McGeady Holdings Ltd

	Page
Strategic Report	1
Director's Report	2
Independent Auditor's Report	3—5
Consolidated Profit and Loss Account	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Statement of Cash Flows	12
Notes to the Financial Statements	13—20

The director presents his strategic report for the year ended 31 March 2025.

Principal Risks and Uncertainties

Finance risk management objectives and policies

The Group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The Group seeks to limit the adverse effects on the financial performance by monitoring levels of debt finance and related finance costs.

Credit risk

The Group has implemented a policy that requires credit checks on potential customers, where sales will be made on credit before the transaction takes place. The amount of exposure to any individual counterparty is subject to limit which is regularly assessed by the directors.

Liquidity risk

The Group aims to mitigate risk by managing cash generated by its operations.

Interest rate cash flow risk

While the Group utilises external debt, its exposure to interest rate risk is kept to a minimum. The directors will revisit the appropriateness of this policy should the Group's operations change in size or nature.

On behalf of the board

T Crumlish

Director

15/12/2025

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McGeady Holdings Ltd

Company No. SC676488

Director's Report For The Year Ended 31 March 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 March 2025.

Principal Activity

The group's principal activity continues to be that of civil engineering.

Directors

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

T Crumlish

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

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

Independent Auditors

The auditors, The Kelvinpartnership Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

T Crumlish

Director

15/12/2025

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Independent Auditor's Report

to the Members of

McGeady Holdings Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of McGeady Holdings Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit/(loss) 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 group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 director is 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

McGeady Holdings Ltd

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director 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 director is responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which these can detect irregularities, including fraud is detailed below.

To assess the susceptibility of the company's financial statements to material misstatement, including how fraud may occur.

•We enquired with the trustees for the charity's policies and procedures to detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud

•Using analytical procedures to identify any unusual or unexpected transactions

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud within the company.

As required by auditing standards we perform procedures to address the risk of management override of controls and in particular that the company management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates and judgements such as depreciation, prepayments, accruals and bad debt provision.

We did not identify any additional fraud risks.

In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of the company's fraud risk management controls.

We also performed procedures including:

•Identifying journal entries to test for all full scope components based on risk criteria and comparing the identified entries to supporting documentation. These included, as relevant, those posted to unusual accounts

•Assessing significant accounting estimates for bias

•Reviewing large and unusual transactions outside the ordinary course of the company's business.

•Identifying undisclosed related parties

We discussed with management matters related to actual or suspected fraud and considered any implications for our audit.

We ensured that the audit team collectively had the necessary competence and skills to recognise non-compliance with laws and regulations.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and through discussion with the trustees (as required by auditing standards).

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

McGeady Holdings Ltd

Auditor's Responsibilities for the Audit of the Financial Statements - continued

As the company is regulated our assessment of risks involved gaining an understanding of the control environment including the charity's procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statement varies considerably.

Firstly the entity is subject to very strict laws and regulations that directly affect the financial statements including financial reporting legislation, including the Companies Act 2006, FRS102, the UK Corporate tax laws and UK VAT laws. We assessed the extent of the compliance with these laws and regulations by carrying out a review of the financial statement disclosures and a review of correspondence with the tax authorities.

Secondly the entity is subject to many other laws and regulations including the Environmental Waste Regulations, AML regulations, GDPR, Employment Law, and Health and Safety, where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and management and inspection of regulatory and legal correspondence, if any.

Therefore if a breach of operational regulations is not disclosed to us or evident from the relevant correspondence , an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of laws and regulations

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we had properly planned and performed our audit in accordance with accounting standards. For example the further removed non-compliance with laws and regulations from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standard would identify it.

In addition, with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement.We are not responsible for for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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 that 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.

Raymond Henry FCA (Senior Statutory Auditor)

for and on behalf of The Kelvinpartnership Ltd , Statutory Auditor

15/12/2025

The Kelvinpartnership Ltd

505 Great Western Road

Glasgow

G12 8HN

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McGeady Holdings Ltd

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		21,421,714	19,730,902
Cost of sales		(15,533,003 )	(14,733,810 )

GROSS PROFIT		5,888,711	4,997,092

Administrative expenses		(2,716,944 )	(2,179,380 )
Other operating income		-	1,047

OPERATING PROFIT	4	3,171,767	2,818,759
Loss on disposal of fixed assets		(137,713 )	(36,702 )
Other interest receivable and similar income	9	138,077	47,507
Interest payable and similar charges	10	(179,381 )	(181,878 )

PROFIT BEFORE TAXATION		2,992,750	2,647,686
Tax on Profit	11	(759,476 )	(684,627 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		2,233,274	1,963,059

The notes on pages 12 to 20 form part of these financial statements.

