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Company registration number: 03485540
McNally and Thompson (UK Contracts) Limited
Financial statements
30 April 2025
McNally and Thompson (UK Contracts) Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the member
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
McNally and Thompson (UK Contracts) Limited
Directors and other information

| Directors | David Errington |
|  | David Gourley |
|  | Fred Gordon Hood |
|  | Peter Stephen Malone |
|  | Weston Malone |
|  | Graeme Redford |
|  | Graham Reid |
|  | David Robert Wealleans |
|  | Sarah Flint | (Appointed 1st January 2025)
| Secretary | Fred Gordon Hood |
| Company number | 03485540 |
| Registered office | Gosforth Industrial Estate |
|  | Newcastle upon Tyne |
|  | Tyne and Wear |
|  | NE3 1XL |
| Business address | Unit 1 |
|  | North Hylton Enterprises Park |
|  | Sunderland |
|  | SR5 3AD |
| Auditor | Harrison Hutchinson Ltd |
|  | 246 Park View |
|  | Whitley Bay |
|  | Tyne and Wear |
|  | NE26 3QX |

McNally and Thompson (UK Contracts) Limited
Strategic report
Year ended 30th April 2025
Principal activity
The principal activity remained that of electrical services engineers.
Business review and future developments
Following the acquisition of the company by H.Malone and Sons Limited in June 2022, the board has continued to align the business with the wider group’s long-term strategy and operating model. As part of this process, a formal hive up commenced in January 2025 with the objective of simplifying the group structure, improving governance and consolidating operational activity.
In line with this strategy, the company is no longer entering into new contracts, with all new contracts awarded from the commencement of the hive up, being contracted through H Malone and Sons. The company’s activities are therefore focused on the effective delivery and completion of its existing portfolio of contracts. This represents a planned and controlled transition in the group’s operating model.
Over the coming period, management will continue to progress the hive up process, with emphasis on systems integration, governance alignment and the completion of remaining contracts. The Board believes this approach will strengthen financial oversight, risk management and operational efficiency at group level while ensuring continuity of service to clients.
Development and performance of the company
During the year, the company’s activities have been focused on delivery and completion of its existing portfolio of contracts. Accordingly, the company’s reported revenue and activity reflect the planned run off legacy work rather than a reduction in operational capability.
Although the company is in transition, H.Malone and Sons continues to maintain a strong forward order book, further enhanced by the acquisition of the company.
The company remains an integral part of the group’s delivery capability by contributing its electrical expertise and knowledge alongside management resource and operational support to contracts secured at group level.
Key performance indicators
The financial KPI's used to measure the company's progress and performance are revenue, operating profit margin, net assets and net current assets. 2025 2024 Revenue £15,124,003 £17,078,554 Operating profit margin 0.3% 1.9% Net assets £1,887,760 £1,915,824 Net current asset £1,865,376 £1,879,163 The movement in these measures reflects the strategic decision to complete existing contracts while transitioning new business activity to H. Malone and Sons as part of the hive up process.
Principal risks and uncertainties
The principal risks and uncertainties faced by the business and the mitigating factors in place are as follows;
Market conditions
The construction industry continues to face challenging conditions, with economic uncertainty affecting investment in new projects. Although the company is no longer entering into new contracts, it remains exposed to market pressures through the delivery of its existing projects. At group level, this risk is mitigated by operating across a broad range of sectors and maintaining strong relationships with key contractors and end-user clients.
Contractual and operational risk
Failure to deliver projects to time, quality or budget, and contractual disputes that can arrive over the scope and valuation may impact contract outcomes. The company manages this risk through project management processes, experienced operational teams and ongoing monitoring of profitability and cash flow throughout the life of each contract.
Cost inflation
Most contracts that we secure do not allow for the recovery of increases in labour costs. Labour costs are determined annually by national agreement over which the company has no control. The company seeks, where possible, to mitigate this risk by allowing for any potential labour cost increases within the contract costings at the beginning of a contract.
Credit and counterparty risk
The company’s principal financial assets comprise contract and other trade receivables and bank balances. Credit risk is managed through assessment of counterparties prior to contract commencement and ongoing monitoring where financial difficulty is identified. Approved supplier lists and framework agreements are used to mitigate exposure to subcontractor and supplier failure.
Liquidity risk
Liquidity risk is managed by maintaining appropriate cash resources and banking facilities, regular cash flow forecasting and close monitoring of working capital during the completion of contracts.
Business transition and integration risk
As the company is no longer entering into new contracts and is focused on the completion of its remaining portfolio of work, following the commencement of the hive up process, there is a risk that the run-off of activity or the integration of systems and processes could disrupt operations or impact short-term financial performance. This risk is mitigated through phased implementation, clear governance arrangements and ongoing oversight by management to ensure continuity of service, financial control and effective risk management.
This report was approved by the board of directors on 8th January 2026 and signed on behalf of the board by:
Weston Malone
Director
McNally and Thompson (UK Contracts) Limited
Directors report
Year ended 30th April 2025
The directors present their report and the financial statements of the company for the year ended 30th April 2025.
Directors
The directors who served the company during the year were as follows:

