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Registered number: 05633442









KNIGHT HARWOOD LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
KNIGHT HARWOOD LIMITED
 
 
COMPANY INFORMATION


Directors
I Harwood 
J Knight 
T Whittaker 
O Driscoll 
D Wridgway 
C Everett 
D Miller 
P Howe 




Company secretary
I Harwood



Registered number
05633442



Registered office
Josaron House
5-7 John Prince's Street

London

W1G 0JN




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants

Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA




Bankers
The Royal Bank of Scotland
Drummond House (HJ) Branch

1 Redheughs Avenue

Edinburgh

EH12 9JN





 
KNIGHT HARWOOD LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 5
Directors' report
 
6 - 7
Independent auditor's report
 
8 - 11
Statement of income and retained earnings
 
12
Balance sheet
 
13
Statement of cash flows
 
14
Notes to the financial statements
 
15 - 28


 
KNIGHT HARWOOD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Despite the ongoing global economic uncertainty and a notable increase in contractor insolvency, Knight Harwood has achieved another successful year and we are pleased to report that both turnover and profit levels have remained consistent with previous years. This stability underscores the strength of our business model, which prioritises sustainable growth and fosters strong, long-term partnerships with both existing and new clients. As we look ahead to 2025, we remain confident that our reputation for excellent project delivery and the trust we have cultivated within the industry will continue to generate new opportunities, enabling us to build on our positive momentum and further enhance our position in the market.
Our culture and approach
Knight Harwood’s culture and focus is to deliver a first-class product and service, and this attitude has continued to strengthen our reputation and contribute to our success. Our approach is to always work closely with clients, consultants and our supply chain to achieve a successful outcome for all stakeholders including the shareholders of the business. 
Key Performance Indicators for 2024
The financial highlights include the following: 
• Turnover - £140.2m 
(2023 - £156.9m)  
• Net profit after tax - £6.5m 
(2023 - £5.5m) 
• Net assets - £21.6m 
(2023 - £16.7m)
• Cash position - £30.9m (2023 - £29.5m)
These KPI’s highlight the financial resilience of the company and the ability to maintain a solid financial foundation. The directors remain focused on long-term growth, efficiency, and delivering value to all of our stakeholders. 
Success in a diverse range of sectors
In the commercial office sector, we were delighted to secure new projects with repeat clients the Howard De Walden Estate, Great Portland Estates and Hines, alongside our live scheme for Chanel, constructing their new 100,000 sq ft global headquarters in Mayfair. During the year we have completed the final phase of Frederick’s Place with The Mercers, which has concluded 4-years of work with this client over three separate projects. Looking ahead, we see a healthy pipeline of opportunities in the commercial office sector.
We recognise that the London office market is evolving, with a growing emphasis on creating distinctive spaces that attract the best tenants and a shift towards a more sustainable ‘retrofit first’ approach by the planning authorities and developers. With our extensive experience in this sector, we are well positioned to meet the increasing demand for central London projects to remodel and re-use buildings. Our proven expertise in structural refurbishment and high-quality fit-out further strengthens our capacity to deliver in this growing market.
The residential sector continues to be a key and extremely positive part of our portfolio. We are delivering a variety of schemes for private clients, both in and out of London. Notably, we are constructing two exceptional family homes in the Chiltern Hills near Henley and Burnham in Buckinghamshire. In central London, we are also onsite delivering a large luxury penthouse over two floors within the Chelsea Barracks development and a 41 unit luxury residential scheme for our repeat clients, Derwent London and Native Land. Our Special Works division, who undertake projects from £1-4m, are currently overseeing two smaller private residential schemes, each below £3m each in value.
The leisure and hospitality market remained an active sector for us, with on-going projects such as the refurbishment of The Hurlingham Club in Putney, a private members club set to handover in early 2025. We have also been appointed as the construction partner for the All-England Lawn Tennis Club to construct their new debentures lounge and bar in Court 1, which starts onsite after the 2025 Wimbledon Championship. 

