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Registered number: 06600257









RENAKER BUILD LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
RENAKER BUILD LIMITED
 
 
COMPANY INFORMATION


Director
Mr D Whitaker 




Registered number
06600257



Registered office
1st Floor
NQ Building

47 Bengal Street

Manchester

Lancashire

M4 6BB




Independent auditors
Grant Thornton UK LLP

Landmark

St Peter's Square

1 Oxford Street

Manchester

M1 4PB




Bankers
Santander
Bridle Road

Merseyside

L30 44B





 
RENAKER BUILD LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 5
Director's Report
 
6 - 9
Independent Auditors' Report
 
10 - 13
Statement of Comprehensive Income
 
14
Balance Sheet
 
15
Statement of Changes in Equity
 
16 - 17
Statement of Cash Flows
 
18
Notes to the Financial Statements
 
19 - 35

 
RENAKER BUILD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The director presents his Strategic Report for the year ended 31 October 2024.

Market review
In 2024, much like 2023, the construction sector has experienced a slow recovery mirroring to some extent the UK economy as a whole, where longer-term growth and stability remains a challenge.
The election of a new Labour Government in July could bring about notable shifts in strategy for UK companies but it is well reported that significant financial restrictions exist which could at the very least slow and inhibit the pace of change. 
Many of the post-election announcements affecting the construction and property sectors have focused on the planning framework and new financing for investment and infrastructure. It will take  time for these initiatives to translate into increased activity on site. So, while the appointment of a new political leadership should bring stability, there will inevitably be delays in delivery of these new objectives as ministers get to grips with the challenge ahead of them.
The most impactful development for the UK economy in the 2nd half of 2024, was the start of what is expected to be a period of base rate interest cuts. More encouraging inflation, earnings and employment data enabled some fiscal flexibility for the Bank of England. Lower interest rates should boost consumer confidence levels, which will in turn spill over into the housing market. 
During the year we have experienced some easing of inflationary pressures in the economy as a whole, though many companies in the construction sector continued to feel the effects of economic turbulence from previous years. Inflation relating to project costs has been less of a factor during 2024 than the industry expected 12 months ago. Total construction costs for residential high-rise buildings remain at an all-time high when compared with pre-pandemic levels but have at least calmed, particularly in respect of materials and energy. 
The ongoing skills gap in the construction industry remains one of the sector’s most significant challenges. Brexit and the rising cost of employment, including further increases in the minimum wage and national insurance, has made it more and more difficult to recruit a skilled and able workforce.
From a legislative perspective, new building safety gateway processes for high-risk residential buildings have introduced substantial new risks for developers and contractors. Since the introduction of the new Building Safety Regulator in October 2023 there have been very few Gateway Two assessments completed. Developers and contractors might share the commercial risk associated with the time taken for the Gateway Review, but the consequences of delay resulting from a failed assessment could be significant for all parts of the supply chain. 
The new regulations not only impact the design of high-rise residential properties but also necessitate new approaches to collaboration and engagement across the supply chain to ensure competence and quality. While the implementation of these measures has introduced periods of uncertainty and delays in some projects, we remain optimistic that these disruptions will be minimized moving forward, and the current challenges are temporary.
Renaker specialises in delivering large residential towers and has taken a proactive approach in managing this risk by maintaining  direct control over design solutions and the supply chain. The business is preparing to submit its first Gateway Two application on behalf of its client, the outcome of which will provide greater clarity on anticipated timeframes and requirements moving forward.
 
