Caseware UK (AP4) 2025.0.111 2025.0.111 Freehold property is stated at fair value using the revaluation model, less any subsequent depreciation and impairment losses. Revaluation gains are recognised in other comprehensive income (unless they reverse a previous decrease that was recognised in profit or loss) and accumulated in a separate component of equity, the revaluation reserve. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the reporting date. Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Construction contract revenue Recognised amounts of construction contract revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of on-going construction contracts and the order backlog. Management believe that a contingency of 10% completion must be achieved before any profit on contracts can be recognised. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty. Recoverability of amounts due under construction contracts The directors considered the recoverability of the Company’s balances due under construction contracts which is included in the balance sheet at 31 December 2025 at £16,868,404 (2024: £13,143,739). The directors have reviewed the relevant costs incurred to date and expected costs to completion. They have also been in contact with the ultimate beneficiaries of the construction contracts and have considered whether these customers have the relevant facilities available to pay for these contracts. As payment milestones are normally incorporated into most contracts, most invoices are settled promptly on presentation. Based on these reviews, the directors are satisfied with the recoverability of balances due under construction contracts at the balance sheet date.During the year retirement benefits were accruing to 8 directors (2024 - 8) in respect of defined contribution pension schemes. The highest paid director received remuneration of £486,704 (2024 - £355,769). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).The Company is exempt from disclosing wholly owned related party transactions with entities that are part of the group. Transactions with related parties are as follows: Key management personnel are considered to be the directors. Directors’ remuneration is disclosed in note 8 to the accounts. Included in the year end debtor balance, are the following directors' current account balances: £30,395 (2024: £46,720) £36,158 (2024: £87,089) £3,419 (2024: £5,702) The amounts are interest free and repayable on demand.Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 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Financial Statements McAleer & Rushe Contracts UK Limited For the year ended 31 December 2025 Registered number: 07512356
McAleer & Rushe Contracts UK Limited
Company Information
Directors | Seamus McAleer
| Eamonn Laverty
| Mary Laverty
| Stephen Surphlis
| Martin Magee (resigned 28 February 2025)
| Eamon Higgins
| Emelda O'Neill
| Edward Laverty
| Shane McCullagh
| Mark Diamond
| Emmett McGinley
| Jonathan O'Neill
| Darragh Greenan
Registered number | 07512356
Registered office | Drury Works
| 4 Parker Street
| London
| England
| WC2B 5PH
Independent auditors | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | AIB (NI)
| 11-15 Donegall Square North
| Belfast
| BT1 2AL
Solicitors | Mills & Reeve LLP
| 24 King William Street
| London
| EC4R 9AT
McAleer & Rushe Contracts UK Limited
Contents
| Page
Strategic report | 1 - 3
Directors' report | 4 - 7
Independent auditors' report | 8 - 11
Statement of comprehensive income | 12
Statement of financial position | 13
Statement of changes in equity | 14
Statement of cash flows | 15
Analysis of net debt | 16
Notes to the financial statements | 17 - 31
McAleer & Rushe Contracts UK Limited
Strategic report For the year ended 31 December 2025
Introduction
The directors present their report and the financial statements of the Company for the year ended 31 December 2025.
Principal activity
The principal activity of the Company during the year was Design and Build (D&B) construction.
Business review
The results presented on page 12, reflecting £628m of turnover, are in line with the expectations of the Directors. Contracts completed in the year included Taxi House Co-Living Scheme (London, May), Mount Pleasant Residential scheme (Phases 3 and 4) for Taylor Wimpey (Farringdon, July) and Student Schemes for Greystar (Wembley, July) and in Liverpool (August). A number of schemes have not gone to site or progressed towards approval as targeted in 2025 due to the Gateway approval process introduced by the Building Safety Act. This issue will continue to impact turnover until approval periods improve and normalise. As a result, turnover is currently projected to step back slightly to £575m in 2026. The results reflect a provision of £12.5m for remedial works on a small number of projects completed before the company commenced trading. The provision reflects prudent allowance for all associated & potential costs. Works on the various sites will commence later in 2026 subject to Gateway 2 approvals.
