FELIX O'HARE & COMPANY LIMITED 31/03/2025 iXBRL

Company registration number: NI001808

FELIX O'HARE & COMPANY LIMITED

Financial statements

31 March 2025

FELIX O'HARE & COMPANY LIMITED

Contents

Directors and other information

Strategic report

Directors' report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

FELIX O'HARE & COMPANY LIMITED

Directors and other information


Directors
	D Gill
	M Campbell
	C Quinn	(Appointed 10 December 2024)
	Gerard Brooks	(Appointed 6 April 2024)


Secretary	Roberta Truesdale


Company number	NI001808


Registered office	88 Chancellors Road
	Newry


Business address	88 Chancellors Road
	Newry


Auditor	Shriver Price & Co.
	49 Downshire Road
	Newry
	Co. Down
	BT34 1BA




	Bankers	AIB (NI)
		Hill Street
		Newry

FELIX O'HARE & COMPANY LIMITED

Strategic report

Year ended 31 March 2025

Principal activities

The principal activities of the company continued to be in the construction sector, focusing on general building, contracting and maintenance.

Business review and results

The past year has been one of significant progress and resilience, marked by strong operational performance in spite of a challenging economic environment. Our business model, which focuses on the principal activities has proven robust. Operating profit rose this year reflecting improved project margins and cost control. The directors regard the results as satisfactory.

Financial performance

The directors have determined that the following financial indicators are the most effective measures of progress towards achieving the company's objectives:

2025 2024

£000 £000

Turnover 66,160 64,782

Profit before taxation 2,181 627

Cash at bank and in hand 13,684 7,115

Principal risks and uncertainties

The construction industry is exposed to a number of inherent risks and uncertainties that could impact our business - namely economic risk, health and safety risk, supply chain risks and operational risks. We actively manage these risks through robust internal controls and strategic planning. The directors consider that they have taken appropriate decisions and that the company is well positioned and will be profitable over the next twelve months.

Future Developments

The company's strong performance is underpinned by a robust order book, with both tendered and negotiated work providing clear visibility for the next twelve months. We are confident in our ability to maintain a similar level of turnover in the coming year, driven by our focus on securing high quality projects and strengthening client relationships. The directors have taken decisive actions to ensure the company remains competitive and successful. Our strategy is centred on enhancing our position within the construction industry by continuing to offer high quality construction services that meet evolving needs of our clients. Looking ahead we are focused on operational excellence, talent and skills and strategic partnerships to secure our long term growth and resilience.

Statement by the directors in performance of their statutory duties in accordance with s172(1)

The Board of Directors, in line with their duties under s172(1) (a-f) of the Companies Act 2006, act in a way they consider, in good faith, will be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions taken during the year ended 31 March 2025. Key decisions and matters that are of strategic importance to the company are appropriately informed by s172 factors. Through an open and regular dialogue on an ongoing basis with the company's key stakeholders, the Board maintains a clear understanding of their needs, assesses their perspective and monitors their impact on the company's strategic ambition, culture and their future plans.

As part of the Board's decision-making process, the Board considers the potential impact of decisions on relevant stakeholders, including its financiers and creditors, business partners and customers, whilst also having regard to several wider factors, including the impact of the company's operations on the community and environment. The directors seek to promote a culture of environmental sustainability within the business, through responsible business practices focused on an energy efficient approach.

Management policies seek to ensure that both the career development of employees and recruitment are determined solely on merit and aptitude regardless of age, sex, ethnic origin, religious belief or disability. Consultation with employees or their representatives has continued at, all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company as a whole.

This report was approved by the board of directors on 21 August 2025 and signed on behalf of the board by:

D Gill

Director

FELIX O'HARE & COMPANY LIMITED

Directors' report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:


D Gill
M Campbell
C Quinn				(Appointed 10 December 2024)
Gerard Brooks				(Appointed 6 April 2024)

Dividends

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Future developments

The company's strong performance is underpinned by a robust order book, with both tendered and negotiated work providing clear visibility for the next twelve months. We are confident in our ability to maintain a similar level of turnover in the coming year, driven by our focus on securing high quality projects and strengthening client relationships.