David Errington |  |  |  |
David Gourley |  |  |  |
Fred Gordon Hood |  |  |  |
Peter Stephen Malone |  |  |  |
Weston Malone |  |  |  |
Graeme Redford |  |  |  |
Graham Reid |  |  |  |
David Robert Wealleans |  |  |  |
Sarah Flint |  |  |  | (Appointed 1st January 2025)

Dividends
The directors do not recommend the payment of a dividend.
Future developments
Following the acquisition of the company by H.Malone and Sons Limited in June 2022, the board has continued to align the business with the wider group’s long-term strategy and operating model. As part of this process, a formal hive up commenced in January 2025 with the objective of simplifying the group structure, improving governance and consolidating operational activity.
In line with this strategy, the company is no longer entering into new contracts, with all new contracts awarded from the commencement of the hive up, being contracted through H Malone and Sons. The company’s activities are therefore focused on the effective delivery and completion of its existing portfolio of contracts. This represents a planned and controlled transition in the group’s operating model.
Over the coming period, management will continue to progress the hive up process, with emphasis on systems integration, governance alignment and the completion of remaining contracts. The Board believes this approach will strengthen financial oversight, risk management and operational efficiency at group level while ensuring continuity of service to clients.
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; 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 08 January 2026 and signed on behalf of the board by:
Weston Malone
Director
McNally and Thompson (UK Contracts) Limited
Independent auditor's report to the member of
McNally and Thompson (UK Contracts) Limited
Year ended 30th April 2025
Opinion
We have audited the financial statements of McNally and Thompson (UK Contracts) Limited (the 'company') for the year ended 30th April 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity 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 30th April 2025 and of its 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 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: 1. We identified the laws and regulations which apply to the Company and assessed the areas which could have a material effect on the financial statements2. We analysed the financial statements to assess their susceptibility to material misstatement by obtaining an understanding of the entity's operations and control environment 3. We ensured the engagement team were familiar with the entity and the sector in which it operates, including the laws and regulations applicable to it. The engagement team remained alert to any indications of non compliance throughout the audit4. By testing manual journal entries, particularly those relating to management estimates or those that were large or unusual, were able to address the risk of management override of controls5. We reviewed the assumptions and judgements of management in accounting estimates to assess any bias resulting in the risk of material misstatement, indicative of fraud6. Board meeting minutes are reviewed. Our audit procedures are designed to make us aware of instances of non-compliance with laws and regulations leading to the risk of material misstatement. There are inherent limitations with the audit procedures as detecting a material misstatement due to fraud is more difficult than error, due to deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other matters
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited. The prior period's closing balances have been appropriately brought into the current period and sufficient evidence has been acquired to show there are no material misstatements. There has been a prior year adjustment made to work in progress and amounts recoverable on long term contracts in order to bring the accounting policies in line with the parent company. Comparatives have been amended and disclosure has been made in the notes to the accounts.
Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to her 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Hutchinson (Senior Statutory Auditor)
For and on behalf of
Harrison Hutchinson Ltd
Senior Auditor and Statutory Auditors
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
08 January 2026
McNally and Thompson (UK Contracts) Limited
Statement of comprehensive income
Year ended 30th April 2025

