Edgewater Contracts & Specialist Joinery Ltd iXBRL

Company Registration Number: NI615490

Edgewater Contracts & Specialist Joinery Ltd

Reports and Financial Statements

for the financial year ended 31 December 2025

Edgewater Contracts & Specialist Joinery Ltd

DIRECTORS AND OTHER INFORMATION


Directors	Mr. Seamus Murray
	Mr. Eamon Higgins
	Mr. Eamonn Laverty
	Mrs. Cathy Murtagh
	Mr. John McElroy
	Mr. Seamus McAleer


Company Registration Number	NI615490


Registered Office and Business Address	5 Creagh Business Park
	Hillhead Road
	Toomebridge
	Antrim
	BT41 3UF


Independent Auditors	Azets?Audit?Services?Ireland?Limited
	16 Mount Charles
	Belfast
	BT7 1NZ


Bankers	Barclays Bank
	17 Castle Pl
	Belfast
	BT1 1EL


	Bank of Ireland
	11 Market Square
	Magherafelt
	BT45 6EE

Edgewater Contracts & Specialist Joinery Ltd

STRATEGIC REPORT

for the financial year ended 31 December 2025

The directors present their strategic report on the company for the financial year ended 31 December 2025.

Review of the Company's Business

The directors are satisfied with the performance of the company during the year as outlined by the Key Performance Indicators within this report.

Future Developments

The directors are committed to long term creation of shareholder value by increasing market share through organic economic growth.

Like most businesses the company has experienced the impact of inflation in respect of ongoing worldwide political uncertainty.

The directors are confident that the company’s innovative approach and strong financial position has ensured that the company will continue to operate and grow profitably in line with its strategic goals.

Performance Review

The results presented on page 12 are in line with the expectations of directors.

A number of significant contracts were undertaken during the year, reflecting £110m of turnover. The directors are satisfied with projected turnover for 2026 and 2027 with a number of contracts secured and several prospects in progress.

Key Performance Indicators

The Key Performance Indicators during the financial year were as follows:


	2025	2024
	£	£
Turnover	110,250,877	88,650,203
Net Assets	14,822,265	11,789,469
Gross profit	8,259,186	5,384,765
Turnover Per Employee	1,185,493	1,136,541

The directors do not have any formally measured key performance indicators in relation to employee or environmental matters.

Research and Development

Edgewater Contract & Specialist Joinery Ltd finds that innovation provides ways for the company to stand apart from its competitors. The research and development projects undertaken during the year included;

- the development of solutions for complex projects during the year due to the historic listed nature of the buildings or neighbouring buildings and features, sound & vibration issues and other factors.

- the improvement of the joinery processes to improve manufacturing efficiency and surface finishes.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to several risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and international businesses of a similar nature and market risk arising in any potential economic downturn. The management team has reacted by adapting its operations and managing financial risks in line with its risk management policies which are outlined in the section below.

The company uses various financial instruments including cash, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to several financial risks, which are described in more detail below.

Financial Risk Management

The existence of financial instruments exposes the company to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and foreign exchange risk. The company has in place a risk management program that seeks to limit the adverse effects of these risks on the financial performance of the company. Given the size of the company the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Price Risk

The company is exposed to commodity price risk as a result of its operations. However given the size of the company's operations, the cost of managing exposure to commodity price risk exceeds any potential benefit.

Credit risk

Credit risk is the potential financial loss resulting from the failure of a customer or a counter party to settle its financial and contractual obligations to the company, as and when they fall due. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Liquidity Risk

The company seek to managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short term flexibility is achieved by the availability of an overdraft facility should it be required.

Foreign exchange risk

While the greater part of the company's revenues and expenses are denominated in Sterling, the company is exposed to some foreign exchange risk in the normal course of business, principally on sales and purchases in Euros. Given the size of the company, the directors have not used financial instruments to date to hedge foreign exchange exposure.