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McGeady Holdings Ltd

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	2,233,274	1,963,059
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	2,233,274	1,963,059

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McGeady Holdings Ltd

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

Registered number: SC676488

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		5,965,493		6,919,690
Investment Properties	13		1,507,640		1,507,640

			7,473,133		8,427,330
CURRENT ASSETS
Stocks	15	19,979		15,336
Debtors	16	4,070,684		3,406,842
Cash at bank and in hand		8,310,567		6,976,394

		12,401,230		10,398,572
Creditors: Amounts Falling Due Within One Year	17	(5,375,588 )		(4,924,603 )

NET CURRENT ASSETS (LIABILITIES)			7,025,642		5,473,969

TOTAL ASSETS LESS CURRENT LIABILITIES			14,498,775		13,901,299

Creditors: Amounts Falling Due After More Than One Year	18		(1,693,641 )		(2,646,462 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(1,407,564 )		(1,617,405 )

NET ASSETS			11,397,570		9,637,432

CAPITAL AND RESERVES
Called up share capital	22		3,300		3,300
Capital redemption reserve			1,700		1,700
Profit and Loss Account			11,392,570		9,632,432

SHAREHOLDERS' FUNDS			11,397,570		9,637,432

On behalf of the board

T Crumlish

Director

15/12/2025

The notes on pages 12 to 20 form part of these financial statements.

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McGeady Holdings Ltd

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

Registered number: SC676488

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	13		1,507,640		1,507,640
Investments	14		3,300		3,300

			1,510,940		1,510,940
CURRENT ASSETS
Debtors	16	12,459		12,459
Cash at bank and in hand		5,068,045		4,311,753

		5,080,504		4,324,212
Creditors: Amounts Falling Due Within One Year	17	(36,319 )		(96,735 )

NET CURRENT ASSETS (LIABILITIES)			5,044,185		4,227,477

TOTAL ASSETS LESS CURRENT LIABILITIES			6,555,125		5,738,417

NET ASSETS			6,555,125		5,738,417

CAPITAL AND RESERVES
Called up share capital	22		3,300		3,300
Profit and Loss Account			6,551,825		5,735,117

SHAREHOLDERS' FUNDS			6,555,125		5,738,417

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,091,015 (2024: £ 2,098,079 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

T Crumlish

Director

15/12/2025

The notes on pages 12 to 20 form part of these financial statements.

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McGeady Holdings Ltd

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	3,300	1,700	8,620,132	8,625,132
Profit for the year and total comprehensive income	-	-	1,963,059	1,963,059

Dividends paid	-	-	(950,759)	(950,759)

As at 31 March 2024 and 1 April 2024	3,300	1,700	9,632,432	9,637,432


Profit for the year and total comprehensive income	-	-	2,233,274	2,233,274

Dividends paid	-	-	(473,136)	(473,136)

As at 31 March 2025	3,300	1,700	11,392,570	11,397,570

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McGeady Holdings Ltd

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,715,350	3,200,884
Interest paid		(179,381 )	(181,878 )
Tax paid		(639,335 )	(384,881 )

Net cash generated from operating activities		2,896,634	2,634,125

Cash flows from investing activities
Purchase of tangible assets		(356,830 )	(2,623,216 )
Proceeds from disposal of tangible assets		210,164	338,859
Interest received		138,077	47,507

Net cash used in investing activities		(8,589 )	(2,236,850 )

Cash flows from financing activities
Equity dividends paid		(473,136 )	(950,759 )
Repayment of finance leases		(1,080,737 )	214,751
Amount introduced by directors		-	1,131,334
Amount withdrawn by directors		-	(635,581)

Net cash used in financing activities		(1,553,873 )	(240,255 )



Increase in cash and cash equivalents		1,334,172	157,020
Cash and cash equivalents at beginning of year	2	6,976,394	6,819,374

Cash and cash equivalents at end of year	2	8,310,566	6,976,394

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McGeady Holdings Ltd

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	2,233,274	1,963,059
Adjustments for:
Tax on profit	759,476	684,627
Interest expense	179,381	181,878
Interest income	(138,077 )	(47,507 )
Depreciation of tangible assets	963,150	838,162
Loss on disposal of tangible assets	137,713	36,702
Movements in working capital:
(Increase)/decrease in stocks	(4,643 )	470
Increase in trade and other debtors	(663,842 )	(37,910 )
Increase/(decrease) in trade and other creditors	248,918	(418,597 )

Net cash generated from operations	3,715,350	3,200,884

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	8,310,567	6,976,394

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	6,976,394	1,334,173	8,310,567
Finance leases	(4,009,932)	1,080,737	(2,929,195)

	2,966,462	2,414,910	5,381,372

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McGeady Holdings Ltd

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

McGeady Holdings Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC676488 . The registered office is Craighead Industrial Estate, Whistleberry Road, Blantyre, GLASGOW, G72 0TH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

- the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the Company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods recognised when goods are delivered and legal title is passed.

