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Company Registration No. 07707155 (England and Wales)







CAREY LONDON LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
CAREY LONDON LIMITED
 
 
COMPANY INFORMATION


Directors
Martin Carey 
Enda Cosgrove 
Eamonn Carty 
Neil Skelton 




Company secretary
Enda Cosgrove



Registered number
07707155



Registered office
Unit E1
The Courtyard

Alban Park

St.Albans

AL4 0LA




Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Svenska Handelsbanken AB (Publ)
3 Thomas More Street

St Katherine's & Wapping

London

E1W 1WY





 
CAREY LONDON LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 6
Directors' Report
 
 
7 - 9
Independent Auditors' Report
 
 
10 - 13
Profit and Loss Account
 
 
14
Balance Sheet
 
 
15
Statement of Changes in Equity
 
 
16
Statement of Cash Flows
 
 
17
Analysis of Net Debt
 
 
18
Notes to the Financial Statements
 
 
19 - 27


 
CAREY LONDON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present the strategic report for the year ended 31 July 2024.

Principal activity
 
The principal activity of the company is that of groundworks and reinforced concrete frame contracting.
Key performance indicators
Our number one indicator remains the health and safety of our workers.
Our next priority is the successful delivery of our projects in a quality and timely manner.
Our key financial targets remain profit, liquidity and balance sheet strength. 
The key financial highlights of the company for the last four years are as follows:

Key performance indicators
 
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The profit and loss account

The full profit and loss account of the company for the year is set out on page 14. The results were in line with the expectations of the directors.

Review of 2024
 
The company had another successful year achieving profits of £6.2 million on turnover of £112.2 million. We continued to invest in health and safety, training, IT and in new plant and equipment and the company maintained a strong and liquid balance sheet worth £26.8 million. Our construction activities progressed smoothly with projects being completed successfully and handed over during the year. The increase in profits resulted from a combination of factors such as our continuing focus on core activities, the ongoing strengthening of our management team, our smart and more efficient use of systems, procedures and technology, embracing proven modern techniques, and the increasing value of our contracts. However, the directors remain cautious as pricing remained challenging in a very competitive market and with costs continuing to rise, a continuing shortage of suitably qualified tradespeople and an ongoing uncertain geopolitical world.

Future prospects

Our current contracts are progressing satisfactorily and our financials remain strong.
Turnover for 2025 is expected to remain at similar levels to 2024 mainly due to delays with projects starting as a result of the Building Safety Regulator design checks for high rise buildings. However, we have a strong order book from well-established customers and our financial strength has enabled us to continue to invest in our people and resources.
The directors are aware that they need to be cautious due to continuing price increases, shortage of tradespeople and severe competition in our sector.

Page 1

 
CAREY LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

The directors expect the strength of the company with its strong and liquid balance sheet, our dedicated and experienced team and our reputation in our sectors to continue the delivery of a consistent, profitable, timely and quality service to our valued customers.

Principal risks and uncertainties
 
Construction is a higher risk competitive sector and there are a number of uncertainties which could have an impact on the company's performance and could cause results to differ substantially from historical profits and future projections. However, we have well established systems and procedures in place to help avoid or minimise risks to the company. The principal risks for our company include the following:
Pricing and delivery of large and complex construction contracts 
The pricing and delivery of large and complex construction contracts present many challenges, principal amongst them being availability of materials and tradespeople and meeting tight deadlines. Our policy remains to have an experienced team of construction, pre-construction, commercial, buyers, surveyors, estimators and resources professionals who carry out an in-depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Quality workmanship
Buildings have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, tradespeople and support staff.
Our team 
The success of the company is dependent on recruiting and retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life. 
Health and safety risk
At Carey London Limited, health and safety remains top of our priorities. Further details are set out in our health and safety note below.
Credit risk
The company's credit risks are mainly attributable to the amounts receivable from our customers for services carried out. Our policy therefore remains to have a good mix of long standing and established customers and we have a financial and management reporting system that monitors our customers and our debtor book on a day to day basis.

