The directors present the strategic report for the year ended 31 October 2025.

G&V Gallagher is an established principal contractor delivering construction, civil engineering and utility infrastructure projects across a diverse range of industry sectors. Since its incorporation in 2017, the Company has achieved sustained growth by combining technical expertise, operational excellence and a commitment to long-term client partnerships.

Headquartered in Northamptonshire, G&V Gallagher is strategically positioned to serve a portfolio of blue-chip clients throughout the Midlands, East Anglia and the South East of England. The Company's reputation for quality, safety and reliability continues to underpin its success, enabling it to secure repeat business while expanding into new markets and service areas.

Business Review and Performance

The Directors are pleased to report another year of strong performance, with turnover increasing by just over 23.4% compared with the previous financial year. This growth reflects the continued confidence of our clients, the successful execution of our strategic objectives and the dedication of our employees.

During the year, the Company continued to strengthen its leadership capability following the appointment of three additional Directors towards the end of the previous financial year. These appointments have broadened the Board's collective expertise, enhanced governance and strengthened the Company's ability to respond proactively to evolving construction technologies, client expectations and market opportunities.

Our business model is founded on collaborative working, early engagement and long-term relationships with our clients. This approach continues to generate a significant proportion of repeat business and has enabled the Company to successfully deliver a number of complex and technically demanding projects during the year. Every project was completed safely, on programme and to the high standards of quality expected by our clients, further reinforcing G&V Gallagher's reputation as a trusted delivery partner.

The Board also implemented a range of strategic initiatives to mitigate the effects of inflationary pressures experienced across the construction industry. Through disciplined commercial management, proactive procurement and effective cost control, the Company has protected its financial resilience whilst maintaining operational performance and service excellence.

Progress against our long-term growth strategy has continued throughout the year. By broadening the range of services provided to existing clients while simultaneously expanding our customer base, the Company has further diversified its revenue streams and strengthened its market position. This measured approach provides a strong platform for sustainable future growth.

Principal risks and uncertainties

The Board recognises that effective risk management is fundamental to the long-term success and sustainability of the business. Principal risks are reviewed regularly as part of the Company's governance framework, with appropriate mitigation strategies implemented to manage both operational and strategic risks.

Whilst the construction sector continues to face a challenging economic environment, the Directors believe the Company remains well positioned to respond effectively. Supported by a strong balance sheet, experienced management team and diversified client portfolio, G&V Gallagher has demonstrated resilience throughout periods of market uncertainty.

Economic conditions remain the most significant external risk facing the business. Inflationary pressures, labour availability, supply chain disruption and fluctuations in material costs continue to be monitored closely, with management taking proactive steps to minimise their impact on project delivery and profitability.

The Company enters the new financial year with a strong forward order book extending into 2026/27 and beyond, providing good visibility of future revenues. Continued investment in client relationships, operational capability and service diversification has enabled the business to further strengthen its position across both existing and emerging sectors.

Principal risks and uncertainties continued

There are a number of potential risks and uncertainties which could impact the Company’s performance, and these are considered by the Board on a regular basis. The Board of Directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the company’s operations. The key risks affecting the business are as follows:                                

Operating Risk - The Company mitigates operational risk by maintaining exceptionally high standards of project delivery, technical expertise and customer service. Strong relationships with clients, suppliers and subcontractors enable the business to respond quickly to changing project requirements whilst maintaining quality and programme certainty.

Operational risk is further reduced through a diversified client base comprising a number of established market-leading organisations operating across multiple sectors. The Company continues to invest in its people, systems and operational processes to support future growth while maintaining the flexibility required to respond to changing market conditions

Market risk - The Company operates in a highly competitive marketplace and seeks to maintain its competitive advantage through service quality, technical capability, innovation and the professionalism of its workforce. Close engagement with clients, together with ongoing monitoring of industry trends, regulatory developments and wider economic conditions, enables management to identify emerging risks and opportunities at an early stage.

The Board remains committed to expanding the Company's client base and service offering whilst maintaining the high standards that have become synonymous with the G&V Gallagher brand.

Personnel Risk – the Company is a privately-owned business and places great emphasis on recruiting, training, rewarding and retaining high quality people. The Directors consider staff resourcing on a regular basis. We promote from within whenever we can to maintain the Company culture. We also embrace new people from elsewhere as they bring fresh ideas and the benefits of their experience. The Board have tried to ensure that the knowledge base of the operational management team is shared as much as possible throughout the Company.

Taxation risk -the Company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT. Principal controls to mitigate this risk include regular monitoring of legislative proposals and the engagement of experienced executives and the use of experienced sector-specific professional advisers to mitigate the impact of any changes and ensure compliance.

