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COMPANY REGISTRATION NUMBER: 12487054
The Construction Hub Limited
Financial Statements
31 December 2024
The Construction Hub Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Strategic report
1
Director's report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
The Construction Hub Limited
Strategic Report
Year ended 31 December 2024
The company is the holding company to a group, the principal activities of which were the provision of construction, contracting, plant hire, demolition, environmental and waste services and associated activities. The directors consider the key performance indicators to be the following:
2024 2023 2022
£ £ £
Turnover 19,659,552 16,870,465 14,013,240
Gross profit 3,742,285 2,906,419 2,049,618
Gross profit margin 19 17 14
EBITDA 3,290,798 2,729,271 2,487,356
Asset cover 2 2 2
Results and dividends The profit for the year after taxation,amounted to £1,428,373 (2023: £1,156,268). Particulars of dividends paid are detailed in note 12 to the financial statements. The group has made significant investments into management systems, compliance, information technology and site infrastructure, which have had a considerable impact on the recorded profits. These investments have contributed to improved margins going forward and together with greater emphasis on cost control means the group is predicting continued profitability in the forseeable future. The group aims to consolidate its growing reputation as a secure and reliable operator providing services to public bodies and large contractors in the United Kingdom. The group has continued to generate cash, ensuring the group has adequate funding to meet all obligations under financial instruments as they fall due and invest in future growth of the group. Principal risks and uncertainties The group's principal risk is maintaining adequate solvency and longer term liquidity through management of working capital as the group continues to grow. The board remains satisfied with the group's funding and liquidity position. The group operated within its current bank facility both throughout the period under review and subsequently. The group's forecasts and projections indicate that the group should continue to operate within current bank facilities. The board considers that the group has sufficient financial resources to fund further growth. As a consequence, the board believes that the group is well placed to manage its business risks successfully. Strategic risks The group faces a number of strategic risks. Management has developed long term business plans to manage the impact of these risks to ensure that the group delivers a satisfactory performance in future years. The main strategic risks faced by the business are mantaining competitiveness and profit margins. To mitigate these risks the board recognises the need to make appropriate capital investments into operating systems, compliance, information technology and site infrastructure. Financial risks There has been no change during the year, or since the year end, to the type of financial risks faced by the group or the management of those risks. These key risks are credit risk, liquidity risk and interest rate risk.
This report was approved by the board of directors on 16 May 2025 and signed on behalf of the board by:
Mr R.M. Morris
Director
The Construction Hub Limited
Director's Report
Year ended 31 December 2024
The director presents his report and the financial statements of the group for the year ended 31 December 2024 .
Director
The director who served the company during the year was as follows:
Mr R.M. Morris
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 16 May 2025 and signed on behalf of the board by:
Mr R.M. Morris
Director
The Construction Hub Limited
Independent Auditor's Report to the Members of The Construction Hub Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of The Construction Hub Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group 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 the provisions available for small entities, in the circumstances set out below, 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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. 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: Assessing the susceptibility of the financial statements to material misstatement, including fraud and non-compliance with laws, considering the nature of the industry and sector, the laws and regulations relevant to the sector, the control environment, the business performance and the remuneration structure. Evaluating the legal and regulatory framework applicable and identifying any instances of non-compliance. Evaluating the effectiveness of the internal controls established to mitigate risk of fraud or non-compliance with laws and regulations. Evaluating any potential indicators of fraud including knowledge of any actual, suspected or alleged fraud. Ensuring the audit engagement team were made aware of potential fraud risks and had the appropriate competence and capabilities to identify fraud or non-compliance with laws and regulations and detail the findings accordingly. Identifying the opportunities and incentives that exist within the organisation for fraud including an assessment of key performance indicators, judgements made in making accounting estimates and evaluating any significant transactions that are unusual or outside the normal course of business. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr D.R. Thomas FCA
(Senior Statutory Auditor)
For and on behalf of
Haasco Limited
Chartered accountants & statutory auditor
4A Brecon Court
William Brown Close
Llantarnam Industrial Park
NP44 3AB
16 May 2025
The Construction Hub Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
19,659,552
16,870,465
Cost of sales
15,917,267
13,964,046
-------------
-------------
Gross profit
3,742,285
2,906,419
Administrative expenses
1,645,482
1,214,031
------------
------------
Operating profit
5
2,096,803
1,692,388
Other interest receivable and similar income
9
3,535
144
Interest payable and similar expenses
10
250,830
263,418
------------
------------
Profit before taxation
1,849,508
1,429,114
Tax on profit
11
421,135
272,846
------------
------------
Profit for the financial year and total comprehensive income
1,428,373
1,156,268
------------
------------
All the activities of the group are from continuing operations.