Directors' statement of compliance with duty to promote the success of the Company
From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the Company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following: ∙the likely consequences of any decision in the long term; ∙the interests of the Company’s employees; ∙the need to foster the Company’s business relationships with customers and others; ∙the impact of the Company’s operations on the community and the environment; ∙the desirability of the Company maintaining a reputation for high standards of business conduct; and ∙the need to act fairly as between members of the Company. For the Company, compliance is one of cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles. The Board of Directors of the Company, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 31 December 2025. Page 1
McAleer & Rushe Contracts UK Limited
Strategic report (continued) For the year ended 31 December 2025
Directors' statement of compliance with duty to promote the success of the Company (continued)
The following paragraphs summarise how the directors fulfil their duties: ∙As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner; ∙As the board of directors, we are committed to openly engaging with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered; ∙As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Company faces. For details of our principal risks and uncertainties, please see previous paragraphs of our company strategic report; ∙Our employees are vital to the services provided by the Company. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the Company operates as efficiently as possible. The health and safety of our employees is very important to us; and ∙In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.
Principal risks and uncertainties
The principal business risks associated with Design and Build (D&B) construction are market risk and health and safety risk. Market risk arises in potential economic downturn and the demand for our products. This risk is managed by the Company's board by regular and on-going workload reviews. Health and safety is a critical area of focus given the nature of the work involved in all stages of turn-key construction. The Company has a health and safety system that applies to all site activities, staff at all levels are involved with and responsible for ensuring that safe systems of work are maintained on all sites and all legislation is fully complied with. The Company’s priority and focus is to ensure the safety of all those working both on site and in the office.
Financial risk management
The Company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. As payment milestones are normally incorporated into most contracts, most invoices are settled promptly on presentation. The nature of its financial instruments means that they are not subject to price risk or liquidity risk.
Engagement with shareholders
As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally. Page 2
McAleer & Rushe Contracts UK Limited
Strategic report (continued) For the year ended 31 December 2025
Financial key performance indicators
We consider that our key performance indicators are those that communicate the financial performance and strength of the Company, these being turnover and net profit.
Other key performance indicators
The directors do not consider any non-financial key performance indicators to be appropriate. This report was approved by the board and signed on its behalf.
................................................ Eamon Higgins Director
Date: 24 April 2026
Page 3
McAleer & Rushe Contracts UK Limited
Directors' report For the year ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. The directors are 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 and other information included in Directors' reports may differ from legislation in other jurisdictions.
Results and dividends
The profit for the year, after taxation, amounted to £18,603,649 (2024 - £12,917,509). The directors have recommended a dividend of £14,800,000 (2024: £8,550,000). Page 4
McAleer & Rushe Contracts UK Limited
Directors' report (continued) For the year ended 31 December 2025
Directors
The directors who served during the year were:
Seamus McAleer
Eamonn Laverty
Mary Laverty
Stephen Surphlis
Martin Magee (resigned 28 February 2025)
Eamon Higgins
Emelda O'Neill
Edward Laverty
Shane McCullagh
Mark Diamond
Emmett McGinley
Jonathan O'Neill
Darragh Greenan
Future developments
The directors aim is to maintain the management policies which have resulted in the Company's growth in recent years.
Engagement with suppliers, customers and others
Our strategy prioritise growth and expansion. We continue to target new customers and develop our strong relationships with existing customers. We value all our suppliers and have on-going trading relationships in place with our key suppliers.