Property rental income is wholly received and recorded as turnover in the subsidiary company as well as being recorded as turnover in the parent company accounts.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on cost and 15% on reducing balance
Motor Vehicles	33% Reducing Balance
Fixtures & Fittings	25-33% Reducing Blance
Computer Equipment	33% on reducing balance

2.6. Investment Properties

Investment property is carried at fair value determined annually by the Directors and derived from the current market market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income

2.7. Investments

2.8. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.9. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.10. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.11. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2025	2024
	£	£
Other operating income	-	1,047

	-	1,047

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	(9,910)	(2,627)
Depreciation of tangible fixed assets	963,150	838,162

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	18,080	18,080


Other Services
Other non-audit services	5,170	5,170

Page 15

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McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,046,311	1,723,139
Social security costs	225,779	186,514
Other pension costs	34,587	29,759

	2,306,677	1,939,412

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 36 (2024: 34)

Company

Average number of employees, including directors, during the year was: NIL (2024: NIL)

8. Director's remuneration

	2025	2024
	£	£
Emoluments	448,045	354,038
Company contributions to money purchase pension schemes	3,524	2,643

	451,569	356,681

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Money purchase pension schemes	3		2

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	207,445	224,038
Company contributions to money purchase pension schemes	830	2,643

	208,275	226,681

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	138,077	47,507

Page 16

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McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	3,332	9,560
Late payment tax charges	-	5,135
Other finance charges	176,049	167,183

	179,381	181,878

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	969,318	377,273
Deferred Tax
Deferred taxation			(209,842 )	307,354


Total tax charge for the period			759,476	684,627


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			2,992,750	2,647,686

Tax on profit at 25% (UK standard rate)			748,188	661,921
Goodwill/depreciation not allowed for tax			240,787	220,506
Expenses not deductible for tax purposes			57,931	27,166
Capital allowances			(92,107 )	(532,320 )
Short term timing differences			(209,842 )	307,354

Total tax charge for the period			744,957	684,627

12. Tangible Assets

Group

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	8,995,029	138,949	19,149	48,642	9,201,769
Additions	319,346	-	37,484	-	356,830
Disposals	(505,581 )	-	-	-	(505,581 )

As at 31 March 2025	8,808,794	138,949	56,633	48,642	9,053,018

...CONTINUED

Page 17

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McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	2,209,623	36,613	4,696	31,147	2,282,079
Provided during the period	919,959	24,025	13,394	5,772	963,150
Disposals	(157,704 )	-	-	-	(157,704 )

As at 31 March 2025	2,971,878	60,638	18,090	36,919	3,087,525

Net Book Value
As at 31 March 2025	5,836,916	78,311	38,543	11,723	5,965,493

As at 1 April 2024	6,785,406	102,336	14,453	17,495	6,919,690

Company

The company had no tangible fixed assets as at 31 March 2025 or 31 March 2024.

13. Investment Property

Group

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,507,640

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	1,507,640	953,423

Company

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	1,507,640

14. Investments

Company

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	3,300

As at 31 March 2025	3,300

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	3,300

As at 1 April 2024	3,300

Page 18

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McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Stocks

	2025	2024
	£	£
Stock	15,242	15,336
Work in progress	4,737	-

	19,979	15,336

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	3,655,049	2,991,011	-	-
Amounts owed by group undertakings	-	-	12,459	12,459
Other debtors	415,635	415,831	-	-

	4,070,684	3,406,842	12,459	12,459

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	1,235,554	1,363,470	-	-
Trade creditors	2,065,021	1,712,746	-	-
Amounts owed to group undertakings	-	-	900	86,101
Other creditors	67,270	59,074	-	-
Corporation tax	966,738	636,755	34,519	9,734
Taxation and social security	500,955	568,751	-	-
Accruals and deferred income	540,050	583,807	900	900

	5,375,588	4,924,603	36,319	96,735

18. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	1,693,641	2,646,462

19. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	1,235,554	1,363,470
Later than one year and not later than five years	1,693,641	2,646,462

	2,929,195	4,009,932

	2,929,195	4,009,932

Page 19

Page 20

McGeady Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	1,407,564	1,617,405

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	1,617,405	1,617,405

Balance at 31 March 2025	1,617,405	1,617,405

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
0 Ordinary Shares of £ 0.00 each	3,300	3,300

23. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £34,587 (2024: £29,759).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

24. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	473,136	950,759

Page 20