Company registration number 02927566 (England and Wales)
KNIGHT BUILD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
KNIGHT BUILD LIMITED
COMPANY INFORMATION
Directors
B V Pearse
J E Knight
E E Daize
G M Cassidy
Secretary
J E Knight
Company number
02927566
Registered office
Unit 22 Childerditch Industrial Park
Childerditch Hall Drive
Brentwood
CM13 3HD
Auditor
Buckley Watson Limited
57a Broadway
Leigh-On-Sea
Essex
SS9 1PE
KNIGHT BUILD LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Statement of income and retained earnings
11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
KNIGHT BUILD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of a specialist turn-key construction company providing high quality construction services to private clients and developers in the prime and super-prime property market and commercial real estate sector. Knight Build Limited provide a full complement of construction services from project inception, shell and core through to full fit-out providing our clients with a trusted long-term partner for their development and growth aspirations.

Trading performance review

The company has managed to grow its turnover with an increase of 19.5% to £70.0 million (2023: £58.6 million) whilst essentially maintaining gross margin which has decreased slightly from 11.9% to 11.1% as a direct result of the continuing challenging trading conditions as mentioned in the 'business environment' section.

The directors are further pleased to announce achieving a growth in the profit before taxation to £4.6 million (2023: £3.2 million), a rise of 40.4%.

The directors are pleased to note that the Statement of Financial Position continues to show impressive figures for both net current assets of £26.3 million (2023: £24.0 million) and Net Asset Value of £25.3 million (2023: £23.0 million).

Business environment

The UK economy continues to be a challenging environment for businesses. The combined impact of significant rises in global raw materials costs, rising subcontractor costs as a result of post-Brexit shortages of labour, and the war in Ukraine have created significant upward pressures on costs, inflation, and interest rates.

As a result new markets have been sought and in the year profitable contracts were commenced in France, contributing a significant sum to turnover to offset the UK decline.

We have been able to and will continue to navigate these turbulent times by our strong leadership, established and experienced management teams and strong financial position.
All projects undertaken by Knight Build Limited are thoroughly checked by the financial management team for relevant risk factors.

KNIGHT BUILD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

Management perceive the principal risks and uncertainties of the company to be the exposure of the company to credit risk, liquidity risk & market risk.

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Management of credit control is a priority of the company and credit control is an ongoing focus and is undertaken in the form of regular periodic reviews to immediately identify overdue debts and establish the reason for non-payment. Where rectifications are needed, these are implemented quickly and if amounts due are still not forthcoming then legal remedies are sought.

Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in meeting its obligations associated with its financial liabilities.
The company regularly reviews its working capital requirements and responds quickly and appropriately where any potential shortfall is identified.

Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: currency risk, interest rate risk and price risk however Knight Build do not consider interest rate risk to be a current issue as the company has no external financing and the day to day operations are financed through working capital.

Interest rate risk
Knight Build implements strategies to closely monitor FX exposure they encounter and have a periodic review to ensure their effectiveness in minimising the adverse impact of currency fluctuations on their financial performance and liquidity. Effective credit control risk management in the context of FX market risks is essential for safeguarding the company's financial stability and profitability in an increasingly globalism business environment.

Price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. Knight Build identify and quantify potential risks associated with price fluctuations in raw materials, labour and other market variables and develop strategies to mitigate these risks.

Development and performance

Looking ahead, we believe that we are making substantial progress in transforming the shape of the business to deliver long term value to our clients. We have a very strong statement of financial position and the resources to invest in growth areas and people to continually strengthen our services.


The orders for the forthcoming year remain strong with contracts already being secured. The directors believe that the core value and strategy will deliver the highest standards to our clients.

Key performance indicators

The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax results which are detailed in the trading results earlier in this Report.

KNIGHT BUILD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Other performance indicators

Non-financial key performance indicators are considered to be:
Customer satisfaction
Customer retention
New customer development
Product and service quality
Company and brand reputation

 

Whilst these are difficult to quantify numerically, the areas are continually being monitored by the directors to ensure previous standards are being met

Promoting the success of the company

When making decisions, the Board of directors of Knight Build Limited must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s 172(1)(a­ f) of the Companies Act 2006).

The Company has a clearly defined strategy, and the Board considers the long-term consequences of its decisions in the context of this. When making decisions the Board considers several factors including:

1. The requirement to maintain a reputation of high standards of business conduct

2. The need to act fairly between the members of the Company

3. The translation of the strategy into both longer-term goals and annual plans with regular updates reviewed by the Board throughout the period

4. How the Company's objectives influence its employees, customers, suppliers, and shareholders together with the Company's wider impact on the environment.

