Glasgiven Contracts Limited

Contents

Glasgiven Contracts Limited

Company Information

Glasgiven Contracts Limited

Strategic Report for the Year Ended 30 April 2025

The directors present their strategic report for the year ended 30 April 2025.

Principal activity

The principal activity of the company is that of building and civil engineering contracting.

Fair review of the business

The turnover during the year was at a similar level to the 2024 financial year at £45.4 million compared to £49.6 million and overall a good level of margin is being achieved by the company, the overall result reflects improved prices on contracts in progress. A review of the contracts being undertaken and awarded in the current financial year would indicate that the margin on contracts will be sustained with the level of turnover falling in the year to 30 April 2026 and then to increase in the 2027 financial year.

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

Principal risks and uncertainties

The key business risks and uncertainties in the construction sector within which the company operates are market risk and health and safety risk. In the past number of years the company has incurred significant professional fees related to procurement and improved quality submissions to potential clients with the result that the company is currently securing contracts on the basis of quality and not solely on price. The significant efforts in this area have placed the company in a greatly improved position in the market place to gain new contracts in Northern Ireland and in the Republic of Ireland. In relation to health and safety the company has separately designated personnel to ensure the safety of all site and office personnel and compliance with legislation.

The primary focus of the directors has been the health, safety and well being of company staff, clients and their staff and those working in the wider supply chain. The directors have endeavoured to manage any operational disruption, assess financial implications, mitigate risk and take action to ensure the ongoing stability of the business. The directors believe that they have taken the appropriate decisions for the company and that the company is well positioned and will be profitable over the next 12 months.

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:
 

Glasgiven Contracts Limited

Directors' Report for the Year Ended 30 April 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors of the company

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

Mr Cormac Murphy

Mr Colm Rodgers

Mr W J J Murphy - Company secretary and director

Mr Vincent Small

Financial instruments

Objectives and policies

The activities of the company expose it to a number of financial risks including credit risk, cash flow risk, liquidity risk, interest rate risk and currency risk. The currency risk of the company is managed by matching inflows and outflows in the same currency and the operation of separate currency bank accounts. This enables the directors to review the exchange rates and transfer funds into sterling at a time that they deem appropriate taking into consideration any opinions received from financial institutions. The company does not engage in hedging in connection with the foreign exchange exposure, however, this position is constantly kept under review. The directors review and agree policies for the prudent management of financial risks as follows:

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company is exposed to commodity price risk as a result of its operations, However, given the size of the company operations the costs of managing exposure to commodity price risk exceed any potential benefits. If there is any significant change in the size or nature of the company operations this policy will be revisited.

Credit Risk

The level of credit risk is low as the majority of the customers of the company are government sector. Policies are in place to perform credit checks on any potential non government sector customers.

Liquidity risk

The company seeks to manage liquidity risk by ensuring that sufficient finance is available to meet foreseeable needs by using a mixture of long term and short term debt finance.

Interest rate and cash flow risk

The company is exposed to interest rate risk as a consequence of its financing facilities. The majority of the company borrowings are at variable interest rates, which in recent years with the low base rate has been advantageous and in the current banking climate the potential to change this is limited. The company does not enter into interest rate swaps.

Future developments

The company has had a similar level of turnover in the year and the turnover is expected to be lower in the 2026 financial year and then to increase again in the 2027 financial year. The directors believe that they have taken the appropriate decisions for the company to enable the company to trade successfully over the next few years as the company is well positioned with a strong order book for the financial years to 2027

Branches outside the United Kingdom

The company continues to operate a branch in the Republic of Ireland.

Glasgiven Contracts Limited

Directors' Report for the Year Ended 30 April 2025

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. The company meets its day to day working capital requirements through bank overdraft facilities which, in common with all such facilities, are repayable on demand. The banking facilities with Danske Bank were agreed in February 2025 and fall due for renewal again in November 2025. Based on ongoing informal discussions it is expected that the bank will continue to support the company under acceptable terms.

Taking these matters into account the directors consider it appropriate to prepare financial statements on the going concern basis.

Disclosure of information to the auditors

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:
 

Glasgiven Contracts Limited

Statement of Directors' Responsibilities

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:

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 and in accordance with FRS 102. 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.

Glasgiven Contracts Limited

Independent Auditor's Report to the Members of Glasgiven Contracts Limited

Opinion

We have audited the financial statements of Glasgiven Contracts Limited (the 'company') for the year ended 30 April 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, 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 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:
 

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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
 

We have nothing to report in this regard.

