McAndrew Utilities Limited

	Page
Strategic Report	1
Director's Report	2—3
Independent Auditor's Report	4—6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—20

The director presents his strategic report for the year ended 30 November 2025.

Review of the Business

Within this report the directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we all face.

Principal Risks and Uncertainties

As for a significant number of businesses of our size, the business environment in which we operate continued to present challenges in 2025. We, like many others, are subject to the changing economic climate inherent within the current global economic environment This is due in no small part to both the continued risks and increased cost of materials.

The company remains focused and committed to managing the factors which affected our business this year.

Future Developments

The directors are constantly looking at new processes, machinery and materials to improve productivity and the overall profitability of the company. Our turnover and profitability continue to improve into the current year.

The directors are confident that their experience within the sector will deliver revenue growth over the coming years.

Financial Key Performance Indicators

We consider that our key financial performance indicators are those that communicate the financial performance and position of the company as a whole, these being turnover, operating margin and return on capital employed.

We can report that turnover has increased in the current year, up from to £15.5m in 2024 to £22.3m in 2025. Operating margins have increased to a profit of £6,109,986 (2024: £1,932,168) resulting in a profit before taxation of £6,219,333 (2024: £2,094,084).

The return on capital employed was a return of 78.35% (2024: 31.04%). Return on capital employed is calculated as profit before tax and interest divided by capital employed, which constitutes total assets less current liabilities. This is a result of our focus in investing in the right equipment and people.

On behalf of the board

Mr Sean McAndrew Director	Mrs Debora McAndrew Company Secretary
27th August 2026

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McAndrew Utilities Limited

Company No. 04597665

Director's Report For The Year Ended 30 November 2025

Director's Report

The director presents his report and the financial statements for the year ended 30 November 2025.

Principal Activity

The company's principal activity continues to be that of a utilities contractor.

Dividends

The value of dividends paid amounted to £NIL .

The director recommended a final dividend of £NIL .

Directors

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

Mr Sean McAndrew

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.

Statement of Director's Responsibilities

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

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company'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. He is 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 director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

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

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

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McAndrew Utilities Limited

Director's Report (continued)

For The Year Ended 30 November 2025

Independent Auditors

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

On behalf of the board

Mr Sean McAndrew Director	Mrs Debora McAndrew Company Secretary
27th August 2026

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Independent Auditor's Report

to the Members of

McAndrew Utilities Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of McAndrew Utilities Limited for the year ended 30 November 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 November 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

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

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

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

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Independent Auditor's Report (continued)

to the Members of

McAndrew Utilities Limited

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept, 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 or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 2—3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Irregularties, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilites, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Enquiring of management of any known or suspected instances of fraud, as well as considering management's assessment of the susceptibility of the financial statements to fraud. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. Performing substantive testing over a selection of journal entries made in the period, to address the risk of fraud due to managment overide of controls. With a focus on entries made by unusual team members or entries made at unusual times or on unusual dates. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud or management overide. Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is indication of managment bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughtout the audit.

Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit and that by their nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentation, or the overide of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

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

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Independent Auditor's Report (continued)

to the Members of

McAndrew Utilities Limited

Ryan Moore CA (Senior Statutory Auditor)

for and on behalf of Randall & Payne LLP , Statutory Auditor

27th August 2026

Randall & Payne LLP

Statutory Auditors

Chargrove House, Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

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McAndrew Utilities Limited

Profit and Loss Account

For The Year Ended 30 November 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	22,386,408	15,553,378
Cost of sales		(12,769,351 )	(10,085,902 )

GROSS PROFIT		9,617,057	5,467,476

Administrative expenses		(3,523,202 )	(3,535,308 )

OPERATING PROFIT	4	6,093,855	1,932,168
Loss on disposal of fixed assets		(10,718 )	(30,739 )
Other interest receivable and similar income	9	125,105	246,561
Interest payable and similar charges	10	(5,040 )	(53,906 )

PROFIT BEFORE TAXATION		6,203,202	2,094,084
Tax on Profit	11	(1,372,052 )	(551,824 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		4,831,150	1,542,260

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

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McAndrew Utilities Limited

Statement of Comprehensive Income

For The Year Ended 30 November 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	4,831,150	1,542,260
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	4,831,150	1,542,260

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McAndrew Utilities Limited

Balance Sheet

As At 30 November 2025

Balance Sheet

Registered number: 04597665

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		603,950		624,597

			603,950		624,597
CURRENT ASSETS
Stocks	13	1,237,986		975,124
Debtors	14	4,828,075		3,784,624
Cash at bank and in hand		4,221,918		3,639,565

		10,287,979		8,399,313
Creditors: Amounts Falling Due Within One Year	15	(2,906,776 )		(2,899,439 )

NET CURRENT ASSETS (LIABILITIES)			7,381,203		5,499,874

TOTAL ASSETS LESS CURRENT LIABILITIES			7,985,153		6,124,471

Creditors: Amounts Falling Due After More Than One Year	16		(89,302 )		(56,289 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	18		(141,452 )		(144,933 )