Employee involvement
During the period, the policy of providing employees with information about the Company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Company performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
Disabled employees
The Company gives full consideration to applications from all disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the Company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. Page 5
McAleer & Rushe Contracts UK Limited
Directors' report (continued) For the year ended 31 December 2025
Streamlined energy and carbon reporting summary
| 2025 | 2025 | 2024 | 2024
| Kwh | kgCo2 | Kwh | kgCo2
Scope 1 - Direct emissions - Combustion of gas and use of fuel | 5,804,107 | 1,420,675 | 7,864,211 | 1,854,656
Scope 2 - Indirect emissions (for own use) - Electricity purchased | 5,005,880 | 922,659 | 3,564,744 | 756,900
Scope 3 - Company business miles | 855,743 | 208,180 | 769,191 | 185,645
| 11,665,730 | 2,551,514 | 12,198,146 | 2,797,201
| 2025 | 2024
Intensity ratio (tCo2e per £1m of Company turnover) | 4.07 | 5.7
Methodologies used To determine emissions for the year ended 31 December 2025, the Company used actual consumption data from the supplier invoices as well as miles driven in vehicles the Company controls and incorporated the 2022 UK Government GHG conversion factors for green house gas reporting. The collected consumption data is then converted into greenhouse gas emissions associated with each activity using annually updated emission factors from the UK Government.
Matters covered in the Strategic report
Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008", the Company has elected to disclose the following directors report information in the strategic report: −Business review; −Principal risks and uncertainties; and −S172 Reporting.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 6
McAleer & Rushe Contracts UK Limited
Directors' report (continued) For the year ended 31 December 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Eamon Higgins Director
Date: 24 April 2026
Page 7
Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited
Opinion
We have audited the financial statements of McAleer & Rushe Contracts UK Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity for the financial year ended 31 December 2025, and the related 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, McAleer & Rushe Contracts UK Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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. Page 8
Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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 Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic Report have 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 9
Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 Auditors' report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy laws, Employment laws, Environmental Regulations and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 10
Independent auditors' report to the members of McAleer & Rushe Contracts UK Limited (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates including the recognition of contract revenue, assessing the recoverability of amounts due under construction contracts, estimating the allowance for the impairment of debtors and estimating the useful economic lives of tangible assets; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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. Louise Kelly FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast 24 April 2026 Page 11
McAleer & Rushe Contracts UK Limited
Statement of comprehensive income For the year ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 627,670,309 | 491,505,713
Cost of sales |  | (584,433,996) | (456,350,208)
Gross profit |  | 43,236,313 | 35,155,505
Administrative expenses |  | (25,840,555) | (22,450,489)
Other operating income | 5 | 536,992 | 527,566
Operating profit | 6 | 17,932,750 | 13,232,582
Interest receivable and similar income | 9 | 4,148,847 | 2,854,036
Interest payable and similar expenses | 10 | (76,205) | (72,214)
Profit before tax |  | 22,005,392 | 16,014,404
Tax on profit | 11 | (3,401,743) | (3,096,895)
Profit for the financial year |  | 18,603,649 | 12,917,509
All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 17 to 31 form part of these financial statements.
Page 12
McAleer & Rushe Contracts UK Limited Registered number:07512356
Statement of financial position As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 16,191,231 |  | 12,403,102
|  |  | 16,191,231 |  | 12,403,102
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 110,769,731 |  | 83,545,168 |
Cash at bank and in hand | 15 | 98,953,313 |  | 71,070,766 |
|  | 209,723,044 |  | 154,615,934 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 16 | (156,056,742) |  | (101,177,147) |
Net current assets |  |  | 53,666,302 |  | 53,438,787
Total assets less current liabilities |  |  | 69,857,533 |  | 65,841,889
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (1,030,816) |  | (818,821) |
|  |  | (1,030,816) |  | (818,821)
Net assets |  |  | 68,826,717 |  | 65,023,068
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 3,000,000 |  | 3,000,000
Profit and loss account | 20 |  | 65,826,717 |  | 62,023,068
Shareholders' funds |  |  | 68,826,717 |  | 65,023,068
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Eamon Higgins
Director
Date: 24 April 2026
The notes on pages 17 to 31 form part of these financial statements. Page 13
McAleer & Rushe Contracts UK Limited
Statement of changes in equity For the year ended 31 December 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 3,000,000 | 62,023,068 | 65,023,068
Profit for the year | - | 18,603,649 | 18,603,649
Dividends: Equity capital | - | (14,800,000) | (14,800,000)
At 31 December 2025 | 3,000,000 | 65,826,717 | 68,826,717
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 3,000,000 | 57,655,559 | 60,655,559
Profit for the year | - | 12,917,509 | 12,917,509
Dividends: Equity capital | - | (8,550,000) | (8,550,000)
At 31 December 2024 | 3,000,000 | 62,023,068 | 65,023,068
| The notes on pages 17 to 31 form part of these financial statements.