Liquidity risk
The company finances its operations through a mixture of cash reserves, amounts recoverable from contracts, trade and intercompany debtors less trade creditors. Therefore, the directors are confident that they can meet their obligations as they fall due.
The economy
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success.
Our policy therefore remains to maintain a strong and liquid balance sheet capable of funding our activities and meeting our obligations as they fall due.   

Page 2

 
CAREY LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Going concern

The company has been consistently profitable and it made a £6.2 million profit during the year and it has a £26.8 million balance sheet with strong liquidity. We have a satisfactory order book from well-established customers. Therefore, the directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.

Corporate social responsibility

The directors believe that the long term interests of the company, its employees and its customers are best served by acting in a corporate social manner. Therefore, the company ensures that high standards are maintained in everything that we do.
During the year the company and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation and we continue to invest in upskilling and training.
Our people and health and safety are at the heart of everything we do and we write more about them below. 
As a large construction company we acknowledge our responsibility to help the environment and advance sustainability. We work with our material suppliers in this respect and we recycle and re use our site waste wherever possible and we work closely with modern waste management recycling companies.

Payment to suppliers

We continuously assess and monitor our suppliers who are a crucial part of the success of our business. Payment to our suppliers and subcontractors is managed by ensuring sufficient funds are available to meet liabilities as they fall due. Terms and conditions of payment and supply are agreed in advance and the company endeavours to adhere to its side of the agreement. In line with normal practice in the industry most tradespeople are paid weekly and generally other suppliers are paid at the end of the month following the month of supply.

Our people, training and employee involvement

The company's success is attributable to our team of skilled, experienced and dedicated directors, management, tradespeople and support staff, of whom we are proud and most of whom are long term and committed Carey London employees.
We continue to invest in the life long training and development of our staff so that we offer a career path that helps retain and enhance the skills, talents and experience required to deliver best service to our valued customers and so that we offer the challenge, training, motivation and career development expected by the best employees throughout their working life. We never forget that it is our employees that will ensure the continuing success of our company into the future.
Our short chain of command keeps us in constant dialogue with our employees and keeps them abreast of company activity, performance, quality control, training, health and safety, environmental issues, planning and future prospects.
We remain an equal opportunity employer without reference to age, ethnicity or gender and we are opposed to all forms of discrimination. We continue our policy regarding the employment of disabled persons and fair consideration is given to applications for employment by disabled persons where the requirement of the job can be adequately fulfilled by a handicapped person.
I extend my sincere thanks to all our staff for their continuing dedication and commitment and I hope they continue to work on developing a life long and rewarding career where they feel valued and respected and a part of the on-going success of Carey London Limited.

Page 3

 
CAREY LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Health and safety at work