Greenhouse gas emissions and energy consumption

	Unit	2025	2024
Emissions resulting from activities for which the company is responsible	tCO2e	706	1,224
Emissions resulting from the purchase of electricity by the company
for its own use	tCO2e	40	64
		_______	_______
Total emissions	tCO2e	746	1,288
Total energy consumed	kWh	2,868,145	5,300,380
Tonnes CO2e per £1million turnover	TCO2e/£1m turnover	12.04	20.12
		_______	_______

Methodologies for energy and emissions calculations

The methodology followed to collate the data contained within this report aligns with the requirements of the GHG Corporate Standard Protocol. The raw data is extracted from utility bills and invoices. The carbon conversion factors have been obtained from the UK Government's annual conversion factor publication and relate to the correct year of data collection. The company's integration of bespoke ESG reporting software, Sustain IQ, across the business has streamlined our approach to sustainability, specifically data collection, reporting and certification. We accurately, and in real-time quantify and monitor head office and construction site impacts and sustainability performance including energy, fuel, water, low carbon materials, local sourcing and transport emissions. We use the software to benchmark our emissions on Sustain IQ by tCO2e/£M value of company turnover.

Principal measures taken to increase energy efficiency

The company adopts a policy-led approach to sustainable construction, guided by our Board of Directors and QEHS team. The principles set out in our Sustainable Construction and Sustainable Procurement policies are embedded into both our construction methodology and our day-to-day business operations. The company operates an Integrated Management System to ISO 14001:2015. To improve energy efficiency and reduce the company's carbon footprint, we have implemented a number of measures outlined below: The installation of Solar PV/EV Chargers at Head Office/joinery workshop; the requirement for environmental certifications from our supply chain during pre-qualification stage, including ISO 14001 and BES 6001; prioritising the use of locally sourced materials with verified life cycle assessments through Environmental Product Declarations (EPDs); the production of sustainability reports and case studies for completed projects and documenting of envionmental performance to drive continual improvement; the installation of LED lighting and other energy efficient equipment in head office, workshop and site offices; the deployment of battery energy storage systems on site to reduce diesel consumption from generators; the implementation of a Green Travel Policy to promote low-carbon commuting and business travel and the gradual upgrade the vehicle fleet to hybrid and electric vehicles as renewals become due.

Information not included

The company achieved Gold in the Northern Ireland Environmental Benchmarking Survey 2024 for commitment to environmental management and continuous performance improvement.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent;

- state whether applicable UK 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 21 August 2025 and signed on behalf of the board by:

D Gill

Director

FELIX O'HARE & COMPANY LIMITED

Independent auditor's report to the members of

FELIX O'HARE & COMPANY LIMITED

Year ended 31 March 2025

Opinion

We have audited the financial statements of Felix O'Hare & Company Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the 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' responsibilities statement, 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. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to data protection, UK tax legislation and health and safety, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates or significant judgements. Audit procedures performed by the engagement team included: - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Evaluating and, where appropriate, challenging assumptions and judgements made by management in making significant accounting estimates. There are inherent limitations in the audit procedures described above. We are less likely to become aware of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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 auditor’s report.

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 auditors 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.

Gary Price FCA (Senior Statutory Auditor)

For and on behalf of

Shriver Price & Co.

Chartered Accountants and Statutory Auditors

49 Downshire Road

Newry

Co. Down

BT34 1BA

21 August 2025

FELIX O'HARE & COMPANY LIMITED

Statement of comprehensive income

Year ended 31 March 2025

		2025	2024
	Note	£	£


Turnover	4	66,159,662	64,782,408
Cost of sales		( 61,347,955)	( 61,414,470)
		__________	__________
Gross profit		4,811,707	3,367,938

Administrative expenses		( 2,748,325)	( 2,788,382)
Other operating income	5	960	-
		__________	__________
Operating profit	6	2,064,342	579,556

Other interest receivable and similar income	9	116,967	47,678
		__________	__________
Profit before taxation		2,181,309	627,234

Tax on profit	10	( 553,918)	( 233,460)
		__________	__________
Profit for the financial year		1,627,391	393,774
		__________	__________
Foreign currency retranslation		( 42,586)	-
		__________	__________
Total comprehensive income for the year		1,584,805	393,774
		__________	__________

All the activities of the company are from continuing operations.