The Board's Statement on S172(1)

The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors. As part of the Board’s decision-making process, the Board consider the potential impact of decisions on relevant stakeholders whilst also having regard to several broader factors, including the impact of the Company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term and the need to foster the company's business relationships with suppliers, customers and others.

On behalf of the board




___________________________	___________________________
Mr. Seamus Murray	Mr. Eamon Higgins
Director	Director

31 July 2026	31 July 2026

Edgewater Contracts & Specialist Joinery Ltd

DIRECTORS' REPORT

for the financial year ended 31 December 2025

The directors present their report and the audited financial statements for the financial year ended 31 December 2025.

Principal Activity

The principal activity of the company is Hotel Fit Out and Construction; Joinery Manufacture and Shopfitting.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £3,520,296 (2024 - £2,638,619).

The directors have paid an interim dividend amounting to £487,500 and they do not recommend payment of a final dividend.

Directors

The directors who served during the financial year are as follows:

Mr. Seamus Murray

Mr. Eamon Higgins

Mr. Eamonn Laverty

Mrs. Cathy Murtagh

Mr. John McElroy

Mr. Seamus McAleer

Charitable and political contributions

During the year ended 31st December 2025 the company made charitable donations of £9,661 to local charities. Edgewater Contracts & Specialist Joinery Ltd aim to continue supporting the local community, where it can, with projects and events run within its business area.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 and apply them consistently;

-make judgements and accounting estimates that are reasonable and prudent;

-state whether applicable UK Accounting Standards comprising FRS 102 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 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.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, Azets?Audit?Services?Ireland?Limited have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Matters included in the Strategic Report

Under section 414 of Companies Act 2006 all matters not disclosed in the Directors’ Report have been included in the Strategic Report.

On behalf of the board

___________________________

Mr. Seamus Murray

Mr. Eamon Higgins

Director

31 July 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Edgewater Contracts & Specialist Joinery Ltd

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Edgewater Contracts & Specialist Joinery Ltd ('the company') for the financial year ended 31 December 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the financial 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 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.

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.

Opinion on other matters prescribed by the Companies Act 2006

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

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

- Enquire of management, those charged with governance and the entity's solicitors around the actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non - compliance with laws and

regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with

applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and

other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the

normal course of business and reviewing accounting estimates.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

__________________________________

Mr Robert Barr (Senior Statutory Auditor)

for and on behalf of

AZETS?AUDIT?SERVICES?IRELAND?LIMITED

16 Mount Charles

Belfast

BT7 1NZ

31 July 2026

Edgewater Contracts & Specialist Joinery Ltd

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Edgewater Contracts & Specialist Joinery Ltd

INCOME STATEMENT

for the financial year ended 31 December 2025

	2025	2024
Notes	£	£

Turnover	4	110,250,877	88,650,203

Cost of sales		(101,991,691)	(83,265,438)
		─────────	─────────
Gross profit		8,259,186	5,384,765

Administrative expenses		(3,752,228)	(2,276,322)
Other operating income		22,576	26,087
		─────────	─────────
Operating profit	5	4,529,534	3,134,530

Interest receivable and similar income	6	332,266	187,600
Interest payable and similar expenses	7	(1,841)	(2,567)
		─────────	─────────
Profit before taxation		4,859,959	3,319,563

Tax on profit	9	(1,339,663)	(680,944)
		─────────	─────────
Profit for the financial year		3,520,296	2,638,619
		─────────	─────────
Total comprehensive income		3,520,296	2,638,619
		═════════	═════════

Edgewater Contracts & Specialist Joinery Ltd

Company Registration Number: NI615490

STATEMENT OF FINANCIAL POSITION

as at 31 December 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

993,046

1,049,300

─────────

Current Assets

Stocks

623,260

384,469

Debtors

16,758,927

14,963,968

Cash and cash equivalents

18,792,116

18,931,089

─────────

36,174,303

34,279,526

─────────

Creditors: amounts falling due within one year

(22,219,102)

(23,426,951)