Page 1

 
RENAKER BUILD LIMITED
 

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

The business continues to operate successfully despite a number of macro UK and Global uncertainties. On a more localised level, the Manchester and Greater Manchester region, in which we operate, remains a standout performer, outpacing much of the UK.
Demand for high-quality homes in the city with excellent amenities, situated in well-managed neighbourhoods remains robust. The new government’s commitment to delivering 1.5 million new homes within this parliament term points to the wider challenge of meeting demand. This commitment presents an opportunity for the business to continue delivering large, transformative residential developments on brownfield sites, further contributing to the growth and development of the city region.
We remain vigilant and mindful of the challenges that exist for a low growth economy such as that of the UK but we recognize that many external factors lie beyond our control. Persistent global conflicts, such as those in Ukraine and the Middle East create significant global instability with no clear resolution in sight.
Despite these challenges, the Manchester City Region continues to thrive. The projects we are delivering play a vital role in enhancing Manchester’s appeal providing a solid foundation for optimism regarding the outlook for 2025 and beyond.

Business review
 
2024 has been a successful year of further growth for the business, where our large scale residential projects continue to progress at pace. Delivery for our development clients has been extremely consistent and the support from our sub-contractors, suppliers and professional teams helps us to deliver projects on time and within budget.
While Turnover growth is not a primary gauge of how the business is performing, during 2024 we achieved record revenue of £265m (
2023: £229m). This growth is a result of the measured scaling up of the business over the last decade, and the scale and significance of the individual projects we are delivering for our clients. However, gross profit and net profit margins remain consistent due to the calming of cost of materials and energy being offset by increases to employment costs. To support the increased trading activity, we have made significant investments in plant and machinery to enhance our operational capacity and efficiency.
New contracts which commenced during the year include Trinity D1 Island, Contour and F1 at New Jackson.
The business successfully achieved completion and handover of Crown Street Primary School and Three60 in August 2024 – which amounted to 445 new homes, residential amenity with residents Gym and public realm. This followed the delivery of the adjacent projects, The Blade and a  389 space public multi-storey car park which was handed over in October 2023.
The first of two co-living towers (Union) was also successfully handed over to the client in January 2024. This scheme delivered 380 apartments with 870 beds in the St Johns neighbourhood for our client Vita Property. The second phase of this scheme is due for handover in Q2 2025.
Calendar year 2025 is expected to see a record number of projects reach build completion and handover. Across 5 projects we are targeting completion of 1,414 apartments, 576 student beds and 806 co-living units.
Future developments contracted which stretch beyond the current year will see the delivery of a further 988 new homes.
This significant pipeline of ongoing contracts is a direct result of the skill,  commitment and attitude of our people. In the year our staff headcount grew to 387 from 365, including 7 new trainees and apprentices as we continue to invest in our operational capability.
The Company remains in a financially strong position to successfully complete all existing projects and hand over projects to clients as forecast.
 
Page 2

 
RENAKER BUILD LIMITED
 

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


Key performance indicators
 
2024
2023
      £000
      £000
Turnover (£'000)

265,391

229,148

Gross Profit (£'000)

16,380

14,590

Gross Profit (%)

6

6

Net Profit (£'000)

4,379

3,799

Net Profit (%)

2

2

Rolling 12 month Construction Accident Frequency Rate

1

-


Principal risks and uncertainties
 
The Company has identified certain principal risks and uncertainties and has assessed how these risks could best be mitigated through a combination of internal controls and risk management strategies. These risks are reviewed and updated on a regular basis. Risk management remains inherent in all operations and is given prominent place through the comprehensive project review process in place.
Health, safety and security – failure to identify, mitigate and/or react effectively to a major health, safety or security incident
The Company's activities are significant and complex which require the continuous monitoring and management of health, safety and environmental risks. Failure to manage these risks could result in serious harm to employees, subcontractors, the public or the environment and could expose the Company to significant potential liabilities and reputational damage.
The Company is committed to ensuring a safe working environment. These risks are managed by the Company and its supply chain through the strong promotion of a health and safety culture; and well-defined health and safety policies and procedures.
Market and political uncertainty - a reduction in demand and the ability of our clients to buy, develop, manage and sell assets at the appropriate time in the property cycle.
The business holds a strong reputation in the market for the quality of product, reputation for delivery, and setting high standards in its operations. Further to this, our experience of previous economic downturns is there can often be a flight to quality, which we anticipate will drive demand towards the product we are developing on behalf of clients. Our clients have a clear and credible pipeline of developments that are well progressed in well located parts of Manchester, with strong place-making and amenity.
People and skills - our inability to attract, retain, and develop the right people and skills required to deliver the business objectives.
Employee retention remains high within the business and our ability to attract talent and develop our existing teams remains a core strength of the Company. We have experienced some challenges in availability of resource within the operational part of the business at management level, where market demand for quality people has remained high.
 