At Carey London Limited, there’s nothing more important than the safety of our team and those affected by our work. Therefore, our directors, led by our dedicated Health and Safety Director and senior managers and aided by our in house health and safety professionals, continue to strive to embed best health and safety policies, practices and awareness throughout our operations. Our priority is that all our workers work in a safe and accident free environment and that they go home safely at the end of every day. The key to our success is we are always exceeding the industry standards and never to rest on our laurels. We are constantly looking at new innovative ideas to carry out our works whilst ensuring our work force are fully protected at all times. This is done by Carey London Ltd continually investing in new plant & equipment, formwork systems and Work at Height access equipment. While at the same time, ensuring we have a fully trained and competent workforce to successfully carry out the tasks on hand. 
Our Health and Safety Management System are accredited to various standards such as ISO 45001, Achilles, Construction Online, SMAS & CHAS. This management system provides the framework and procedures to help identify and control our Health & Safety risks and aid legislative compliance.
Our health and safety policies and performance is kept under constant review. A fundamental part of our health and safety at work training is to impress upon every worker that it is also their duty to take care of their colleague's safety and to constantly suggest any improvements that could enhance our procedures. We encourage active involvement in setting our health and safety goals by offering regular safety prizes to employees who surpass expectations.
The company retains its industry recognised accreditations such as ISO 9001, 14001 & 45001, Achilles, SMAS & CHAS Constructionline, FORS and CLOCS which further demonstrates the company’s continued commitment to achieve the standards of compliance set by the construction industry.
Our Health Surveillance programmes adhere to legislative guidance provided by the health and safety executive (HSE) to deliver a systematic approach to monitoring the health of employees exposed to specific health risks at work. Our Health Surveillance programmes involve regular health checks and assessments. 
This proactive measure is crucial for protecting workers’ health, preventing long-term illnesses, and ensuring a safe working environment and by identifying potential health issues early, you can implement necessary interventions, workplace adjustments and ensure you comply with legal health and safety requirements. Our comprehensive Health Surveillance encourages our work force to lead a healthier lifestyle that is beneficial to employees both at work and in their personal life. 
We have invested heavily in mental health and have provided training for a number of Mental Health first aiders. This provides the company a number of benefits including raising awareness of mental illnesses, encouraging early intervention to aid recovery, increasing confidence in dealing with mental illnesses, and reducing stigma around mental health issues. By becoming more informed and aware, managers and employees will be able to more easily spot the signs and symptoms of mental health issues and provide the right support.

Quality management

We have built our business based on doing quality work and winning repeat business from our clients. The success of the business relies on maintaining and improving the quality of services we provide. 
Quality is at the forefront of every service that we provide as a construction company. Our Quality Management Systems are accredited to ISO 9001 certification. We work with the most iconic brands in the construction industry, from blue-chip multinationals, to smaller independent organisations. These companies are unified by their demand for quality, efficient, and safe solutions. Our track record for providing quality results across London can be seen by our extensive and loyal client list.

Page 4

 
CAREY LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Directors' statement of compliance with duty to promote the success of the company
 
The primary responsibility of the Board is to promote the long term success of the company for the benefit of the shareholders, but the directors acknowledge that long term success and reputation is dependent on our responsibility to balance the interests of all other stakeholders who we come into contact with, in order to deliver the best possible outcome for all concerned. 
Section 172 of the Companies Act 2006 requires us to report each year on how we fulfil these obligations. 
Customers 
Our customers are at the heart of our business, with whom we are in constant dialogue and we strive to give them the best possible service and to enhance our relationship for our mutual benefit and that of the wider community.
 

Our employees
Our employees are key to the success of our business. We have a hands-on family culture where our directors and managers are actively involved in our projects on a day-to-day basis and who constantly engage with our employees and keep them informed of business development, forecasts and prospects. We have longstanding experienced employees, we expect and maintain high standards and we offer a rewarding career progression. Health and safety training and wellbeing is a constant that is promoted and maintained as a core value. 
Subcontractors and suppliers
Our subcontractors and suppliers are crucial stakeholders in the success of our business, without whom we could not operate, so we treat them in the same way we treat our employees in terms of communication, payment, terms and conditions and inclusivity and who we expect to adhere to our high standards.
Local community and the environment 
We acknowledge the external impact of our activities on local communities and on the environment. We create local employment opportunities in our areas of operation and we engage local subcontractors and we do business with local suppliers and we support local charities and organisations.
We re-use and recycle as much of our site construction waste as possible and we work with modern waste recycling businesses. We acknowledge our carbon emissions obligations and we are constantly updating our already modern fleet with low emission engines and we comply with all permits and consent requirements.
Other controls
We acknowledge our ethical, moral and social responsibilities and the aim of the company to maintain high standards of business conduct remains paramount. We are opposed to all forms of discrimination. We obtain external assurance through audits and through national and international standards compliance and accreditations.

Page 5

 
CAREY LONDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

The future

The board looks forward with confidence to continue the success of the company into the future.


This report was approved by the board on 19 February 2025 and signed on its behalf.