The Construction Hub Limited
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
13
280,069
320,040
Tangible assets
14
5,775,382
4,968,895
------------
------------
6,055,451
5,288,935
Current assets
Stocks
16
159,910
98,215
Debtors
17
4,306,335
3,302,044
Cash at bank and in hand
1,658,913
1,340,960
------------
------------
6,125,158
4,741,219
Creditors: amounts falling due within one year
Trade creditors
2,240,626
1,530,471
Other creditors including taxation and social security
18
1,769,332
1,672,184
Accruals and deferred income
31,290
31,970
------------
------------
4,041,248
3,234,625
------------
------------
Net current assets
2,083,910
1,506,594
------------
------------
Total assets less current liabilities
8,139,361
6,795,529
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
66,667
116,667
Other creditors including taxation and social security
19
2,379,428
2,553,735
------------
------------
2,446,095
2,670,402
Provisions
Taxation including deferred tax
21
628,274
424,468
------------
------------
Net assets
5,064,992
3,700,659
------------
------------
Capital and reserves
Called up share capital
24
1,060
100
Profit and loss account
5,063,932
3,700,559
------------
------------
Shareholders funds
5,064,992
3,700,659
------------
------------
The Construction Hub Limited
Consolidated Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
Mr R.M. Morris
Director
Company registration number: 12487054
The Construction Hub Limited
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
649,758
415,403
Investments
15
1,088,187
1,088,187
------------
------------
1,737,945
1,503,590
Current assets
Debtors
17
843,116
591,346
Cash at bank and in hand
911,664
844,241
------------
------------
1,754,780
1,435,587
Creditors: amounts falling due within one year
Trade creditors
8,648
47
Amounts owed to group undertakings
808,746
706,653
Other creditors including taxation and social security
18
244,997
167,432
Accruals and deferred income
6,440
6,200
------------
------------
1,068,831
880,332
------------
---------
Net current assets
685,949
555,255
------------
------------
Total assets less current liabilities
2,423,894
2,058,845
Creditors: amounts falling due after more than one year
Other creditors including taxation and social security
19
190,393
234,592
------------
------------
Net assets
2,233,501
1,824,253
------------
------------
Capital and reserves
Called up share capital
24
100
100
Profit and loss account
2,233,401
1,824,153
------------
------------
Shareholders funds
2,233,501
1,824,253
------------
------------
The profit for the financial year of the parent company was £ 474,248 (2023: £ 1,769,276 ).
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
Mr R.M. Morris
Director
Company registration number: 12487054
The Construction Hub Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
100
2,609,291
2,609,391
Profit for the year
1,156,268
1,156,268
----
------------
------------
Total comprehensive income for the year
1,156,268
1,156,268
Dividends paid and payable
12
( 65,000)
( 65,000)
----
------------
------------
Total investments by and distributions to owners
( 65,000)
( 65,000)
At 31 December 2023
100
3,700,559
3,700,659
Profit for the year
1,428,373
1,428,373
----
------------
------------
Total comprehensive income for the year
1,428,373
1,428,373
Issue of shares
960
960
Dividends paid and payable
12
( 65,000)
( 65,000)
----
--------
--------
Total investments by and distributions to owners
960
( 65,000)
( 64,040)
-------
------------
------------
At 31 December 2024
1,060
5,063,932
5,064,992
-------
------------
------------
The Construction Hub Limited
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
100
119,877
119,977
Profit for the year
1,769,276
1,769,276
----
------------
------------
Total comprehensive income for the year
1,769,276
1,769,276
Dividends paid and payable
12
( 65,000)
( 65,000)
----
------------
------------
Total investments by and distributions to owners
( 65,000)
( 65,000)
At 31 December 2023
100
1,824,153
1,824,253
Profit for the year
474,248
474,248
----
------------
------------
Total comprehensive income for the year
474,248
474,248
Dividends paid and payable
12
( 65,000)
( 65,000)
----
--------
--------
Total investments by and distributions to owners
( 65,000)
( 65,000)
----
------------
------------
At 31 December 2024
100
2,233,401
2,233,501
----
------------
------------
The Construction Hub Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,428,373
1,156,268
Adjustments for:
Depreciation of tangible assets
1,154,025
1,004,913
Amortisation of intangible assets
39,971
31,971
Other interest receivable and similar income
( 3,535)
( 144)
Interest payable and similar expenses
250,830
263,418
Gains on disposal of tangible assets
( 215,937)
( 94,279)
Tax on profit
421,135
272,846
Accrued (income)/expenses
( 680)
1,440
Changes in:
Stocks
( 61,695)
( 15,586)
Trade and other debtors
( 1,004,291)
( 378,109)
Trade and other creditors
718,266
( 729,436)
------------
------------
Cash generated from operations
2,726,462
1,513,302
Interest paid
( 250,830)
( 263,418)
Interest received
3,535
144
Tax paid
( 159,634)
( 136,813)
------------
------------
Net cash from operating activities
2,319,533
1,113,215
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 2,311,053)
( 2,010,600)
Proceeds from sale of tangible assets
566,478
335,523
Proceeds from sale of interests in associates and joint ventures
700,000
------------
------------
Net cash used in investing activities