As a Board, our intention is to behave responsibly towards our stakeholders and treat them fairly and equitably, so that they all benefit from the successful delivery of our strategy. The Board of Directors has overall responsibility for determining the Company's purpose, values, and strategy and for ensuring high standards.

The Board considers relationships with, and the engagement of, our stakeholders to be a critical success factor for our business.

Employees

Knight Build recognises that our employees are key assets of the business and as such invests in training courses for employees as well as mandatory short courses and long-term professional qualifications and apprenticeships, ensuring that our employees continue to grow and develop to enable the business to deliver its strategic objectives.

We rely on our employees to ensure the best relationships with our suppliers and customers. This in turn means that we can offer the best possible services and are renowned for our customer service which requires us to be able to adapt to our customers' requirements. This is only possible through the hard work of our employees and in this regard we provide a support network that they can rely upon, a remuneration package that rewards high performing individual.

Knight Build continues to invest in our renowned apprentice schemes and training programmes which ensures that we are developing our staff skills, keeping our knowledge in-house, and future proofing our project requirements.

Our directors and management teams are long established, experienced and actively involved in all aspects of the business which leads to our ongoing stability and success.

Knight Build Limited continues to devote itself to be the very best in our field. We have gained, improved and retained many quality & safety accreditations including, Considerate Constructors Scheme, FORS Gold, ROSPA, The British Safety Council, CHAS, ISO9001, ISO14001 and ISO 45001.

KNIGHT BUILD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The Community

All Knight Build Limited sites are registered with the Considerate Constructors Scheme as we take our neighbourly responsibilities very seriously which has been suitably acknowledged by the industry with numerous awards received in the last few years. We always critically assess the impact our contracting works have on the local community from both an environmental point of view and having a positive impact on the local economy through the utilisation of local labour and suppliers where possible

Long-term considerations

Knight Build continues to take a long-term strategy in respect of its business activities and has diversified its business into France this year to mitigate the risks associated with the UK market. Plans are in hand to add undertaken similar joint ventures in additional European countries to enhance the company's portfolio in the coming year.

Customers

Knight Build Limited continues to foster strong relationships with our client base to whom we have become a trusted long-term partner. We continue to secure a considerable number of our projects on a negotiated basis as repeat business and referrals thanks to our successful project delivery. As a result of developing and expanding our full fit-out service offering, we have also been able to attract the interest of new clients providing us with a larger project pipeline with higher value contracts.

Many of Knight Build's customers have been in partnership with us for several years and part of our success is its ability to maintain positive working relationships with its customers. This has attracted other large clients through our positive reputation and repeat work. Knight Build places a high importance on working closely with our customers to help them deliver their projects safely, to the highest safety and quality standards.

Suppliers

Our supply chain is a key part of our business and Knight Build ensures that it selects suppliers that can help us provide our clients with a quality service. We adopt long term, mutually rewarding, ongoing relationships with our suppliers and subcontractors. We value the huge contribution that the supply chain makes and we work very hard to ensure that our supply chain partners are treated fairly. We appreciate the key role our suppliers play in the delivery of our goods on time, as such we aim to pay all suppliers on time and to ensure we have an open and honest dialogue with our suppliers on our ongoing requirements.

Knight Build Limited also continues to work closely with its supply chain and is able to rely on trusted supplier partners to deliver projects with tight timelines and quality expectations

Bankers

We appreciate the key role our bankers play in our commercial operations and operate at all times within the limits that they have set providing them with any information they require on a timely basis. The company is committed to acting ethically and with integrity in all of our business relations. We work closely with our business partners, suppliers and supply chains to ensure these principals are maintained throughout our operations.

Shareholders

The company recognises the requirement to keep members informed with regards to the company and all necessary documentation is provided as required. The company has a policy of considering the needs of members in its decision making process and aims to act fairly with regards to their needs.



KNIGHT BUILD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -


Environment and survivability

The directors understand that as well as their legal responsibility to protect the environment, there is an overriding moral responsibility for the Company to have as little negative impact on the environment. Our aspiration is to leave a sustainable and lasting positive impact on the areas surrounding our projects.

