Company registration number 2801429 (England and Wales)
GARIFF CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GARIFF CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
G S Chew
D Langshaw
D Haworth
S Doran
Secretary
D M Langshaw
Company number
2801429
Registered office
Village House
Eleventh Street
Trafford Park
Manchester
United Kingdom
M17 1JF
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
GARIFF CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
GARIFF CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the Business

The principal activity of the company continued to be joinery and fit out contracts.

The company has enjoyed positive operating results for the year to 31 March 2025.

Contracts completed in the current period have performed very well due to efficient execution and delivery to program.

The company continues to focus on its core specialism of bespoke, high end joinery fitout packages for a diverse range of clients. Profitability has been assisted by the increase in locally based projects which reduces the logistical costs and helps to keep the company's carbon footprint to a minimum.

The company enjoys a high level of colleague retention and this in turn contributes to an efficient, dedicated and co-ordinated team culture.

Results and performance

The results for the year are set out on pages 8 and 9.

The period has seen an increase in Gross Profit margin;

2025: 20.28% £2,425,876

2024: 15.37% £2,680,219

2023: 17.61% £1,392,899

2022: 2.79% £322,621

The pre-tax profit for the period is £282,961 (2024: profit £998,239). The directors recognise the conditions in the current operating environment, how this has had an impact on the periods performance and are satisfied with the performance achieved.

Business environment and strategy

The market places in which the company operates are highly competitive. The company strives to protect its market positions by creating value for its customers through product quality, delivery service and innovation.

The business is trading successfully in its established specialisms and enjoys repeat business with numerous blue chip clients. The business continues to pursue a policy of quality work at acceptable margins rather than volume at any price.

The company has experienced a decline in turnover due to delays on a couple of large projects. However, in the current year to date, as at 31 August, the company has exceeded the turnover for the full year end 31 March 2025. It is anticipated that 2026 turnover and profit will match or exceed that of 2024.

GARIFF CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The key performance indicators are as follows:

- Operating profit - decrease of 71.67% (2024 - increase of 43.62%)

- Shareholder funds - increase of 3.01% (2024 - increase of 59.56%)

- Sales per employee - decrease of 26,15% (2024 - increase of 144.23%)

- Profit after tax - decrease of 71.32% (2024 - increase of 29.81%)

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks, which have been considered by the directors.

The company has an unprecedented level of secured work for year to 31 March 2026 due to successful tenders.

As such the directors are optimistic that the Gariff proposition of quality work at sensible prices remains a much sought after service in scarce supply.

On behalf of the board

D Langshaw
Director
15 October 2025
GARIFF CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G S Chew
D Langshaw
D Haworth
N Hampson
(Resigned 31 July 2025)
S Doran
Results and dividends

The results for the year are set out on pages 8 and 9.

Ordinary dividends were paid amounting to £160,000. The directors do not recommend payment of a final dividend.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

In carrying out their duties in respect of going concern, the directors have carried out a review of the Company's financial position and cash flow forecast for a period of 12 months from the date of approval of these financial statements.

The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.

To ensure the continuation of the Company the directors regularly review the cash flows of the Company both in the short and medium term, have a thorough approach to managing the working capital and hold regular reviews, which includes an assessment of any bad debt risk or work in progress impairment concerns. This is supported by regular monitoring of key performance indicators.

The Company’s ability to continue as a going concern depends on the it being able to respond to market trends and to capture new business opportunities arising in the market. The business continues to evolve in response to customers’ needs with a strong pipeline of secured work and are cautiously optimistic for the next 12 months.

On behalf of the board
D Langshaw
Director
15 October 2025
GARIFF CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible 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 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.

GARIFF CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GARIFF CONSTRUCTION LIMITED
- 5 -
Opinion

We have audited the financial statements of Gariff Construction Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 March 2025 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's 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.

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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GARIFF CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GARIFF CONSTRUCTION LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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 directors' r esponsibilities s tatement, 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's 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.

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

GARIFF CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GARIFF CONSTRUCTION LIMITED
- 7 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 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.

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.