Page 14
McAleer & Rushe Contracts UK Limited
Statement of cash flows For the year ended 31 December 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 18,603,649 | 12,917,509
Adjustments for: |  |
Depreciation of tangible assets | 45,994 | 80,389
Interest paid | 76,205 | 72,214
Interest received | (4,148,847) | (2,854,036)
Taxation charge | 3,401,743 | 3,096,895
(Increase) in debtors | (27,431,644) | (9,941,054)
Increase in creditors | 54,879,593 | 24,066,903
Corporation tax (paid) | (3,052,202) | (2,869,455)
Net cash generated from operating activities | 42,374,491 | 24,569,365
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (3,970,155) | (874,943)
Sale of tangible fixed assets | 136,032 | -
Interest received | 4,148,847 | 2,854,036
Net cash from investing activities | 314,724 | 1,979,093
Cash flows from financing activities |  |
Dividends paid | (14,800,000) | (8,550,000)
Interest paid | (76,205) | (72,214)
Distribution repaid by/paid to members | 69,537 | 17,054
Net cash used in financing activities | (14,806,668) | (8,605,160)
Net increase in cash and cash equivalents | 27,882,547 | 17,943,298
Cash and cash equivalents at beginning of year | 71,070,766 | 53,127,468
Cash and cash equivalents at the end of year | 98,953,313 | 71,070,766
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 98,953,313 | 71,070,766
| 98,953,313 | 71,070,766
The notes on pages 17 to 31 form part of these financial statements.
Page 15
McAleer & Rushe Contracts UK Limited
Analysis of Net Debt For the year ended 31 December 2025
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
Cash at bank and in hand | 71,070,766 | 27,882,547 | 98,953,313
| 71,070,766 | 27,882,547 | 98,953,313
The notes on pages 17 to 31 form part of these financial statements.
Page 16
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
1. | General information
McAleer & Rushe Contracts UK Limited is a private company, limited by shares and incorporated in England. The registered office is Drury Works, 4 Parker Street, London, England, WC2B 5PH The principal place of business is 17-19 Dungannon Road, Cookstown, Northern Ireland, BT80 8TL. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Revenue
Revenue is related to long term contracts and contracts for ongoing services. Long term contract balances are stated at total costs incurred, net of amounts transferred to the Statement of Comprehensive Income in respect of work carried out to date, less foreseeable losses and applicable payments on account not matched with turnover. Where it is considered that the outcome of a long term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit is recognised in the Statement of Comprehensive Income by way of inclusion in turnover. In calculating the profit or loss on each long term contract, account is taken of appropriate overheads based on an estimated normal level of production, including administrative overheads. To the extent that the provision for foreseeable losses on particular contracts exceeds the costs incurred, after transfers to the Statement of Comprehensive Income in respect of work carried out to date, the excess is included within ‘Subcontractor liability’. The amount by which recorded turnover is in excess of payments on account is classified in the accounts as ‘Amounts recoverable on contracts’ and is included in ‘Debtors’. The balance of payments on account, which are in excess of amounts: (a) matched with turnover (b) offset against long term contract balances, are classified as ‘Subcontractor liability’ and are separately disclosed within ‘Creditors’. Page 17
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets
Freehold property is stated at fair value using the revaluation model, less any subsequent depreciation and impairment losses. Revaluation gains are recognised in other comprehensive income (unless they reverse a previous decrease that was recognised in profit or loss) and accumulated in a separate component of equity, the revaluation reserve. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the reporting date. Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line
|  |  |  | Plant and machinery | - | 25% | straight line
|  |  |  | Motor vehicles | - | 25% | straight line
|  |  |  | Office equipment | - | 33% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Page 18
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 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 debtors and creditors, 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 in case of an out-right short- term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 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 Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount 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 best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 19
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.9 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.10 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 20
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 21
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Construction contract revenue Recognised amounts of construction contract revenues and related receivables reflect management’s best estimate of each contract’s outcome and stage of completion. This includes the assessment of the profitability of on-going construction contracts and the order backlog. Management believe that a contingency of 10% completion must be achieved before any profit on contracts can be recognised. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty. Recoverability of amounts due under construction contracts The directors considered the recoverability of the Company’s balances due under construction contracts which is included in the balance sheet at 31 December 2025 at £16,868,404 (2024: £13,143,739). The directors have reviewed the relevant costs incurred to date and expected costs to completion. They have also been in contact with the ultimate beneficiaries of the construction contracts and have considered whether these customers have the relevant facilities available to pay for these contracts. As payment milestones are normally incorporated into most contracts, most invoices are settled promptly on presentation. Based on these reviews, the directors are satisfied with the recoverability of balances due under construction contracts at the balance sheet date. Allowances for impairment of trade debtors The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but, not limited to, the length of relationship. Estimating useful lives of tangible fixed assets The Company estimates the useful lives of tangible assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limitation on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above. Page 22
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Construction | 627,670,309 | 491,505,713
|  | 627,670,309 | 491,505,713
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 604,762,997 | 488,455,584
| Rest of Europe | 22,907,312 | 3,050,129
|  | 627,670,309 | 491,505,713
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 536,992 | 527,566
|  | 536,992 | 527,566
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditors remuneration | 40,000 | 40,000
| Exchange differences | (210,426) | 192,343
| Depreciation | 45,995 | 80,247
| Auditors' remuneration - non-audit services | 35,000 | 35,000
Page 23
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 29,786,447 | 24,999,328
| Social security costs | 3,722,417 | 2,877,048
| Cost of defined contribution scheme | 451,288 | 405,734
|  | 33,960,152 | 28,282,110
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 11 | 12
|  | Administrative | 231 | 210
|  | Production | 173 | 162
|  |  | 415 | 384
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 3,238,142 | 2,161,235
| Company contributions to defined contribution pension schemes | 9,470 | 9,775
|  | 3,247,612 | 2,171,010
| During the year retirement benefits were accruing to 8 directors (2024 - 8) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £486,704 (2024 - £355,769).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
Page 24
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 4,148,847 | 2,854,036
|  | 4,148,847 | 2,854,036
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 76,205 | 72,214
|  | 76,205 | 72,214
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 4,526,798 | 3,898,092
| Adjustments in respect of previous periods | (1,337,050) | (853,238)
| Total current tax | 3,189,748 | 3,044,854
| Deferred tax |  |
| Origination and reversal of timing differences | 63,631 | 53,056
| Adjustments in respect of previous periods | 148,364 | (1,015)
| Total deferred tax | 211,995 | 52,041
| Tax on profit | 3,401,743 | 3,096,895
Page 25
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 22,005,392 | 16,014,404
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 5,501,348 | 4,003,601
| Effects of: |  |
| Expenses not deductible for tax purposes | 11,017 | 28,136
| Adjustments to tax charge in respect of prior periods | (1,188,686) | (854,253)
| Other permanent disallowances | (500,000) | (29,695)
| Other timing differences | - | 23,933
| Origination and reversal of timing differences | 63,631 | 53,056
| Effects of overseas tax rate | (416,263) | (73,905)
| Other differences leading to an increase (decrease) in the tax charge | (69,304) | (53,978)
| Total tax charge for the year | 3,401,743 | 3,096,895
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 14,800,000 | 8,550,000
|  | 14,800,000 | 8,550,000
Page 26
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 12,164,273 | 596,476 | 417,576 | 133,221 | 13,311,546
| Additions | 3,836,655 | - | 133,500 | - | 3,970,155
| Disposals | - | (79,749) | (113,467) | - | (193,216)
| At 31 December 2025 | 16,000,928 | 516,727 | 437,609 | 133,221 | 17,088,485
| Depreciation |  |  |  |  |
| At 1 January 2025 | - | 494,806 | 280,417 | 133,221 | 908,444
| Charge for the year | - | 9,250 | 36,744 | - | 45,994
| Disposals | - | (4,287) | (52,897) | - | (57,184)
| At 31 December 2025 | - | 499,769 | 264,264 | 133,221 | 897,254
| Net book value |  |  |  |  |
| At 31 December 2025 | 16,000,928 | 16,958 | 173,345 | - | 16,191,231
| At 31 December 2024 | 12,164,273 | 101,670 | 137,159 | - | 12,403,102
Page 27
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 82,396,113 | 66,775,558
| Other debtors | 10,620,488 | 2,753,691
| Prepayments and accrued income | 814,754 | 732,670
| Amounts recoverable on long-term contracts | 16,868,404 | 13,143,739
| Amounts due from members | 69,972 | 139,510
|  | 110,769,731 | 83,545,168
| An impairment loss of £Nil (2024: £1,609,949) was recognised against trade debtors.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 98,953,313 | 71,070,766
|  | 98,953,313 | 71,070,766
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Subcontractor liability | 104,240,479 | 63,449,639
| Trade creditors | 10,054,073 | 7,494,579
| Other taxation and social security | 164,059 | 1,495,476
| Other creditors | 35,360 | 131,171
| Accruals and deferred income | 41,562,771 | 28,606,282
|  | 156,056,742 | 101,177,147
| Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms. Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
Page 28
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
17. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 98,953,313 | 71,070,766
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand. There are no financial liabilities measured at fair value through profit or loss.
18. | Deferred tax liability
|  | 2025
|  | £
| At beginning of year | (818,821)
| Credited to profit or loss | (211,995)
| At end of year | (1,030,816)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,030,816) | (818,821)
|  | (1,030,816) | (818,821)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 300,000,000 (2024 - 300,000,000) Ordinary shares of £0.01 each | 3,000,000 | 3,000,000
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
Page 29
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
20. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses.
21. | Contingent liabilities
The Company has, in the normal course of business, entered into counter indemnities with a number of bond providers in respect of contract specific performance bonds.
22. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £441,818 (2024: £405,734). Contributions totalling £250 (2024: £96,061) were payable to the fund at the balance sheet date and are included in creditors.
23. | Controlling party
McAleer & Rushe Construction Contracts UK Limited holds 100% of the Company’s equity share capital and is the immediate and ultimate parent undertaking. The ultimate controlling party is the Swiss Centre Corporate Capital Trust which controls the majority of the share capital in McAleer & Rushe Construction Contracts UK Limited. The smallest and largest group in which the results of the Company are consolidated is McAleer & Rushe Construction Contracts UK Limited. Copies of the group accounts are publicly available at Companies House. Page 30
McAleer & Rushe Contracts UK Limited
Notes to the financial statements For the year ended 31 December 2025
24. | Related party transactions
| The Company is exempt from disclosing wholly owned related party transactions with entities that are part of the group. Transactions with related parties are as follows:
|  | 2025 | 2024
|  | £ | £
| Sales to companies under common control | 61,715,245 | 43,677,882
| Management charges from companies under common control | 536,992 | 527,566
|  | 62,252,237 | 44,205,448
| Key management personnel are considered to be the directors. Directors’ remuneration is disclosed in note 8 to the accounts. Included in the year end debtor balance, are the following directors' current account balances: £30,395 (2024: £46,720) £36,158 (2024: £87,089) £3,419 (2024: £5,702) The amounts are interest free and repayable on demand.
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