The foundation for the Company's environmental management is our BS:EN: ISO14001:2015 accredited environmental management system. We utilise an online reporting tool to measure waste volumes, energy usage and carbon footprint, which is owned and administered by the Building Research Establishment (BRE) Group to measure our waste volumes, energy usage and carbon footprint. Using these measurements, we are then able to establish targets at a Project and Company level and subsequently identify realistic measures to reduce the environmental impact of the business's operations.

We are committed to the reduction of Greenhouse Gas (GHG) emissions related to operations across our business. To successfully deliver on this commitment, we have chosen to expand our scope of reporting, in turn, expanding our reduction targets and communicate these commitments publicly. We have partnered with Bre:Smartwaste, allowing us to engage their expertise and resources, and will utilise them as our third-party verification, ensuring that assessments are rigorous and avoid greenwashing at each opportunity. Our assessment completed for March 2023 calculated a carbon footprint per employee of 5.35 tCO2e (2022 5.65 tCO2e)

• The assessment enables us to confirm our target to Achieve Carbon Neutral Certification across Scopes 1 & 2 by the end of 2040.

• The assessment also enables us to commence baseline reporting for scope 3 allowing us to target Net Zero Certification across Scopes 1, 2 & 3 - target for completion: 2050.

We are implementing changes across the business to reduce our carbon footprint, for example, we introduced an electric car scheme in 2022, electric charging points are installed across construction sites, we use a green energy supplier for our electricity supply at Head Office, we promote a cycle to work scheme and encourage car sharing and online meetings to reduce business travel to sites & offices.

We use The Planet Mark Code of Practice and 2021 UK Government's conversion factors based on BEIS (previously Defra) Greenhouse Gas Conversion Factors for Company Reporting.Customers - Our employees are constantly interacting with our customers to fulfil our customers' requirements. We focus on customer service and this enables us to act as an extension of our customers' operations. All our staff uphold our key values in our dealing with customers.

On behalf of the board

J E Knight
Director
21 March 2025
KNIGHT BUILD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

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

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B V Pearse
J E Knight
E E Daize
G M Cassidy
Financial instruments

The principal risks to the company are the costing of projects prior to tender. In this respect experienced Surveyors are constantly monitored by the Directors prior to any formal submissions. Furthermore projects are constantly monitored through their progress to ensure projected costs are adhered to.

 

The uncertainties facing the company are the general economic climate which affects existing clients and future potential opportunities.
The current credit crunch has inevitably made the trading environment challenging but the sound financial position and management expertise should enable the company to continue successfully through the current
turmoil and into better times.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

KNIGHT BUILD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

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

Disclosure of information in the 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 information that would have been included in the business review and the uncertainties paragraph.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J E Knight
Director
21 March 2025
KNIGHT BUILD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KNIGHT BUILD LIMITED
- 8 -
Opinion

We have audited the financial statements of Knight Build Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

KNIGHT BUILD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KNIGHT BUILD LIMITED (CONTINUED)
- 9 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's responsibilities for the audit of the financial statements

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

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

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate evidence regarding the assessed risks of material misstatement due to fraud or error, and to respond appropriately to those risks.

Based on our understanding of the company and industry, and through discussions with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to the construction industry, health and safety, employment law, data protection, and anti-bribery laws. We considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, UK GAAP and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentive and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls) and determined that the principal risks were related to the positing of inappropriate journal entries. Audit procedures performed by the engagement team included:

KNIGHT BUILD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KNIGHT BUILD LIMITED (CONTINUED)
- 10 -

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 laws and regulations. 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.