Page 3

 
RENAKER BUILD LIMITED
 

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

Supply Chain – the ability to procure the necessary labour, materials and expertise to deliver our projects.
The business retains a reliable core of key suppliers, many of whom are North West, and UK based and have partnered with us for several years. The vast majority of our core suppliers and sub-contractors operate exclusively in the UK. There is some reliance on overseas supply chain for specific components of our build and design. Where possible we will mitigate overseas supply chain risk by sourcing from larger 'Tier 1' level suppliers with whom we have an existing relationship. We will also seek additional security within supply contracts where there are long-lead times or potential logistical challenges in ensuring goods and services arrive in the UK on programme.
 
Liquidity Risk – the risk of the ability to service and repay existing facilities as they mature, together with being able to secure future financing as required.
Liquidity risk remains nominal, there are no open facilities with only moderate levels of asset finance on selective major plant and equipment assets. The day to day liquidity position of the business is closely monitored through detailed cash forecasting, reviewed regularly and risk assessed. All spending commitments are regularly reviewed against these forecasts.
Credit Risk – the ability to collect and recover all sums due under design & build contracts and effective management of working capital.
The Company is exposed to the ordinary risk of its ability to recover revenue from customers as and when this falls due. This is monitored regularly but the risk is significantly reduced by virtue of the vast majority of revenue being derived from contracts with related party companies, where we have regular reviews and full visibility of the underlying risks.
Of the trade debtors outstanding at year end amounting to £47.6m, (
2023: £46.7m), 100% of outstanding billed amounts have subsequently been settled in full.
We are therefore satisfied that risks are well managed in this area and there are no material risks to settlement of long-term contracts.

Director's statement of compliance with duty to promote the success of the Company
 
In the decisions taken during the year ended 31 October 2024, the Director of Renaker Build Limited believes they have acted in the way they consider, in good faith, and 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 s172 (1)(a-f) of the Companies Act 2006).
This statement sets out how the director complies with the requirements of Section 172 of the Companies Act 2006.
The Director is the custodian of the business, with a responsibility to create and sustain long-term value for our shareholders and stakeholders by directing its affairs and meeting their legitimate interests. The Board clearly understands the correlation between good corporate governance, healthy stakeholder relations, effective communication, and the alignment of corporate goals with stakeholders' expectations and aspirations.
In fulfilling the Board's principal responsibility, business performance and strategy is reviewed on monthly basis, looking out across 5-year business planning horizons. Annual budgets are set for each project with clear plans for delivery of each.
The Board fully understands that the impact of our operations is measured not just in the quality of the project delivered but in the longer-term impact on the environment, communities, and people.
 
Page 4

 
RENAKER BUILD LIMITED
 

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

The director firmly believes that for the business to be successful, the Company must operate in a forward- thinking manner, be responsive to change and to be able to act quickly. Throughout the business, we adopt a “can do” attitude with the aim of delivering sustainable new communities in an enthusiastic, professional, and efficient manner.
To improve long-term decision making, the Company has put in place a structured governance model, with scheduled meetings for operational, financial and strategic planning and risk management. Our governance model supports the Company in ensuring that decisions are considered, and in alignment with our strategic plans.
Detailed budgets and reforecasts are prepared every month to enable the Company to track performance and take any necessary actions to deliver performance in line with, or close to, expectations.


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





Mr D Whitaker
Director

Date: 7 April 2025
Page 5

 
RENAKER BUILD LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The director presents his report and the financial statements for the year ended 31 October 2024.