|  |  |  | 2025 |  | 2024 |  |
|  | Note |  | £ |  | £ |  |
Turnover |  | 4 |  | 15,124,003 |  | 17,078,554 |  |
Cost of sales |  |  |  | ( 13,024,078) |  | ( 15,294,484) |  |
|  |  |  | _________ |  | _________ |  |
Gross profit |  |  |  | 2,099,925 |  | 1,784,070 |  |
Administrative expenses |  |  |  | ( 2,149,823) |  | ( 1,467,978) |  |
|  |  |  | _________ |  | _________ |  |
Operating (loss)/profit |  | 5 |  | ( 49,898) |  | 316,092 |  |
Other interest receivable and similar income |  | 7 |  | 14,741 |  | 3,263 |  |
Interest payable and similar expenses |  | 8 |  | ( 5,080) |  | ( 14,963) |  |
|  |  |  | _______ |  | _______ |  |
(Loss)/profit before taxation |  |  |  | ( 40,237) |  | 304,392 |  |
Tax on (loss)/profit |  | 9 |  | 12,173 |  | ( 92,379) |  |
|  |  |  | _______ |  | _______ |  |
(Loss)/profit for the financial year and total comprehensive income |  |  |  | ( 28,064) |  | 212,013 |  |
|  |  |  | _______ |  | _______ |  |

All the activities of the company are from continuing operations.
McNally and Thompson (UK Contracts) Limited
Statement of financial position
30th April 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 11 | 58,178 |  |  |  | 175,435 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 58,178 |  |  |  | 175,435
Current assets |  |  |  |  |  |  |  |  |
Stocks |  | 12 | 39,761 |  |  |  | 21,173 |  |
Debtors |  | 13 | 1,121,133 |  |  |  | 3,973,328 |  |
Cash at bank and in hand |  |  | 1,437,113 |  |  |  | 365,449 |  |
|  |  | _________ |  |  |  | _________ |  |
|  |  | 2,598,007 |  |  |  | 4,359,950 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 14 | ( 732,631) |  |  |  | ( 2,480,787) |  |
|  |  | _________ |  |  |  | _________ |  |
Net current assets |  |  |  |  | 1,865,376 |  |  |  | 1,879,163
|  |  |  |  | _________ |  |  |  | _________
Total assets less current liabilities |  |  |  |  | 1,923,554 |  |  |  | 2,054,598
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 15 |  |  | ( 20,463) |  |  |  | ( 107,115)
Provisions for liabilities |  | 17 |  |  | ( 15,331) |  |  |  | ( 31,659)
|  |  |  |  | _________ |  |  |  | _________
Net assets |  |  |  |  | 1,887,760 |  |  |  | 1,915,824
|  |  |  |  | _________ |  |  |  | _________
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 20 |  |  | 600 |  |  |  | 600
Capital redemption reserve |  | 21 |  |  | 400 |  |  |  | 400
Profit and loss account |  | 21 |  |  | 1,886,760 |  |  |  | 1,914,824
|  |  |  |  | _________ |  |  |  | _________
Shareholder funds |  |  |  |  | 1,887,760 |  |  |  | 1,915,824
|  |  |  |  | _________ |  |  |  | _________

These financial statements were approved by the board of directors and authorised for issue on 08 January 2026 , and are signed on behalf of the board by:
Weston Malone
Director
Company registration number: 03485540
McNally and Thompson (UK Contracts) Limited
Statement of changes in equity
Year ended 30th April 2025

|  | Called up share capital |  | Capital redemption reserve |  | Profit and loss account | Total |  |  |
|  | £ |  | £ |  | £ | £ |  |  |
At 1st May 2023 |  | 600 |  | 400 |  | 1,702,811 | 1,703,811 |  |  |
(Loss)/profit for the year |  |  |  |  |  | 212,013 | 212,013 |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total comprehensive income for the year |  | - |  | - |  | 212,013 | 212,013 |  |  |
|  | _______ |  | _______ |  | _________ | _________ |  |  |
At 30th April 2024 and 1st May 2024 |  | 600 |  | 400 |  | 1,914,824 | 1,915,824 |  |  |
(Loss)/profit for the year |  |  |  |  |  | ( 28,064) | ( 28,064) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total comprehensive income for the year |  | - |  | - |  | ( 28,064) | ( 28,064) |  |  |
|  | _______ |  | _______ |  | _________ | _________ |  |  |
At 30th April 2025 |  | 600 |  | 400 |  | 1,886,760 | 1,887,760 |  |  |
|  | _______ |  | _______ |  | _________ | _________ |  |  |