( 1,744,575)
( 975,077)
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
960
Proceeds from borrowings
( 70,436)
( 68,647)
Proceeds from loans from participating interests
( 30,000)
Payments of finance lease liabilities
( 101,274)
158,878
Dividends paid
( 65,000)
( 65,000)
------------
------------
Net cash used in financing activities
( 235,750)
( 4,769)
------------
------------
Net increase in cash and cash equivalents
339,208
133,369
Cash and cash equivalents at beginning of year
1,340,960
1,162,948
------------
------------
Cash and cash equivalents at end of year
1,680,168
1,296,317
------------
------------
The Construction Hub Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4A Brecon Court, William Brown Close, Llantarnam Industrial Park, NP44 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of The Construction Hub Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
39,971
31,971
Depreciation of tangible assets
1,154,025
1,004,913
Gains on disposal of tangible assets
( 215,937)
( 94,279)
Impairment of trade debtors
73,393
100,621
------------
------------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
32,320
31,140
--------
--------
7. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
97
94
Administrative staff
14
13
Management staff
1
1
----
----
112
108
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,482,554
3,311,455
Social security costs
358,265
325,899
Other pension costs
195,798
99,195
------------
------------
4,036,617
3,736,549
------------
------------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
16,740
16,640
Company contributions to defined contribution pension plans
125,625
25,575
---------
--------
142,365
42,215
---------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
3,535
144
-------
----
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
15,180
22,571
Interest on obligations under finance leases and hire purchase contracts
235,650
240,879
Other interest payable and similar charges
( 32)
---------
---------
250,830
263,418
---------
---------
11. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
196,074
159,634
Adjustments in respect of prior periods
( 110)
---------
---------
Total current tax
196,074
159,524
---------
---------
Deferred tax:
Origination and reversal of timing differences
225,061
113,322
---------
---------
Tax on profit
421,135
272,846
---------
---------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
65,000
65,000
--------
--------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2024
409,713
Disposals
( 10,000)
---------
At 31 December 2024
399,713
---------
Amortisation
At 1 January 2024
89,673
Charge for the year
39,971
Disposals
( 10,000)
---------
At 31 December 2024
119,644
---------
Carrying amount
At 31 December 2024
280,069
---------
At 31 December 2023
320,040
---------
The company has no intangible assets.
14. Tangible assets
Group
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
327,889
7,719,209
124,929
14,167
8,186,194
Additions
2,301,143
9,910
2,311,053
Disposals
( 707,033)
( 707,033)
---------
------------
---------
--------
------------
At 31 December 2024
327,889
9,313,319
124,929
24,077
9,790,214
---------
------------
---------
--------
------------
Depreciation
At 1 January 2024
3,101,594
101,538
14,167
3,217,299
Charge for the year
1,137,669
14,803
1,553
1,154,025
Disposals
( 356,492)
( 356,492)
---------
------------
---------
--------
------------
At 31 December 2024
3,882,771
116,341
15,720
4,014,832
---------
------------
---------
--------
------------
Carrying amount
At 31 December 2024
327,889
5,430,548
8,588
8,357
5,775,382
---------
------------
---------
--------
------------
At 31 December 2023
327,889
4,617,615
23,391
4,968,895
---------
------------
---------
--------
------------
Company
Freehold land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2024
327,889
159,117
487,006
Additions
279,250
279,250
---------
---------
---------
At 31 December 2024
327,889
438,367
766,256
---------
---------
---------
Depreciation
At 1 January 2024
71,603
71,603
Charge for the year
44,895
44,895
---------
---------
---------
At 31 December 2024
116,498
116,498
---------
---------
---------
Carrying amount
At 31 December 2024
327,889
321,869
649,758
---------
---------
---------
At 31 December 2023
327,889
87,514
415,403
---------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Freehold land and buildings
Plant and machinery
Total
£
£
£
At 31 December 2024
4,446,967
4,446,967
----
------------
------------
At 31 December 2023
77,889
4,102,742
4,180,631
--------
------------
------------
Company
Freehold land and buildings
Plant and machinery
Total
£
£
£
At 31 December 2024
253,734
253,734
----
---------
---------
At 31 December 2023
77,889
87,514
165,403
--------
---------
---------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
1,088,187
------------
Impairment
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 1 January 2024 and 31 December 2024
1,088,187
------------
At 31 December 2023
1,088,187
------------
2024
2023
£
£
RMG Groundworks Limited
87,510
87,510
Rob Morris Plant Hire Limited
100
100
RMR Sand and Aggregates Limited
100
100
RMR Transport Limited
100
100
The Construction Hub Academy Limited
100
100
The Construction Hub Academy Wales Limited
1,000,277
1,000,277
------------
------------
1,088,187
1,088,187
------------
------------
The company owns 100% of the issued share capital of RMG Groundworks Limited, a company incorporated in England and Wales.