Results and dividends

The profit for the year, after taxation, amounted to £4,739 thousand (2023 - £3,799 thousand).

The business recorded turnover in the year of £265m (2023: £229m). The increase in turnover has not generated a proportionate increase in net profit due to a reduction in year on year operating profit margin, partially due to the inflationary pressures referred to earlier. As at 31 October 2024, the Company had net assets of £37m (2023: £32m). 
Turnover in the year largely relates to completion of Three60, Crown Street Primary School and T1 at Union Living, amongst the ongoing contract delivery at Bankside, House of Social, T2 at Union Living, Vista River Gardens and Port Street.
The director did not recommend the payment of a dividend in the year (
2023: £Nil).

Director

The director who served during the year was:

Mr D Whitaker 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with 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 director must not approve the financial statements unless he is 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 director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

 
RENAKER BUILD LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Future developments

The business is operating under letters of intent for four new projects which are expected to commence construction after the year end.

Engagement with employees

The Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities. The Company's policies and procedures fully support our disabled colleagues. The Company take active measures to do so via a robust reasonable adjustment policy and processes to ensure colleagues are fully supported.

Qualifying third party indemnity provisions

Insurance policies are in place that indemnify the director against liability when acting for Renaker Build Limited.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Principal risks and uncertainties

Health and safety of employees

The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act, including the adoption of a Safety Statement.

Engagement with suppliers, customers and others

Suppliers
Good working relationships with suppliers are essential in order for the Company to deliver schemes at the pace and quality our customers come to expect. The Company works closely and supports development with suppliers to ensure standards remain high and costs are controlled.
Customers
Delivering high quality schemes, with robust quality control procedures in place enhances the Company’s reputation and meets the expectations of our clients. The business has a dedicated team to engage and support our clients immediately prior to handover, and by way of follow-on customer care. The Management Team regularly review feedback data and consider ways in which these processes can be improved.
Stakeholders and the wider community
The director is mindful of the effect our operations have upon local communities and we aim to make a positive contribution to the communities within which we work. This includes minimising disruption; fostering local authority relationships, supporting the use of local labour, equipment, materials and supply chain partners; and engaging effectively with the local community with regard to our project aspirations and delivery.

Page 7

 
RENAKER BUILD LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are:


1st November 2023 to 31st October 2024
tCO2e
1st November 2022 to 31st October 2023
tCO2e
Emissions from Scope 1
626
575
Emissions from Scope 2
601
700
Emissions from Scope 3
-
-
Total Gross tCO2e
1,227
1,275
Intensity Ratio: tCO2e/£m Turnover
4.6
5.4

In publishing this information, the Company has adhered to the Environmental Reporting Guidelines. 
The figures set out are in accordance with the GHG protocol including Streamlined Energy and Carbon Reporting Guidelines. The latest published UK Governments Conversion factors have been used for all calculations.

Scope 1 emissions are direct emissions produced by the combustion of fuels purchased by Renaker Build Limited.
Scope 2 emissions are indirect emissions generated by the electricity purchased by Renaker Build Limited.
Scope 3 emissions are indirect emissions produced by activity from Renaker Build Limited but owned and controlled by another emitter.
 
Electricity purchased in the year totalled 4,046,115 kWh (2023: 3,621,457 kWh).

In the period covered by this report, Renaker Build Limited has continued to effect environmental change through the evolution of our Environmental Management System (EMS). We are actively identifying environmental opportunities and minimising risk, positively contributing towards our energy efficiency.
A changeable picture of energy consumption owing to the progression of key projects means our greenhouse gas (GHG) emissions have actually reduced in the period in proportion to turnover, however this is not likely to be representative of the medium-term picture owing to an increase in our project activity. To ensure we continue to drive down our emissions, we are continuing to develop more efficient means of operating, as well as driving a continually improving quality culture to reduce mistakes, the rectification of which also has a GHG impact.
More specifically, we continue to;
Champion environmental toolbox talks focusing on energy efficiency, covering our offices, cabins and construction sites
Carefully track the maintenance of our plant and equipment to ensure they are operating at optimum efficiency
Upskill and increase the number environmental champions within our workforce to drive positive behavioural change at a local level
Roll out a programme of environmental awareness across the business
Regularly review the suitability and effectiveness of our environmental plans to ensure they are delivering optimal results
Observe the environmental challenges and innovations developing within the construction industry to help us recognise where we can apply environmental value
Consider all opportunities for further environmental improvement across our business