Jonathan Ward
Senior Statutory Auditor
For and on behalf of Azets Audit Services
16 October 2025
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
GARIFF CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
11,961,526
17,443,642
Cost of sales
(9,535,650)
(14,763,423)
Gross profit
2,425,876
2,680,219
Administrative expenses
(2,141,872)
(1,677,726)
Operating profit
4
284,004
1,002,493
Interest receivable and similar income
8
15,297
4,808
Interest payable and similar expenses
9
(16,340)
(19,062)
Profit before taxation
282,961
988,239
Tax on profit
10
(71,681)
(251,468)
Profit for the financial year
211,280
736,771

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GARIFF CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
143,420
79,758
Current assets
Stocks
13
79,262
20,800
Debtors
14
3,632,137
5,236,187
Cash at bank and in hand
1,481,653
911,601
5,193,052
6,168,588
Creditors: amounts falling due within one year
15
(3,559,437)
(4,387,906)
Net current assets
1,633,615
1,780,682
Total assets less current liabilities
1,777,035
1,860,440
Creditors: amounts falling due after more than one year
16
-
0
(151,250)
Provisions for liabilities
Deferred tax liability
19,822
3,257
(19,822)
(3,257)
Net assets
1,757,213
1,705,933
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
1,757,212
1,705,932
Total equity
1,757,213
1,705,933
The financial statements were approved by the board of directors and authorised for issue on 15 October 2025 and are signed on its behalf by:
D Langshaw
Director
Company Registration No. 2801429
GARIFF CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1
1,069,161
1,069,162
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
736,771
736,771
Dividends
11
-
(100,000)
(100,000)
Balance at 31 March 2024
1
1,705,932
1,705,933
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
211,280
211,280
Dividends
11
-
(160,000)
(160,000)
Balance at 31 March 2025
1
1,757,212
1,757,213
GARIFF CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,064,909
530,978
Interest paid
(16,340)
(19,062)
Income taxes (paid)/refunded
(243,666)
33,055
Net cash inflow from operating activities
804,903
544,971
Investing activities
Purchase of tangible fixed assets
(90,148)
(85,203)
Interest received
15,297
4,808
Net cash used in investing activities
(74,851)
(80,395)
Financing activities
Dividends paid
(160,000)
(100,000)
Net cash used in financing activities
(160,000)
(100,000)
Net increase in cash and cash equivalents
570,052
364,576
Cash and cash equivalents at beginning of year
911,601
547,025
Cash and cash equivalents at end of year
1,481,653
911,601
GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Gariff Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Village House, Eleventh Street, Trafford Park, Manchester, United Kingdom, M17 1JF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In carrying out their duties in respect of going concern, the directors have carried out a review of the Company's financial position and the Company's order book of future projects and their margins.true

To ensure the continuation of the Company the directors regularly review the cash flows of the Company both in the short and medium term, have a thorough approach to managing the working capital and hold regular reviews, which includes an assessment of any bad debt risk or work in progress impairment concerns. This is supported by regular monitoring of key performance indicators.

The Company’s ability to continue as a going concern depends on the it being able to respond to market trends and to capture new business opportunities arising in the market. The business continues to evolve in response to customers’ needs.

1.3
Turnover

Profit is recognised at the fair value of the consideration received for installation and completion work for fit out and joinery projects. This is measured reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable and is shown net of VAT and other sales related taxes. Where the outcome of the contract cannot be established with reasonable certainty no profit is recognised. Foreseeable losses are provided for to the extent they are anticipated.

Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% - 33% straight line
Motor vehicles
25% straight line
GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -

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

1.5
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks which comprise of work in progress, are stated at the lower of cost and estimated selling price less costs to complete. Cost comprises direct materials and, where applicable, direct labour costs and relevant overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress the estimated project revenue is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Amounts recoverable on contracts

Management make an estimate of the level of completion of a contract and make a provision of the recoverable element of that contract. This is calculated on a percentage completion basis and takes into consideration surveyor values.