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

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

Use of our report

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

Spencer Watson FCA (Senior Statutory Auditor)
For and on behalf of Buckley Watson Limited, Statutory Auditor
Chartered Accountants
57a Broadway
Leigh-On-Sea
Essex
SS9 1PE
21 March 2025
KNIGHT BUILD LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
70,031,707
58,606,628
Cost of sales
(62,247,636)
(51,625,064)
Gross profit
7,784,071
6,981,564
Administrative expenses
(3,793,072)
(4,029,283)
Operating profit
4
3,990,999
2,952,281
Interest receivable and similar income
8
626,545
294,210
Interest payable and similar expenses
9
(60,326)
-
0
Profit before taxation
4,557,218
3,246,491
Tax on profit
10
(1,175,898)
(705,901)
Profit for the financial year
3,381,320
2,540,590
Retained earnings brought forward
22,940,953
21,400,363
Dividends
11
(1,000,000)
(1,000,000)
Retained earnings carried forward
25,322,273
22,940,953
KNIGHT BUILD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
979,860
611,619
Current assets
Debtors
13
17,063,086
17,926,731
Cash at bank and in hand
20,378,396
20,312,749
37,441,482
38,239,480
Creditors: amounts falling due within one year
14
(11,186,799)
(14,207,162)
Net current assets
26,254,683
24,032,318
Total assets less current liabilities
27,234,543
24,643,937
Provisions for liabilities
Provisions
15
1,635,000
1,517,289
Deferred tax liability
16
267,270
175,695
(1,902,270)
(1,692,984)
Net assets
25,332,273
22,950,953
Capital and reserves
Called up share capital
18
10,000
10,000
Profit and loss reserves
25,322,273
22,940,953
Total equity
25,332,273
22,950,953
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
E E Daize
Director
Company registration number 02927566 (England and Wales)
KNIGHT BUILD LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,625,504
(1,381,316)
Interest paid
(60,326)
-
0
Income taxes paid
(496,358)
(699,999)
Net cash inflow/(outflow) from operating activities
1,068,820
(2,081,315)
Investing activities
Purchase of tangible fixed assets
(610,498)
(132,500)
Proceeds from disposal of tangible fixed assets
19,440
-
0
Interest received
587,885
182,787
Net cash (used in)/generated from investing activities
(3,173)
50,287
Financing activities
Dividends paid
(1,000,000)
(1,000,000)
Net cash used in financing activities
(1,000,000)
(1,000,000)
Net increase/(decrease) in cash and cash equivalents
65,647
(3,031,028)
Cash and cash equivalents at beginning of year
20,312,749
23,343,777
Cash and cash equivalents at end of year
20,378,396
20,312,749
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Knight Build Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 22 Childerditch Industrial Park, Childerditch Hall Drive, Brentwood, CM13 3HD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

As part of its risk assessment, the directors prepared both base case scenarios using £55m of turnover and worse case scenarios using only secured work of £40m to determine the effect to cash.

 

These forecasts take into consideration a prudent approach to changes as a result of recent inflation, and show that the Company has sufficient working capital to continue to operate within its current level of cash.

 

The directors are therefore able to make a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and for a period of no less than twelve months from the date of approving the financial statements

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.


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

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.

Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue.

KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.4
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 bases:

Plant and equipment
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

1.7
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.

KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Warranty claims and defects recitifcations

The company is called as required to assess claims against it in respect of contracts still under a warrant provision or a defects rectification period. The policy is to reflect the loss in the current year for all such contracts where the likelihood is that the company is liable for the settlement of the costs.

KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of trade debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. Reviews are performed to estimate the level of reserves required for potentially irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. The carrying amount is shown in note 3 to the financial statements.

Management makes allowance for doubtful debts based on an assessment of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyses historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Provision against retentions and for rectifications

Management is required to makes estimates in respect of the recoverability of retentions on contracts at the year-end date. Each contract is considered on an individual basis and a review of the progress of each job together with future expected costs undertaken to establish the likelihood of a counter claim for remedial work being made against the retention held.

For the carrying value please see note 15 to the financial statements.

Depreciation and residual values

Management reviews the asset lives and associated residual values of all fixed asset classes and concludes that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing lives, factors such as future market conditions, the nature of the asset and asset maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and disposal values.

See note 12 to the financial statements for details of the carrying amounts.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
70,031,707
58,606,628
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
46,596,901
40,856,628
EU
23,055,000
17,750,000
Rest of Europe
379,806
-
70,031,707
58,606,628
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
626,545
294,210
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
220,480
165,521
Loss on disposal of tangible fixed assets
2,337
-
Operating lease charges
197,868
190,675
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,500
18,000
For other services
Audit-related assurance services
4,000
3,500
Taxation compliance services
500
500
4,500
4,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management staff
4
4
Administrative staff
27
31
Production staff
9
9
Total
40
44
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,176,584
2,304,795
Social security costs
241,935
269,249
Pension costs
27,474
26,608
2,445,993
2,600,652
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
494,876
510,301
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,000
150,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
626,545
294,210
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
626,545
294,210
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
60,326
-
0
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,084,323
633,067
Deferred tax
Origination and reversal of timing differences
91,575
72,834
Total tax charge
1,175,898
705,901