We continue to review and develop our EMS and in combination with the above, seek to further improve our efficiency.
Page 8

 
RENAKER BUILD LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he 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

The auditorsGrant Thornton UK LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr D Whitaker
Director

Date: 7 April 2025
Page 9

 
RENAKER BUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED
 

Opinion


We have audited the financial statements of Renaker Build Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, 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 October 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


We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as the risk of recession on customer demand, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.


Page 10

 
RENAKER BUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED (CONTINUED)


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director 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 director is 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.


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


Matters on which we are required to report under the Companies Act 2006
 

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


Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 11

 
RENAKER BUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 6, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework FRS 102 and the Companies Act 2006; 
We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management and those charged with governance of the entity. We corroborated our enquiries through a review of correspondence received from regulatory bodies where relevant;
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Evaluation of the processes and controls established to address the risks related to irregularities and fraud;
°Identifying and testing unusual journal entries;
°Challenging the assumptions and judgements made by management in its significant accounting estimates, being the accounting treatment of long term construction revenue contracts.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; 
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s knowledge of the industry in which the client operates and the understanding of, and practical experience through training and participation with audit engagements of a similar nature;
Page 12

 
RENAKER BUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RENAKER BUILD LIMITED (CONTINUED)


From the procedures performed we did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud;
In assessing the potential risks of a material misstatement, we obtained an understanding of the company’s operations, including the nature of its revenue sources, expected financial disclosures and business risks that may result in risk of material misstatement. This included the company’s control environment including the adequacy of procedures for the recording and authorisation of transactions.

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.


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.





Stuart Muskett (Senior Statutory Auditor)
for and on behalf of
Grant Thornton UK LLP
Landmark
St Peter's Square
1 Oxford Street
Manchester
M1 4PB

7 April 2025
Page 13

 
RENAKER BUILD LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
265,391
229,148

Cost of sales
  
(249,011)
(214,558)

Gross profit
  
16,380
14,590

Administrative expenses
  
(10,369)
(9,760)

Operating profit
  
6,011
4,830

Interest receivable and similar income
 9 
339
211

Interest payable and similar expenses
 10 
(50)
(81)

Profit before tax
  
6,300
4,960

Tax on profit
 11 
(1,561)
(1,161)

Profit for the financial year
  
4,739
3,799

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 19 to 35 form part of these financial statements.
Page 14

 
RENAKER BUILD LIMITED
REGISTERED NUMBER: 06600257

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
8,663
7,905

  
8,663
7,905

Current assets
  

Debtors: amounts falling due within one year
 13 
82,831
64,288

Cash at bank and in hand
 14 
15,821
15,034

  
98,652
79,322

Creditors: amounts falling due within one year
 15 
(64,776)
(50,870)

Net current assets
  
 
 
33,876
 
 
28,452

Total assets less current liabilities
  
42,539
36,357

Creditors: amounts falling due after more than one year
 16 
(3,863)
(2,677)

Provisions for liabilities
  

Deferred tax
 18 
(1,818)
(1,561)

  
 
 
(1,818)
 
 
(1,561)

Net assets
  
36,858
32,119


Capital and reserves
  

Profit and loss account
 20 
36,858
32,119

  
36,858
32,119


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr D Whitaker
Director

Date: 7 April 2025

The notes on pages 19 to 35 form part of these financial statements.
Page 15

 
RENAKER BUILD LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 November 2023
-
32,119
32,119