The company owns 100% of the issued share capital of Rob Morris Plant Hire Limited, a company incorporated in England and Wales.
The company owns 100% of the issued share capital of RMR Sand and Aggregates Limited, a company incorporated in England and Wales.
The company owns 100% of the issued share capital of RMR Transport Limited, a company incorporated in England and Wales.
The company owns 100% of the issued share capital of The Construction Hub Aacademy Limited, a company incorporated in England and Wales.
The company owns 100% of the issued share capital of The Construction Hub Aacademy Wales Limited, a company incorporated in England and Wales.
The company owns 50% of the issued share capital of J2R Demolition Limited, a company incorporated in England and Wales.
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
159,910
98,215
---------
--------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,765,571
2,708,095
540
540
Amounts owed by group undertakings
506,719
209,900
Deferred tax asset
63,942
85,197
63,942
45,488
Prepayments and accrued income
32,450
Loan J2R Demolition Limited
144,835
335,418
144,835
335,418
Mr R. Edwards
100,000
100,000
Other debtors
199,537
173,334
27,080
------------
------------
---------
---------
4,306,335
3,302,044
843,116
591,346
------------
------------
---------
---------
18. Other creditors including taxation and social security falling
due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Corporation tax
196,074
159,634
Social security and other taxes
112,918
104,807
630
Obligations under finance leases
1,359,216
1,286,183
143,873
87,489
Director loan accounts
101,124
121,560
101,124
79,313
------------
------------
---------
---------
1,769,332
1,672,184
244,997
167,432
------------
------------
---------
---------
19. Other creditors including taxation and social security falling
due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases
2,379,428
2,553,735
190,393
234,592
------------
------------
---------
---------
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
1,529,460
1,462,897
162,791
113,225
Later than 1 year and not later than 5 years
2,568,566
2,768,337
206,212
269,329
------------
------------
---------
---------
4,098,026
4,231,234
369,003
382,554
Less: future finance charges
( 359,382)
( 391,316)
( 34,737)
( 60,473)
------------
------------
---------
---------
Present value of minimum lease payments
3,738,644
3,839,918
334,266
322,081
------------
------------
---------
---------
21. Provisions
Group
Deferred tax (note 22)
£
At 1 January 2024
424,468
Additions
203,806
---------
At 31 December 2024
628,274
---------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in debtors (note 17)
63,942
85,197
63,942
45,488
Included in provisions (note 21)
( 628,274)
( 424,468)
---------
---------
--------
--------
( 564,332)
( 339,271)
63,942
45,488
---------
---------
--------
--------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 70,173 (2023: £ 73,620 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
25. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
1,340,960
317,953
1,658,913
Debt due within one year
(1,407,743)
(52,597)
(1,460,340)
Debt due after one year
(2,670,402)
224,307
(2,446,095)
------------
---------
------------
( 2,737,185)
489,663
( 2,247,522)
------------
---------
------------
26. Contingencies
RMG Groundworks Limited A debenture registered on 20th October 2016 by Lloyds Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. Rob Morris Plant Hire Limited A charge registered on 18th March 2022 by Carrick Asset Finance provides a fixed charge over four Kobelco excavators on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 22nd June 2017 by Lloyds Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever.
The Construction Hub Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
27. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R.M. Morris
( 121,560)
20,436
( 101,124)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R.M. Morris
( 140,207)
18,647
( 121,560)
---------
--------
---------
28. Related party transactions
Group
Transactions between the company and group undertakings, which are related parties, have been eliminated in the consolidated accounts and are not disclosed in this note.
Company
The company was under the control of Mr R.M. Morris throughout the period. The income statement includes the following charges from Mr R.M. Morris :
2024 2023
£ £
Rent 27,840 27,840
-------- --------
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.