___________________________
Martin Carey
Director

Page 6

 
CAREY LONDON LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in the Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £4,937,813 (2023 - £3,323,073).

Interim dividends of £1,000,000 (2023: £620,000) were paid during the year. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Martin Carey 
Enda Cosgrove 
Eamonn Carty 
Neil Skelton 

Page 7

 
CAREY LONDON LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Streamline Energy and Carbon Reporting

Environmental matters 
The company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company has complied with all applicable legislation and regulations. 
The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires Carey London Ltd to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources. 
Energy consumption (kWh) and Greenhouse Gas emissions (tCO2e) totals
The following figures show the consumption and associated emissions for this reporting year for the operations of the company:
Scope 1 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day-to-day business operations.
Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of grid purchased natural gas in day-to-day business operations.
Scope 3 consumption and emissions relate to direct combustion of natural gas and fuels utilised for transportation operations of company vehicles transporting plant and equipment to site.
Scope 4 consumption and emissions relate to direct combustion of natural gas and fuels utilised for operation of plant on site. 
The total consumption (kWh) figures for energy supplies reportable by Carey London Ltd are as follows:


2024
2023

UK energy use (kWh)
7,238,264
7,130,739

Associated greenhouse gas emissions (tCO2e)
1,702
1,672

Intensity ratio emissions per £1m turnover
15.19
20.60

Methodology:
Our carbon emissions have been calculated in accordance with the Greenhouse Gas (GHG) Protocol - Corporate Standard methodology.

Our plans for the future include:
• Explore further hybrid and electric site plant and equipment
• Install EV charging points at further locations
• Monitor the availability of HVO’s and switch if they become readily available. 
• Continue to streamline deliveries to further reduce unnecessary journeys 
• Continue to reduce waiting times on site for delivery vehicles
• Encourage the use of online meetings to reduce unnecessary journeys 
• Constantly review and monitor our energy usage
• Explore further hybrid and electric delivery vehicles for moving plant to and from the yard

Page 8

 
CAREY LONDON LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, people, training and health and safety.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

This report was approved by the board on 19 February 2025 and signed on its behalf.
 





___________________________
Martin Carey
Director

Page 9

 
CAREY LONDON LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED
 

Opinion


We have audited the financial statements of Carey London Limited (the 'company') for the year ended 31 July 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 July 2024 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 10

 
CAREY LONDON LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED (CONTINUED)

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


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


adequate accounting records have not been kept; or
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
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 11

 
CAREY LONDON LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED (CONTINUED)

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 an Auditors' 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:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


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 Auditors' Report.


Page 12

 
CAREY LONDON LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAREY LONDON LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

19 February 2025
Page 13

 
CAREY LONDON LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
112,192,268
81,175,131

Cost of sales
  
(101,472,091)
(73,522,009)

Gross profit
  
10,720,177
7,653,122

Administrative expenses
  
(4,734,613)
(3,593,228)

Operating profit
 5 
5,985,564
4,059,894

Interest receivable and similar income
 9 
198,564
80,971

Profit before tax
  
6,184,128
4,140,865

Taxation
 10 
(1,246,315)
(817,792)

Profit for the financial year
  
4,937,813
3,323,073

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

Page 14

 
CAREY LONDON LIMITED
REGISTERED NUMBER:07707155

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 12 
13,997,308
12,000,110

  
13,997,308
12,000,110

Current assets
  

Debtors
 13 
32,923,332
24,462,886

Cash at bank and in hand
  
18,259,315
12,211,676

  
51,182,647
36,674,562

Creditors: amounts falling due within one year
 14 
(36,723,564)
(24,295,349)

Net current assets
  
 
 
14,459,083
 
 
12,379,213

Total assets less current liabilities
  
28,456,391
24,379,323

Provisions for liabilities
  

Deferred tax
  
(1,663,384)
(1,524,129)

  
 
 
(1,663,384)
 
 
(1,524,129)

Net assets
  
26,793,007
22,855,194


Capital and reserves
  

Called up share capital 
 17 
1,000
1,000

Profit and loss account
  
26,792,007
22,854,194

  
26,793,007
22,855,194


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 February 2025.