Comprehensive income for the year

Profit for the year
-
4,739
4,739


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
4,739
4,739


Total transactions with owners
-
-
-


At 31 October 2024
-
36,858
36,858


The notes on pages 19 to 35 form part of these financial statements.
Page 16

 
RENAKER BUILD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 November 2022
-
28,320
28,320


Comprehensive income for the year

Profit for the year
-
3,799
3,799


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
3,799
3,799


Total transactions with owners
-
-
-


At 31 October 2023
-
32,119
32,119


The notes on pages 19 to 35 form part of these financial statements.
Page 17

 
RENAKER BUILD LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
4,739
3,799

Adjustments for:

Depreciation of tangible assets
1,056
822

Loss on disposal of tangible assets
-
19

Interest paid
50
71

Interest received
(339)
(211)

Taxation charge
1,561
1,161

Increase in debtors
(18,163)
(16,163)

Increase in creditors
15,619
11,796

Corporation tax paid
(1,684)
(85)

Net cash generated from operating activities

2,839
1,209

Cash flows from investing activities

Purchase of tangible fixed assets
(1,814)
(2,455)

Interest received
339
211

Net cash used in investing activities

(1,475)
(2,244)

Cash flows from financing activities

Repayment of finance leases
(527)
(504)

Interest paid
(50)
(71)

Net cash used in financing activities
(577)
(575)

Net increase/(decrease) in cash and cash equivalents
787
(1,610)

Cash and cash equivalents at beginning of year
15,034
16,644

Cash and cash equivalents at the end of year
15,821
15,034


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
15,821
15,034

15,821
15,034


The notes on pages 19 to 35 form part of these financial statements.

Page 18

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Renaker Build Limited is a private company limited by shares and incorporated in England and Wales. Its registered head office and principal place of business is located at 1st Floor, NQ Building, 47 Bengal Street, Manchester, Lancashire, M5 6BB.

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 Company's financial statements are presented in sterling and all values are rounded to the nearest thousand (£'000) except when otherwise stated.

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).

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has undertaken a detailed review of business performance and forecast resources, in order to make an informed and prudent assessment of the Company’s ability to operate as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements.
The review performed takes into account known and quantifiable risks, with further sensitivity and risk modelling performed over cashflow forecasts which considered the recoverability of long-term contracts, gross and net operating margins and possible programme delays.
Having considered these long-term forecasts for the business, the director considers that there will be sufficient resources to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing these financial statements.

 
2.3

Revenue

Turnover represents the net invoiced value of contracts, excluding value added tax and with an
adjustment made for the provision of income either in advance or arrears for the relative state of
completion of each contract undertaken by the Company at the Balance Sheet date. Turnover on
long term construction projects is recognised in accordance with the stage of completion for each
project which is measured on an input basis.
Full provision is made for losses on all contracts in the period in which the loss is first foreseen.
Where the outcome of a contract can't be estimated reliably, turnover is recognised only to the extent
of costs incurred that it is probable will be recoverable. Costs are recognised in the period to which
they relate.

Page 19

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 years
Plant and machinery
-
5-10 years
Motor vehicles
-
5-8 years
Fixtures and fittings
-
5 years
Computer equipment
-
3-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Leased assets: the Company as lessee

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

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Page 20

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 21

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 22

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard  the 01 November 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 23

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.
The margin applied to costs incurred is based upon management estimates of costs to complete contracts and any contract variations that may be agreed. These expected future costs will fluctuate as the project progresses and more information is available.


4.


Turnover

All turnover, in both the current and prior year, arose from construction projects within the United
Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Plant hire
941
897

Depreciation
1,056
821

Page 24

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
71
74

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
-
4

Taxation compliance services
5
4

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
21,440
20,126

Social security costs
2,261
2,043

Cost of defined contribution scheme
948
666

24,649
22,835


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


        2024
        2023
            No.
            No.







Management
5
4



Administration
101
103



Construction
271
258

377
365

The total expense recognised in respect of remuneration of key management personnel in the year was £9,692k (2023: £7,627k).