Financial Risk- the Company finances its operation through the generation of cash from operating activities. The financial risk management objectives of the company in relation to financial instruments are set by the board of directors with a view to minimising exposure to price risk, credit risk, liquidity risk and cash flow risk. Financial monitoring, forecasting, and planning are ever present processes with the care taken to achieve a reasonable profit margin and investment in resources whilst maintaining delivery of a high-quality service to its clients - see also Financial instruments.

Information Technology – the Company relies heavily on systems to operate its business, ordering goods, paying suppliers, ensuring health and safety records are accurate, accounting and payroll. The risk of Cyber-attacks is ever present and an increasing risk to every business. Ensuring we have robust and up to date Cyber security measures and vigilant users is critical to the successful running of these systems, as well as employing appropriately skilled and experienced staff and external specialist support as required.

Economic risk - the Directors have identified and evaluated risks and uncertainties and have controls in place to mitigate these. Responsibility for management of each key risk is identified and delegated. The Company is exposed to the economic risks that could lower the Company's revenues and operating results in the future. However, actions continue to be taken to maximise the Company's performance in all aspects of the business.

The balance sheet on page 12 of the financial statements shows that the company's financial position at the year end is, in terms of both net assets and liquidity, an improvement over the previous year.

The Company regularly reviews a number of financial and non-financial key performance indicators at both board and operational levels. The Company carries out monthly detailed reviews of each operational and support function at which all aspects of each business and key performance indicators are reviewed. The key financial and non financial performance indicators used to determine the progress and performance of the Company are set out below:

     2025                   2024

Turnover                          £19,759,542            £16,006,890

Gross profit                          £4,380,010             £3,606,732

Gross margin                          22.17%             22.53%

Operating profit                          £2,886,272         £2,231,653

Operating profit as a % of sales                 14.6%              13.9%

Net assets                      £2,134,819         £2,161,816

Net cash balance                      £2,169,190             £1,146,062

Market Share

The Company is a medium-sized privately owned construction company based in England. Although difficult to quantify the company is estimated to have a strong market share.

Cash measure

The net cash balance (cash and cash equivalents less borrowings) is a measure of the strength of the balance sheet and to confirm that the Group has the funds necessary to continue to fund its operations and to continue to grow organically.

At the year end, the Company had a net cash balance of £2,169,190 (2024: £1,146,062), an increase of £1,023,128 on the previous year.

The Company reviews non-financial KPIs on a regular basis in a number of areas:

Health, Safety & Environmental Commitment

The health, safety and wellbeing of our employees, subcontractors, clients and the communities in which we operate remain our highest priority. We are committed to maintaining the highest standards of health and safety across all aspects of our business, with a strong culture that promotes personal responsibility, continuous improvement and proactive risk management.

Health and safety is embedded within our day-to-day operations through robust management systems, regular training, effective supervision and ongoing performance monitoring. These measures have enabled the Company to maintain an excellent safety record while ensuring that projects are delivered safely, efficiently and in full compliance with all relevant legislation and industry best practice.

The Company is equally committed to minimising the environmental impact of its operations and supporting the transition to a more sustainable construction industry. Working collaboratively with our clients, suppliers and subcontractors, we continue to implement initiatives aimed at reducing carbon emissions, improving resource efficiency, minimising waste generation and maximising opportunities for reuse and recycling.

Environmental considerations are integrated into project planning and delivery, ensuring that sustainable practices form part of our decision-making process. The Board remains committed to continually improving the Company's environmental performance while supporting clients in achieving their own sustainability objectives.                                

Accreditations and memberships

The Company has been assessed and has achieved the following accreditations and has the following memberships:

• ISO 9001: 2015 Quality Management System.

• ISO 14001: 2015 Environmental Management System.

• ISO 45001:2018 Health & Safety

• PQS Health & Safety Approved - SSIP Core Criteria

• Constructionline Gold Member.

• SafeContractor Certificate of Approval

• UVDB Certificate of Audit - Category B2 Audit

• Achilles UVDB Certificate of Registration

The Directors are of the opinion that these certifications and accreditations will ensure the continued efficiency of its internal and external processes, and aid the Company's commitment to working towards health, safety and environmental best practice across the business.

Staff turnover – employees who leave and the reasons thereto.

Tenders - enquiry success rate for tenders and price estimates.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 October 2025.

The principal activity of the company continued to be that of other specialised construction activities.

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,200,000. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Objectives and policies

The Company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to and from related and group companies. The main purpose of these instruments is to raise funds for the Company's operations and to finance the company's operations. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below.

Cash flow and liquidity risk

In respect of bank balances the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through an agreed payment policy. Strict payment terms are negotiated with the company's customers which enables it to ensure that it is paid promptly once an application has been issued. This policy ensures that sufficient funds are available to meet amounts due to trade creditors.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding and the timely chasing of outstanding debt.