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

2024
2023
£
£
Profit before taxation
4,557,218
3,246,491
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,139,305
616,833
Tax effect of expenses that are not deductible in determining taxable profit
54,260
38,856
Adjustment in respect of 130% Capital superallowance
(17,667)
8,045
Difference in tax rate between current and deferred taxation
-
0
42,167
Taxation charge for the year
1,175,898
705,901
11
Dividends
2024
2023
£
£
Final paid
1,000,000
1,000,000
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Tangible fixed assets
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
696,100
80,653
768,490
1,545,243
Additions
346,045
-
0
264,453
610,498
Disposals
-
0
-
0
(140,707)
(140,707)
At 31 March 2024
1,042,145
80,653
892,236
2,015,034
Depreciation
At 1 April 2023
370,679
47,784
515,161
933,624
Depreciation charged in the year
140,677
4,297
75,506
220,480
Eliminated in respect of disposals
-
0
-
0
(118,930)
(118,930)
At 31 March 2024
511,356
52,081
471,737
1,035,174
Carrying amount
At 31 March 2024
530,789
28,572
420,499
979,860
At 31 March 2023
325,421
32,869
253,329
611,619
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
88,799
8,438,228
Amounts recoverable on contracts
12,618,305
5,708,239
Retentions receivable
801,153
1,892,685
Other debtors
1,585,504
922,671
Prepayments and accrued income
421,064
444,933
15,514,825
17,406,756
2024
2023
Amounts falling due after more than one year:
£
£
Retentions receivable
1,548,261
519,975
Total debtors
17,063,086
17,926,731
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,381,972
12,532,588
Corporation tax
1,147,284
559,319
Other taxation and social security
185,516
429,592
Other creditors
52,419
63,393
Accruals and deferred income
419,608
622,270
11,186,799
14,207,162
15
Provisions for liabilities
2024
2023
£
£
Onerous contracts
-
265,679
Rectifications
1,635,000
1,251,610
1,635,000
1,517,289

The rectifications provision is in relation to management's expectation of the potential remediation or reimbursement of costs following a review of issues and defects within historic contracts.

Due to the level of uncertainties surrounding the final value of any claims and the length of time taken for negotiations, these could occur either within one year, after more than one year, or both.

The onerous contracts provision is in relation to loss making contracts where the outflow of these projects are expected to occur within a year. At the year-end the directors assessed that there were no such amounts which were material.

Movements on provisions:
Onerous contracts
Rectifications
Total
£
£
£
At 1 April 2023
265,679
1,251,610
1,517,289
Additional provisions in the year
-
383,390
383,390
Reversal of provision
(265,679)
-
(265,679)
At 31 March 2024
-
1,635,000
1,635,000
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
229,749
149,382
Other timing differences
37,521
26,313
267,270
175,695
2024
Movements in the year:
£
Liability at 1 April 2023
175,695
Charge to profit or loss
91,575
Liability at 31 March 2024
267,270

The deferred tax liability set out above is expected to relates to accelerated capital allowances and other timing differences that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
27,474
26,608

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

At the year-end there were amounts payable of £6,382 (2023: £6,199) in respect of contributions due to the scheme.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
177,200
184,600
Between two and five years
-
0
177,200
177,200
361,800
20
Related party transactions
Transactions with related parties

Included within debtors are amounts owed to a related party which is owned by the directors of the company. These are £nil (2023: £5,750,000) in trade debtors and £4,355,000 (2023: £2,000,000) shown under amounts recoverable on contracts. These transactions are conducted under normal market conditions.

 

There is also a balance with this related party of £653,483 (2023: £811,248) which is a non-interest bearing loan included within other debtors.

21
Directors' transactions

Dividends totalling £1,000,000 (2023 - £1,000,000) were paid in the year in respect of shares held by the company's directors.

22
Ultimate controlling party

The company is ultimately controlled by the majority shareholder in the current year and prior year, J E Knight.

23
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
3,381,320
2,540,590
Adjustments for:
Taxation charged
1,175,898
705,901
Finance costs
60,326
-
0
Investment income
(626,545)
(294,210)
Loss on disposal of tangible fixed assets
2,337
-
Depreciation and impairment of tangible fixed assets
220,480
165,521
Increase in provisions
117,711
606,289
Movements in working capital:
Decrease/(increase) in debtors
902,305
(9,894,823)
(Decrease)/increase in creditors
(3,608,328)
4,789,416
Cash generated from/(absorbed by) operations
1,625,504
(1,381,316)
KNIGHT BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
24
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
20,312,749
65,647
20,378,396
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