Page 1

 
KNIGHT HARWOOD LIMITED
 

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

The importance of the whole Knight Harwood team
As ever, we are always conscious of the importance of our staff as it is with their skills, passion and attention to detail that we are able to deliver an excellent service to our clients. We are fortunate to have an extremely talented and dedicated team, and maintaining this level of expertise, loyalty and commitment is a priority that demands constant focus. We want to support all our staff to fulfil their own potential and ambitions. Our goal is to create a professional, collaborative environment, one that not only drives business success but also instills pride in our staff, who are integral to the journey. The quality of leadership within the business, including directors and our senior management team, continues to strengthen year after year as we grow together in experience. We have every confidence that we have the right, dynamic team in place.
During the course of 2024 we have welcomed a new director to the board, with Charlie Everett being promoted to the position of Finance Director. John Knight has also moved into the position of Chairman and our long-standing director Oliver Driscoll is working closely with him leading the operations of the business as Managing Director. These positive changes at board level have strengthened our operations, ensuring continuity of strong and established leadership into the future.
We are proud of the growing success of our apprenticeship and graduate training programmes, which have seen four new young adults join us in 2024 to commence their training. These trainees undertake our structured training programme, which offers a breadth of on-job-training, personal development and chartership support. Our hope is that these young individuals will build their careers with Knight Harwood and become leaders of the future. 
The role we play in the community
Knight Harwood recognizes the significant role we play in the community and our impact on the environment. Our objective is to embrace sustainable design, with innovative construction approaches and solutions. This commitment is integrated at all levels of our business, from the management of our projects to the implementation of sustainable construction methods and building services installations, many of which are required by our clients and their professional teams as part of our shared commitment to the environment.
At a local community level, our goal is to minimise any disruption and, where possible, to improve and enhance the positive impact that our projects may have on local residents, businesses and other stakeholders. In 2024 we launched a range of social value initiatives with the local community, which included volunteering at local food banks, tree planting, and interaction with local schools and colleges. 
Health, Safety, and Environmental Management
Knight Harwood operates a comprehensive Integrated Health, Safety, and Environmental Management System, supported by policies accredited under ISO 14001 (Environmental Management) and ISO 45001 (Occupational Health and Safety Management). These standards are audited by BSI. The Board of Directors holds direct responsibility for overseeing these elements, while an external advisor collaborates with our Integrated Management System (IMS) team to conduct internal audits, ensuring compliance with these certifications.
Sustainability and Waste Management
All Knight Harwood projects are registered with the Considerate Constructors Scheme (CCS), and we utilize BRE SmartWaste to monitor waste and track environmental performance. In 2024, we successfully diverted 99% of our total waste from landfill, with only 1% sent to landfill. For waste that could not be recycled, we worked with our logistics specialists to send non-recyclable materials to waste-to-energy power generation stations, minimising the environmental impact.
Our commitment to reducing construction waste extends beyond compliance. We use advanced 3D modeling, pre-fabrication techniques, circular reuse of resources, closed-loop recycled materials, and sustainable procurement practices to drive waste reduction. Additionally, we prioritise local sourcing to minimize our carbon footprint.
 
Page 2

 
KNIGHT HARWOOD LIMITED
 

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

Sustainability Initiatives
In 2024, our sustainability team, alongside our specialist partners at Alphacello, continued to implement impactful sustainability schemes for our clients. These included BREEAM, WELL, and NABERS certifications, along with improvements in whole life carbon assessments and construction waste reduction KPIs. Our goal is to meet and exceed the ambitious sustainability targets set by our clients.
We have also expanded the use of closed-loop resources, incorporating the reuse of construction materials such as steelwork, raised floor tiles, and luminaires. Our efforts to strengthen material reuse on-site are bolstered through collaboration with our supply chain partners, further enhancing our sustainability performance.
Environmental, Social, and Governance (ESG)
Each of our projects prioritises social value by engaging with the local community. We actively seek opportunities to provide support, training, and assistance that benefit and improve the areas surrounding our worksites, while minimising the impact of construction on these communities. We are continuously developing and refining our bespoke Environmental, Social, and Governance (ESG) strategy, ensuring it provides a clear, credible, and actionable sustainability framework for both our staff and clients to follow.
Greenhouse Gas Emissions and Energy Consumption
The company’s greenhouse has emissions and energy consumption in 2024 were as follows:
Activity
Emissions resulting from the purchase of electricity by the business for its own use, including the purposes of transport were 75,808 kWh (CO2 equivalent 16,988 kgCO2e).
 
