaun Mullins (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP, Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP

10 October 2025

EFAB Resourcing Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2024

| Note | 2024 £000 | 2023 £000
Turnover | 3 | 11,450 | 10,356
Cost of sales |  | (10,818) | (9,666)
Gross profit |  | 632 | 690
Administrative expenses |  | (485) | (440)
Operating profit | 4 | 147 | 250
Other interest receivable and similar income | 5 | 3 | -
Interest payable and similar expenses | 6 | - | (51)
Profit before tax |  | 150 | 199
Tax on profit | 9 | (19) | (64)
Profit for the financial year |  | 131 | 135
Total comprehensive income for the year |  | 131 | 135

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

EFAB Resourcing Ltd

(Registration number: 06140891)
Balance Sheet as at 31 December 2024

| Note | 2024 £000 | 2023 £000
Current assets |  |  |
Debtors | 11 | 3,717 | 3,004
Creditors: Amounts falling due within one year | 12 | (1,352) | (770)
Net assets |  | 2,365 | 2,234
Capital and reserves |  |  |
Retained earnings | 14 | 2,365 | 2,234
Shareholders' funds |  | 2,365 | 2,234

These financial statements were approved and authorised for issue by the Board on 9 October 2025 and signed on its behalf by:

.........................................

S J Rafferty
Director

EFAB Resourcing Ltd

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

| Share capital £000 | Retained earnings £000 | Total £000
At 1 January 2024 | - | 2,234 | 2,234
Profit for the year | - | 131 | 131
At 31 December 2024 | - | 2,365 | 2,365

| Share capital £000 | Retained earnings £000 | Total £000
At 1 January 2023 | - | 2,099 | 2,099
Profit for the year | - | 135 | 135
At 31 December 2023 | - | 2,234 | 2,234

EFAB Resourcing Ltd

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

1 | General information

EFAB Resourcing Ltd is a private company limited by shares, registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006.
The principal activity of the comapny is the provision of temporary and permanent recruitment services to other UK based Equans Group related companies.

These financial statements were authorised for issue by the Board on 9 October 2025.

2 | Accounting policies

Statutory information

EFAB Resourcing Ltd is a private company, limited by shares, domiciled in England and Wales, company number 06140891. The registered office is at Manby Road, Immingham, DN40 2DW.

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Summary of disclosure exemptions

EFAB Resourcing Ltd meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,12.29(a), 12.29(b) and 12.29A. This information is included in the consolidated financial statements of its ultimate parent Bouygues S.A. as at 31 December 2024 and these financial statements are publicly available at its headquarters of 8th arondissement of Paris, France.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and Directors' Report to the financial statements.
The Company's forecasts and projections, taking into account reasonable possible changes in trading performance show that the Company is expected to trade profitably for the forseeable future. The Company has sufficient resources to meet its obligations as they fall due for at least 12 months from the date of signing these financial statements.
As a consequence, the directors believe that the Company is well placed to manage its business risks successfully and has adequate resources to continue trading successfully for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing these financial
statements.

Judgements

The directors consider that there are no critical judgements or significant areas of estimation that have been made in the process of applying the company's accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover from 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 present value of consideration due. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 20-25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs). These are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Debt instruments that have no stated interest rate (and do not consititute a financing transaction) and are classfied as payable or receivable within one year are initially measured at an undiscounted amount of the case or other consideration expected to be paid or received, net of impairment.
Financial assets are assessed for indicators of impairment at each reporting date. They are impaired when necessary.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3 | Turnover

The analysis of the company's turnover for the year by market is as follows:

| 2024 £000 | 2023 £000
UK | 11,450 | 10,356

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

| 2024 £000 | 2023 £000
Rendering of services | 11,450 | 10,356

4 | Operating profit

Arrived at after charging/(crediting)

| 2024 £000 | 2023 £000
Depreciation expense | - | 2
Auditor's remuneration - The audit of the company's annual accounts | 48 | 14