3
Turnover and other revenue

£
£
Turnover analysed by geographical market
UK
11,961,525
17,443,642

Turnover is generated from one class of business.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,000
9,500
Depreciation of owned tangible fixed assets
26,485
11,330
Direct costs
7,957,133
13,013,384
Operating lease charges
42,500
39,270
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
9,500
GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
29
36
Administration
11
10
Management
12
10
Total
52
56

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,561,489
2,426,472
Social security costs
290,920
251,999
Pension costs
133,191
129,703
2,985,600
2,808,174
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
602,300
375,028
Company pension contributions to defined contribution schemes
37,348
37,929
639,648
412,957
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
297,042
86,901
Company pension contributions to defined contribution schemes
-
4,145
297,042
91,046
GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
15,297
2,550
Other interest income
-
0
2,258
Total income
15,297
4,808
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,297
2,550
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
16,340
19,062
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
55,116
243,666
Deferred tax
Origination and reversal of timing differences
16,565
7,802
Total tax charge
71,681
251,468
GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
282,961
988,239
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
70,740
247,060
Tax effect of expenses that are not deductible in determining taxable profit
940
4,407
Provisions tax adjustment
1,711
(1,899)
Deferred tax
16,565
7,802
Fixed asset depreciation
6,622
2,833
Capital items expensed
1,675
209
Capital allowances
(26,572)
(8,944)
Taxation charge for the year
71,681
251,468
11
Dividends
2025
2024
£
£
Dividends paid
160,000
100,000
12
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
98,798
85,203
184,001
Additions
30,148
60,000
90,148
At 31 March 2025
128,946
145,203
274,149
Depreciation and impairment
At 1 April 2024
96,036
8,207
104,243
Depreciation charged in the year
8,445
18,041
26,486
At 31 March 2025
104,481
26,248
130,729
Carrying amount
At 31 March 2025
24,465
118,955
143,420
At 31 March 2024
2,762
76,996
79,758
GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
13
Stocks
2025
2024
£
£
Work in progress
79,262
20,800
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,683,389
1,745,166
Gross amounts due from contract customers
724,711
3,027,078
Other debtors
-
0
244,431
Prepayments and accrued income
224,037
219,512
3,632,137
5,236,187

Debtors in relation to retentions had a balance of £26,561 due in more than one year (2024 : £153,172).

15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,126,948
3,003,509
Corporation tax
55,116
243,666
Other taxation and social security
275,808
85,010
Other creditors
20,113
274,926
Accruals and deferred income
1,081,452
780,795
3,559,437
4,387,906
16
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
151,250
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
133,191
129,703

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
18
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
51,170
49,889
Between two and five years
122,047
148,750
173,217
198,639
20
Related party transactions

During the year there were transactions with Gariff Joinery Limited, a company of which Mr G Chew is a director and shareholder.

Sales recharges were raised totalling £669,772 (2024: £794,812 ) and amounts receivable were £Nil (2024: £419,656). Purchases incurred were £3,126,461 (2024: £5,486,728) and amounts payable were £714,769 (2024: £1,456,516).

During the year there were transactions with Gariff Solid Surfaces Limited, a company that is associated with Gariff Construction Limited.

Sales recharges raised were raised totalling £26,664 (2024: £33,979) and amounts receivable were £Nil (2024: £43,818). Purchases incurred were £751,388 (2024: £908,052) and amounts payable were £ 285,491 (2024: £257,051).

During the year rent (prior to inter company recharges) was paid to the Gariff Construction Pension Fund of £250,000 (2024: £277,000) and amounts payable were £75,000 (2024: £281,250), this included £Nil (2024: £151,250) due over 1 year. Interest of £16,339 (2024: £5,077) was paid to the Gariff Construction Pension Fund in the year. Gariff Construction Pension Fund is the pension fund of a director of Gariff Construction Limited.

All transactions are conducted at arm's length.

21
Directors' transactions

Dividends totalling £160,000 were paid in the year in respect of shares held by the company's directors.

GARIFF CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
22
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
211,280
736,771
Adjustments for:
Taxation charged
71,681
251,468
Finance costs
16,340
19,062
Investment income
(15,297)
(4,808)
Depreciation and impairment of tangible fixed assets
26,486
11,330
Movements in working capital:
(Increase)/decrease in stocks
(58,462)
110,002
Decrease/(increase) in debtors
1,604,050
(1,794,495)
(Decrease)/increase in creditors
(791,169)
1,201,648
Cash generated from operations
1,064,909
530,978
23
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
911,601
570,052
1,481,653
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