NET ASSETS			7,754,399		5,923,249

CAPITAL AND RESERVES
Called up share capital	20		100		100
Profit and Loss Account			7,754,299		5,923,149

SHAREHOLDERS' FUNDS			7,754,399		5,923,249

On behalf of the board

Mr Sean McAndrew

Director

27th August 2026

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

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McAndrew Utilities Limited

Statement of Changes in Equity

For The Year Ended 30 November 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 December 2023	100	12,661,889	12,661,989
Profit for the year and total comprehensive income	-	1,542,260	1,542,260

Dividends paid	-	(6,000)	(6,000)
Capital contribution to Employee Ownership Trust	-	(8,275,000)	(8,275,000)

As at 30 November 2024 and 1 December 2024	100	5,923,149	5,923,249


Profit for the year and total comprehensive income	-	4,831,150	4,831,150

Dividends paid	-	-	-
Capital contribution to Employee Ownership Trust	-	(3,000,000)	(3,000,000)

As at 30 November 2025	100	7,754,299	7,754,399

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McAndrew Utilities Limited

Statement of Cash Flows

For The Year Ended 30 November 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	4,558,672	3,173,389
Interest paid		(5,041 )	(53,906 )
Tax paid		(1,002,132 )	(1,506,532 )

Net cash generated from operating activities		3,551,499	1,612,951

Cash flows from investing activities
Purchase of tangible assets		(150,495 )	(110,042 )
Proceeds from disposal of tangible assets		(4 )	2,731
Interest received		125,105	246,561

Net cash (used in)/generated from investing activities		(25,394 )	139,250

Cash flows from financing activities
Equity dividends paid		(3,000,000 )	(8,281,000 )
Repayment of finance leases		56,748	84,144
Amount introduced by directors		-	486
Amount withdrawn by directors		(500)	-

Net cash used in financing activities		(2,943,752 )	(8,196,370 )



Increase/(decrease) in cash and cash equivalents		582,353	(6,444,169 )
Cash and cash equivalents at beginning of year	2	3,639,565	10,083,734

Cash and cash equivalents at end of year	2	4,221,918	3,639,565

Included within capital contributions paid is an amount of £3,000,000 which represents a capital contribution towards an employee ownership trust as disclosed in note 25.

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McAndrew Utilities Limited

Notes to the Statement of Cash Flows

For The Year Ended 30 November 2025

Notes to the Statement of Cash Flows

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

	2025	2024
	£	£
Profit for the financial year	4,831,150	1,542,260
Adjustments for:
Tax on profit	1,372,052	551,824
Interest expense	5,040	53,906
Interest income	(125,105 )	(246,560 )
Depreciation of tangible assets	160,428	140,944
Loss on disposal of tangible assets	10,718	30,739
Movements in working capital:
Increase in stocks	(262,862 )	(256,185 )
(Increase)/decrease in trade and other debtors	(1,043,451 )	932,243
(Decrease)/increase in trade and other creditors	(389,298 )	424,218

Net cash generated from operations	4,558,672	3,173,389

2. Cash and cash equivalents

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

	2025	2024
	£	£
Cash at bank and in hand	4,221,918	3,639,565

3. Analysis of changes in net funds

	As at 1 December 2024	Cash flows	As at 30 November 2025
	£	£	£
Cash at bank and in hand	3,639,565	582,353	4,221,918
Finance leases	(84,144)	(56,748)	(140,892)

	3,555,421	525,605	4,081,026

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McAndrew Utilities Limited

Notes to the Financial Statements

For The Year Ended 30 November 2025

Notes to the Financial Statements

1. General Information

McAndrew Utilities Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04597665 . The registered office is Suite 3, Chester Court, Alfreton Road, Derby, DE21 4AB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

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 éstimates.

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.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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 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 in 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.

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.5. Tangible Fixed Assets and Depreciation

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

Freehold	15% reducing balance
Plant & Machinery	20% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	20% reducing balance
Computer Equipment	33.3% reducing balance

2.6. Leasing and Hire Purchase Contracts

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

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

2.7. Stocks and Work in Progress

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

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

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

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

2.8. Cash and Cash Equivalents

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

2.9. Taxation

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

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

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

...CONTINUED

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.9. Taxation - continued

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

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Rendering of services	22,386,408	15,553,378

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	-	10,720
Depreciation of tangible fixed assets	160,428	140,944

5. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	12,800	10,150

6. Staff Costs

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

	2025	2024
	£	£
Wages and salaries	1,323,402	1,060,223
Social security costs	150,374	110,462
Other pension costs	24,633	20,271

	1,498,409	1,190,956

7. Average Number of Employees

Average number of employees, including directors, during the year was: 35 (2024: 29)

8. Director's remuneration

	2025	2024
	£	£
Emoluments	12,000	11,500

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	122,880	246,561
Interest received on corporation tax	2,225	-

	125,105	246,561

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Credit interest	1,485	4,076
Finance charges payable under finance leases and hire purchase contracts	3,555	500
Other finance charges	-	49,330

	5,040	53,906

11. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	1,375,532	565,938
Deferred Tax
Deferred taxation			(3,480 )	(14,114 )


Total tax charge for the period			1,372,052	551,824

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

	2025	2024
	£	£
Profit before tax	6,203,202	2,094,084

Tax on profit at 25% (UK standard rate)	1,550,800	523,522
Expenses not deductible for tax purposes	84,963	28,302
Research and Development tax credit	(263,711 )	-

Total tax charge for the period	1,372,052	551,824

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

12. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 December 2024	55,529	849,905	139,907	6,287
Additions	-	128,667	1,243	3,280
Disposals	-	(28,040 )	-	-

As at 30 November 2025	55,529	950,532	141,150	9,567

Depreciation
As at 1 December 2024	10,656	403,921	24,613	1,700
Provided during the period	6,731	113,052	29,134	1,574
Disposals	-	(18,649 )	-	-

As at 30 November 2025	17,387	498,324	53,747	3,274

Net Book Value
As at 30 November 2025	38,142	452,208	87,403	6,293

As at 1 December 2024	44,873	445,984	115,294	4,587


	Computer Equipment	Total
	£	£
Cost
As at 1 December 2024	37,983	1,089,611
Additions	17,305	150,495
Disposals	(8,900 )	(36,940 )

As at 30 November 2025	46,388	1,203,166

Depreciation
As at 1 December 2024	24,124	465,014
Provided during the period	9,937	160,428
Disposals	(7,577 )	(26,226 )

As at 30 November 2025	26,484	599,216

Net Book Value
As at 30 November 2025	19,904	603,950

As at 1 December 2024	13,859	624,597

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	78,480	-
Motor Vehicles	68,785	90,925

	147,265	90,925

13. Stocks

	2025	2024
	£	£
Stock	694,085	368,495
Work in progress	543,901	606,629

	1,237,986	975,124

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	2,252,640	2,140,840
Amounts recoverable on contracts	2,201,705	1,145,037
Prepayments and accrued income	271,943	287,510
Other debtors	101,787	117,795
VAT	-	93,442

	4,828,075	3,784,624

The retention value within trade debtors is £499,918 (2024 - £796,931)

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	51,590	27,855
Trade creditors	1,240,763	1,133,589
Payments on account	693,760	538,524
Other creditors	137,922	122,880
Corporation tax	488,668	115,268
Taxation and social security	117,664	40,386
Accruals and deferred income	176,409	920,937

	2,906,776	2,899,439

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	89,302	56,289

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

17. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	58,090	32,842
Later than one year and not later than five years	101,460	60,663

	159,550	93,505
Less: Finance charges allocated to future periods	18,658	9,361

	140,892	84,144

18. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	141,452	144,933

19. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 December 2024	144,933	144,933
Utilised	(3,481 )	(3,481)

Balance at 30 November 2025	141,452	141,452

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

21. Financial Instruments

The company has the following financial instruments:

	2025	2024
	£	£
Financial assets
Financial assets that are debt Instruments measured at amortised cost	9,049,993	7,555,320

Financial liabilities
Financial liabilities measured at amortised cost	3,197,100	2,311,296

Financial assets measured at amortised cost include trade debtors, other debtors, VAT and cash and cash equivalents.

Financial liabilities measured at amortised cost include net obiligations under finance lease and hire purchase contracts, trade creditors and other creditors.

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McAndrew Utilities Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

22. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than one year	-	66,251
Later than one year and not later than five years	-	185,341

	-	251,592

23. 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.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £24,633 (2024: £20,271).

At the balance sheet date contributions of £8,494 (2024: £7,028) were due to the fund and are included in creditors.

24. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	-	6,000

25. Related Party Disclosures

The company is controlled by McAndrew Utilities Trustees Limited (an Employee Ownership Trust) following a purchase of 100% of the Company's share capital in the previous financial year. Both Mr S McAndrew and Mrs D McAndrew are directors of McAndrew Utilities Trustees Limited.

During the year, the company made capital contributions of £3,000,000 to the Employee Ownership Trust to enable it to fund the consideration to former shareholders. These contributions have been treated as distributions in equity.

At the year end, no amounts were payable or receivable from the trust.

During the year the company entered into the following transactions with S&D Services Limited, a company of which Mr S McAndrew is a director and shareholder.

Subcontractor costs £743,527 (2024: £489,870)

At the year end, the company owed S&D Services Limited £55,461 (2024: £25,940) included in trade creditors.

During the year the company entered into the following transactions with MAC Mediation Limited, a company associated by close familial ties.

Subcontractor costs £620,554 (2024: £513,727)

At the year end, the company owed MAC Mediation Limited £26,829 (2024: £56,517) included in trade creditors.

Included in other debtors as at the year end are balances of £101,687 (2024: £101,687) owed by McAndrew Property Developments Limited of which Mr S McAndrew is a director and shareholder. This loan is interest free and repayable on demand.

26. Controlling Parties

The company is under the control of its immediate parent company, McAndrew Utilities Trustees Limited. The parent company is limited by guarantee and controlled by the trustees, therefore there is no ultimate controlling party.

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