─────────

Net Current Assets

13,955,201

10,852,575

─────────

Total Assets less Current Liabilities

14,948,247

11,901,875

Provisions for liabilities

(125,982)

(112,406)

─────────

Net Assets

14,822,265

11,789,469

═════════

Capital and Reserves

Called up share capital

300,000

300,000

Retained earnings

14,522,265

11,489,469

─────────

Equity attributable to owners of the company

14,822,265

11,789,469

═════════

Approved by the Board and authorised for issue on 31 July 2026 and signed on its behalf by




________________________________			________________________________
Mr. Seamus Murray			Mr. Eamon Higgins
Director			Director

Edgewater Contracts & Specialist Joinery Ltd

STATEMENT OF CHANGES IN EQUITY

as at 31 December 2025

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 January 2024	300,000	10,050,850	10,350,850
	─────────	─────────	─────────
Profit for the financial year	-	2,638,619	2,638,619
	─────────	─────────	─────────
Payment of dividends	-	(1,200,000)	(1,200,000)
	─────────	─────────	─────────
At 31 December 2024	300,000	11,489,469	11,789,469
	─────────	─────────	─────────
Profit for the financial year	-	3,520,296	3,520,296
	─────────	─────────	─────────
Payment of dividends	-	(487,500)	(487,500)
	─────────	─────────	─────────
At 31 December 2025	300,000	14,522,265	14,822,265
	═════════	═════════	═════════

Edgewater Contracts & Specialist Joinery Ltd

STATEMENT OF CASH FLOWS

for the financial year ended 31 December 2025

	2025	2024
Notes	£	£

Cash flows from operating activities

Profit for the financial year

3,520,296

2,638,619

Adjustments for:

Interest receivable and similar income

(332,266)

(187,600)

Interest payable and similar expenses

1,841

2,567

Tax on profit on ordinary activities

1,339,663

680,944

Depreciation

193,763

185,078

Profit/loss on disposal of property, plant and equipment

(11,036)

17,558

─────────

4,712,261

3,337,166

Movements in working capital:

Movement in stocks

(238,791)

(6,688)

Movement in debtors

(1,794,959)

(7,619,912)

Movement in creditors

(1,108,614)

14,101,238

─────────

Cash generated from operations

1,569,897

9,811,804

Interest paid

(1,841)

(2,567)

Tax paid

(1,415,947)

(167,422)

─────────

Net cash generated from operating activities

152,109

9,641,815

─────────

Cash flows from investing activities

Interest received

332,266

187,600

Payments to acquire property, plant and equipment

(166,473)

(410,667)

Receipts from sales of property, plant and equipment

40,000

48,000

─────────

Net cash generated from/(used in) investment activities

205,793

(175,067)

─────────

Cash flows from financing activities

Capital element of hire purchase contracts		(9,375)	(12,500)
Dividends paid		(487,500)	(1,200,000)
		─────────	─────────
Net cash used in financing activities		(496,875)	(1,212,500)
		─────────	─────────

Net (decrease)/increase in cash and cash equivalents		(138,973)	8,254,248
Cash and cash equivalents at beginning of financial year		18,931,089	10,676,841
		─────────	─────────
Cash and cash equivalents at end of financial year	14	18,792,116	18,931,089
		═════════	═════════

Edgewater Contracts & Specialist Joinery Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2025

General Information

Edgewater Contracts & Specialist Joinery Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI615490. The registered office of the company is 5 Creagh Business Park, Hillhead Road, Toomebridge, Antrim, BT41 3UF which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the stage of completion of the contract.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

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

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Long leasehold property

5% Straight line

Plant and machinery

25% Reducing balance

Fixtures, fittings and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing and hire purchases

Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Leasing

Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

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.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £3,520,296 (2024 - £2,638,619). The directors have paid an interim dividend of £487,500.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Significant accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. 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 if the revision affects that period. 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 period are described below.