Page 25

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Director's remuneration

2024
2023
£000
£000

Director's emoluments
163
148

Company contributions to defined contribution pension schemes
18
1

181
149


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£000
£000


Other interest receivable
339
211


10.


Interest payable and similar expenses

2024
2023
£000
£000


Interest charges
-
35

Finance leases and hire purchase contracts
50
46

50
81

Page 26

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
1,325
519

Adjustments in respect of previous periods
(21)
-

Total current tax
1,304
519

Deferred tax


Timing differences
257
578

Effect of tax rate change on opening balance
-
64

Total deferred tax
257
642


Tax on profit
1,561
1,161

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 - 22.52%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
6,300
4,960


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
1,575
1,117

Effects of:


Fixed asset differences
-
(27)

Expenses not deductible for tax purposes
6
7

Deferred tax - change in tax rates
-
64

Adjustments to tax charge in respect of prior periods
(20)
-

Total tax charge for the year
1,561
1,161


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 November 2023
14
14,544
214
28
286
15,086


Additions
-
1,775
-
-
39
1,814



At 31 October 2024

14
16,319
214
28
325
16,900



Depreciation


At 1 November 2023
2
6,868
134
16
161
7,181


Charge for the year
2
962
25
3
64
1,056



At 31 October 2024

4
7,830
159
19
225
8,237



Net book value



At 31 October 2024
10
8,489
55
9
100
8,663



At 31 October 2023
12
7,676
80
12
125
7,905

Finance leases

Plant and machinery with net book value of £1,639k (2023: £1,767k) are held under finance leases.

Page 28

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Debtors

2024
2023
£000
£000

Trade debtors
47,633
46,723

Other debtors
644
46

Prepayments
1,326
1,376

Accrued income
16,214
11,102

Payments in advance
8,678
-

Amounts recoverable on long-term contracts
6,639
3,407

Tax recoverable
1,697
1,634

82,831
64,288


Included above within trade debtors is £38,651k (2023: £37,887k) of related party balances. 
Included above within other debtors is £14k (
2023: £5k) of related party balances. 
Included above within accrued income is £16,214k (
2023: £10,497k) of related party balances. 
Included above within prepayments is -£54k (
2023: -£33k) of related party balances. 
Included within payments in advance is £8,678k (
2023: £Nil) of related party balances.
See note 22 for further details. 


14.


Cash

2024
2023
£000
£000

Cash at bank and in hand
15,821
15,034


Page 29

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
4,529
6,001

Other taxation and social security
716
882

Obligations under finance lease and hire purchase contracts
414
527

Other creditors
2,832
4,397

Accruals and deferred income
56,285
39,063

64,776
50,870


Included above within trade creditors is £15k (2023: £182k) of related party balances. 
Included above within accruals is £6k (
2023: £Nil) of related party balances.
See note 22 for further details. 
All hire purchase liabilities are secured against the assets to which they relate.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Retentions payable
3,830
2,230

Net obligations under finance leases and hire purchase contracts
33
447

3,863
2,677


All hire purchase liabilities are secured against the assets to which they relate.


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£000
£000


Within one year
414
527

Between 1-5 years
33
447

447
974
Page 30

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Deferred taxation




2024


£000



At beginning of year
(1,561)


Charged to profit or loss
(257)



At end of year
(1,818)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Fixed asset timing differences
(1,837)
(1,578)

Short term timing differences
18
17

(1,819)
(1,561)


19.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



10 (2023 - 10) Ordinary shares of £1.00 each
-
-

There is a single class of ordinary shares. There are no restrictions on dividends and the repayments of capital.



20.


Reserves

Profit and loss account

Includes all current and prior periods retained profits and losses.
Page 31

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
21.


Analysis of net debt




At 1 November 2023
Cash flows
At 31 October 2024
£000

£000

£000

Cash at bank and in hand

15,034

787

15,821

Finance leases

(974)

527

(447)


14,060
1,314
15,374


22.