___________________________
Martin Carey
___________________________
Enda Cosgrove
Director
Director

Page 15

 
CAREY LONDON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
1,000
20,151,121
20,152,121



Profit for the year
-
3,323,073
3,323,073

Dividends
-
(620,000)
(620,000)



At 1 August 2023
1,000
22,854,194
22,855,194



Profit for the year
-
4,937,813
4,937,813

Dividends
-
(1,000,000)
(1,000,000)


At 31 July 2024
1,000
26,792,007
26,793,007


Page 16

 
CAREY LONDON LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,937,813
3,323,073

Adjustments for:

Depreciation of tangible assets
2,088,342
1,916,941

(Profit) / Loss on disposal of tangible assets
(59,378)
2,437

Interest received
(198,564)
(80,971)

Taxation charge
1,246,315
817,792

Increase in debtors
(8,557,216)
(8,244,422)

Increase in creditors
11,653,766
9,876,295

Corporation tax (paid)/received
(235,841)
259,208

Net cash generated from operating activities

10,875,237
7,870,353


Cash flows from investing activities

Purchase of tangible fixed assets
(4,140,228)
(3,074,317)

Sale of tangible fixed assets
114,066
23,000

Interest received
198,564
80,971

Net cash from investing activities
(3,827,598)
(2,970,346)

Cash flows from financing activities

Dividends paid
(1,000,000)
(620,000)

Net cash used in financing activities
(1,000,000)
(620,000)

Net increase in cash and cash equivalents
6,047,639
4,280,007

Cash and cash equivalents at beginning of year
12,211,676
7,931,669

Cash and cash equivalents at the end of year
18,259,315
12,211,676


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
18,259,315
12,211,676


Page 17

 
CAREY LONDON LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

12,211,676

6,047,639

18,259,315

Debt due within 1 year

(12,073)

(1,098)

(13,171)


12,199,603
6,046,541
18,246,144

Page 18

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Carey London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E1, The Courtyard, Alban Park, St Albans, AL4 0LA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
Financial statements are prepared in sterling which is the functional currency of the company.
The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors' Report and the Strategic Report sets out the company's business activities, and highlights the factors which may impact on its financial performance, market position and future prospects.
The Strategic Report also provides information in relation to the company's financial and liquidity position, details of its financial instruments, management of capital and exposure to credit and liquidity risk.
The company has a strong balance sheet and a substantial order book for the twelve months from the date of approval of these financial statements and its forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
As a consequence, the directors believe that the company has adequate resources to continue in operational existence and that it is well placed to continue to manage its business risks successfully. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Turnover

Turnover from contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. 

  
2.4

Amounts recoverable on contracts

Amounts recoverable on contracts, including work-in-progress, are shown within debtors and 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. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.

Page 19

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. 
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

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

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

Plant and machinery
-
Range between 10% - 20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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

Page 20

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Cash at bank and in hand

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

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive probable obligation that requires settlement by transfer or economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.11

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employer's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 
2.12

Equity Instruments

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows:
Long term contracts
Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values.


4.


Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.


5.


Operating profit

The operating profit is stated after charging / (crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
2,088,342
1,916,941

(Profit) / Loss on disposal of tangible assets
(59,378)
2,437


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors in respect of:

Audit of the financial statements of the company
27,000
27,000

Accountancy and taxation services
18,360
7,000
Page 22

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
2,269,890
1,500,910

Social security costs
288,389
177,787

Pension costs
11,823
11,518

2,570,102
1,690,215


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration and technical
22
21


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,464,331
737,507

Pension contributions
3,954
3,954

1,468,285
741,461


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £855,518 (2023 - £299,375).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,522 (2023 - £3,522).


9.


