REGISTERED NUMBER: 10734827 (England and Wales)

2097 HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

8

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

to

27

DIRECTORS:

L C Barrass

S Marsland

R A Mycroft

S J Wall

H R Stockdale

REGISTERED OFFICE:

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

BUSINESS ADDRESS:

c/o Acorn Partitions & Storage

Systems Ltd

Kingsley Road

Lincoln

Lincolnshire

LN6 3TA

REGISTERED NUMBER:

10734827 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tara Bellamy FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

BANKERS:

HSBC Bank Plc

221 High Street

Lincoln

Lincolnshire

LN1 1TS

The directors present their strategic report of the company and the group for the year ended 31 January 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements.

2025

2024

£

£

Turnover

23,793

18,500

Cost of sales

19,133

14,210

Gross Profit

4,840

4,290

Gross profit margin %

20.34

21.19

Profit on ordinary activities before taxation

1,513

1,513

% of profit on ordinary activities before taxation

6.36

8.18

In the year to 31 January 2025 the group traded well achieving another very good financial result. We have continued to focus on our relationship with a number of key customers and won multiple projects from financially strong customers.

The Directors are pleased that the strategic decisions taken, identifying and selecting the right work for our expertise, resulting not only in a good financial result but also in excellent quality work being delivered and high customer satisfaction.

The Directors have continued to invest in recruiting new employees both experienced team members with a proven track record in the industry and also apprentices and trainees to ensure the longevity of the company in to the future.

Our business strategy is to continue to maintain our high standards of service in the sectors and project types we are experienced in whilst keeping overheads at a manageable level.

RISK MANAGEMENT

Executing the group's strategy and managing routine activity involves the management of a number of risks. The key business risks and uncertainties affecting the company are considered to be:

- the potential for key clients to reduce investment in fit-out and refit projects depending upon the economic state of their respective market sectors, and

- credit risk with respect to defaults by customers on amounts owed

- risk of financial failure of subcontractors appointed to undertake work on the group's behalf

The directors are managing these risks on an ongoing basis and appropriate processes are put in place to monitor and mitigate them. These include:-

Credit risk

The group seeks to manage its credit risk by dealing with established customers or otherwise checking the credit worthiness of new customers and taking up front deposits where there is deemed to be a higher risk, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.

Customer risk

The group has spread the number of customers and sectors it services to mitigate the risk of exposure to the downfall in any individual sector.

Supply Chain risk

The group has continued to expand the number of suppliers and subcontractors it uses. The company checks the financial standing for all key trade subcontractors prior to appointment and establishes clear contractual relationships with such subcontractors.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Longer term requirements are covered by the high levels of cash deposits.

Forward Business Review

Since the year-end, the group has successfully completed a management buyout (MBO) involving members of the existing board of directors. This transaction was made possible by the group's strong financial and operational foundation, ensuring continuity of the business. All operational directors have remained actively involved in the group, enabling a smooth and seamless transition. As a result, there has been no disruption to day-to-day operations for customers and employees.

The Directors are optimistic about the forthcoming year, with a strong workload of secured orders and a healthy pipeline with a wide range of opportunities from a diverse customer base.

The Directors are continuing to focus on expanding our supply chain and ensuring we are communicating with our customers and suppliers to have sufficient lead time to minimise potential disruptions.

The Directors wish to thank our customers for trusting in us to deliver their important investment projects to a high standard. We also thank our employees for their hard work and commitment, and thank our suppliers for their continued support.

ON BEHALF OF THE BOARD:

L C Barrass - Director

16 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of interior fit out specialists.

DIVIDENDS

Interim dividends per share on the Ordinary £1 shares were paid as follows:

£5

- 10 April 2024

£5

The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Deferred £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 January 2025 will be £ 487,500 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

L C Barrass

S Marsland

Other changes in directors holding office are as follows:

R A Mycroft , S J Wall and H R Stockdale were appointed as directors after 31 January 2025 but prior to the date of this report.

D P Crookes ceased to be a director after 31 January 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

The donation costs totalled £6,226 (2024: £6,821) they are not political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

L C Barrass - Director

16 October 2025

Opinion

We have audited the financial statements of 2097 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 January 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of 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 four, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as depreciation of tangible fixed asset, calculations around amounts recoverable on contracts and accrued project costs, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified compliance with the Health and Safety regulations as most likely to have such an effect.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. We enquired with management and inspected health and safety reports from visits in the year. The group is accredited with a CHAS certification, which is primarily for the construction industry and allows the group to give customers additional assurance over the health and safety standards they follow. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Tara Bellamy FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

16 October 2025

TURNOVER

3

23,973,161

18,500,038

Cost of sales

19,132,646

14,209,732

GROSS PROFIT

4,840,515

4,290,306

Administrative expenses

3,386,658

2,786,655

1,453,857

1,503,651

Other operating income

4

11,863

9,688

1,465,720

1,513,339

Interest receivable and similar income

6

57,540

-

1,523,260

1,513,339

Interest payable and similar expenses

7

10,645

679

PROFIT BEFORE TAXATION

8

1,512,615

1,512,660

Tax on profit

9

467,102

436,963

PROFIT FOR THE FINANCIAL YEAR

1,045,513

1,075,697

Profit attributable to:

Owners of the parent

1,045,513

1,075,697

PROFIT FOR THE YEAR

1,045,513

1,075,697

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,045,513

1,075,697

Total comprehensive income attributable to:

Owners of the parent

1,045,513

1,075,697

FIXED ASSETS

Intangible assets

12

540,163

794,478

Tangible assets

13

406,877

421,566

Investments

14

33

33

947,073

1,216,077

CURRENT ASSETS

Stocks

15

71,070

166,471

Debtors

16

2,360,175

2,588,434

Cash at bank and in hand

4,733,844

2,999,345

7,165,089

5,754,250

CREDITORS

Amounts falling due within one year

17

4,293,787

3,719,549

NET CURRENT ASSETS

2,871,302

2,034,701

TOTAL ASSETS LESS CURRENT LIABILITIES

3,818,375

3,250,778

PROVISIONS FOR LIABILITIES

20

69,520

69,836

NET ASSETS

3,748,855

3,180,942

CAPITAL AND RESERVES

Called up share capital

21

1,502,500

1,497,500

Share premium

22

7,350

2,450

Retained earnings

22

2,239,005

1,680,992

SHAREHOLDERS' FUNDS

3,748,855

3,180,942

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

L C Barrass - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

8,617,581

8,617,581

8,617,581

8,617,581

CURRENT ASSETS

Debtors

16

82,343

103,271

CREDITORS

Amounts falling due within one year

17

4,713,268

6,712,066

NET CURRENT LIABILITIES

(4,630,925

)

(6,608,795

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,986,656

2,008,786

CAPITAL AND RESERVES

Called up share capital

21

1,502,500

1,497,500

Share premium

22

7,350

2,450

Retained earnings

22

2,476,806

508,836

SHAREHOLDERS' FUNDS

3,986,656

2,008,786

Company's profit for the financial year

2,455,470

276,559

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

L C Barrass - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 February 2023

1,497,500

890,295

2,450

2,390,245

Changes in equity

Dividends

-

(285,000

)

-

(285,000

)

Total comprehensive income

-

1,075,697

-

1,075,697

Balance at 31 January 2024

1,497,500

1,680,992

2,450

3,180,942

Changes in equity

Issue of share capital

5,000

-

4,900

9,900

Dividends

-

(487,500

)

-

(487,500

)

Total comprehensive income

-

1,045,513

-

1,045,513

Balance at 31 January 2025

1,502,500

2,239,005

7,350

3,748,855

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 February 2023

1,497,500

517,277

2,450

2,017,227

Changes in equity

Dividends

-

(285,000

)

-

(285,000

)

Total comprehensive income

-

276,559

-

276,559

Balance at 31 January 2024

1,497,500

508,836

2,450

2,008,786

Changes in equity

Issue of share capital

5,000

-

4,900

9,900

Dividends

-

(487,500

)

-

(487,500

)

Total comprehensive income

-

2,455,470

-

2,455,470

Balance at 31 January 2025

1,502,500

2,476,806

7,350

3,986,656

Cash flows from operating activities

Cash generated from operations

1

2,654,632

2,983,486

Interest paid

(42

)

(679

)

Tax paid

(454,750

)

(373,239

)

Taxation refund

4,199

-

Net cash from operating activities

2,204,039

2,609,568

Cash flows from investing activities

Purchase of intangible fixed assets

(10,000

)

(6,720

)

Purchase of tangible fixed assets

(108,486

)

(133,163

)

Sale of tangible fixed assets

6,346

-

Interest received

57,540

-

Net cash from investing activities

(54,600

)

(139,883

)

Cash flows from financing activities

Amount introduced by directors

20,166

-

Amount withdrawn by directors

42,494

(251,250

)

Share issue

5,000

-

Share premium

4,900

-

Equity dividends paid

(487,500

)

(7,500

)

Net cash from financing activities

(414,940

)

(258,750

)

Increase in cash and cash equivalents

1,734,499

2,210,935

Cash and cash equivalents at beginning of year

2

2,999,345

788,410

Cash and cash equivalents at end of year

2

4,733,844

2,999,345

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

2025

2024

£

£

Profit before taxation

1,512,615

1,512,660

Depreciation charges

118,707

81,518

Profit on disposal of fixed assets

(1,877

)

-

Amortisation of goodwill

264,315

262,761

Finance costs

10,645

679

Finance income

(57,540

)

-

1,846,865

1,857,618

Decrease/(increase) in stocks

95,401

(72,581

)

Decrease in trade and other debtors

167,849

1,102,207

Increase in trade and other creditors

544,517

96,242

Cash generated from operations

2,654,632

2,983,486

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 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

4,733,844

2,999,345

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

2,999,345

788,410

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank and in hand

2,999,345

1,734,499

4,733,844

2,999,345

1,734,499

4,733,844

Total

2,999,345

1,734,499

4,733,844

1.	STATUTORY INFORMATION

2097 Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

2.	ACCOUNTING POLICIES

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.

Basis of consolidation

The group financial statements consolidate the financial statements of 2097 Holdings Limited and its subsidiary undertaking drawn up to 31 January each year.

The subsidiary is consolidated from the date of acquisition, being the date on which the group obtains control, and continues to be consolidated until the date that such control ceases.

The financial statements of the subsidiary is prepared for the same reporting year as the parent company, using consistent accounting policies.

Intercompany balances and transactions, including unrealised profits arising from intragroup transactions, have been eliminated.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Income Statement in these financial statements.

Significant judgements and estimates

In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis and are covered within the accounting policies:

(i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and accounting policy note for the usual economic lives of each class of assets.

(ii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors and associated impairment provision.

(iii) The group makes an estimate for accrued project costs at the year end date, these estimates are determined based on a number of factors such as the stage completion of the projects, the expected margin on the projects and the historical performance of similar projects.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from interior fitting is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to completion of the interior work.

Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.

Interest receivable

Interest income is recognised using the effective interest method.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2017 and 2023 less impairment, is being amortised evenly over its estimated useful life of ten years.

Impairment

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance, 20% on cost and 10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants

The company receives government grants in respect of the contraction industry training. These grants are recognised at fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

Stocks

Work in progress are costs incurred to date on projects beyond the stage of completion at the year end date.