Construction Contracts

In arriving at the level of income and expenses that the company can recognise on its construction contracts during the year, the company must assign the costs of the contracts between the proportion completing in the period and the proportion completing in future periods. In order to make this assessment regarding costs to be incurred, the stage of completion and the final values of a contract, a degree of estimation is required. Management have established internal controls to review and ensure the estimates made on individual contracts are appropriate.

Turnover

The turnover for the financial year is analysed as follows:

2025

2024

105,987,657

82,348,918

Europe

4,263,220

6,301,285

─────────

110,250,877

88,650,203

═════════

All turnover presented in the accounts is driven from the principal activity of the company, hotel fit outs and construction, joinery and shopfitting, these are considered to be fully the rendering of services under contract and not the sale of goods.

Turnover attributable to geographical markets outside the UK amounted to 4% for the financial year.


5.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of property, plant and equipment	193,763	185,078
	(Profit)/loss on disposal of property, plant and equipment	(11,036)	17,558
	Operating lease rentals
	- Land and buildings	200,000	200,000
	- Motor vehicles	65,619	18,296
	Auditor's remuneration
	- audit services	16,335	17,896
	- other non-audit services	-	8,426
		═════════	═════════


6.	Interest receivable and similar income	2025	2024
		£	£

	Bank interest	332,266	187,600
		═════════	═════════


7.	Interest payable and similar expenses	2025	2024
		£	£

	Hire purchase interest	1,841	2,567
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2025

2024

Number

Number

Administration

Directors

Staff

─────────

═════════

The staff costs (inclusive of directors' salaries) comprise:

2025

2024

Wages and salaries

4,958,626

4,331,013

Social security costs

581,640

446,521

Pension costs

1,649,382

258,777

─────────

7,189,648

5,036,311

═════════

Tax on profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%) (Note 9 (b))

1,326,087

742,006

─────────

Deferred tax:

Origination and reversal of timing differences

13,576

(61,062)

─────────

Total deferred tax

13,576

(61,062)

═════════

Tax on profit (Note 9 (b))

1,339,663

680,944

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the UK 25.00% (2024 - 25.00%). The differences are explained below:

2025

2024

Profit taxable at 25.00%

4,859,959

3,319,563

═════════

Profit before tax

multiplied by the standard rate of corporation tax

in the UK at 25.00% (2024 - 25.00%)

1,214,990

829,891

Effects of:

Expenses not deductible for tax purposes

61,296

51,626

Depreciation in excess of capital allowances for period

47,050

8,080

Deferred tax

13,576

(61,062)

Non taxable income of ROI branch subject to Foreign branch exemption

(123,570)

(293,342)

ROI Tax charged at 12.5%

126,321

145,751

─────────

Total tax charge for the financial year (Note 9 (a))

1,339,663

680,944

═════════


10.	Dividends	2025	2024
		£	£
	Dividends on equity shares:

	Ordinary B - Interim paid	487,500	1,200,000
		═════════	═════════


11.	Property, plant and equipment
		Long	Plant and	Fixtures,	Motor	Total
		leasehold	machinery	fittings and	vehicles
		property		equipment
		£	£	£	£	£
	Cost
	At 1 January 2025	404,335	705,479	272,057	591,758	1,973,629
	Additions	26,141	6,441	13,891	120,000	166,473
	Disposals	-	-	-	(79,785)	(79,785)
		─────────	─────────	─────────	─────────	─────────
	At 31 December 2025	430,476	711,920	285,948	631,973	2,060,317
		─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2025	66,244	509,397	162,254	186,434	924,329
	Charge for the financial year	23,558	45,022	24,806	100,377	193,763
	On disposals	-	-	-	(50,821)	(50,821)
		─────────	─────────	─────────	─────────	─────────
	At 31 December 2025	89,802	554,419	187,060	235,990	1,067,271
		─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2025	340,674	157,501	98,888	395,983	993,046
		═════════	═════════	═════════	═════════	═════════
	At 31 December 2024	338,091	196,082	109,803	405,324	1,049,300
		═════════	═════════	═════════	═════════	═════════

11.1.