Interest receivable

2024
2023
£
£


Bank interest receivable
73,018
21,240

Other interest receivable
125,546
59,731

198,564
80,971

Page 23

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,499,005
627,786

Adjustments to tax charge in respect of prior periods
(391,945)
102,804

1,107,060
730,590


Deferred tax


Origination and reversal of timing differences
139,255
87,202


Taxation on profit on ordinary activities
1,246,315
817,792

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
6,184,128
4,140,865


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,546,032
786,764

Effects of:


Expenses not deductible for tax purposes
92,229
72,602

Capital allowances for year in excess of depreciation
(124,411)
(66,736)

Utilisation of b/fd tax losses
-
(225,243)

Origination and reversal of timing differences
139,255
87,202

Prior year adjustments: Research and development tax credit
(391,945)
(149,159)

Prior year adjustments: Others
-
251,962

(Profit)/Loss on disposal of fixed assets
(14,845)
463

Tax charge due to change in tax rate
-
59,937

Total tax charge for the year
1,246,315
817,792


11.


Dividends

2024
2023
£
£


Dividends paid
1,000,000
620,000

Page 24

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2023
19,601,987
413,298
10,348
20,025,633


Additions
4,099,833
36,731
3,664
4,140,228


Disposals
(113,000)
(28,455)
-
(141,455)



At 31 July 2024

23,588,820
421,574
14,012
24,024,406



Depreciation


At 1 August 2023
7,846,862
173,599
5,062
8,025,523


Charge for the year
2,031,326
55,160
1,856
2,088,342


Disposals
(83,493)
(3,274)
-
(86,767)



At 31 July 2024

9,794,695
225,485
6,918
10,027,098



Net book value



At 31 July 2024
13,794,125
196,089
7,094
13,997,308



At 31 July 2023
11,755,125
239,699
5,286
12,000,110


13.


Debtors

2024
2023
£
£


Amounts recoverable on long term contracts
19,711,999
14,164,002

Amounts owed by related undertakings
10,668,733
6,911,090

Other debtors
1,738,859
1,353,021

Prepayments
803,741
2,034,773

32,923,332
24,462,886


Amounts owed by related undertakings and directors are unsecured and repayable on demand.
Other debtors include VAT recoverable of £1,329,546 (2023: £891,404) and directors current account of £131,214 (2023: £329,462).
During the year the company has not made any advances to directors (2023: £Nil). The company received total repayments of £198,248 (2023: £101,861) during the year.

Page 25

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,640,118
15,540,163

Corporation tax
1,499,005
627,786

Other taxation and social security
217,957
45,697

Other creditors
645,794
660,916

Accruals
15,720,690
7,420,787

36,723,564
24,295,349



15.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
18,259,315
12,211,676

Financial assets measured at ammortised cost
30,886,815
21,524,636

49,146,130
33,736,312


Financial liabilities


Financial liabilities measured at amortised cost
(35,103,369)
(23,613,967)


16.


Deferred taxation




2024
2023


£

£






At beginning of year
1,524,129
1,436,927


Charged to the profit or loss
139,255
87,202



At end of year
1,663,384
1,524,129

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,663,384
1,524,129

Page 26

 
CAREY LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1 each
1,000
1,000



18.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £11,823 (2023 - £11,518). Contributions totalling £3,030 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


19.


Related party transactions

Key management personnel
The key management personnel are the company directors and their remuneration is disclosed in note 8 of the financial statements.
Transactions with related parties
During the year the company traded on normal commercial terms with M Carey Properties Limited and Carey Plant Limited, companies in which there are common directors and shareholders.
Hire of plant and machinery - £463,509 (2023: £Nil).
Rent payable - £420,000 (2023: £420,000).
Interests received in respect of advances made - £125,546 (2023 - £55,566).


20.


Post balance sheet events

There were no events since the year end which materially affected the company.


21.


Controlling party

The company is controlled by Martin Carey, the director and shareholder.
 
Page 27