The UK Grid conversion factor is 0.22499 kgCO2 saved for each kWh produced from a carbon free source. The factor is based on the carbon emissions generated by the current UK power stations per kWh generated. This factor includes other greenhouse gases such as methane and nitrous oxide which are converted to their carbon dioxide equivalents, so the value is really kgCO2 eq. per kWh.
 
Our intensity ratio is 0.12. This ratio is based on Tons of CO2e per total £m sales revenue. 
 
Tonnes CO2e = 16,988 kgCO2e / 1000
Tonnes CO2e = 17.0
 
Intensity Ratio = Tonnes CO2e / 2022 £m sales revenue
 
Intensity Ratio = 17.0 Tonnes CO2e / £140.2m
Intensity Ratio = 0.12
Market conditions and forecasts
Looking ahead we remain optimistic about the future. By the end of 2024, we had secured £111m turnover for 2025, and this figure has since increased to £140m. Our focus is now shifting toward securing turnover for 2026, with several promising opportunities in the pipeline. These include projects with prestigious organisations such as The Royal Academy of Arts, Grosvenor Estates, Dream Games and Great Portland Estates alongside a range of exciting private residential developments. 
Section 172 Statement
In accordance with Section 172 of the Companies Act 2006, the directors of Knight Harwood Limited have a duty to act in best faith in a way that promotes the success of the company for the benefit of its shareholders, while having regard to the interests of other stakeholders. This includes, but is not limited to, employees, customers, suppliers, the community, and the environment. Below is a summary of how the directors have discharged their duties under Section 172 during the period under review.
Promoting the success of the Company
The directors recognize that the long-term success of the company is built upon a foundation of strong financial performance, high-quality project delivery, employee well-being and maintaining excellent relationships with its
Page 3

 
KNIGHT HARWOOD LIMITED
 

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

supply chain and other key stakeholders. In this context, the board has made decisions that aim to maximise the sustainable value of the company, balancing the immediate needs with our long-term objectives. 
Key Stakeholders
Shareholders:
 As the principal stakeholders, the directors meet regularly and continually strive to deliver sustainable returns to shareholders by maintaining strong financial discipline, developing new business opportunities, and ensuring the company operates efficiently. 
Employees: Our staff are absolutely paramount to our operations, and we continue to invest in training, personal development, and workplace safety. The directors have implemented a culture which fosters a positive work environment, promotes diversity and inclusion, and encourages employee engagement. We continually review the remuneration and benefits offered to our staff to ensure a competitive package is provided. 
Customers: The company’s clients are essential to its ongoing success. The directors have consistently prioritised the delivery of high-quality projects, exceeding customer expectations, and ensuring health and safety standards are adhered to and continually improved.
Suppliers and Business Partners: We maintain strong relationships with our suppliers and business partners. The directors regularly review procurement practices to ensure fair terms and compliance. In addition, we actively engage with suppliers to collaborate on innovative solutions that help improve efficiency and reduce any impact on the environment. We are proud to report under the ‘Business Payment Practices and Performance’ that 94% of payments were made within 30 days, demonstrating our commitment to supporting our supply chain with timely and reliable payment. 
Community and Environment: The directors are committed to ensuring that the company operates responsibly within the communities in which we work. Our projects are designed not only to meet the needs of our clients but also to leave a positive, lasting impact on the local areas. The company’s construction projects often provide significant benefits to the communities in which we work, including creating employment opportunities, enhancing public spaces, and promoting local economic growth.
 
Environmental sustainability also remains a core focus. We incorporate eco-friendly design and construction methods that reduce our projects' environmental footprint, further enhancing the long-term benefits for the community and its surroundings.
Board Decisions and Long-Term Strategy
In making decisions throughout the year, the directors have balanced the interests of all stakeholders while focusing on the long-term sustainability of the business. Significant decisions, such as investments in new technology, staff resource, and important construction projects, have all been made with careful consideration of their impact on financial performance, stakeholder relationships, and corporate social responsibility.
We continue to align our operations with evolving industry standards and maintain a proactive approach to addressing risks and opportunities, particularly in relation to the increasingly prevalent environmental, social, and governance (ESG) factors.
The directors are satisfied that they have acted in good faith and have considered the interests of all relevant stakeholders, in line with their obligations under Section 172 of the Companies Act 2006. 

Page 4

 
KNIGHT HARWOOD LIMITED
 

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


This report was approved by the board on 5 June 2025 and signed on its behalf.




O Driscoll
Managing Director

Page 5

 
KNIGHT HARWOOD LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Results and dividends

The profit for the year, after taxation, amounted to £6,483,215 (2023 - £5,497,941).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

I Harwood 
J Knight 
T Whittaker 
O Driscoll 
D Wridgway 
C Everett (appointed 1 July 2024)

After the year end the following directors were appointed:
D Miller (appointed 1 February 2025)
P Howe (appointed 1 February 2025)

Page 6

 
KNIGHT HARWOOD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Research and development activities

The Company carries out certain research and development activities in the normal course of its business.

Disclosure of information to auditor

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

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

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. 

This report was approved by the board on 5 June 2025 and signed on its behalf.
 





O Driscoll
Managing Director

Page 7

 
KNIGHT HARWOOD LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNIGHT HARWOOD LIMITED
 

Opinion

We have audited the financial statements of Knight Harwood Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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 December 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Page 8

 
KNIGHT HARWOOD LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNIGHT HARWOOD LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006

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

the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

adequate accounting records have not been kept, or 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Page 9

 
KNIGHT HARWOOD LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNIGHT HARWOOD LIMITED (CONTINUED)


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.

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:
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was a follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusal transactions. 
 
The areas that we identified as being susceptible to misstatement through fraud were:
Management bias in the estimates and judgements made; and
Management override of controls.
 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 10

 
KNIGHT HARWOOD LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNIGHT HARWOOD LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew May ACCA (senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

5 June 2025
Page 11

 
KNIGHT HARWOOD LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
140,200,134
156,876,722

Cost of sales
  
(128,291,528)
(147,346,055)

Gross profit
  
11,908,606
9,530,667

Administrative expenses
  
(5,098,337)
(4,519,275)

Operating profit
 5 
6,810,269
5,011,392

Income from fixed assets investments
  
337,500
712,748

Amounts written off investments
  
(50)
(30)

Interest receivable and similar income
 10 
1,424,174
1,165,860

Profit before tax
  
8,571,893
6,889,970

Tax on profit
 11 
(2,088,678)
(1,392,029)

Profit after tax
  
6,483,215
5,497,941

  

  

Retained earnings at the beginning of the year
  
16,606,458
14,308,517

Profit for the year
  
6,483,215
5,497,941

Dividends declared and paid
  
(1,600,000)
(3,200,000)

Retained earnings at the end of the year
  
21,489,673
16,606,458
The notes on pages 15 to 28 form part of these financial statements.

Page 12

 
KNIGHT HARWOOD LIMITED
REGISTERED NUMBER: 05633442

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                           Note
£
£

Fixed assets
  

Tangible assets
 13 
138,099
171,461

Investments
 14 
205
255

  
138,304
171,716

Current assets
  

Debtors: amounts falling due after more than one year
 15 
3,828,000
4,617,000

Debtors: amounts falling due within one year
 15 
30,237,026
19,851,860

Cash at bank and in hand
 16 
30,899,500
29,502,373

  
64,964,526
53,971,233

Creditors: amounts falling due within one year
 17 
(43,513,157)
(37,436,491)

Net current assets
  
 
 
21,451,369
 
 
16,534,742

Total assets less current liabilities
  
21,589,673
16,706,458

Net assets
  
21,589,673
16,706,458


Capital and reserves
  

Called up share capital 
 19 
95,000
95,000

Capital redemption reserve
 20 
5,000
5,000

Profit and loss account
 20 
21,489,673
16,606,458

Equity attributable to owners of the parent Company
  
21,589,673
16,706,458


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.




O Driscoll
Managing Director


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 
KNIGHT HARWOOD LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
6,483,215
5,497,941

Adjustments for:

Depreciation of tangible assets
90,206
98,478

Loss on disposal of investments
50
30

Interest received and income from fixed asset investments
(1,424,174)
(1,878,608)

Taxation charge
2,088,678
1,392,029

(Increase)/decrease in debtors
(10,449,088)
1,844,410

(Increase) in amounts owed by groups
(800,000)
(800,000)

Increase/(decrease) in creditors
5,372,671
(8,160,389)

Corporation tax (paid)
(1,331,761)
(1,096,885)

Net cash generated from operating activities

29,797
(3,102,994)


Cash flows from investing activities

Purchase of tangible fixed assets
(60,744)
(68,425)

Sale of tangible fixed assets
3,900
-

Purchase of share in associates
-
(25)

Interest received
1,424,174
1,165,860

Dividends received
-
712,748

Net cash from investing activities

1,367,330
1,810,158


Net increase/(decrease) in cash and cash equivalents
1,397,127
(1,292,836)

Cash and cash equivalents at beginning of year
29,502,373
30,795,209

Cash and cash equivalents at the end of year
30,899,500
29,502,373


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
30,899,500
29,502,373


The notes on pages 15 to 28 form part of these financial statements.

Page 14

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Josaron House, 5-7 John Prince's Street, London, W1G 0JN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are not aware of any circumstances likely to arise which may cause the going concern basis to be inappropriate.

  
2.3
Revenue

Turnover is measured by reference to the stage of completion of the contract activity.
The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entities and when specific criteria have been met as described below.
Construction contracts
Profit on construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is recognised relative to the stage of completion of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.4

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.

  
2.5
Research and development

Research and development expenditure is written off in the year in which it is incurred.

Page 15

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Interest income

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

  
2.7
Pensions

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 fund. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the statement of comprehensive income 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.

 
2.8

Taxation

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.


Page 16

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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 annual bases:

Leasehold property
-
Over the period of the lease
Furniture and fittings
-
Over the period of the lease
Office equipment
-
33.33% straight line

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.

  
2.10
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.11
Associates

An entity is treated as an associated undertaking where the Company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

 
2.12

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.

 
2.13

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 17

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

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 18

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 instruments

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.

 
2.16

Dividends

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

Page 19

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the Company's accounting policies
No critical judgements have been made by the management in preparing these financial statements.
b) 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 estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below:
(i) Construction contracts
The Company applies a general policy of recognising profit on contracts only when the final outcome can be assessed with reasonable certainty. In doing so the directors have made key assumptions regarding the future costs to complete the construction contracts.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
90,206
98,478

Other operating lease rentals
266,812
256,993

Page 20

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
21,000
21,000


Taxation services
3,440
3,560

All other services
64,698
48,236


7.


Employees

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


2024
2023
£
£



Wages and salaries
12,925,523
12,479,581

Social security costs
1,886,295
1,608,684

Pension contributions
1,271,991
1,092,273

16,083,809
15,180,538

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


2024
2023
£
£



Site staff
118
121

Office staff
22
21

140
142

Page 21

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,893,967
1,807,114

Company contributions to defined contribution pension schemes
29,300
20,952

1,923,267
1,828,066


During the year retirement benefits were accruing to 6 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £403,372 (2023 - £386,921).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,000 (2023 - £4,235).


9.


Income from investments

2024
2023
£
£



Dividends received from unlisted investments
337,500
712,748



10.