McNally and Thompson (UK Contracts) Limited
Notes to the financial statements
Year ended 30th April 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gosforth Industrial Estate, Newcastle upon Tyne, Tyne and Wear, NE3 1XL.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:

| Short leasehold property | - | 10 % | straight line
| Plant and machinery | - | 33 % | straight line
| Fittings fixtures and equipment | - | 25 % | straight line
| Motor vehicles | - | 25 % | 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.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 are 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

|  |  | 2025 | 2024
|  |  | £ | £
| Construction contracts |  | 15,124,003 | 17,078,554
|  |  | _________ | _________

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss/profit
Operating loss/profit is stated after charging/(crediting):

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Depreciation of tangible assets |  |  | 40,426 | 54,037
| (Gain)/loss on disposal of tangible assets |  |  | ( 13,500) | ( 17,807)
| Operating lease rentals |  |  | 36,916 | 31,911
| Fees payable for the audit of the financial statements |  |  | 9,000 | 8,500
|  |  |  | _______ | _______

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

|  |  | 2025 | 2024
| Administrative staff |  | 10 | 12
| Site staff |  | 46 | 54
| Directors |  | 2 | 2
|  |  | _______ | _______
|  |  | 58 | 68
|  |  | _______ | _______

The aggregate payroll costs incurred during the year were:

|  |  | 2025 | 2024
|  |  | £ | £
| Wages and salaries |  | 2,401,397 | 2,869,510
| Social security costs |  | 248,524 | 293,540
| Other pension costs |  | 91,347 | 97,336
|  |  | _________ | _________
|  |  | 2,741,268 | 3,260,386
|  |  | _________ | _________

7. Other interest receivable and similar income

|  |  | 2025 | 2024
|  |  | £ | £
| Bank deposits |  | 14,741 | 3,263
|  |  | _______ | _______

8. Interest payable and similar expenses

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Other loans made to the company: |  |  |  |
|  | Finance leases and hire purchase contracts |  | 4,986 | 13,962
| Other interest payable and similar expenses |  |  | 94 | 1,001
|  |  |  | _______ | _______
|  |  |  | 5,080 | 14,963
|  |  |  | _______ | _______

9. Tax on loss/profit
Major components of tax income/expense

|  |  | 2025 | 2024
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense |  | 4,155 | 69,695
| Adjustments in respect of previous periods |  | - | 1,181
|  |  | _______ | _______
| Total UK current tax |  | 4,155 | 70,876
|  |  | _______ | _______
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | ( 16,328) | 21,503
|  |  | _______ | _______
| Tax on loss/profit |  | (12,173) | 92,379
|  |  | _______ | _______

Reconciliation of tax income/expense
The tax assessed on the loss/profit for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 19.00 % (2024: 25.00%).

|  |  | 2025 | 2024
|  |  | £ | £
| (Loss)/profit before taxation |  | ( 40,237) | 304,392
|  |  | _______ | _______
| (Loss)/profit multiplied by rate of tax |  | ( 7,645) | 76,098
| Adjustments in respect of prior periods |  | - | 1,181
| Effect of expenses not deductible for tax purposes |  | 12,108 | 2,940
| Effect of capital allowances and depreciation |  | ( 308) | ( 9,343)
|  |  | _______ | _______
| Tax on loss/profit |  | 4,155 | 70,876
|  |  | _______ | _______

10. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| (Loss)/profit for the year attributable to the owners of the company |  | ( 28,064) | 212,013
|  |  | _______ | _______

Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Earnings/(loss) used in calculation of basic earnings/(loss) per share |  | ( 28,064) | 212,013
|  |  | _______ | _______