FELIX O'HARE & COMPANY LIMITED

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	12	3,645,038		3,523,777
Investments	13	189		89
		__________		__________
			3,645,227		3,523,866

Current assets
Stocks and work in progress	14	12,176,906		8,596,735
Debtors	15	1,904,542		3,274,903
Cash at bank and in hand		13,683,526		7,114,994
		__________		__________
		27,764,974		18,986,632
Creditors: amounts falling due
within one year	16	( 21,648,259)		( 14,274,816)
		__________		__________
Net current assets			6,116,715		4,711,816
			__________		__________
Total assets less current liabilities			9,761,942		8,235,682


Provisions for liabilities	17		( 651,202)		( 409,747)

			__________		__________
Net assets			9,110,740		7,825,935
			__________		__________

Capital and reserves
Called up share capital	20		4,892		4,892
Revaluation reserve			785,551		792,575
Capital redemption reserve			138,282		138,282
Foreign currency retranslation reserve			93,091		135,677
Profit and loss account			8,088,924		6,754,509
			__________		__________
Shareholders funds			9,110,740		7,825,935
			__________		__________

These financial statements were approved by the board of directors and authorised for issue on 21 August 2025 , and are signed on behalf of the board by:

D Gill M Campbell

Director Director

Company registration number: NI001808

FELIX O'HARE & COMPANY LIMITED

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Revaluation reserve	Capital redemption reserve	Foreign currency retranslation reserve	Profit and loss account	Total
	£	£	£	£	£	£


At 1 April 2023	3,718	799,599	138,282	135,677	6,473,711	7,550,987

Profit for the year					393,774	393,774
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account		( 7,024)			7,024	-
	_______	_______	_______	_______	_________	_________
Total comprehensive income for the year	-	( 7,024)	-	-	400,798	393,774

Issue of shares	1,174					1,174
Dividends paid and payable					( 120,000)	( 120,000)
	_______	_______	_______	_______	_________	_________
Total investments by and distributions to owners	1,174	-	-	-	( 120,000)	( 118,826)

	_______	_______	_______	_______	_________	_________
At 31 March 2024 and 1 April 2024	4,892	792,575	138,282	135,677	6,754,509	7,825,935

Profit for the year					1,627,391	1,627,391
Other comprehensive income for the year:
Foreign currency retranslation		-		( 42,586)	-	( 42,586)
Reclassification from revaluation reserve to profit and loss account		( 7,024)			7,024	-
	_______	_______	_______	_______	_________	_________
Total comprehensive income for the year	-	( 7,024)	-	( 42,586)	1,634,415	1,584,805

Dividends paid and payable					( 300,000)	( 300,000)
	_______	_______	_______	_______	_________	_________
Total investments by and distributions to owners	-	-	-	-	( 300,000)	( 300,000)

	_______	_______	_______	_______	_________	_________
At 31 March 2025	4,892	785,551	138,282	93,091	8,088,924	9,110,740
	_______	_______	_______	_______	_________	_________

FELIX O'HARE & COMPANY LIMITED

Statement of cash flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities
Profit for the financial year	1,627,391	393,774

Adjustments for:
Depreciation of tangible assets	141,470	147,811
Other interest receivable and similar income	( 116,967)	( 47,678)
Gain/(loss) on disposal of tangible assets	-	( 7,951)
Tax on profit	553,918	233,460
Accrued expenses/(income)	126,500	71,900
Foreign currency retranslation	(42,586)	-

Changes in:
Stocks	( 3,580,171)	( 1,247,498)
Trade and other debtors	1,370,361	( 1,641,844)
Trade and other creditors	6,935,943	2,204,870
	_________	_________
Cash generated from operations	7,015,859	106,844