In respect of loans to and from related companies, these are unsecured, at an agreed rate of interest, with no fixed date for repayment. Loans from group companies are unsecured, interest-free and repayable on demand, with no fixed date for repayment.

The Directors remain confident in the Company's long-term prospects and are committed to delivering profitable, sustainable growth while maintaining the high standards of quality, safety and service that underpin the business.

The Company's growth strategy continues to focus on expanding its client base, increasing market share across its core sectors and securing a greater proportion of projects in the role of Principal Contractor. This strategic emphasis strengthens G&V Gallagher's position within the marketplace, enhances project delivery capabilities and provides opportunities to generate greater long-term value.

Building on the momentum achieved during the year, the Company will continue to broaden its service offering and pursue opportunities within both existing and emerging sectors. The Board believes that the Company's strong reputation, technical expertise and collaborative approach place it in an excellent position to respond to changing market conditions and capitalise on future opportunities.

The Directors remain confident that the Company's strategy of providing a comprehensive range of construction services, combined with its commitment to developing long-term partnerships with clients, will continue to improve operational efficiency, enhance profitability and support sustainable growth.

With a healthy pipeline of secured work, a strong balance sheet and an experienced leadership team, the Board's immediate focus is on successfully delivering recently secured projects, further strengthening client relationships and investing in the people, systems and capabilities that will support the Company's continued success in the years ahead.

The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual 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 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 and then apply them consistently;

• make judgements 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of G&V Gallagher Ltd (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 have been prepared in accordance with applicable legal requirements.

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 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.

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.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

• the engagement partner ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise possible non-compliance with applicable laws and regulations.

• we identified significant laws and regulations applicable to the company through discussions with directors, along with our commercial knowledge and experience of the construction sector in which our client operates.

• we focused on specific laws and regulations which we consider may have a material effect on the financial statements or operations of the company, including the Companies Act 2006, taxation legislation, data protection, health and safety, and employment law.

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

• Considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• have performed analytical procedures to identify any unusual variances

• reviewed and tested journal entries and other adjustments to identify any unusual transactions

• assessed judgements and assumptions used in determining the accounting estimates which could indicated any potential bias

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• reviewing disclosures in the financial statements and testing to supporting documentation.

• reviewing meeting minutes where available

• discussions with management regarding actual or potential litigations and / or claims.

• reviewing correspondence with HMRC and other relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

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

Other matters which we are required to address

The financial statements for the year ended 31 October 2024, forming the corresponding figures of the financial statements for the year ended 31 October 2025, are unaudited as the directors claimed exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Use of our report

This report is made solely to the company's member 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 the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

G&V Gallagher Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

G&V Gallagher Ltd is a wholly owned subsidiary of GVG Group Limited and the results of G&V Gallagher Ltd are included in the consolidated financial statements of GVG Group Limited which are available from Crossroads, Sywell Road, Holcot, NN6 9SN.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised on the basis of work measured, valued and certified at the year end. The policies adopted for the recognition of turnover are as follows:

The company recognises revenue from the following major sources:

• Construction services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis and represents the unbilled direct and indirect costs incurred as at the year end. These typically arise where mid month valuations have occurred and a time apportioned estimate of the cost of measured work has been calculated. Net realisable value represents the certified value of the measured work carried out in a particular period, invoiced subsequent to the year end.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Revenue recognition is a key area of judgement especially in companies operating in the construction industry. Recognition of turnover and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.

The value of work completed at the balance sheet date is assessed by undertaking surveys and completing internal valuations on each element of works and in progress. Regular management reviews of contract work in progress are undertaken.

The age, nature and recoverability of all debtors and amounts recoverable on long term contracts are reviewed regularly by management and provisions made where appropriate.

The directors have ensured that generally accepted industry practices and methodologies are followed by all relevant personnel and that accounting and quality management systems are regularly evaluated. Consistent procedures and management tools are in place to ensure that estimates are applied and results determined on a consistent basis.

Management regularly review intercompany balances for recoverability.

All turnover arose in the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The amounts owed by companies under common control and other related parties (included in other debtors), are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

The amounts owed to group undertakings, companies under common control and other related parties (included in other creditors), are unsecured, interest-free, have no fixed date of repayment and are repayable on demand

The following are the major deferred tax liabilities and assets recognised by the company:

Of the deferred tax liability set out above, £11,341 is expected to reverse within the next 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has one class of ordinary share which carry no rights to fixed income.

Operating lease commitments are in respect of three (2024: two) tenancy agreements for business premises lasting for a period of 12 months.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The amounts outstanding are unsecured and will be settled in cash.

The ultimate parent company is GVG Group Limited and its registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

The ultimate controlling party is G Gallagher who owns 80% of the issued share capital of GVG Group Limited, the ultimate parent company.

The following are the parents of the largest and smallest groups in which this company's results are consolidated: