Structuretone Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 04120483 (England and Wales)
StructureTone Limited
Structuretone Limited
Company Information
Directors
M P Neary
J Fahy
C P Williams
B Lynch
L N Aldridge
(Appointed 12 February 2024)
Secretary
K Patel
Company number
04120483
Registered office
Sixth Floor
80 Cannon Street
London
EC4N 6HL
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
StructureTone Limited
Structuretone Limited
Contents
Page
Strategic report
1 - 9
Directors' report
10 - 13
Independent auditor's report
14 - 17
Statement of comprehensive income
18
Balance sheet
19
Statement of changes in equity
20
Notes to the financial statements
21 - 32
StructureTone Limited
Structuretone Limited
Strategic Report
For the year ended 31 December 2024
Page 1

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

 

Structure Tone Ltd is a wholly owned subsidiary of the Structure Tone International Group which in turn is a member of STO Building Group, one of the largest contractors in North America with interests across the globe. The parent group continued to grow in 2024 reporting Revenue of $12.0bn and Net Income of $165m.

 

ST International Group (London, Dublin and Holland) commenced its mission critical expansion into Europe under the tutelage of the Dublin office and closed the year with £444m in Revenue and a PBT of £8.5m.

Business review

Structure Tone UK Directors are pleased to report Revenue of £175m, PBT of £1.66m and a secure backlog of £187m.

 

2024 will be forever remembered as a pivotal year for the London fit out market with the disruption of the ISG Group going into administration, alongside a notable and expected surge in activity within the sector, evident from the last quarter of the year.

 

The impact of a main contractor suddenly leaving the market brings with it a myriad of both risk and opportunities. Project disruptions, supply chain ripple effect, labour market dynamics, market confidence and economic impact all pose significant risks which need to be carefully navigated. On the plus side, competitors are presented with great opportunity with halted projects needing to find a new home alongside a readily available pool of experienced talent in the market.

 

Following the announcement in September, Matt Blowers joined Structure Tone as joint MD and the recruitment of former ISG executives and teams commenced. By the end of the year the business had onboarded several high profile projects left in the wake of ISG and effectively doubled its headcount to onboard and retain the teams who had been actively working on those projects.

 

Structure Tone’s corporate strength, agility and experience in the market, allowed our enabling teams to work tirelessly to ensure a smooth transition for both clients and supply chain. Our ability to provide bond cover to our clients alongside our stringent policy of paying subcontractors on time has provided tangible stability in the marketplace.

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Plan 2025 and beyond

In our 2024 strategic report we anticipated a rebound in growth towards the end of the year. This analysis of the market has borne true and the London fit-out sector has indeed shown signs of a significant rebound. Recent data indicates that leasing activity has picked up since the low point in early 2024 with an average of around 4.3m sqft leased over the last three quarters.

 

The uptick in leasing activity suggest a growing demand for office refurbishments and new fit-outs with premium properties in central locations continuing to command high rents and a “flight to quality” trend.

 

 

Our financial plan for 2025 is looking at revenue of circa £400m. Our strategic focus will be on structured delivery and quality, whilst embracing advanced technologies and sustainable practices that will fundamentally reshape the sector.

 

We are committed to continual investment in the development of our environmental impact team putting sustainability as front and centre of everything we do alongside health and safety.

Risk & Uncertainties

Geopolitical risks will continue to dominate the economic landscape in 2025.

Global trade disruptions, political instability and changes in Government policies create uncertainty amongst investors and uncertainty in the cost and accessibility to raw materials.

 

At a more local level, volatility within the supply chain remains a major concern.

Increases in cost of living and rises in employer taxes alongside the demise of a Tier 1 contractor in the London market in 2024 all have a significant impact.

 

We have stringent policies in place to monitor and mitigate our risks around

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 3

Financial Key Performance Indicators

 

 

2024

2023

Gross Revenue

£175m

£134m

Gross Profit %

5.33%

5.54%

Estimated future value of contracts awarded

£187.4m

£92m

Estimated future value of contracts secured by not awarded

£257.3m

£7.8m

Accident Frequency Rate (AFR)

XX

0.3

 

Financial risk management objectives and policies

 

The company’s operations are all conducted in the UK and there is minimal foreign exchange risk. Surplus funds are invested in short term deposits to ensure certainty of cash flows. The company has no long-term external borrowing and has the support of its ultimate parent company to ensure sufficient funds are available for ongoing operations. The company manages its financial risk through the implementation of strict project management processes. The activities are primarily construction management where cash flow and credit risk are minimized through the selection of known sub-contractors and the valuation processes. The company is exposed to price competition within the sector but manages price risk through the Bidding Process and the establishment of minimum acceptable profit margins for new business. The company does not undertake projects with currency risk.

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 4
Section 172 Companies Act 2006

 

The Board of Directors in the performance of their duties must act in accordance with the requirements of the Companies Act 2006 S172 as follows:

 

The STO Group Mission statement is the embodiment of S172.

 

MISSION STATEMENT

“We solve our clients’ challenges and service our chosen markets by:

 

 

In pursuance of its Mission Statement the STO group provides a comprehensive body of directives, supports and tools which each business unit utilises in the pursuance of its own strategic vision and that of the parent. The key components of this framework are effectively the core constituents of S172.

 

Decision Making

 

StructureTone Limited actively engages with its stakeholders, including employees, client and consultant teams, suppliers, the local community and supporting organisations. The company ensures that stakeholder feedback is logged and systematically integrated into its decision-making processes from tender to project completion.

Regular consultations and feedback sessions are embedded in business and project processes to understand the needs and concerns of each stakeholder group. This approach enables the company to make informed decisions that balance the interests of all parties involved.

Our decisions are driven by a commitment to do what’s right, prioritising sustainability and social impact, rather than solely focusing on financial return.

 

Our People and their development

 

With our team doubling in size, we developed a set of values that redefine who we are going forward and govern the way we work ensuring we continue to deliver amazing spaces.

Go Get it, Always Adapt , Own it, Work Together, Do what’s right

Our people are supported to develop the necessary skills to align with our values, to go above and beyond in their day-to-day work and the opportunity to become experts in field, building a rewarding and meaningful career at ST UK in the process.

We supplement our comprehensive in-house professional development programs – STOBG University – with an employee tuition assistance program, as well as certificate and degree programs offered at accredited institutions. Each employee is encouraged to participate in these programs, which is an integral part of our annual performance and career development review.

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 5

STO Building Group University core pillars include:

 

 

 

Development Programs

 

Leadership Fundamentals Certificate (LFC)

 

STO Building Group’s four-year program enables selected employees pursuing management positions to enhance their skills in leadership, client relationships, communications, and ethics. The coursework also includes presentation and communications training and time, conflict, and stress management.

 

Management Development Certificate (MDC)

 

To develop our future leaders, selected managers will complete a comprehensive four-year program that improves their abilities in managing teams, leadership strategy, supervision techniques, hiring, coaching and employee performance management. We partner with various 3rd parties to include courses on project management, financial principles, negotiation and conflict resolution, and advanced presentation techniques. In addition, as a part of our commitment to sustainable building, our managers participate in the latest sustainability and renewable energy courses available.

 

STO Building Group Training Courses

 

In-house trainers and industry experts instruct our employees in fundamental and more advanced skills to increase their effectiveness, including goal setting and time management as well as the company’s proprietary software and technology.

 

STO Building Group’s Emerging Leaders

 

To enable the company’s next generation of ‘Emerging Leaders’ to see deeper into the culture of the organization, develop their leadership skills, and empower them to initiate change within the company and the wider industry, the company engages a group of high potential employees representing every facet of STO Building Group.

 

Professional Development Seminars

 

We host seminars for mid-level professionals and line supervisors to improve their technical and managerial skills and to prepare them for a future in senior management. Seminars include topics on construction management skills, safety certification and estimating.

 

Executive Development Programs

 

Through regular management consultant led sessions, 360-degree multi-rater feedback and team-building exercises, Structure Tone executives’ leadership and inter-personal skills are developed.

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 6

Tuition Reimbursement

 

In addition to our in-house programs, we provide financial assistance to employees furthering their education, especially for courses in construction management, or in courses that could enhance their skills in their current or future positions.

 

Our Customers, Suppliers and Subcontractors

We form partnerships with our Suppliers and Subcontractors to realize our client vision and opportunities for innovation.

We understand that the strong relationships we have with our suppliers form an integral part of the success of our projects. We have established many long-term associations, allowing our subcontractors to develop alongside us, achieving joint objectives and ensuring continuity of work and improvement of service.

Our existing and new supply chain members naturally become an integral part of our delivery, health and safety, financial and sustainability initiatives and it is essential that we encourage their capability and development.

This is achieved through training initiatives, regular discussion at site and director level and ensuring feedback is given and received from each project.

We work with our key suppliers to raise awareness of Health and Safety, wellbeing and sustainability issues. Encouraging onsite workshops and skills sessions, practical training and the appointment of apprentices with our sub-contractors to ensure future skilled operatives in the industry to mirror our recruitment initiatives.

Supplier Diversity remains a top priority as we seek to boost the local economy, we will support our supply chain to first understand and then diversify their supply chain.

We have a moral duty to our clients and a duty of care under the CDM regulations to ensure that our new and existing sub-contractors can competently deliver the service we require. To ensure competence we have a qualification procedure to identify health and safety competence, financial security, design, ability to deliver and employment practices.

We have a policy for the development of the supply chain and workload risk monitors which ensure that we are not over-committing to any individual contractors, especially on high risk works such as mechanical, electrical, partitions and steelwork. The aim of the supply chain management scheme is to improve industry standards on all our projects. Evidence of this is captured on end of project score sheets which measure against recognized and industry KPI’s.

By working closely with the industry, we want to continuously challenge conventional methods and explore innovative delivery approaches that reduce environmental impact. We acknowledge that the key to achieving a sustainable built environment is embedded in collaboration with our clients, consultants and supply chain.

Social Impact and Sustainability

In line with the UK’s transformative shift towards sustainable construction, Structure Tone London placed environmental sustainability, social impact, and integration at the heart of our operations in 2024:

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 7

 

25k raised for communities and charities.

400+ Volunteer hours from staff.

Band of Builders Charity Partner 2023/24/25.

Big Brew Events - 300 operatives attended.

 

Making an Impact in 2025

As members of the communities we help shape, we recognise our responsibility to create lasting, positive change. The built environment has a profound impact on people’s lives, and we are committed to designing and delivering spaces that not only serve their purpose but also create meaningful opportunities for those who need them most.

We are dedicated to expanding our social impact programmes, ensuring they meet and exceed the needs of the communities we work in. Through every project, we will set clear KPIs, with a particular focus on supporting individuals experiencing homelessness into work and creating opportunities for those historically underrepresented in our industry. Our long-term strategy prioritises building lasting partnerships and deepening our understanding of socio-economic challenges across Tower Hamlets, Camden, Islington, the City of London, and Westminster.

We will focus on:

Empowering local economies through responsible procurement

Creating jobs and opportunities that uplift everyone

Championing community-led innovation for lasting change

Combating social isolation with meaningful engagement

Crafting an inclusive culture where we all thrive

All underpinned by the Social Value Act (2012) and RIBA Plan of Work because real impact starts with real commitment.

To measure and enhance our impact, we will use The Impact Evaluation Standard, aligned with the UK government’s Social Value Model and PPN06/20. Insights gathered from our work will drive continuous improvement, ensuring we maximise our contribution to social value.

Our 2025 Social Responsibility Report will capture the many ways we are working to do what’s right, foster inclusion, and create meaningful change.

As our organisation evolves, so will our approach; adopting new practices, scaling our resources, and adapting to the evolving needs of society. We will always strive to do better, and we hope this report reflects our ongoing commitment to making a real difference.

 

 

 

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 8

Sustainability

At StructureTone London, sustainability is at our core and woven into our identity, influencing every decision and shaping how we approach both business operations and project delivery. Aspiring to be the leader in sustainability within the construction industry, we are actively challenging and rethinking our conventional delivery methods.

By partnering and collaborating closely with our clients, consultants, and supply chain, we are focused on setting new benchmarks for sustainable and responsible building practices. Through these strategic collaborations, we aim to share knowledge and drive change.

As we look ahead to 2025, we are proud to continue our journey on our carbon reduction roadmap and Science Based Targets initiative (SBTi) targets. However, in 2025, our sustainability strategy will be strengthened by the integration of responsible practices that consider a holistic, lifecycle-focused approach to delivery.

We recognise our impact and are fully accountable for our operations, knowing that what we build today must not only address the immediate impact but also play a crucial role in shaping a better future for the natural and built environment.

Our approach to sustainability is built upon the following key themes:

 

Through these approaches, Structure Tone London is committed to leading the way in sustainable construction, delivering value to our clients, the environment, and future generations. Our dedication to sustainability will continue to guide our decisions, ensuring that we remain a responsible, innovative, and trusted partner in the construction industry.

StructureTone Limited
Structuretone Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 9

On behalf of the board

C P Williams
Director
14 May 2025
Structuretone Limited
Directors' Report
For the year ended 31 December 2024
Page 10

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

Principal activities

The principal activity of the company continued to be that of the provision of general contracting and construction management services in the UK, primarily London and the South East.

Results and dividends

The results for the year are set out on page 18.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

M P Neary
J Fahy
C P Williams
B Lynch
L N Aldridge
(Appointed 12 February 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Structuretone Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 11
Energy and carbon report

In accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Amendment) (EU Exit) Regulations 2019, the following report outlines Structure Tone Limited's energy consumption, greenhouse gas emissions, and related performance indicators for the financial year ended 31 December 2024.

The figures were calculated using UK government conversion factors, expressed as tonnes of carbon dioxide equivalent.

 

 

 

Scope 1 and 2 Disclosures

 

 

31 December 2024

31 December 2023

Energy (kwh)

 

 

Electricity

112,522

154,601

Emissions (tC02e)

23,298

32,014

Intensity (tC02e/£’000 revenue)

 

 

Revenue (£’000)

174,991

133,950

TC02e per £’000 revenue

0.13

0.24

Intensity

 

 

Employees

133

98

TC02e per employee

175.17

326.67

 

 

Structuretone Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 12

Methodology

The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, GHG Protocol Scope 2 Guidance: An amendment to the GHG Protocol Corporate Standard, Technical Guidance for Calculating Scope 3 Emissions (version 1.0)

 

Renewable Energy Consumption:

0% of renewable energy was consumed during the reporting year in either business unit. Structure Tone intend to be 100% renewable by December 2025.

 

Offsetting:

Structure Tone at present to not offset any GHG emissions arising from our operations. If and when we do choose to invest in carbon credits, we will do so with high-integrity, evidence-backed carbon sequestration and removal programmes with long-lived storage. The evaluation of these programmes will be based primarily on authenticity and verifiability, but also durability, permanence, absence of double-counting, and prevention of leakage.

 

Our preference will be to supports permanent removal because of their capacity to provide a lasting solution for carbon removal, thus aiding in mitigating the impacts of climate change.

 

Future Goals and Initiatives:

Structure Tone Ltd have partnered with a carbon accounting platform to the improve accuracy of carbon emissions recorded, inclusive of scope 3 emissions, and we are working to publish a carbon reduction plan leading to a date in which the company will achieve net zero emissions.

 

Structure Tone Ltd will focus heavily on reducing our greenhouse gas emissions, exploring opportunities to source renewable energy and reduce overall energy consumption.

 

Sustainability Integration:

In addition to financial performance, Structure Tone Ltd remains committed to sustainability. Our efforts in reducing energy consumption and greenhouse gas emissions are integral to our long-term strategy, aligning with environmental and social responsibility.

 

We appreciate your attention to this integrated report, demonstrating our commitment to financial transparency and sustainability practices.

 

Structuretone Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 13
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:

 

 

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.

Strategic report

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

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
C P Williams
Director
14 May 2025
2025-05-14
StructureTone Limited
Structuretone Limited
Independent Auditor's Report
To the Member of StructureTone Limited
Page 14
Opinion

We have audited the financial statements of StructureTone Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 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.

StructureTone Limited
Structuretone Limited
Independent Auditor's Report (Continued)
To the Member of StructureTone Limited
Page 15

Opinions on other matters prescribed by the Companies Act 2006

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

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.

 

StructureTone Limited
Structuretone Limited
Independent Auditor's Report (Continued)
To the Member of StructureTone Limited
Page 16

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 our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

StructureTone Limited
Structuretone Limited
Independent Auditor's Report (Continued)
To the Member of StructureTone Limited
Page 17

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Darren Jordan (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
14 May 2025
Chartered Accountants
Statutory Auditor
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Structuretone Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
Page 18
2024
2023
Notes
£000
£000
Turnover
3
174,990
133,950
Cost of sales
(165,664)
(126,528)
Gross profit
9,326
7,422
Administrative expenses
(7,825)
(6,398)
Operating profit
4
1,501
1,024
Interest receivable and similar income
8
156
253
Profit before taxation
1,657
1,277
Tax on profit
9
3,175
280
Profit for the financial year
4,832
1,557

 

Structuretone Limited
Balance Sheet
As at 31 December 2024
Page 19
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
10
586
502
Current assets
Debtors falling due after more than one year
11
7,027
5,212
Debtors falling due within one year
11
23,990
25,424
Cash at bank and in hand
18,868
12,598
49,885
43,234
Creditors: amounts falling due within one year
12
(41,155)
(38,901)
Net current assets
8,730
4,333
Total assets less current liabilities
9,316
4,835
Creditors: amounts falling due after more than one year
13
(2,537)
(2,888)
Net assets
6,779
1,947
Capital and reserves
Called up share capital
16
18,967
18,967
Profit and loss reserves
(12,188)
(17,020)
Total equity
6,779
1,947
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
C P Williams
Director
Company Registration No. 04120483
StructureTone Limited
Structuretone Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 20
Share capital
Profit and loss reserves
Total
£000
£000
£000
Balance at 1 January 2023
18,967
(18,577)
390
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,557
1,557
Balance at 31 December 2023
18,967
(17,020)
1,947
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
4,832
4,832
Balance at 31 December 2024
18,967
(12,188)
6,779
StructureTone Limited
Structuretone Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 21
1
Accounting policies
Company information

StructureTone Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sixth Floor, 80 Cannon Street, London, EC4N 6HL.

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 £000.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of StructureTone International Limited. These consolidated financial statements may be obtained from Companies House.

1.2
Going concern

The business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The Directors report further describes the financial position of the company, its cash flows and liquidity position; the objectives, policies and processes for managing its capital; its financial risk management objectives and its exposure to credit and liquidity risk.true

 

Based on the projections of contracted work for the next 12 months, the existing financing facilities and the ongoing financial support from the group, which has been confirmed in a formal letter, the directors have a reasonable expectation at the time of approving the financial statements 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.

StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 22
1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Construction contracts

 

Revenue arises from the increase in the value of work performed on construction contracts and on the value of services provided during the year. Where the outcome of a long term contract can be reliably estimated and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. Stage of completion is assessed on the output basis, by reference to the proportion of the work certified to date relative to the estimated total contract value. Variations and claims are included in revenue where it is probable that the amount, which can be measured reliably, will be recovered from the client. When the outcome of a long-term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised as expenses 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 recognised as an expense immediately.

 

Construction work in progress is stated at cost plus profit recognised to date less a provision for foreseeable losses and less amounts to be billed, and is included in amounts recoverable on contracts. Cost includes all expenditure related directly to specific projects and an appropriate allocation of fixed and variable overheads based on normal operating capacity. Amounts valued and billed to clients are included in trade debtors. Where cash received from customers exceeds the value of work performed, the amount is included in credit balances on long term contracts.

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:

Leasehold improvements
Over the life of the lease
Computers
3 - 4 years straight line

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.

StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 23

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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

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.

StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 24
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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.

StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 25
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
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.

1.11
Retirement benefits

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

1.12
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

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.

StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 26
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

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.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimation and assumption that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

Revenue and profit recognition

The estimation techniques used for revenue and profit recognition in respect of long-term contracts require forecasts to be made of the outcome of the contracts which require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work, contract programmes, maintenance and defects liabilities and changes in costs.

Recoverable value of recognised debtors

The recoverability of trade and other debtors is regularly reviewed in the light of available economic information specific to each receivable and provision are recognised for balance is considered to be irrecoverable.

Provisions

Provisions against projects are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the amount and timing of liabilities judgement is applied and re-evaluated at each reporting date. At the date of signing these accounts, there was a key audit judgement and estimate made in respect of certain contract provisions.

StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 27
3
Turnover and other revenue
2024
2023
£000
£000
Turnover analysed by class of business
Contracting and Construction Management Services
174,990
133,950
2024
2023
£000
£000
Other significant revenue
Interest income
156
253

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange losses/(gains)
10
(101)
Depreciation of owned tangible fixed assets
182
126
Operating lease charges
474
693
5
Auditor's remuneration
2024
2023
£000
£000
For audit services
Audit of the financial statements of the company
43
32
For other services
All other non-audit services
12
9
6
Employees

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

2024
2023
Number
Number
Contract management
123
90
Administration
10
8
Total
133
98
StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
6
Employees
(Continued)
Page 28

Their aggregate remuneration comprised:

2024
2023
£000
£000
Wages and salaries
12,781
9,192
Social security costs
1,451
982
Pension costs
449
399
14,681
10,573
7
Directors' remuneration
2024
2023
£000
£000
Remuneration for qualifying services
954
426
Company pension contributions to defined contribution schemes
71
34
1,025
460

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£000
£000
Remuneration for qualifying services
325
251
Company pension contributions to defined contribution schemes
18
6
8
Interest receivable and similar income
2024
2023
£000
£000
Interest income
Interest on bank deposits
156
253
9
Taxation
2024
2023
£000
£000
Deferred tax
Origination and reversal of timing differences
(3,175)
(280)
StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
9
Taxation
(Continued)
Page 29

The actual credit 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
£000
£000
Profit before taxation
1,657
1,277
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
414
300
Tax effect of expenses that are not deductible in determining taxable profit
62
47
Tax effect of income not taxable in determining taxable profit
(8)
(1)
Change in unrecognised deferred tax assets
(3,643)
(648)
Effect of change in corporation tax rate
-
0
22
Taxation credit for the year
(3,175)
(280)

The company has tax losses available for offset against the future profits. The unrecognised deferred tax assets is approximately £1,671k (2023: 5,314k). This has not been recognised due to uncertainty over when it might be realised.

10
Tangible fixed assets
Leasehold improvements
Computers
Total
£000
£000
£000
Cost
At 1 January 2024
685
965
1,650
Additions
76
190
266
At 31 December 2024
761
1,155
1,916
Depreciation and impairment
At 1 January 2024
331
817
1,148
Depreciation charged in the year
83
99
182
At 31 December 2024
414
916
1,330
Carrying amount
At 31 December 2024
347
239
586
At 31 December 2023
354
148
502
StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 30
11
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
16,284
16,657
Amounts owed by group undertakings
497
635
Other debtors
-
0
5
Prepayments and accrued income
7,209
8,127
23,990
25,424
2024
2023
Amounts falling due after more than one year:
£000
£000
Trade debtors
3,277
4,637
Deferred tax asset (note 14)
3,750
575
7,027
5,212
Total debtors
31,017
30,636
12
Creditors: amounts falling due within one year
2024
2023
£000
£000
Trade creditors
7,275
6,462
Amounts owed to group undertakings
6,389
5,606
Taxation and social security
10,746
5,206
Other creditors
21
4
Accruals and deferred income
16,724
21,623
41,155
38,901
13
Creditors: amounts falling due after more than one year
2024
2023
£000
£000
Trade creditors
2,537
2,888
StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 31
14
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£000
£000
Accelerated capital allowances
3
31
Tax losses
3,489
363
Short term timing differences
258
181
3,750
575
2024
Movements in the year:
£000
Asset at 1 January 2024
(575)
Credit to profit or loss
(3,175)
Asset at 31 December 2024
(3,750)
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
449
399

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.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of €1.00 each
21,438,199
21,438,199
18,967
18,967
StructureTone Limited
Structuretone Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 32
17
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
£000
£000
Within one year
257
194
Between two and five years
1,264
1,205
In over five years
1,106
1,422
2,627
2,821
18
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33.1A from the requirement to disclose transactions with group companies on the grounds that all entities which were party to such transactions are wholly owned members of the group.

19
Ultimate controlling party

The company’s immediate parent, and the parent of the smallest group for which group accounts are prepared, of which the company is a member, is StructureTone International Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the group financial statements are available from Companies House.

The ultimate parent company and the parent of the largest group for which group accounts are prepared, of which the company is a member, is Global Infrastructure Solutions Inc, a company incorporated in the United States of America. The registered address of Global Infrastructure Solutions Inc is c/o Capitol Services, Inc., 1675 South State St., Ste B, Dover, Delaware 19901, USA. Global Infrastructure Solutions Inc is not under the control of one individual

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