MOBC Holdings Limited - Limited company accounts 23.2

REGISTERED NUMBER: 13993957 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

MOBC Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

J L Middleton

E J O'Shea

REGISTERED OFFICE:

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

BUSINESS ADDRESS:

Unit 10

Swannington Road

Broughton Astley

Leicester

Leicestershire

LE9 6TU

REGISTERED NUMBER:

13993957 (England and Wales)

AUDITORS:

Torr Waterfield Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

MOBC Holdings Limited group is a construction management and design group.

REVIEW OF BUSINESS

Turnover increased from £28,526,550 to £32,401,318 in the year with operating profit increasing from £2,300,337 to £2,514,333. The directors are pleased with these results and much credit is due to the management and staff throughout the group.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks, outlined in more detail below. The company has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the group by monitoring levels of a number of financial costs.

Price Risk

The group can be exposed to increases in material and supplier costs as tenders can be sent up to six months before a project contract is awarded. The group aims to ensure that tenders take any anticipated price increases into account.

Credit Risk

The group continues to monitor and review policies surrounding credit checks on both new and existing customers when looking at offering credit limits and reviewing payment terms. The group has no bad debts and has a good relationship with all its customers which ensures prompt payment.

Interest Rate Risk

The group finances its operations primarily through retained profits, and also has access to bank borrowings if required.

Other Risks

As a contractor, the group is dependent on retaining the loyalty of both its customers and its suppliers. For customers this is addressed by maintaining a constant focus on customer service and quality. The group manages supplier risk via its relationship with its suppliers. Communication and liaison takes place on a regular basis to ensure that these relationships remain strong. It remains the group's intention to continue to operate the business so it will be well-placed to take advantage of appropriate commercial opportunities in the foreseeable future.

KEY PERFORMANCE INDICATORS

The directors use a number of performance indicators to evaluate the group's performance, the key ones being turnover, gross profit and profit before tax. These numbers are detailed on page 8. Gross profit and overhead percentage are tracked on a quarterly basis and compared to the annual budgets and prior year. Project margins are tracked on a monthly basis ensuring that each project is profitable.

FUTURE DEVELOPMENTS

The future prospects of the company remain healthy. The directors are pleased with the group's performance and expect its results for the next financial year to be satisfactory.

ON BEHALF OF THE BOARD:

E J O'Shea - Director

14 May 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2023 will be £531,098.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J L Middleton

E J O'Shea

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

E J O'Shea - Director

14 May 2024

Opinion

We have audited the financial statements of MOBC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

-

Understanding the nature of the industry and sector, control environment and business performance;

-

Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;

-

Understanding the group's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;

-

Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

-

Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the group's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

-

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement;

-

Enquiring of management, those charged with governance and, where applicable, the group's solicitors concerning actual and potential litigation and claims;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

-

Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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 a Report of the Auditors 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.

Mark Andrew Torr FCCA (Senior Statutory Auditor)

for and on behalf of Torr Waterfield Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

14 May 2024

TURNOVER

3

32,401,318

28,526,550

Cost of sales

(27,009,249

)

(23,699,357

)

GROSS PROFIT

5,392,069

4,827,193

Administrative expenses

(2,881,326

)

(2,526,856

)

2,510,743

2,300,337

Other operating income

3,590

-

OPERATING PROFIT

5

2,514,333

2,300,337

Interest receivable and similar income

30,373

1,382

2,544,706

2,301,719

Interest payable and similar expenses

6

-

(9,636

)

PROFIT BEFORE TAXATION

2,544,706

2,292,083

Tax on profit

7

(603,413

)

(442,130

)

PROFIT FOR THE FINANCIAL YEAR

1,941,293

1,849,953

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,941,293

1,849,953

Profit attributable to:

Owners of the parent

1,941,293

1,849,953

Total comprehensive income attributable to:

Owners of the parent

1,941,293

1,849,953

FIXED ASSETS

Tangible assets

10

495,385

336,458

Investments

11

-

-

495,385

336,458

CURRENT ASSETS

Debtors

12

7,698,980

4,933,581

Cash at bank and in hand

3,032,584

2,649,972

10,731,564

7,583,553

CREDITORS

Amounts falling due within one year

13

(7,539,334

)

(5,696,562

)

NET CURRENT ASSETS

3,192,230

1,886,991

TOTAL ASSETS LESS CURRENT LIABILITIES

3,687,615

2,223,449

PROVISIONS FOR LIABILITIES

15

(96,396

)

(42,425

)

NET ASSETS

3,591,219

2,181,024

CAPITAL AND RESERVES

Called up share capital

16

200

200

Retained earnings

17

3,591,019

2,180,824

SHAREHOLDERS' FUNDS

3,591,219

2,181,024

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2024 and were signed on its behalf by:

J L Middleton - Director

E J O'Shea - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

200

200

200

200

CURRENT ASSETS

Debtors

12

10,000

10,224

Cash at bank

26,382

130

36,382

10,354

CREDITORS

Amounts falling due within one year

13

(28,292

)

(2,224

)

NET CURRENT ASSETS

8,090

8,130

TOTAL ASSETS LESS CURRENT LIABILITIES

8,290

8,330

CAPITAL AND RESERVES

Called up share capital

16

200

200

Retained earnings

17

8,090

8,130

SHAREHOLDERS' FUNDS

8,290

8,330

Company's profit for the financial year

531,059

227,232

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2024 and were signed on its behalf by:

J L Middleton - Director

E J O'Shea - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2022

100

2,730,369

2,730,469

Changes in equity

Increase in share capital

100

-

100

Merger reserve

-

(100

)

(100

)

Dividends

-

(2,399,398

)

(2,399,398

)

Total comprehensive income

-

1,849,953

1,849,953

Balance at 31 December 2022

200

2,180,824

2,181,024

Changes in equity

Dividends

-

(531,098

)

(531,098

)

Total comprehensive income

-

1,941,293

1,941,293

Balance at 31 December 2023

200

3,591,019

3,591,219

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

200

-

200

Dividends

-

(219,102

)

(219,102

)

Total comprehensive income

-

227,232

227,232

Balance at 31 December 2022

200

8,130

8,330

Changes in equity

Dividends

-

(531,099

)

(531,099

)

Total comprehensive income

-

531,059

531,059

Balance at 31 December 2023

200

8,090

8,290

Cash flows from operating activities

Cash generated from operations

1

1,593,020

1,771,322

Tax paid

(447,640

)

(323,676

)

Net cash from operating activities

1,145,380

1,447,646

Cash flows from investing activities

Purchase of tangible fixed assets

(332,418

)

(189,542

)

Sale of tangible fixed assets

40,868

28,130

Interest received

30,373

1,382

Net cash from investing activities

(261,177

)

(160,030

)

Cash flows from financing activities

Loan capital repayments

-

(424,140

)

Amount introduced by directors

29,507

-

Amount withdrawn by directors

-

(13,401

)

Loan interest paid

-

(9,636

)

Equity dividends paid

(531,098

)

(2,399,398

)

Net cash from financing activities

(501,591

)

(2,846,575

)

Increase/(decrease) in cash and cash equivalents

382,612

(1,558,959

)

Cash and cash equivalents at beginning of year

2

2,649,972

4,208,931

Cash and cash equivalents at end of year

2

3,032,584

2,649,972

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.23

31.12.22

£

£

Profit before taxation

2,544,706

2,292,083

Depreciation charges

116,984

113,961

Loss/(profit) on disposal of fixed assets

15,639

(8,250

)

Finance costs

-

9,636

Finance income

(30,373

)

(1,382

)

2,646,956

2,406,048

Increase in trade and other debtors

(2,765,399

)

(1,023,279

)

Increase in trade and other creditors

1,711,463

388,553

Cash generated from operations

1,593,020

1,771,322

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

3,032,584

2,649,972

Year ended 31 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

2,649,972

4,208,931

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23

Cash flow

At 31.12.23

£

£

£

Net cash

Cash at bank and in hand

2,649,972

382,612

3,032,584

2,649,972

382,612

3,032,584

Total

2,649,972

382,612

3,032,584

1.	STATUTORY INFORMATION

MOBC Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Basis of consolidation

The consolidated financial statements present the results of the company and its subsidiary undertakings (the 'group') as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

MOBC Holdings Limited (the 'parent company') was incorporated on 22 March 2022.

On 9 June 2022, as part of a group restructure of M & O Properties Limited, M&OP Holdings Limited acquired 100% of the ordinary share capital of M & O Properties Limited and became the ultimate parent company of the group.

On 17 June 2022 the entire ordinary share capital of M & O Building Contractors Limited was transferred to M&OP Holdings Limited and M & O Building Contractors Limited was demerged from the M&OP Holdings Limited group and its entire share capital was transferred to MOBC Holdings Limited.

The restructuring of the group meets the definition of a group reconstruction per FRS 102 para 19.27. Consequently, the restructuring has been accounted for using merger accounting. In accordance with merger accounting principles the financial statements have been prepared as if MOBC Holdings Limited was in existence throughout the year.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires the group's directors to make judgements, assumptions and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on a regular basis.

The group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Notwithstanding this, the group's activities are undertaken through construction contracts and the company is required to make estimates in accounting for revenue and margin. These estimates may depend upon the outcome of future events and may need to be revised as circumstances change.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Construction contracts

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 costs incurred for work performed to date bear to the estimated total costs.

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.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Improvements to property

- 10% on cost

Plant and machinery

- 25% on reducing balance

Fixtures and fittings

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 33% on cost

The expected useful lives of assets are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants receivable in relation to expenditure is recognised when the expenditure is charged to the Statement of Comprehensive Income.

3.

TURNOVER

The group's revenue for the year from continuing operations is as follows:

31.12.23

31.12.22

£

£

Rendering of services

32,401,318

28,526,550

CONSTRUCTION CONTRACTS

31.12.23

31.12.22

£

£

Amounts due from customers for construction contracts

2,286,279

1,762,996

Amounts due to customers for construction contracts

1,010,910

798,210

Contract revenue recognised as revenue during the year

32,401,318

28,526,550

4.	EMPLOYEES AND DIRECTORS

31.12.23

31.12.22

£

£

Wages and salaries

3,358,996

3,140,602

Social security costs

395,485

375,804

Other pension costs

73,371

71,004

3,827,852

3,587,410

The average number of employees during the year was as follows:

31.12.23

31.12.22

Directors

2

2

Office and admin

40

34

Operations

31

37

73

73