Interest received	116,967	47,678
Tax paid	( 1,463)	12,199
	_________	_________
Net cash from operating activities	7,131,363	166,721
	_________	_________

Cash flows from investing activities
Purchase of tangible assets	( 262,731)	( 317,066)
Proceeds from sale of tangible assets	-	25,500
Acquisition of subsidiaries	( 100)	-
	_________	_________
Net cash used in investing activities	( 262,831)	( 291,566)
	_________	_________

Cash flows from financing activities
Proceeds from issue of ordinary shares	-	1,174
Equity dividends paid	( 300,000)	( 120,000)
	_________	_________
Net cash used in financing activities	( 300,000)	( 118,826)
	_________	_________

Net increase/(decrease) in cash and cash equivalents	6,568,532	( 243,671)
Cash and cash equivalents at beginning of year	7,114,994	7,358,665
	_________	_________
Cash and cash equivalents at end of year	13,683,526	7,114,994
	_________	_________

FELIX O'HARE & COMPANY LIMITED

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 88 Chancellors Road, Newry.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the entity's accounting policies

There are no critical judgements in applying the company's accounting policies.

(b) Critical accounting estimates and assumptions

Estimation of costs to complete and contract provisions

In order to determine the profit and loss that the company is able to recognise on its developments and construction contracts in a specific period, the company has to allocate total costs of the developments and construction contracts between the proportion completing in the period and the proportion to complete in a future period. The assessment of the total costs to be incurred and final contract value requires a degree of estimation, as does the assessment of a development's valuation. However, management has established internal controls to review and ensure the appropriateness of estimates made on an individual contract basis, including any necessary contract provisions.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Plant and machinery	-	12.5 %	straight line
Fittings, fixtures and equipment	-	20 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Cash and cash equivalents

Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.

4. Turnover

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	58,760,072	48,646,355
Ireland	7,399,590	16,136,053
	__________	__________
	66,159,662	64,782,408
	__________	__________

5. Other operating income

	2025	2024
	£	£
Rental income	960	-
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	141,470	147,811
(Gain)/loss on disposal of tangible assets	-	( 7,951)
Foreign exchange differences	( 11,566)	( 18,387)
Fees payable for the audit of the financial statements	9,000	7,500
	_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Administrative	22	22
Other	82	83
	_______	_______
	104	105
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	4,778,814	4,806,931
Social security costs	499,952	495,994
Other pension costs	565,257	457,047
	_________	_________
	5,844,023	5,759,972
	_________	_________

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	375,150	278,470
Company contributions to pension schemes in respect of qualifying services	144,167	105,673
	_______	_______
	519,317	384,143
	_______	_______

Remuneration of the highest paid directors in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	112,604	117,999
Company contributions to pension plans in respect of qualifying services	40,000	20,000
	_______	_______
	152,604	137,999
	_______	_______

9. Other interest receivable and similar income

	2025	2024
	£	£
Bank deposits	116,967	47,678
	_______	_______

10. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	276,183	-
Foreign current tax expense	36,280	1,463
	_______	_______
Total current tax	312,463	1,463
	_______	_______
Deferred tax:
Origination and reversal of timing differences	241,455	166,959
Impact of change in tax rate	-	65,038
	_______	_______
Total deferred tax	241,455	231,997
	_______	_______
Tax on profit	553,918	233,460
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	2,181,309	627,234
	_________	_______

Profit multiplied by rate of tax	545,327	156,809
Effect of expenses not deductible for tax purposes	8,591	10,150
Adjustments to tax in respect of foreign tax	-	1,463
Impact of change in tax rate	-	65,038
	_______	_______
Tax on profit	553,918	233,460
	_______	_______

11. Dividends

Equity dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	300,000	120,000
	_______	_______

12. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	3,183,401	1,297,089	16,742	679,123	5,176,355
Additions	4,780	181,191	-	76,760	262,731
Disposals	-	-	-	( 54,815)	( 54,815)
	_________	_________	_______	_______	_________
At 31 March 2025	3,188,181	1,478,280	16,742	701,068	5,384,271
	_________	_________	_______	_______	_________
Depreciation
At 1 April 2024	140,400	1,005,760	16,742	489,676	1,652,578
Charge for the year	15,600	69,476	-	56,394	141,470
Disposals	-	-	-	( 54,815)	( 54,815)
	_________	_________	_______	_______	_________
At 31 March 2025	156,000	1,075,236	16,742	491,255	1,739,233
	_________	_________	_______	_______	_________
Carrying amount
At 31 March 2025	3,032,181	403,044	-	209,813	3,645,038
	_________	_________	_______	_______	_________
At 31 March 2024	3,043,001	291,329	-	189,447	3,523,777
	_________	_________	_______	_______	_________

Included in the cost/valuation of land and buildings at 31 March 2025 is £2,408,181 attributable to land in respect of which no depreciation is provided.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold property	Total
	£	£
At 31 March 2025
Aggregate cost	481,111	481,111
Aggregate depreciation	(284,564)	(284,564)
	_______	_______
Carrying amount	196,547	196,547
	_______	_______

At 31 March 2024
Aggregate cost	476,331	476,331
Aggregate depreciation	(275,988)	(275,988)
	_______	_______
Carrying amount	200,343	200,343
	_______	_______

13. Investments

	Shares in group undertakings	Total
	£	£
Cost
At 1 April 2024	89	89
Additions	100	100
	_______	_______
At 31 March 2025	189	189
	_______	_______
Impairment
At 1 April 2024 and 31 March 2025	-	-
	_______	_______
Carrying amount
At 31 March 2025	189	189
	_______	_______
At 31 March 2024	89	89
	_______	_______

14. Stocks

	2025	2024
	£	£
Amounts due for ongoing contract work	12,161,433	8,583,283
Finished goods	15,473	13,452
	__________	__________
	12,176,906	8,596,735
	__________	__________

15. Debtors

	2025	2024
	£	£
Trade debtors	1,828,475	3,212,431
Called up share capital not paid	1,174	1,174
Prepayments and accrued income	1,000	43,489
Other debtors	73,893	17,809
	_________	_________
	1,904,542	3,274,903
	_________	_________

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	19,720,088	12,615,423
Accruals and deferred income	248,000	121,500
Corporation tax	312,463	1,463
Social security and other taxes	1,261,303	1,540,240
Other creditors	106,405	( 3,810)
	__________	__________
	21,648,259	14,274,816
	__________	__________

17. Provisions

	Deferred tax (note 18)	Total
	£	£
At 1 April 2024	409,747	409,747
Charges against provisions	36,753	36,753
Unused tax losses	204,702	204,702
	_______	_______
At 31 March 2025	651,202	651,202
	_______	_______

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 17)	651,202	409,747
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	133,747	96,994
Fair value adjustment of property	517,455	517,455
Unused tax losses	-	( 204,702)
	_______	_______
	651,202	409,747
	_______	_______

19. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 565,257 (2024: £ 457,047 ).

20. Called up share capital

Issued and called up

	2025		2024
	No	£	No	£
Ordinary A shares of £ 1.00 each	3,718	3,718	3,718	3,718
Ordinary B shares of £ 1.00 each	1,174	1,174	1,174	1,174
	_______	_______	_______	_______
	4,892	4,892	4,892	4,892
	_______	_______	_______	_______

Issued and fully paid

	2025		2024
	No	£	No	£
Ordinary A shares of £ 1.00 each	3,718	3,718	3,718	3,718
	_______	_______	_______	_______

Issued and partly paid

	2025		2024
	No	£	No	£
Ordinary B shares of £ 1.00 each - £ - paid	1,174	-	1,174	-
	_______	_______	_______	_______

21. Analysis of changes in net debt

	At 1 April 2024	Cash flows	At 31 March 2025
	£	£	£
Cash and cash equivalents	7,114,994	6,568,532	13,683,526
	_________	_________	_________

22. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	M Campbell	-	170,393	( 100,000)	70,393
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	M Campbell	-	-	-	-
		_______	_______	_______	_______

23. Controlling party

Felix O'Hare Group Ltd holds 100% of the company's ordinary A shares.