11. Tangible assets

|  | Short leasehold property | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total |  |
|  | £ | £ | £ | £ | £ |  |
| Cost |  |  |  |  |  |  |
| At 1st May 2024 | 3,483 | 533 | 84,278 | 287,924 | 376,218 |  |
| Disposals | - | - | - | ( 241,849) | ( 241,849) |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| At 30th April 2025 | 3,483 | 533 | 84,278 | 46,075 | 134,369 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| Depreciation |  |  |  |  |  |  |
| At 1st May 2024 | 3,483 | 533 | 43,758 | 153,010 | 200,784 |  |
| Charge for the year | - | - | 14,978 | 25,449 | 40,427 |  |
| Disposals | - | - | - | ( 165,020) | ( 165,020) |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| At 30th April 2025 | 3,483 | 533 | 58,736 | 13,439 | 76,191 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| Carrying amount |  |  |  |  |  |  |
| At 30th April 2025 | - | - | 25,542 | 32,636 | 58,178 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| At 30th April 2024 | - | - | 40,520 | 134,914 | 175,434 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |

12. Stocks

|  |  | 2025 | 2024
|  |  | £ | £
| Work in progress |  | 39,761 | 15,673
| Finished goods and goods for resale |  | - | 5,500
|  |  | _______ | _______
|  |  | 39,761 | 21,173
|  |  | _______ | _______

13. Debtors

|  |  | 2025 | 2024
|  |  | £ | £
| Trade debtors |  | 547,124 | 3,106,283
| Amounts owed by group undertakings |  | 495,931 | 520,169
| Prepayments and accrued income |  | 23,677 | 84,672
| Other debtors |  | 54,401 | 262,204
|  |  | _________ | _________
|  |  | 1,121,133 | 3,973,328
|  |  | _________ | _________

14. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Trade creditors |  | 84,372 | 1,300,901
| Accruals and deferred income |  | 631,487 | 922,760
| Corporation tax |  | 4,153 | 69,692
| Social security and other taxes |  | 548 | 148,596
| Obligations under finance leases |  | 12,305 | 29,105
| Other creditors |  | ( 234) | 9,733
|  |  | _________ | _________
|  |  | 732,631 | 2,480,787
|  |  | _________ | _________

15. Creditors: amounts falling due after more than one year

|  |  | 2025 | 2024
|  |  | £ | £
| Obligations under finance leases |  | 20,463 | 107,115
|  |  | _______ | _______

16. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Not later than 1 year |  | 12,305 | 29,105
| Later than 1 year and not later than 5 years |  | 20,463 | 107,115
|  |  | _______ | _______
|  |  | 32,768 | 136,220
|  |  | _______ | _______
| Present value of minimum lease payments |  | 32,768 | 136,220
|  |  | _______ | _______

17. Provisions

|  | Deferred tax (note 18) | Total |  |  |
|  | £ | £ |  |  |
| At 1st May 2024 | 31,659 | 31,659 |  |  |
| Transfers | ( 16,328) | ( 16,328) |  |  |
|  | _______ | _______ |  |  |
| At 30th April 2025 | 15,331 | 15,331 |  |  |
|  | _______ | _______ |  |  |

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

|  |  | 2025 | 2024
|  |  | £ | £
| Included in provisions (note 17) |  | 15,331 | 31,659
|  |  | _______ | _______

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

|  |  | 2025 | 2024
|  |  | £ | £
| Accelerated capital allowances |  | 15,331 | 31,659
|  |  | _______ | _______

19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 91,347 (2024: £ 97,336 ).
20. Called up share capital
Issued, called up and fully paid

|  |  | 2025 |  |  |  | 2024 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary shares of £ 1.00 each |  | 600 |  | 600 |  | 600 |  | 600
|  |  | _______ |  | _______ |  | _______ |  | _______

21. Reserves
Capital redemption reserve:This reserve records the nominal value of shares repurchased by the company. Profit and loss account:This reserve records retained earnings and accumulated losses.
22. Exemptions
The company has applied reduced disclosures with regards to the cash flow statement. The company is owned by H.Malone and Sons Ltd and is included in the consolidated accounts that are filed at Companies House.