5 | Other interest receivable and similar income

| 2024 £000 | 2023 £000
Other finance income | 3 | -

6 | Interest payable and similar expenses

| 2024 £000 | 2023 £000
Interest paid to group companies under treasury arrangements | - | 51

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £000 | 2023 £000
Wages and salaries | 1,393 | 959
Social security costs | 154 | 53
Pension costs, defined contribution scheme | 11 | 2
| 1,558 | 1,014

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Production | 24 | 15
Administration and support | 3 | 2
| 27 | 17

8 | Directors' remuneration

The directors of the company are remunerated by other Group companies, and their costs are incidental so it is not practical to recharge their costs to the company.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9 | Taxation

Tax charged/(credited) in the profit and loss account

| 2024 £000 | 2023 £000
Current taxation |  |
UK corporation tax | 35 | 64
UK corporation tax adjustment to prior periods | (16) | -
| 19 | 64
Deferred taxation |  |
Arising from origination and reversal of timing differences | 1 | -
Arising from changes in tax rates and laws | (1) | -
Total deferred taxation | - | -
Tax expense in the income statement | 19 | 64

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).
The differences are reconciled below:

| 2024 £000 | 2023 £000
Profit before tax | 150 | 199
Corporation tax at standard rate | 38 | 47
Decrease in UK and foreign current tax from adjustment for prior periods | (16) | -
Tax (decrease)/increase from other short-term timing differences | (2) | 17
Deferred tax credit from unrecognised temporary difference from a prior period | (1) | -
Total tax charge | 19 | 64

The Company is a wholly owned subsidiary of Bouygues S.A., which is incorporated in France, and is the ultimate parent undertaking. The Group is within the scope of the Organisation for Economic Co-Operation and Development (“OECD”) Pillar Two model rules. The Company has not recognised a charge or liability in relation to a potential exposure to Pillar Two top-up taxes by the Group.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10 | Tangible assets

| Fixtures and fittings £000 | Total £000
Cost
At 1 January 2024 | 27 | 27
At 31 December 2024 | 27 | 27
Depreciation
At 1 January 2024 | 27 | 27
At 31 December 2024 | 27 | 27
Carrying amount
At 31 December 2024 | - | -
At 31 December 2023 | - | -

11 | Debtors

| 2024 £000 | 2023 £000
Trade debtors | 519 | 41
Amounts owed by group undertakings | 3,182 | 2,714
Prepayments | 12 | 246
Deferred tax assets | 4 | 3
| 3,717 | 3,004

The amounts owed by the group undertakings and parent company are unsecured, interest free and are repayable on demand.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

12 | Creditors

| 2024 £000 | 2023 £000
Due within one year |  |
Trade creditors | 83 | 101
Owed to group undertakings | 391 | 435
Social security and other taxes | 323 | 166
Other payables | 40 | -
Accruals and deferred income | 515 | 68
| 1,352 | 770

Amounts owed to group undertakings include an interest bearing loan with Equans SA/NV. The cost of borrowings are linked to SONIA. The remaining amounts owed to the group undertakings are unsecured, interest free and are repayable on demand.

13 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary Share of £1 each | 1 | 1 | 1 | 1

14 | Reserves

Profit and loss account
This reserve represents the cumulative profits or losses, net of dividends and other adjustments.

EFAB Resourcing Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

15 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2024 £000 | 2023 £000
Not later than one year | 5 | 13
Later than one year and not later than five years | - | 8
| 5 | 21

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £Nil).

16 | Related party transactions

The company has taken advantage of the disclosure exemption provided in Section 33: Related Party Disclosures from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company, Bouygues S.A..
There were no other related party transactions.

17 | Parent and ultimate parent undertaking

The immediate parent company is EFAB Industrial Solutions Limited, a company incorporated in England and Wales, who owns 100% of the issued share capital of the company.
These financial statements are included in the consolidated financial statements of Bouygues S.A. for the year ended 31 December 2024, which are publically available from its headquarters of 8th arondissement of Paris, France.
The directors consider Bouygues S.A., a Company incorporated in France, to be the ultimate parent undertaking and ultimate controlling party of the entity.