Capital commitments

The director has confirmed that as at 31 October 2024 there were purchase commitments of £123k (2023: £Nil) in relation to website development and motor vehicles.


23.


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 £948k (2023: £666k) . Contributions totalling £191k (2023: £164k) were payable to the fund at the balance sheet date and are included in creditors.

Page 32

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

24.


Related party transactions

The below receivable/(payable), accrued income/(deferred income) and prepayment/(accrual) balances are held with companies under the common control of Mr D Whitaker:



2024
2023

£000
£000

AQ Investments Limited
2,383
1,129

Collier Street Investments Limited
304
222

Greengate Developments 2 Limited
9,583
11,265

Kellen Homes Limited
44
(82)

Lowry Investments (NW) Limited
231
(146)

New Jackson (Contour) Investments Limited
8,285
52

Trinity Developments (Manchester) Limited
8,376
4,920

Trinity Islands D2 Investments Limited
19,403
3,854

TS Developments (Manchester) Limited
50
20

UQ Developments Limited
127
125

VQ Developments Limited
14,681
7,032

FQ Commercial Investments Limited
1
-

XQ Developments Limited
12
-

Crown Street (Manchester) Limited
-
2

Deansgate Square Estate Management Company Limited
-
126

FQ Developments Limited
-
13

GG Holdco Limited
-
13

GJS (Blade) Developments 1 Limited
-
60

GJS (Circle) Developments 1 Limited
-
8,599

GJS (Education) Investments Limited
-
963

GJS (MSCP) Developments 1 Limited
-
1,086

GJS Holdco Limited
-
12

Greengate Developments 1 Limited
-
8,816

New Jackson (Owen St) Investments 1 Limited
-
45

YQ Developments Limited
-
25

63,480
48,151
Page 33

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


The following transactions occurred during the year with companies under common control of Mr D Whitaker:
Revenue


2024
2023

£000
£000

AQ Investments Limited
1,254
405

Collier Street Investments Limited
82
194

Crown Street 1 Management Company Limited
2
-

GJS (Blade) Developments 1 Limited
(565)
26,911

GJS (Circle) Developments 1 Limited
10,574
44,076

GJS (Education) Investments Limited
1,096
6,014

GJS (MSCP) Developments 1 Limited
(1,280)
4,204

Greengate Developments 1 Limited
(425)
30,318

Greengate Developments 2 Limited
43,871
19,066

Lowry Investments (NW) Limited
168
4

New Jackson (Contour) Investments Limited
21,671
52

New Jackson (Owen St) Investments 1 Limited
28
45

Trinity Developments (Manchester) Limited
11,169
6,426

Trinity Islands D2 Investments Limited
48,722
13,015

TS Developments (Manchester) Limited
30
20

UQ Developments Limited
17
17

VQ Developments Limited
4,409
4,451

140,823
155,218
Page 34

 
RENAKER BUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Expenses


2024
2023

£000
£000

DQ Investments Limited
63
102

FQ Developments Limited
(4)
(54)

GJS (Blade) Developments 1 Limited
(2)
-

Kellen Homes Limited
(109)
(200)

Lowry Investments (NW) Limited
376
309

New Jackson (Chester Rd) Investments Limited
158
-

UQ Developments Limited
141
233

AQ Investments Limited
-
34

Castlefield Development (Manchester) Limited
-
(4)

Crown Street (Manchester) Limited
-
(14)

Crown Street 1 Management Company Limited
-
3

Deansgate Square Estate Management Company Limited
-
21

GG Holdco Limited
-
(11)

GJS Holdco Limited
-
(10)

VQ Developments Limited
-
100

623
509

Revenue relates to the provision of design and construction services to companies under common control of Mr D Whitaker.
Expenses relate to the provision of advice and construction services by companies under the common control of Mr D Whitaker.



25.


Controlling party

The ultimate controlling party is Mr D Whitaker.
Page 35