Interest receivable and similar income

2024
2023
£
£


Bank and other interest
1,424,174
1,165,860

Page 22

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
2,088,678
1,476,080

Adjustments in respect of previous periods
-
(84,051)


2,088,678
1,392,029


Total current tax
2,088,678
1,392,029

Deferred tax

Total deferred tax
-
-


2,088,678
1,392,029

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
8,571,893
6,889,970


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
2,142,973
1,722,493

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
23,131
28,003

Capital allowances for year in excess of depreciation
6,949
(3,383)

Adjustments to tax charge in respect of prior periods
-
(84,051)

Non-taxable income
(84,375)
(178,187)

Change in tax rate
-
(92,846)

Total tax charge for the year
2,088,678
1,392,029


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Dividends

2024
2023
£
£


Ordinary dividends paid
1,600,000
3,200,000

No dividend was declared post year end prior to the approval of the accounts.


13.


Tangible fixed assets





Leasehold property
Office equipment
Furniture and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
384,019
249,873
40,554
674,446


Additions
481
49,315
10,948
60,744


Disposals
(3,900)
-
-
(3,900)



At 31 December 2024

380,600
299,188
51,502
731,290



Depreciation


At 1 January 2024
303,272
159,159
40,554
502,985


Charge for the year on owned assets
33,355
55,673
1,178
90,206



At 31 December 2024

336,627
214,832
41,732
593,191



Net book value



At 31 December 2024
43,973
84,356
9,770
138,099



At 31 December 2023
80,747
90,714
-
171,461

Page 24

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments





Investments in associates

£



Cost


At 1 January 2024
255


Disposals
(50)



At 31 December 2024
205





15.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
3,828,000
4,617,000


2024
2023
£
£

Due within one year

Trade debtors
11,650,056
3,101,621

Amounts owed by group undertakings
-
800,000

Sales retentions
8,067,143
7,738,198

Other debtors
2,689,163
1,592,357

Prepayments and accrued income
919,909
621,333

Amounts recoverable on long-term contracts
6,910,755
5,998,351

30,237,026
19,851,860



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
30,899,500
29,502,373


Page 25

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,374,288
7,260,424

Purchase retentions
4,739,971
4,635,093

Corporation tax
1,522,422
816,494

Other taxation and social security
2,657,059
3,264,701

Other creditors
10,836
9,202

Accruals and deferred income
28,208,581
21,450,577

43,513,157
37,436,491



18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
26,228,313
16,992,138


Financial liabilities


Financial liabilities measured at amortised cost
39,333,676
33,355,296

Page 26

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



95,000 (2023 - 95,000) Ordinary shares of £1.00 each
95,000
95,000

There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



20.


Reserves

Capital redemption reserve

The capital redemption reserve represents the amounts transferred following the purchase of the Company's own shares. 

Profit and loss account

Cumulative profit and loss net of distributions to owners. 


21.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,271,991 (2023 - £1,092,273). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.


22.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
334,039
273,499

Later than 1 year and not later than 5 years
476,406
608,180

810,445
881,679


23.


Transactions with directors

During the year, there were no amounts (2023 - £Nil) advanced to directors. Interest of £Nil (2023 - £Nil) was charged on amounts advanced and £Nil (2023 - £Nil) was repaid. At the year end, the directors owed the Company £18,662 (2023 - £18,662).

Page 27

 
KNIGHT HARWOOD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Related party transactions

During the year, loans of £Nil (2023 - £4,617,000) were made to companies in which Knight Harwood Limited holds a corporate directorship. 
At the year end these companies owed Knight Harwood Limited £6,082,000 
(2023 - £6,082,000), post year end £3,465,000 has been repaid and so the balance at the date of approval of the accounts is £2,617,000.
Knight Harwood Limited has joint guaranteed certain bank borrowings of its associates. The amounts guaranteed are £2,700,000 
(2023 -  £2,700,000).
At the balance sheet date, the Company is owed £Nil 
(2023 - £800,000) from its parent company, Knight Harwood Group Limited.


 
25.
 

Research and development expenditure
 
Included within the cost of sales figure in the statement of comprehensive income is £Nil (2023 - £Nil) of research and development expenditure. 





26.


Controlling party

The ultimate parent company is Knight Harwood Group Limited, a company registered in England and Wales. Its registered office is Josaron House, 5-7 John Prince's Street, London, W1G 0JN. 
The Company is included in the consolidated accounts prepared by Knight Harwood Group Limited, and copies of those accounts can be obtained from Companies House.

 
Page 28