Property, plant and equipment continued

Included above are assets held under finance leases or hire purchase contracts as follows:

2025

2024

Net

Depreciation

Net

Depreciation

book value

charge

book value

charge

Motor vehicles

28,579

8,199

═════════


12.	Stocks	2025	2024
		£	£

	Stock Workshop Raw Materials	104,697	93,055
	Work in progress	518,563	291,414
		─────────	─────────
		623,260	384,469
		═════════	═════════


13.	Debtors	2025	2024
		£	£

	Trade debtors	13,297,624	8,681,711
	Amounts recoverable on long term contracts UK	3,227,011	6,049,747
	Amounts owed by connected parties (Note 23)	204,647	204,647
	Other debtors	7,041	9,660
	Prepayments and accrued income	22,604	18,203
		─────────	─────────
		16,758,927	14,963,968
		═════════	═════════


14.	Cash and cash equivalents	2025	2024
		£	£

	Cash and bank balances	18,792,116	18,931,089
		═════════	═════════

15.

Creditors

2025

2024

Amounts falling due within one year

Net obligations under finance leases

and hire purchase contracts

9,375

Trade creditors

5,997,844

6,487,020

Taxation (Note 16)

4,364,402

4,608,868

Other creditors

311,314

372,960

Accruals:

Pension accrual

132,151

193,661

Other accruals

11,413,391

11,755,067

─────────

22,219,102

23,426,951

═════════

Obligations under finance leases and hire purchase contracts are secured upon specific assets.


16.	Taxation	2025	2024
		£	£

	Creditors:
	VAT	3,258,346	3,432,758
	Corporation tax	633,485	723,345
	PAYE / NI	472,571	452,765
		─────────	─────────
		4,364,402	4,608,868
		═════════	═════════

17.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2025

2024

At financial year start

112,406

112,406

173,468

Charged to profit and loss

13,576

13,576

(61,062)

─────────

At financial year end

125,982

112,406

═════════


18.	Financial Instruments

		2025	2024
		£	£
	Financial assets that are debt instruments measured at amortised cost
	Trade debtors	13,297,624	8,681,711
	Cash at bank and in hand	18,792,116	18,931,089
	Amounts due from related parties	204,647	204,647
		═════════	═════════

	Financial liabilities at amortised cost
	Trade creditors	5,997,844	6,487,020
	Bank and other loans	311,314	382,535
		═════════	═════════

19.

Pension costs - defined contribution

The company operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £1,649,382 (2024: £258,777).


20.	Share capital			2025	2024
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary A	150,000	£1.00 each	150,000	150,000
	Ordinary B	150,000	£1.00 each	150,000	150,000

				─────────	─────────
				300,000	300,000
				═════════	═════════

21.

Financial commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and Buildings

2025

2024

Due:

Within one year

133,333

200,000

Between one and five years

133,333

─────────

133,333

333,333

═════════

22.

Directors' remuneration

2025

2024

Remuneration

368,119

334,931

Pension contributions

1,350,000

40,000

─────────

1,718,119

374,931

═════════

Highest Paid Director

Amounts included above:

Emoluments and other benefits

1,455,999

121,411

═════════

Key management personnel is considered to be the directors.

23.

Related party transactions

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

SOM Properties No.5 (N.I.) Ltd

204,647

204,647

204,647

─────────

═════════

The amount outstanding at the year end included within debtors was £204,647 (2024: £204,647).

There were no transactions with related parties during the year (2024: £NIL)

In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.


24	Reconciliation of Net Cash Flow to Movement in Net Debt
		Opening	Cash	Closing
		balance	flows	balance

		£	£	£

	Finance lease and hire purchase	(9,375)	9,375	-
		─────────	─────────	─────────
	Total liabilities from financing activities	(9,375)	9,375	-
		═════════	═════════	─────────
	Total Cash and cash equivalents (Note 14)			18,792,116
				─────────
	Total net cash			18,792,116
				═════════