Registered number:
FOR THE YEAR ENDED 29 FEBRUARY 2024
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CAST GROUP SERVICES LTD
COMPANY INFORMATION
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CAST GROUP SERVICES LTD
CONTENTS
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CAST GROUP SERVICES LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The Directors' are pleased to report that the Group has continued its growth and market presence within the commercial office real estate sector. This has been achieved through our services in design and build, under turnkey or traditional methods, focusing heavily on the landlord and asset owning client base whom align more centrally with our values on fairness, sustainability, diversity and a quality construction product.
We have continued to secure repeat business through effective key account management and high-quality genuine customer service which has contributed to the business ongoing success and sound platform for the future. The following key financials can be reported: Group Turnover: £32,477,273 (2023 - £23,921,727*) Gross Profit: £7,891,400 (2023 - £6,770,132*) Group Profit before Tax: £1,145,042 (2023 - £2,302,155*) *Please note the 2023 figures represent an 18 month period to 28 February 2023. The growth in turnover is attributable to an increase in the average size of projects, an increase in the quantity of projects and an increase in furniture orders. The business has heavily invested in the future pipeline of work through the hiring of key senior leaders to help support our ongoing growth aspirations for the Cast Group; we are confident the fruits of this investment will be borne in the next financial year and account for the slight drop in our net profit position. The director's are confident that the Group's exceptional reputation within the industry continues to allow them to attract the best talent in the market including our well-publicised culture, carbon neutral approach and innovative thinking in what remains a competitive market for people.
The market has enjoyed a more stable period from an inflationary perspective and by maintaining quality and breadth in our client base and supply chain, the directors endeavour to mitigate any market fluctuations. The nature of main contracting fit out typically supports this but additionally we diversify the wider group offering into public sector decarbonisation contracting and cross sector furniture provisions in both residential and commerical B2B sales.
The directors continue to remain aware of EU challenges associated with supply and demand and to mitigate this they chose local procurement, where possible being mindful of componentry sourced from further afield and limiting our liability in programmes to counter these potential risks. Staff retention in a competitive market is combatted through a systemic culture of "be heard" and "contribute your opinion" with the leadership team 'listening'. The Directors have also implemented incentives and benefits that are holistically supportive of the staff through welbeing, health, development opportunities, remuneration and tangible support to create a place of work that encapsulates exactly what we represent. The directors are proud to report that in our most recent staff satisfaction survery, we achieved a satisfaction level of 77%.
The Group continues to use a range of well-established and appropriate key performance indicators (KPI's) to monitor the progress of the business. The KPI's for the Group are turnover, gross profit and profit before tax as highlighted above.
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CAST GROUP SERVICES LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Accreditation fostering culture
The business maintains a raft of accreditations that demonstrate quality procedures, environmental standards and safety across ISO 9001, ISO 45001 and ISO 14001. With Construction Gold and Safe Contractor SSIP, we emanate a culture of safety and excellence in delivery which we are now known for. There is no compromise for us in ensuring these are the quantitative minimum standards we are held account to. We channel this into our culture which yields greater business returns through continued long term customer retention and a team that have faith in the way in which we deliver out projects from a cradle to grave perspective. ESG Strategy Operating sustainably and responsibly is a commitment that the directors and team have been unwavering on since inception. Using our baseline carbon accounting in 2022, we have continuously developed our activity-based reporting, increasing the accuracy of our emission data. For all Cast Interiors projects, we complete a comprehensive embodied carbon calculation allowing us to transition away from proxy or financial assumptions and provide our clients with accurate and project specific carbon data. Additional to providing carbon reporting, our ESG reports cover social and wider environmental impacts including social value, waste reduction and material reuse outcomes confirmed by our ISO 14001 annual auditing. 2023 carbon accounts and our carbon reduction strategy are externally validated through Greenly, with SBTI and B Corp submissions pending. 2022 Scope 1 - 1.59 tCO2e (vehicle fuel combustion) Scope 2 - 1.48 tCO2e (electricity consumption) Total reforestation: 4988 trees Total carbon reduction/offsetting purchased 176.56 Tonnes CO2e 2023 Scope 1 - 1.51 tCO2e (vehicle fuel combustion) Scope 2 - 1.32 tCO2e (electricity consumption) Total reforestation: 4987 trees Total carbon reduction/offsetting purchased: 475.51 Tonnes CO2e In order to continue our progress to achieving Net Zero Carbon, we have adopted the following carbon reduction targets:
∙Achieving Net Zero Carbon Scope 1 & 2 emissions by 2035, with an interim goal of 50% reduction by 2030 latest.
∙A 50% reduction in Scope 3 greenhouse gas emissions by 2035
∙Net Zero Carbon emissions by 2040 at the latest.
Diversity
As a diverse construction business, we are proud of the fact we are majority female owned and are subsequently accredited as such by WeConnect and have maintained, since inception, a team with over 35% female. The directors consider this to be a key success metric that will move forward with the business. Our workforce is currently 38% female across the business against an industry average of just 14%
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CAST GROUP SERVICES LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Innovation, Research & Development Through the expansion of our Operational Innovation team, we continue to push the limits on the ways in which we report to our customer base across sustainability and social value. We are proud of our strategic partnerships with Unseen (Modern Slavery), Greenly (Carbon Accounting) and Thrive (Social Value measuring), recognising that this is what sets us apart from our competitors by investing in platforms and support that do not enhance profit but enhance the core values of the business. This in turn improves team morale, quality and returning client base that do directly impact the current and future success of the organisation.
This report was approved by the board on 25 February 2025 and signed on its behalf.
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CAST GROUP SERVICES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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.
The profit for the year, after taxation and minority interests, amounted to £894,673 (2023 - £1,979,182).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The Company carries out research and development activities in the normal course of its business.
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CAST GROUP SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
There have been no significant events affecting the Group since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CAST GROUP SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD
We have audited the financial statements of Cast Group Services Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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 or 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.
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CAST GROUP SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the 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 Directors' report.
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CAST GROUP SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD (CONTINUED)
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 Group 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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; and
∙performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.
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CAST GROUP SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAST GROUP SERVICES LTD (CONTINUED)
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.
In the previous accounting period the directors of the Company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Leytonstone House
London
E11 1GA
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CAST GROUP SERVICES LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
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CAST GROUP SERVICES LTD
REGISTERED NUMBER: 13623004
CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2024
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CAST GROUP SERVICES LTD
REGISTERED NUMBER: 13623004
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.
The notes on pages 20 to 39 form part of these financial statements.
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CAST GROUP SERVICES LTD
REGISTERED NUMBER: 13623004
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 39 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
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