Glasgiven Contracts Limited

Independent Auditor's Report to the Members of Glasgiven Contracts Limited

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
 

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 

Glasgiven Contracts Limited

Independent Auditor's Report to the Members of Glasgiven Contracts Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. The principal laws and regulations that we determined as being the most significant are the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.

- We made enquiries of management to understand how the company is complying with its legal and regulatory obligations.
- We read the board minutes to determine whether any fraud or non-compliance had been identified by the company.
- We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance.
- We reviewed manual journal entries for any unusual postings.
- We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness.

There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment.

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

Use of this 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.

......................................
Mr Anthony Magill (Senior Statutory Auditor)
For and on behalf of McKeague Morgan & Company, Statutory Auditor
 27 College Gardens
Belfast
BT9 6BS

5 December 2025

Glasgiven Contracts Limited

Profit and Loss Account for the Year Ended 30 April 2025

The above results were derived from continuing operations.

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

Glasgiven Contracts Limited

Statement of Comprehensive Income for the Year Ended 30 April 2025

Glasgiven Contracts Limited

(Registration number: NI018020)
Balance Sheet as at 30 April 2025

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:
 

Glasgiven Contracts Limited

Statement of Cash Flows for the Year Ended 30 April 2025

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
20 Cascum Crescent
The Boulevard
Banbridge
County Down
BT32 4GL

These financial statements were authorised for issue by the Board on 5 December 2025.

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

Basis of preparation

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. The directors are of the opinion that the company will continue to generate sufficient turnover to enable it to remain profitable, reduce banking liabilities and continue as a going concern.

Judgements

Revenue recognition

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Contract revenue recognition

Turnover on long-term construction contracts is calculated by reference to the stage of completion of the work performed at the reporting date as a proportion of the total contract value together with attributable profit. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Profit and Loss Account the turnover and related costs as each contract progresses.The excess of recognised turnover over payments on account for each contract are included in debtors as amounts recoverable on contracts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tangible assets

Depreciation

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Cash and cash equivalents

Trade debtors

Stocks

Trade creditors

Borrowings

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Provisions

Leases

Share capital

Dividends

Defined contribution pension obligation

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, if objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the inpairment loss is measured as the difference between an asset's carrying amount and best estimate and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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. These 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 revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Useful economic life of tangible assets

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 reassessed 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.

Inventory provision

The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Impairment of debtors

The company 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, the ageing profile of debtors and historical experience.

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

The amount of contract revenue recognised as Turnover in the year was £45,394,321 (2024 - £49,623,857).

The analysis of the company's other operating income for the year is as follows:

The analysis of the company's other gains and losses for the year is as follows:

Arrived at after charging/(crediting)

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

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

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

The directors' remuneration for the year was as follows:

In respect of the highest paid director:

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Tax charged/(credited) in the income statement

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

Included within the net book value of land and buildings above is £1,998,372 (2024 - £544,667) in respect of freehold land and buildings.
 

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £53,605 (2024 - £64,310).

Contributions totalling £11,119 (2024 - £11,614) were payable to the scheme at the end of the year and are included in creditors.

Allotted, called up and fully paid shares

On 03 January 2024 the Ordinary shares of £1 each were re-designated to Ordinary A shares of £1 each, following this Ordinary B shares of £1 each and Ordinary C shares of £1 each were created. In January 2024 882 Ordinary B shares of £1 each were allotted and in March 2024 1,015 Ordinary C shares of £1 each were allotted.

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Share premium reserve

Capital redemption reserve

Profit and loss account

Non-current loans and borrowings

Current loans and borrowings

Bank borrowings

Glasgiven Contracts Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Finance leases

The total of future minimum lease payments is as follows:

Interim dividends paid

Summary of transactions with joint ventures

BAM Glasgiven JV Limited
(Glasgiven Contracts Limited has a 30% holding in BAM Glasgiven JV Limited) In the financial year an amount of £65,532 (2024 - £2,074,552) is included within sales in relation to trading with the joint venture vehicle. At the balance sheet date the amount due from BAM Glasgiven JV Limited was £NIL (2024 - £NIL).

Financial assets pledged as collateral

Financial assets at amortised cost
The carrying amount of the financial assets pledged as collateral is £7,269,474 (2024 - £7,271,124).
The company bankers have an all monies charge over the book debts of the company and an amount of £140,250 (2024 - £141,900) within other debtors is held by Tokio Marine HCC as collateral against contract bonds in issue.